Product Controller

The Bank for International Settlements (BIS) is hiring a Product Controller to join our Finance team. 

This role is based in Basel, Switzerland however, thanks to our status as an international organization, we can hire globally and welcome applications from candidates of all nationalities and located anywhere in the world. Relocation support is available for the successful candidate and their dependent family members. 

Purpose of the role: 

Our mission is to support central banks' pursuit of monetary and financial stability through international cooperation, and to act as a bank for central banks. 

You will contribute to this mission by ensuring the accuracy of the accounting, disclosure and valuations of the Bank’s financial instruments in line with International Financial Reporting Standards (IFRS), Basel Committee on Banking Supervision (BCBS) rules and prevailing market standards. Additionally, you will assist Management in gaining a deeper understanding of the Bank's profit by developing and operating profit and loss (P&L) explanation and forecasting processes. 

By joining the Finance Operations team, you will: 

• Join a team that embraces innovation and continuous improvement and leverages new technologies to automate and improve our processes. 
• In addition to running the quarterly independent price verifications (IPV) process, you will have the opportunity to take responsibility for additional projects. 
• you will become part of a highly skilled and collaborative professional group, with deep experience and insights to our operations.  
• The diversity of our accountabilities ensures that your role will be both dynamic and multifaceted, offering a wide range of responsibilities and opportunities to grow on the job. 

 Principal accountabilities: 

Independent price verification 

• Performs periodic independent price verifications (IPV) of the fair values of the Bank’s financial instruments, ensuring that they are accurate estimates. Ensures that the IPV process remains in compliance with guidance published by the BCBS, the G30, and with general market best practice.  

• Supports the team’s effort in its production of financial reports and analysis. 

Valuation reserves 

• Contributes to the design and implementation of processes to calculate valuation reserves. This includes processes for calculating reserves for bid-offer, CVA, DVA, model uncertainty and to correct for known imperfections in primary valuation models. 
• Reports the outcome of the periodic IPV process in writing to the BIS's Finance Committee, making recommendations for adjustments to the periodic financial statements, and identifying other issues for consideration. 
• Contributes to the annual summary report to the Audit Committee. 

• Maintains the Bank's valuation policies and procedures, ensuring that they are appropriate for the Bank, and are accurately documented and regularly updated. 

External auditors 

• Acts as a contact for the external auditors on valuation issues. Ensures that problems and issues arising from the external audit are brought to the attention of the Finance management, and that agreed actions are implemented in agreed timescales. 

P&L explain and forecasting 

• Contributes to the development of sophisticated P&L explanation processes and helps Finance management in obtaining a deeper understanding of the Bank's profitability. Operates P&L explain and forecasting models. 

Model validation 

• Contributes to the Bank’s model validation activities, participates in the model validation group and provides support and advice to Finance Management and Finance Committee on model validation issues. Conducts individual model validations as required. 

Tools and systems development 

• Contributes to the selection, development and maintenance of appropriate IT tools, price sources and information systems. 
• Contribute to the analysis and automation of the team accounting processes. 

External product and service vendors 

• Handles the section’s relationship with external vendors of valuation-related products and services, including selection, testing and contract negotiation. 

Qualifications, skills, and experience: 

• University degree in a quantitative discipline. A recognized qualification in mathematical finance is a plus. 
• Strong analytical and quantitative skills. Detailed knowledge of fixed income and FX products (particularly fixed income securities and derivatives) and valuation methodologies. 

• Knowledge of Python and relevant pricing libraries. Knowledge of databases (SQL), ERP systems, banking systems and report writing tools desirable. 
• Experience with Bloomberg, Reuters and other information systems. 
• Background in product control, risk management, valuation or quantitative-based accounting. 
• Several years of work experience in a valuation-related function. 
• Excellent interpersonal skills and a good team worker. Able to work with a minimum of supervision, to organize and priorities own work and to handle stressful situations. 

• Excellent written and oral communication skills in English. 

Who we are: 

The Bank for International Settlements is a diverse organization with colleagues from over 60 countries. By joining us in the international city of Basel, you will work in a unique, highly rewarding, and multicultural work environment. We truly value diversity and inclusion and want to reflect the world we serve. We want the best people to work for us in an inclusive environment so welcome applications from all qualified candidates. At the BIS, we value equality and diversity in all its forms and one way we support diversity and inclusion is through our staff-run networks. You can discover more about diversity at the BIS here. 

 What the BIS offers: 

We want your time at BIS to be a rewarding and career-enriching experience. We offer an agile and flexible working environment with hybrid working opportunities including home office and working from abroad days. To support our international applicants, we offer relocation support that extends to your dependent family members. In addition, thanks to our ongoing commitment to diversity and inclusion, we offer a competitive compensation and benefits package, including support for working families including childcare and education allowances (where applicable). Finally, we offer a genuinely unique international working environment, which will give you exposure to the global financial system and the opportunity to collaborate with passionate experts from all over the world.

We strive to ensure that individuals are provided reasonable accommodation to participate in the application or interview process, and to perform essential job functions. Should you wish to request accommodation, support in completing this application or participating in the application process, then please reach out to the recruitment team at staffing@bis.org.