Product Control - Associate

 SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges.

In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.

The anticipated salary range for this role is between $80,000.00 and $120,000.00. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.

Role Description

The Product Control team seeks an experienced Product Control Associate responsible for daily P&L validation, explanation, risk analysis, and reporting for our lending business across corporate loans, loan syndication, and specialized lending, including project finance, aviation finance, infrastructure finance, trade finance, commercial banking, and cash management products. The successful candidate will be involved in understanding the business and creating processes to publish daily P&L, create internal controls and process efficiency projects, document policies and procedures, and liaise with internal and external auditors and regulators.

Responsibilities

• Understand the lending business by meeting different stakeholders and investigating the complete product life cycle, booking systems and models, intercompany eliminations, and trade economics to create a reporting and control framework. 

• Assist with the reporting and control infrastructure improvements: Daily/Monthly P&L validation and Balance sheet substantiation, explanation, and reporting process, implement industry-standard controls, and create new analytical reports to understand the business better. 

• Responsible for the integrity and accuracy of financials and ensuring trades/adjustments are posted on the GL in accordance with US GAAP and JGAAP.

• Assist with the monthly independent price verification (IPV) of loans.

• Ability to proactively identify process enhancements and engage in initiatives and projects as subject matter expert. 

• Prepare and review weekly/monthly financial control packs for senior management.

• Collaborate with business analysts, project managers, and IT to implement process and control improvements.

• Assist with enhancement of the overall control environment around the financial reporting function. 

Qualifications and Skills

• 3-5 years of experience in financial services or product control. Lending products experience preferred. 

• Bachelor’s degree in accounting or finance or equivalent.

• Strong knowledge of product control processes and controls as per industry standards. 

• Exposure to the month-end close process and a solid understanding of the internal control framework surrounding the entire tr