Finance Product Control Job Description

Finance Product Control is a critical function within financial institutions, acting as the financial guardians of specific trading desks or business units. They are responsible for ensuring the accuracy, integrity, and transparency of the financial results reported by these areas.

Core Responsibilities:

• Daily P&L Production and Analysis: Product Controllers are at the forefront of calculating and analyzing the daily Profit and Loss (P&L) for their assigned trading desks. This involves understanding complex trading strategies, instruments, and market dynamics to accurately reflect trading performance. They investigate P&L drivers, explain variances to traders and management, and ensure P&L is reconciled against market data and trade details.
• Balance Sheet Substantiation: Ensuring the balance sheet accurately reflects the financial position of the trading desk is paramount. This requires rigorous reconciliation of balance sheet items, including inventory, derivative positions, and financing arrangements. Product Controllers work to identify and resolve discrepancies, ensuring the accuracy of financial reporting.
• Valuation Control: Product Control plays a key role in validating the fair value of financial instruments held by the trading desk. They review valuation methodologies, challenge pricing inputs, and work with valuation specialists to ensure positions are appropriately valued in accordance with accounting standards and firm policies. This often involves understanding complex models and market data.
• Risk Management: Product Controllers collaborate with risk management teams to monitor and control market and credit risk exposures. They analyze risk reports, identify potential risks, and escalate concerns to relevant stakeholders. Their understanding of trading activities allows them to identify potential control weaknesses and propose improvements.
• Control Framework: Maintaining a strong control environment is essential. Product Controllers are responsible for implementing and enforcing internal controls related to financial reporting, valuation, and risk management. They participate in control testing, identify control deficiencies, and work with management to remediate them.
• New Product Review: When new products or trading strategies are introduced, Product Control plays a crucial role in assessing their financial reporting and control implications. They work with the business and other support functions to ensure that appropriate controls are in place before the new product is launched.
• Regulatory Reporting: Product Controllers contribute to the preparation of regulatory reports, ensuring compliance with relevant regulations and reporting requirements. They work closely with regulatory reporting teams to provide accurate and timely information.
• Project Involvement: Participating in various projects aimed at improving processes, systems, and controls is also common. This may involve system upgrades, regulatory implementations, or process enhancements.

Required Skills and Qualifications:

• Bachelor's degree in Finance, Accounting, Economics, or a related field.
• Strong understanding of financial markets, trading instruments, and accounting principles.
• Excellent analytical and problem-solving skills.
• Proficiency in Excel and other data analysis tools.
• Strong communication and interpersonal skills.
• Ability to work independently and as part of a team.
• Attention to detail and a commitment to accuracy.
• CPA, CFA, or other relevant professional certifications are often preferred.

Product Control is a dynamic and challenging role that requires a strong understanding of finance, accounting, and risk management. It offers a rewarding career path for individuals who are detail-oriented, analytical, and passionate about financial markets.