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DATE ADDED: Sat 16/05/2020

Financial Reporting Accountant

London, UK


JOB TYPE: Permanent, FullTime

SALARY: Negotiable

ICBC Standard Bank Plc (ICBCS) is 60% owned by Industrial and Commercial Bank of China and 40% by Standard Bank. ICBCS benefits from a unique Chinese and African parentage and an unrivalled global network and level of expertise.

ICBCS is a leading financial markets and commodities bank, driven to deliver the right outcomes for our stakeholders, clients, counterparties and the markets in which we operate. We deliver products in an environment which considers the appropriate needs of our clients, whilst providing guidance and expertise to ensure our employees understand our business and uphold the highest levels of conduct. We want passionate and talented individuals who are motivated by high growth potential being achieved in doing business the right way.

Headquartered in London, ICBCS also has operations in Dubai, Hong Kong, Shanghai, Singapore, and New York.


Division Summary

The London Finance team encompasses the following core functions:- Financial Reporting and Control, Management Reporting, Regulatory Reporting, Product Control, Tax, and Treasury & Capital Management.

The Financial Reporting and Control function is an integral part of the Finance function, responsible for the consolidation, control and reporting of the ICBCS consolidated financial results. The reporting team is also responsible for the submission of Financial Reporting (FINREP) returns under the EU implementation of Basel III and for IFRS compliance. The function reports into the Chief Financial Officer (CFO). The key responsibilities of this function are:

  • Financial governance and control
  • External reporting and consolidation
  • Head office reporting
  • IFRS Financial reporting
  • FINREP Reporting
  • Projects

Job Purpose

The primary purpose of this role is the support of IFRS compliant financial reporting and control of the results for ICBC Standard Bank group (ICBCS), the principal London-based operating group in ICBC. The ICBCS group results include operations in New York, Singapore, Hong Kong and Dubai.

The role will involve close interaction with the various investment bank product trading systems. Initiatives including FINREP and IFRS 9, as well as the integration with ICBC, continue to provide the need to develop the finance processes, offering diverse experience across all business units and products. The role will suit a highly driven, ambitious, and experienced individual to join the team that is committed to continuous improvement, contributing to high quality controls, reporting and business partnership.

Key Responsibilities / Accountabilities

Key responsibilities are as follows;

  • Ensuring IFRS compliant reporting, and all aspects of general ledger integrity and balance sheet substantiation
  • Developing a good understanding of the investment bank product set and systems and how these interface into the financial reporting process
  • Develop a sound understanding of IFRS related to investment bank products and applying these to new product proposals
  • Contribute to the development and maintenance of FINREP reporting, in respect of new regulatory returns set out by the EBA
  • Contribute to continuous development of reporting and process change to comply with the reporting requirements of ICBC, the parent company, including reductions in reporting timelines
  • Involvement in the production of the Annual Financial Statements for ICBCS, including involvement in the planning and preparation for the reporting cycle and detailed note disclosures, and management of year-end audit process and associated issues
  • Monthly financial reporting for ICBCS, and the control and analytical review of ICBCS consolidated results
  • Consolidation of ICBCS branches and subsidiaries, including the review and control of entity submissions and inter-company confirmations
  • Contribute to reporting preparation for the Executive Committee, and other recipients
  • Ensure compliance with IFRS requirements for hedge accounting and fair value hierarchy disclosure, including improvements to the processes and procedures required
  • To be flexible and have a high degree of adaptive ability in what is a dynamic environment

Preferred Qualifications and Experience

  • Qualified accountant (ACA or equivalent with Articles completed) with hands on experience
  • Worked in Financial Reporting and Control and /or Product Control, preferably within Investment Banking environment.
  • Good understanding of accounting IFRS, preferably with Financial Instruments
  • Sound banking product knowledge and application of IFRS
  • Commodity experience would be an advantageous
  • Use of key financial systems commonly used within Finance
  • Ability to work independently as well as part of a team