Role Title: Analyst, Group Reward Reporting
Business: Human Resources
New or Existing Role? Existing
· Provide Global Financial Control function for variable pay, including responsibility for Group oversight over the global variable pay process and ensuring that the variable pay accruals booked across the Group reflect the business pools determined centrally by Group Reward
· Provide general and ongoing support to financial control teams across the group with regards to the booking of variable pay across the P&L and balance sheet
· Provide analysis and MI to Group Reward HR to support the determination of appropriate variable pay pools, in the context of business performance
· Provide support and MI to regional and business finance teams to explain and understand movements in variable pay P&L
Impact on Business
· Design and preparation of business MI to facilitate and support business variable pay pool decision
· Preparation and review of data for variable pay financial reporting
· Group wide reconciliation of variable pay pool to P&L
· Preparation of regular VP P&L forecasts for business finance and regional finance teams
· Continual review and improvement of processes to ensure both Head Office Finance teams and Finance teams across the Group are provided the right information in the required time frames as efficiently as possible
Customers / Stakeholders
· Group Head of HR Group Performance and Reward
· Group Head of External Reporting
· Group & regional MI teams
· Financial Reporting teams throughout HSBC
· Business Finance teams
Leadership & Teamwork
· Liaison across regional and local financial control teams to ensure variable pay is correctly and appropriately reflected in the P&L and balance sheet
· Identification of local entities which are not adhering to Group policy, and follow up to ensure financial controllers are equipped with the relevant knowledge and systems access. Escalation where necessary
· Liaison across business finance teams and finance planning and analysis teams to ensure variable pay expectation is accurately reflected in the business P&L forecasts and plan
Operational Effectiveness & Control
· Pro-active approach to process improvement.
· To continually reassess the operational risks inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology
· To implement the Group Compliance Policy by containing compliance risk in conjunction with the relevant compliance department. The term ‘compliance' embraces all relevant laws, rules and codes with which the business has to comply
· The increasing burden of new accounting and disclosure requirements.
· The need to account for an increasing number of schemes, and the outcome of political or regulatory influence on variable pay
· The complex nature of the Group and the need to reconcile at business, entity, geography and Group level
· The impact of structural changes to the Group, notably the impact of disposals or internal re-organisations.
· The span of impact of the variable pay accrual (100 + entities across the group) and the requirement for local finance teams to adhere to the global group process. This requires co-ordination and support across multiple entities and finance teams across the globe, including support to assist understanding of complex accounting treatments for deferred awards
· The Group Performance and Reward team responsibilities include determination of variable pay Group wide, under the governance of Rem Co. Reward structures include deferred elements (cash and shares) and each entity in the Group is required to account for variations in both pay and the mechanism of payment (IFRS2).
· Finance therefore requires summarised HR data (without details at an individual level) in order to (i) accrue for the expense in the year (ii) account for any changes at year end (iii) obtain MI showing P&L impact on any changes in reward quantum or structure.
· The requirement for a global standardised approach to variable pay, with consistent reporting across all entities is placing increasing importance and prominence on the role of Group Performance & Reward Reporting team as a global centre of expertise.
Management of Risk
· Finance data will need to be to auditable standard, and comply with Sarbanes-Oxley and Finance Functional Instruction Manual (FFIM).
· Sensitive HR data will need to be managed in line with HR procedures.
· The jobholder will also continually reassess the operational risks associated with the role and inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology.
· This will be achieved by ensuring all actions take account of the likelihood of operational risk occurring.
· Also by addressing any areas of concern in conjunction with line management and/or the appropriate department.
Observation of Internal Controls
· Maintains HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators.
· The jobholder will also adhere to and be able to demonstrate adherence to internal controls. This will be achieved by adherence to all relevant procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators.
· The jobholder will implement the Group compliance policy by containing compliance risk in liaison with Global Head of Compliance, Global Compliance Officer, Area Compliance Officer or Local Compliance Officer. The term ‘compliance' embraces all relevant financial services laws, rules and codes with which the business has to comply.
· This will be achieved by adhering to all relevant processes/procedures and by liaising with Compliance department about new business initiatives at the earliest opportunity. Also and when applicable, by ensuring adequate resources are in place and training is provided, fostering a compliance culture and optimising relations with regulators.