Our client, a British Investment Bank, is currently looking to bring on board several experienced Business Analysts and Project Managers.
Our clients within the Traded Risk Transformation teams are responsible for the delivery of end-to-end projects across market risk. Senior Business Analysts are at the center of how Global Transformation shapes, delivers and embeds change working with the business and our delivery partners. Primarily, the Senior Business Analyst will be responsible for managing and executing the analysis activity within one or more of the priority programmes. They will support the Requirements Management, Design, Change Management, and Implementation Management activities during project delivery.
Business Analysts often act as experts across multiple projects and programmes simultaneously, guiding the various teams through the various phases. Alongside project delivery responsibilities, the Business Analyst will work closely with the Project Management Office, Process Consultants and Business Consultants to ensure analyst resources are utilized effectively and resource supply meets the needs of upcoming project demand.
The initial assignment for this role will on a Libor Transition Program where the role holder will focus on Global requirements and delivery of the strategic infrastructure and new operating model. This will require the role holder to work on time series data and Market Risk shocks and scenarios for VaR and some Stress Testing.
1. Vision of the change in LIBOR Transition program
- The LIBOR Transition program is a front office funded project and there is global industry-wide consensus to move away from referencing LIBOR rates by the end of 2021 and to adopt a new suite of risk-free rate curves (RFRs) and associated products from 2019 to 2021.
- There is global industry-wide consensus to move away from referencing IBOR rates by the end of 2021.
- Adopt a new suite of risk-free rate curves (RFRs) and associated products from 2019 to 2021.
- Enable trading in financial products based on the new RFRs (SOFR, SONIA, €STR, SARON, TONAR, etc.) in a manner and timeframe consistent with FO.
- Cover all the client sites and all RFRs (including on-shore & off-shore IR curves) based on Front Office.
Project Duties and Responsibilities:
To provide business analysis skills to document the business deliverables for Traded Risk. To have knowledge of credit risk measures such as RWA, PFE, IMM, CVA VAR etc to work independently without too much supervision or guidance from PM / Senior BAs in the global teams The role will involve working with a Global Risk Transformation Credit Risk Engines team, and the candidate should have knowledge of all asset classes including rates, fx, credit and equities products. To work under Agile project framework and use of ALM JIRA software for writing Epics/stories to support End to End Test execution and demonstrate proficiency in software testing, stakeholder management to write test cases, test defect management, good documentation standards under Agile with test evidence and audited sign offs. To support project management responsibilities from time to time in the preparation of project status reports, identifying risks and issues, helping to prepare monthly reporting packs. To investigate business queries / problems in relation to trade / static data feeds.
- Develop the key artefacts required under either Waterfall or Agile methodology (including high-level business requirements, solution design, functional and non-functional requirements), to a clear and unambiguous standard, as a solid foundation for implementation by Software Delivery (SWD)
- Promote visibility, understanding and approval of the requirements with all regional stakeholders at all stages of initiation and definition; obtain signoffs.
- Liaise with Software Delivery in the specification, production and subsequent software development d. Ensure that the integrity of the risk systems is maintained by supporting strategic requirements.
- Develop the test strategy in conjunction with IT and business stakeholders.
- Liaise with SWD to provide ST and SIT test plans, arrange test environments and testing support.
- Liaise with users to confirm test requirements and ensure suitable UAT test plans are constructed. h. Perform sanity checks that the requirements are satisfied.
- Ensure all testing is conducted in an orderly and efficient way
- Develop the test strategy
- Help develop and maintain global solutions and global operating model. Work with the regional teams to help ensure that the global solutions are implemented and used in a common and consistent manner. (Highlighting and challenging any regional differences)
- Analysis, gathering and documentation of functional and non-functional requirements
- Investigation of data problems within the Traded Credit Risk components, trade, and static data feeds.
- Business process analysis and documentation including providing process improvement recommendations. Workflow design, including process modelling, and documentation.
- Support Senior BA’s and Project Managers in the design of test strategy including preparing test cases for unit, component, and User Acceptance Testing. Management or involvement in the execution of unit and component tests in conjunction with SwD. Coordination of User Acceptance test cycles, documentation of results, issue tracking and other activities required to successfully exit UAT.
- Act as interface between business and Risk Software Delivery (SwD) in communicating requirements and validating of External Design Reports (Functional/Technical specifications) produced in response to requirements.
- Support the Program Manager
- Good English communication skills to liaise with Software delivery teams in China and regional risk teams globally to understand business requirements and ensure truly global requirements developed with input and buy-in from all global teams.
- Run working groups with key stakeholders.
- Track progress against project plan
- Provide periodic status updates regarding project status, test completion status, RAID Log, in the tools and templates selected by the wider SWD and Transformation team
- Provide regular status updates g. Escalate risks, issues and dependencies impacting the project.
- Constructive engagement with key stakeholders i.e., risk management, risk control, WMRT transformation component PMs/ BAs, Software delivery teams, FO Project team, design architects
- Status reporting j. Be able to work in both Waterfall and Agile methodologie
- Control and manage workgroups and project documentation related to functional and technical workgroups.
- Understand, follow, and demonstrate compliance with all relevant internal and external rules, regulations and procedures that apply to the conduct of the business in which you are involved, specifically Internal Controls and any Compliance policy including, inter alia, the Group Compliance policy.
- Adhere to our client Internal Control Standards, the timely implementation of internal and external audit points together with any issues raised by external regulators
- Be aware of the Operational Risk scenario associated with your role and act in a manner that takes account of operational risk considerations
- Collection of project level information to feed into project level reporting. Support project managers in the impact on the Business.
2. Engagement & collaboration with Risk Transformation for the IBOR program
- Contribute to High Level Requirements for IBOR program
- Review of proposed FO Models
- Provide inputs to business benefits, scope, and objectives.
- Ensure VaR and Credit exposures are correctly captured respectively in Market Risk and Counterparty Credit Risk systems
- Impact analysis at the portfolio level rather than on a product as a standalone, to account for netting sets, and potential impacts of changes from modelled to non-modelled deals and impacts on Counterparty credit Risk figures.
- Impact Analysis on limits, based on industry proposed methodology on terms structure and credit spread and transition timing to new Rate’s benchmark.
- Impact analysis to be conducted to identify processes to be tested for LIBOR impact (e.g., IRC, VaR, SVaR, RNIV, RWA)
- Review NPDD and approve with appropriate caveats.
- Support GRA on the RNIV product parameter definition
- Review and Validate methodology proposed by GRA.
- Review and sign off impact analysis on traded risk portfolio, and on limits, based on industry proposed methodology on terms structure and credit spread and transition timing to new Rate’s benchmark and review the GRA POC results
- Assist the Head of MRAC with the development of high-quality risk reports.
- Understand and interpret the Group aggregate risk reports across trading and banking books and be prepared to escalate risk concentrations and significant risk movements as required.
- Draft materials for internal governance meetings as required and provide expert commentary when requested.
- Make significant contribution on market risk aspects of various incoming regulations (including FRTB)
- Build expert knowledge of existing regulations as they impact market risk and provide leadership on these topics to wider Traded Risk function (including Volcker Rule, ICAAP etc.)
- Co-ordinate the response to various ad hoc enquiries from our client’s regulators
- Ongoing liaison with the Front Office Sales and Trading Teams
- Supporting the implementation of relevant policy updates, MI, and system development in the Traded Credit space.
- Global consistency and improved control framework
- The candidate will be ideally educated to degree level in a numerate subject.
- Degree in Business Information Systems or a related field
- Degree in business administration / management / economics, engineering, and science
- Knowledge of accounting and finance
- Excellent English communication skills (verbal and written) - the ability to communicate efficiently at a global level is paramount.
- Certified Business Analysis Professional (CBAP) - Optional
- Lean Six Sigma Black Belt – Optional
- Credit BASEL III or has worked on implementation of equivalent regulations.
- Regulatory framework for Central Clearing Counterparties, BCBS Margining requirement on unclear derivatives and Risk Based Margining
- Expert knowledge of Global Transformation Business Transformation Frameworks, methodologies, and best practice techniques
- A thorough understanding of the purpose, values, culture, and fundamentals of Global Transformation
- Outstanding understanding of our client structures, processes, and objectives
- Very strong knowledge of the external environment – regulatory, political, competitors etc.
- Business re-engineering knowledge
- Advanced Business analysis, requirements gathering and design techniques.
- Advanced Change management and implementation management techniques and approaches
- Decision Making
- Achieving Excellence
- Delivery at Pace
- Impactful communication
- Business Analysis & Design
- Business Case and Benefits Realisation
- Change and Implementation Management
- Process Re-engineering
- Planning and Plan Management
- Stakeholder Management
- Problem Solving and Critical Thinking