IFRS 9 Finance Lead - Barclaycard
Overall purpose of role
As a member of the Barclaycard Financial Control team, the Barclaycard Credit Risk Financial Controller is to be responsible for the finance aspects within Barclaycard of the implementation of the new impairment accounting requirements of IFRS 9 "Financial Instruments", which is effective from January 2018; working very closely with credit risk, central project and broader finance colleagues. The Barclaycard Credit Risk Financial Controller will also be responsible for maintaining appropriate financial control over impairment charges and credit provisions and will use the implementation of new processes to comply with IFRS 9 as an opportunity to refine our financial control framework for credit risk. The Barclaycard Credit Risk Financial Controller will report directly to the Barclaycard Financial Controller.
Projects and change - IFRS 9 implementation
- Take leadership for the finance aspects within Barclaycard of the implementation of new impairment accounting requirements in IFRS 9 "Financial Instruments", which is effective from January 2018; working closely with credit risk, central project, technology and broader finance colleagues.
- Tasks will include: designing and implementing new financial reporting and control processes; providing broad finance support and information to the Barclaycard IFRS 9 implementation team and ensuring that new practices comply with the technical requirements of IFRS 9. There will be specific responsibilities for the reporting work stream within the Barclaycard IFRS 9 project.
- Key and interesting will be considering commercial implications of new provisioning requirements and impacts on customer products and pricing, working with credit risk, businesses and finance business partners.
- Support other credit risk-related change initiatives, taking leadership for Barclaycard Financial Control.
Significant accounting judgements and one-off transactions
- Partnering with credit risk colleagues, ensuring that conclusions on key credit risk-related and financial reporting impacting accounting judgments and significant methodology changes are appropriate, consistent across Barclaycard sub-businesses, and clearly documented.
- Assessing the financial accounting and reporting of credit risk-related one-off transactions, such as debt sales.
Refinement and maintenance of the Barclaycard financial control framework for credit risk
- Overall responsibility for ensuring that all month-end and year-end financial reporting and control processes relating to credit risk provisions, impairment charges and related financial and regulatory disclosures operate and are executed properly, hence maintaining appropriate financial control.
- Be(come) an expert in IFRS 9, impairment accounting and the operation of associated credit risk processes in practice.
- Take the opportunity of the implementation of IFRS 9 and new impairment processes to refine related financial control processes and ensure implementation of an effective and efficient financial control framework for credit risk.
- Feed into and present at legal entity/sub-business control review meetings on credit risk and impairment subject matters.
- Work with SOX controls and governance colleagues to assess the design of credit risk financial reporting processes for SOX purposes.
- Liaising with external auditors.
- Build relationships and work effectively in partnership with: credit risk colleagues; Barclaycard business unit financial controllers; financial and regulatory reporting-focussed colleagues and finance business partners.
Team management and leadership
- Managing a direct team, together with partnering with finance and risk colleagues in various locations; ensuring roles and responsibilities are effectively organised, communicated and carried out and that staff are developed and mentored for career progression.
- Leading across the Barclaycard Financial Control and Barclaycard Finance team on various initiatives promoting colleague development and motivation.
Stakeholder management and leadership
The right candidate will have the presence and confidence to build credibility quickly with peers and senior stakeholders within the Finance and Risk functions across various business locations. They will have proven communications skills with different levels of seniority and be a 100% team player.
Decision-making and problem solving
It is necessary to have solid knowledge and appreciation of relevant accounting standards, financial control core processes, demonstrate attention to detail and accuracy whilst working well under pressure make decisions and manage issue resolution. The right candidate should have the ability to understand the detail but also able to take a big picture approach.
The candidate will also demonstrate personal resilience and be comfortable and flexible to take on various challenges in a changing environment.
Risk and control objective
Ensure that all activities and duties are carried out in full compliance with: regulatory requirements; Barclays' Enterprise Wide Risk Management Framework and relevant Barclays' internal policies.
Ideally, the successful candidate will have a good understanding of International Financial Reporting Standards ("IFRS"), especially those aspects relating to financial instruments and core finance and credit risk processes. However, it is recognised and understood that some candidates will need to develop deeper knowledge whilst performing the role. Familiarity with SAP, Hyperion (Essbase) would also be desirable, but not essential. Previous experience in Financial Services required and familiarity with the payment industry; particularly credit cards and merchant acquiring, would also be desirable.
Previous experience managing teams is essential, with virtual team management experience an advantage.
Academic and professional qualifications
The right candidate will be preferably be a ACA or an equivalent qualified accounting.
The right candidate will have an excellent command of the English language with strong written and verbal communication skills.
Purpose and Values
Barclays has a single cross-business Purpose for Barclays and five core Values which underpin it.
Our Purpose is helping people achieve their ambitions in the right way. Put simply this is the answer to the question 'What is Barclays for?' and it should guide our every action as employees.
We respect and value those we work with, and the contribution that they make.
We act fairly, ethically and openly in all we do.
We put our clients and customers at the centre of what we do.
We use our energy, skills and resources to deliver the best, sustainable results.
We are passionate about leaving things better than we found them.