Senior BFC Product Associate, Commodities Finance
New York, New York
**Job Description:**
**Bank of America commitment to Diversity and Inclusion statement**
Were a culture that:
Believes in responsible growth and has a proven dedication to supporting the communities we serve.
Provides continuous training and developmental opportunities to help people achieve their goals, whatever their background or experience.
Believes diversity makes us stronger, so we can reflect, connect to and meet the diverse needs of our clients and customers around the world.
Is committed to advancing our tools, technology and ways of working. We always put our clients first to meet their evolving needs
The Chief Financial Officer (CFO) Groupis responsible for the overall financial management of our company. This includes accounting, financial and regulatory reporting, balance sheet management, financial planning and analysis, treasury, investor relations, corporate investments and tax
Global Banking and Markets Financestrives to be a valued business partner to the company's trading, corporate and institutional banking businesses. Our first priority is to operate a series of key control processes to ensure the integrity of GBAM's financial results. Then we build on these activities to offer performance insight to business leaders. The assets of Finance are its people.
Business Finance Officers/Control (BFO/BFC)Partners directly with our Front Office LOBs providing strategic guidance and insight; Performs the product control function to ensure the integrity of our financial results
This role is to represent Finance in supporting the Global Commodities business in NY, which includes Oil, Power, Gas, and Index products. You will be expected to influence team members, collaborate with the desk and other business partners, impose structure on complex issues and focus on delivering solutions in line with the long term strategic goals of the bank.
Responsibilities will include the following:
_Daily P&L & Balance Sheet Reporting & Oversight_
+ Production and/or review of official daily P&L explain and its provision for VaR backtesting
+ Approval of daily sub-ledger P&L generated by Middle Office for reporting into Greensheets
+ Responsibility for daily management adjustments to P&L
+ Daily P&L reporting to local and regional management
+ Oversight of trader estimate to official T+1 P&L variances as business unit level
+ Preparation of daily P&L commentary and substantiation to market events
+ Review of material new deals
+ Review and approval of changes to valuation adjustments & reserves
+ Review of changes to daily balance sheet & substantiation to transactional activity
_Core Financial Oversight Functions_
+ Price verification (daily, weekly, monthly)
+ Validation of appropriate application and use of models for books & records
+ Monthly & quarterly revenue commentary
+ Maintaining/updating valuation adjustment & reserve policies
+ Balance sheet analysis (capital, liquidity, exposures etc) including inventory aging and its reporting
+ Determining and implementing appropriate accounting policies & procedures (with Accounting Policy)
+ Managing key accounting, legal entity, regulatory and P&L issues with the business
+ Month end close, including Financial Disclosures and calculation and recording of netting entries
+ Exercise of control oversight on behalf of the business
+ Participation in the New Product Review and Appropriation Request processes: modeling structures and process scenarios, review, and control
+ Contributing to Governance process, operational error reporting and support of other internal control process, including SOX
+ Provision of financial expertise in the design, build, testing, and implementation of new Technology Platforms and Systems
_Required Skills_
+ Bachelor's degree required
+ 7+ years of Finance, Accounting, or Commodities experience
+ Excel, VBA, and Microsoft office suite experience
+ Ability to act independently
**Job Band:**
H5
**Shift:**
1st shift (United States of America)
**Hours Per Week:**
40
**Weekly Schedule:**
**Referral Bonus Amount:**
2000
**Job Description:**
**Bank of America commitment to Diversity and Inclusion statement**
Were a culture that:
Believes in responsible growth and has a proven dedication to supporting the communities we serve.
Provides continuous training and developmental opportunities to help people achieve their goals, whatever their background or experience.
Believes diversity makes us stronger, so we can reflect, connect to and meet the diverse needs of our clients and customers around the world.
Is committed to advancing our tools, technology and ways of working. We always put our clients first to meet their evolving needs
The Chief Financial Officer (CFO) Groupis responsible for the overall financial management of our company. This includes accounting, financial and regulatory reporting, balance sheet management, financial planning and analysis, treasury, investor relations, corporate investments and tax
Global Banking and Markets Financestrives to be a valued business partner to the company's trading, corporate and institutional banking businesses. Our first priority is to operate a series of key control processes to ensure the integrity of GBAM's financial results. Then we build on these activities to offer performance insight to business leaders. The assets of Finance are its people.
Business Finance Officers/Control (BFO/BFC)Partners directly with our Front Office LOBs providing strategic guidance and insight; Performs the product control function to ensure the integrity of our financial results
This role is to represent Finance in supporting the Global Commodities business in NY, which includes Oil, Power, Gas, and Index products. You will be expected to influence team members, collaborate with the desk and other business partners, impose structure on complex issues and focus on delivering solutions in line with the long term strategic goals of the bank.
Responsibilities will include the following:
_Daily P&L & Balance Sheet Reporting & Oversight_
+ Production and/or review of official daily P&L explain and its provision for VaR backtesting
+ Approval of daily sub-ledger P&L generated by Middle Office for reporting into Greensheets
+ Responsibility for daily management adjustments to P&L
+ Daily P&L reporting to local and regional management
+ Oversight of trader estimate to official T+1 P&L variances as business unit level
+ Preparation of daily P&L commentary and substantiation to market events
+ Review of material new deals
+ Review and approval of changes to valuation adjustments & reserves
+ Review of changes to daily balance sheet & substantiation to transactional activity
_Core Financial Oversight Functions_
+ Price verification (daily, weekly, monthly)
+ Validation of appropriate application and use of models for books & records
+ Monthly & quarterly revenue commentary
+ Maintaining/updating valuation adjustment & reserve policies
+ Balance sheet analysis (capital, liquidity, exposures etc) including inventory aging and its reporting
+ Determining and implementing appropriate accounting policies & procedures (with Accounting Policy)
+ Managing key accounting, legal entity, regulatory and P&L issues with the business
+ Month end close, including Financial Disclosures and calculation and recording of netting entries
+ Exercise of control oversight on behalf of the business
+ Participation in the New Product Review and Appropriation Request processes: modeling structures and process scenarios, review, and control
+ Contributing to Governance process, operational error reporting and support of other internal control process, including SOX
+ Provision of financial expertise in the design, build, testing, and implementation of new Technology Platforms and Systems
_Required Skills_
+ Bachelor's degree required
+ 7+ years of Finance, Accounting, or Commodities experience
+ Excel, VBA, and Microsoft office suite experience
+ Ability to act independently
**Shift:**
1st shift (United States of America)
**Hours Per Week:**
40
Learn more about this role
Full time
JR-22077620
Band: H5
Manages People: No
Travel: No
Manager:
Talent Acquisition Contact:
Amy FitzGerald [C]
Referral Bonus:
2000
Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.
To view the "EEO is the Law" poster, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/eeopost.pdf) .
To view the "EEO is the Law" Supplement, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/OFCCP\_EEO\_Supplement\_Final\_JRF\_QA\_508c.pdf) .
Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy (Policy) establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.
To view Bank of Americas Drug-free workplace and alcohol policy, CLICK HERE .
