Finance, Controllers, Product Control, Associate, London
We are a team of specialists charged with managing the firm's liquidity, capital and risk, and providing the overall financial control and reporting functions. Whether assessing the creditworthiness of the firm's counterparties, monitoring market risks associated with trading activities, or offering analytical and regulatory compliance support, our work contributes directly to the firm's success. The division is ideal for collaborative individuals who have strong ethics and attention to detail.
BUSINESS UNIT AND ROLE OVERVIEW
The Finance Division within Goldman Sachs manages the firm's liquidity, capital and risk, and provides the overall financial control and reporting function. The responsibilities of the Finance Division includes managing liquidity risk, long-term debt issuance and share repurchases and dividends; assessing the creditworthiness of the firm's counterparties; monitoring market risks associated with the firm's trading activities; designing and operating systems to support financial management, planning and forecasting; building risk models to support new businesses and derivatives analysis; managing the firm's relationships with regulators, rating agencies and creditors; and providing broad analytical and regulatory compliance support across all our businesses.
The Finance Division in London is organized into discrete groups with a broad remit:
- The Controllers group is responsible for safeguarding the firm's assets - we help maintain the integrity of Goldman Sachs' finances and expenditures.
- The Tax teams work in offices around the world to ensure that the Firm complies with the tax laws of the countries in which we do business.
- Corporate Treasury manages the firm's liquidity, secured and unsecured funding programs, as well as the level and composition of its consolidated and subsidiary level equity capital.
- Credit Risk Management & Advisory is responsible for protecting the firm's capital against counterparty default.
- Market Risk Management and Analysis measures, analyses and controls the market risk of the firm globally.
- Operational Risk focuses on the development of risk assessment frameworks that identify, measure, monitor and manage operational risk exposures.
Product Control and Funding Control is one of the largest departments within the Controllers group and supports the trading divisions across all asset classes: Fixed Income, Currencies and Commodities, and Equities. As a Product or Funding Controller you would be expected to become a key contact for the Federation and a broader set of stakeholders across the firm. Through this you would have the opportunity to develop a detailed understanding of Goldman Sachs businesses, products and sophisticated technology systems in depth. You will receive continuous training, both formal and informal, and the support of senior members of our team.
THE PRODUCT CONTROL MODEL AT GOLDMAN SACHS
We operate a "complete ownership" model and see this as a "mini-CFO" role with regards a trading desk, with responsibilities including [plus some of the teams controller liaise with]:
- P&L reconciliation [liaising with Operations, Technology and Strats]
- P&L explain [Traders, Strats, Market Risk]
- New trade analysis [Traders and Strats]
- Balance sheet review [Legal Entity Controllers]
- Capital requirements for new trades and ongoing business [Regulatory Capital controllers, Market Risk Controllers, Credit Risk Controllers]
- Price verification [Traders and Controllers PV group]
- Federal reporting. [Fed reporting teams]
- Financial Reporting disclosures [Accounting Policy, Legal Entity Controllers]
- More generally being the point of contact within the Federation for a trading desk [Tax, Compliance, Legal, etc]
We believe that our model supports integrated thinking across the control processes listed above, which we see as critical to ensuring the connectivity of key control processes. Our clear ownership of the full P&L process also leverages our access and interaction levels with the business and other stakeholders as there is no uncertainty or ambiguity around roles. Our model, supported by our philosophy of scalable processing and exception-based workflow, has driven investment in strong, standardised P&L systems over the years. This allows us to run with smaller teams, improving people's connectivity and ability to span product classes, and allows for less time to be spent on manual reconciliations or data manipulation allowing more time for analysis and value-add work. Our efficient use of headcount also provides good access to senior management at early levels. It also means Product Control as a function is based on the same floor as Legal Entity Controllers, Regulatory controllers, Financial Reporting, Accounting policy, Treasury and Market Risk which encourages and facilitates collaboration and information/knowledge sharing across these areas.
RESPONSIBILITIES AND QUALIFICATIONS RESPONSIBILITIES
The primary responsibilities of Product and Funding Controllers are to produce and analyse the daily trading activities, to report the trading divisions' profits and losses and to verify the values of positions held by the trading desks, both securities and derivative. This role requires extensive liaison with the trading desks, the Risk Management Group and the Operations Teams, as well as with colleagues in Controllers. Product Controllers are expected to develop a good understanding of the products they monitor and of the strategies used by the trading desk to generate revenue for Goldman Sachs. The function has become increasingly technical in content and offers a challenging and interesting role, which would suit dynamic, bright and ambitious individuals with a drive to succeed.
- Preparing the daily profit and loss account for trading desks, involving an assessment of the nature of revenue generated in the context of market moves and risk held as well as reconciliation between front office systems and sub-ledger as well as the firm's general ledger.
- Producing and reviewing profit and loss attribution and commentary for the bank's trading, investing and new issuance businesses. - Intelligently reviewing trading activity to help assess the valuation of the portfolio and to highlight anything unusual or material to management.
- Monthly price verification review and challenge of trader inputs into inventory pricing as well as incremental assessment of less observable inputs.
- To interact effectively and pro-actively with traders and their management.
- Assessing risk inherent in trading positions, whether market, compliance or reputational risk etc.
- Developing an in depth knowledge of products and market awareness.
- Understanding of the impact of Regulatory Capital rules on a trading desk's ongoing and new business.
- Ensuring compliance with all the Firm's financial reporting requirements.
- Account and monitor for the Firm's secured and unsecured financing activities.
- Liaising with other Federation departments in a collaborative and problem-solving capacity.
- To be fully informed of all department developments and issues in their trading areas.
RECOMMENDED SKILLS and QUALIFICATIONS
Our people come from a diverse set of backgrounds and experiences, if you're interested in working in the product control or funding controllers, you should be able to demonstrate the following:
- Have a qualification as a Chartered Accountant, or other relevant professional financial qualification (e.g CFA). We will also consider part-qualified candidates currently on other bank ACA/or similar programmes.
- That you are highly motivated, with commercial focus and strong analytical and communication skills.
- You enjoy being challenged, are team orientated and have good attention to detail
- You should have integrity, professional scepticism, a strong work ethic and a desire for excellence.
- You have good interpersonal skills as complement to technical aptitude
- A desire to learn and interest in financial markets and products
- A track record of improving processes and adding value to clients/stakeholders
ABOUT GOLDMAN SACHS The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
© The Goldman Sachs Group, Inc., 2018. All rights reserved Goldman Sachs is an equal employment/affirmative action employer Female/Minority/Disability/Vet.