Hedge Accounting Manager

The Hedge Accounting Manager will function as the Treasury Finance subject matter expert for hedge accounting, ensuring that the bank’s hedge accounting framework is technically robust, well controlled, audit-ready, and aligned to Treasury’s risk management strategy. The role supports Treasury in managing interest rate risk and reducing avoidable P&L volatility by advising on hedge structures, maintaining hedge documentation, and assessing the accounting impact of hedging activity. The role is also responsible for supporting accurate month-end and year-end reporting, explaining hedge accounting results to senior stakeholders, and managing audit engagement on hedge accounting matters.

As a key member of the divisional finance function, the Hedge Accounting Manager will have a sound technical knowledge and a good understanding of Treasury products, operations, and the key drivers of value within the business. An in-depth and specialized knowledge of Hedge Accounting under IAS39/IFRS9 accounting standard is essential.

Key Responsibilities:

• Act as the main point of expertise for all hedge accounting issues within the bank.
• Take ownership of hedging instruments traded by Treasury, checking the accuracy of booking and reporting in the financial statements.
• Manage hedge accounting designations, documentation, and effectiveness testing for all hedge relationships as required under IAS 39, acting where necessary to prevent hedges failing, including regular replacement of cash flows no longer expected to occur.
• Support the Treasury Finance Director on more complex or one-off accounting issues.
• Coordinate the key elements of the monthly and quarterly close and regular hedge maintenance tasks, ensuring controls are adequately maintained.
• Manage the overall results of the bank’s hedge accounting processes, including providing explanations and commentary on P&L movements, accounting journals, and exposures to senior management.
• Complete derivative and hedge accounting related balance sheet reconciliations, identifying, resolving, and reporting any issues in a timely manner.
• Work closely with Product Control, including providing cover for daily risk reporting when required.
• Take responsibility for financial statement disclosures relating to hedge accounting and derivatives.
• Take responsibility for components of Treasury’s FINREP submissions to the Regulator.
• Ensure that all governance and compliance requirements are adhered to and that all reporting and review activities required by regulatory bodies are carried out to the required standards.
• Review and update the Group’s hedge accounting policy to ensure it complies with the bank’s risk management strategy and proposed hedges.
• Lead on new hedge accounting initiatives across the bank, primarily driven by Treasury activity or strategic initiatives.
• Manage stakeholders and build strong relationships with the Treasury Front Office.
• Work closely with other teams on cross-functional issues.
• Act as the lead and manage the relationship with the Group’s external auditors on all hedge accounting issues, including Key Industry Risk matters.