HSBC Group

Some careers have more impact than others.

If you’re looking for a career where you can make a real impression, join HSBC and discover how valued you’ll be.

HSBC is one of the largest banking and financial services organisations in the world, with operations in 62 countries and territories. We aim to be where the growth is, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We are currently seeking an experienced professional to join our team in the role of SVP - Group Consolidation. 

Business: Finance.

The Head of Group Consolidation (SVP) role will be an integral part of the core Group Financial Reporting management team and accountable to the Head of Group Financial Reporting for the completeness and accuracy of the Group consolidated financial statements. This includes accountability for:

• Core monthly consolidation process, including consolidation journals and quarterly reporting instructions, to produce consolidated HSBC Holdings plc financial statements;
• Identifying errors and issues, interpreting and assessing impact on financial statement disclosures, forming judgements and decisions, and keeping relevant wider team informed;
• Design and change management of our Group consolidation system; 
• Optimisation, ongoing review and maintenance of Group Financial Reporting consolidation models, EUCs (End User Computing), controls, processes, financial reporting policies (FIM) and data lineage; 
• Report build required to support the production of the Group ARA/Interim Report/Quarterly Earnings Release;
• Consolidation processes for Regulatory, Tax and Stress Testing (including Value in Resolution) purposes; 
• Senior review of all deliverables from the Group Consolidation team and managing related risk; and 
• Leadership and entity management responsibilities of the GSC India based teams supporting Group Financial Reporting

The role is a broad and varied role, requiring an understanding of the core consolidation concepts (in accordance with International Accounting Standards), bank’s business, performance, and balance sheet, as well as knowledge of how these are reflected in the different primary financial statements. The role requires continuous learning and a curious nature, to constructively challenge existing inputs, processes and outputs, and explore the use of new technologies to improve the production of external reporting primary financial statements and associated disclosures.

This role will be required to work closely and collaborate with teams across GSCs (Global Service Centers), as well as in-country, to share best practices and enable standardisation and consistency of approach for the Group and its major subsidiaries in relation to the external financial reporting consolidation processes.

We encourage diverse profiles to apply for this role to create an inclusive workplace. We believe that a good working environment values the individual and group differences within its work force. It enables us to embrace the diversity of backgrounds and perspectives of the employees, which in turn increases their talent, innovation, creativity and contributions

Principal responsibilities:

• Responsible for the execution of monthly core end-to-end processes to produce consolidated financial statements for HSBC Holdings plc.
• Accountable to Head of Group Financial Reporting and work collaboratively with and provide support to Head of Group Reporting Developments to deliver robust financial reporting for the Group.
• Responsible for senior review of all deliverables from the Group Consolidation team. Identify errors and issues, interpret and assess impact on financial statement disclosures, form judgements and decisions, and manage related risk.
• Expected to apply professional skepticism and proactively review and challenge not only deliverables but also existing processes, controls and operating model.
• Responsible for reviewing and re-defining the consolidation process where required to enhance controls and documentation, remove manual processes, and deepen the expertise and understanding of the teams supporting these processes to be able to effectively quality assure the associated outputs.
• Responsible for maintaining a robust control environment around the consolidation process to ensure completeness and accuracy including continuous monitoring and ensuring that control design, and operating effectiveness, is in line with HSBC’s control framework and complies with all requirements (i.e. SOX).
• Works closely with Finance Systems Operations and Maintenance, Innovation and Automation teams to ensure on-going process improvement, operational maintenance and support and ongoing change projects (i.e. implementation of new accounting standards) are effectively implemented and create sustainable processes for the BAU teams.
• Adopt and maintain One Financial Reporting mindset and collaborate closely with Regional Financial Reporting teams.

Leadership & Teamwork:

• Drive development of a deep pool of financial consolidation and reporting expertise, with an open mindset and culture of continuous improvement, curiosity and challenging the status quo.
• Leadership and co-ordination of the Group financial consolidation processes and timely and effective communication to wider Group Financial Reporting teams to ensure impact of processes, transactions, issues are widely understood.
• Leverage and further embed workflow tools to develop and monitor key metrics relating to the consolidation process to enable 1) continuous management, and improvement, of efficient processes; and 2) provide facts to senior/key stakeholders as required.
• Work collaboratively across teams, mainly: Group and Regional Financial Reporting, Accounting Operations, Reporting Operations, Group Regulatory Reporting and Financial Control.
• Adopt new ways of working such as Agile, particularly in respect of change activities, and encourage the adoption of new technology within the teams.
• Values diverse cultures and contributions, drives high standard of delivery and ownership in others.

Operational Effectiveness & Control:

• Pro-active approach to process improvement and query resolution
• To continually reassess the operational risks inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology.
• Leadership over regulatory and compliance matters and the management of operational risk within Group Financial Reporting.

Major Challenges:

• The increasing burden of new financial and disclosure requirements and the need to maintain a strong control environment surrounding those processes to deliver said requirements.
• Managing multiple stakeholders and conflicting demands/priorities
• Ability to effectively influence and inspire teams to constantly improve and automate processes – challenge status quo
• Ability to identify opportunities to achieve ambitious cost challenges while continuing to develop technically strong teams leveraging automation and innovation to improve processes

Management of Risk:

• To ensure procedures comply with Sarbanes Oxley and Finance Functional Instruction Manual (FIM).
• The jobholder will also continually reassess the operational risks associated with the role and inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology.
• This will be achieved by ensuring all actions take account of the likelihood of operational risk occurring, and by addressing any areas of concern in conjunction with line management and/or the appropriate department.

Observation of Internal Controls:

• Maintains HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators.
• Jobholder is an ‘insider’ for dealing purposes and subject to strict controls and confidentiality. Complies with Group FIM and Group SOX requirements and enforces reporting sites’ compliance with certain areas of the required internal controls.
• The jobholder will also adhere to and be able to demonstrate adherence to internal controls. This will be achieved by adherence to all relevant procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators

• Recognised relevant professional accountancy qualification is preferred
• Experience in financial reporting and consolidation required, ideally in Financial Services
• Significant IFRS knowledge and accounting experience essential (preferably in a Banking environment) demonstrating a strong understanding and practical application of IFRS technical requirements and best practice/industry guidance on financial reporting
• Proven leadership capability with experience of creating, developing and leading teams of qualified professionals
• Strong stakeholder management skills and ability to form effective relationships across Finance
• Excellent written and oral communication skills (particularly English).
• Open, curious and change mindset to drive process improvement, efficiency and automation/innovation.
• Strong understanding of control frameworks and how to implement effective controls in practice. Ability to deal with and analyse unstructured problems and queries and to challenge existing procedures
• Good understanding of financial products and how they impact not only financial reporting but also other regulatory reporting (including Regulatory Capital, FINREP, Liquidity and Tax), and more generically the banking business.
• Understanding and interest in how new technology may be leveraged to improve reporting processes and controls

You’ll achieve more at HSBC

HSBC is an equal opportunity employer committed to building a culture where all employees are valued, respected and opinions count. We take pride in providing a workplace that fosters continuous professional development, flexible working and, opportunities to grow within an inclusive and diverse environment. We encourage applications from all suitably qualified persons irrespective of, but not limited to, their gender or genetic information, sexual orientation, ethnicity, religion, social status, medical care leave requirements, political affiliation, people with disabilities, color, national origin, veteran status, etc., We consider all applications based on merit and suitability to the role.”

Personal data held by the Bank relating to employment applications will be used in accordance with our Privacy Statement, which is available on our website.

***Issued By HSBC Electronic Data Processing (India) Private LTD***