Senior Manager, Hedge Accounting & Financial Operations

Join a Challenger

Being a traditional bank just isn’t our thing. We are big believers in innovating the banking experience because we believe Canadians deserve better options, and we challenge ourselves and our teams to creatively transform what’s possible in banking. Our team is made up of inquisitive and agile minds that find smarter ways of doing things. If you’re not afraid of taking on big challenges and redefining the future, you belong with us. You’ll get to work with people who will encourage you to reach new heights. We like to keep things fun, ask questions and learn together.

We are a big (and growing!) family. Overall we serve more than 370,000 people across Canada through Equitable Bank, Canada's Challenger Bank™, and have been around for more than 50 years. Equitable Bank's wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than 5 million members. Together we have over $100 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives. Our EQ Bank platform (eqbank.ca) has been named the top Schedule I Bank in Canada on the Forbes World's Best Banks 2023, 2022, and 2021 lists.

The Work

The Senior Manager, Hedge Accounting & Financial Operations is a key member of the Accounting and Finance team. Reporting to the Director, Financial Reporting, Policies and Controls, the role will be responsible for providing monthly analysis for derivatives, hedge accounting and fair valuations. The role works closely with various departments including Treasury, Capital Markets, Corporate Development, and Securitization operations, and is responsible for providing middle-office and back-office functions for securities trading and derivatives including settlements and valuations. The role will also be responsible for financial statement disclosures on derivative financial instruments, including compliance and reporting for IIROC debt transactions. The role will also provide support to the banking operations, procurement, and accounts payable functions within the Financial Operations team.

Core Part of the Role would be:

• Hedge accounting
• Prepare/review general ledger entries, and monthly reconciliation and continuity schedules for various accounts
• Develop process improvement initiatives
• Ensure appropriate controls exist over securities and derivative valuations, and hedge accounting transactions
• Prepare/review monthly financial statements, financial report packages and variance analysis commentary as well as other monthly, quarterly, and year-end analyses, as required
• Review and provide entries related to fair value through P&L (FVtPL) investments
• Month-end/Quarter-end/Year-end
• Manage settlements for security transactions, including swap payments and receipts
• Manage fair value reporting of over $14 billion (notional amount) of derivatives and hedging instruments and eliminate P&L volatility through hedge accounting
• Complete ad-hoc projects, as assigned
• Assist external auditors during quarterly reviews and the year-end audit
• Prepare hedge accounting documentation and effectiveness testing, ensuring full compliance with IAS 39 and IFRS 9 disclosure requirements
• Coordinate with various groups to obtain information such as counterparty collateral margins to complete the related financial statement disclosure.
• Coordinate with traders in Treasury/Capital Markets, custodians, and counterparties to resolve any settlement issues
• Regulatory and Internal Reporting
• Other
• Develop and implement new procedures to achieve hedge accounting for various derivatives (swaps, forwards, etc.)
• Document new operational processes
• Middle Office and Valuation
• Prepare/review assigned financial statement notes in the annual and quarterly financial reports
• Ensure reporting for IIROC debt transactions and ICOFR documentation are submitted on a timely basis

Lets Talk About You!

• 10+ years of experience at financial institutions including 3 years with an accounting firm having worked with clients from financial institutions
• 1-3 years derivative accounting/valuation experience, including hedge accounting, with sound technical knowledge
• Knowledge of Microsoft SQL Server Management Studio would be an asset
• Knowledge of IFRS is required
• University/post-graduation education in Accounting, Commerce, or Business.
• CPA designation (CMA, CGA, CA) is required.
• Ability to work in both team and individual environments
• Advanced Microsoft Excel skills, including developing/running macros would be an asset
• Possess strong problem-solving and analytical skills, attention to detail, and organization skills
• Ability to multi-task competing priorities
• Ability to work extensively with formulas, data and spreadsheets
• Experience in securitization would be an asset
• Demonstrated ability using MS Office (Excel, Access, PowerPoint and Word)
• Ability to clearly communicate technical, analytical, quantitative or conceptual information and ideas using language that is appropriate to the target audience

What we offer [For full-time permanent roles]

💰 Competitive discretionary bonus

✨ Market leading RRSP match program

🩺 Medical, dental, vision, life, and disability benefits

📝 Employee Share Purchase Plan

👶🏽 Maternity/Parental top-up while you care for your little one

🏝 Generous vacation policy, personal days and even a moving day

🖥 Virtual events to connect with your fellow colleagues

🎓 Annual professional development allowance and a comprehensive Career Development program

💛 A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience

The incumbent will be working hybrid and in office time will be spent working from Equitable Bank’s additional office space located at 351 King Street East, Toronto, ON.

Equitable Bank is deeply committed to inclusion. Our organization is stronger and our employees thrive when we honour and celebrate everyone’s diverse experiences and perspectives. In tandem with that commitment, we support and encourage our staff to grow not just in their career path, but personally as well.

We commit to providing a barrier-free recruitment process and work environment for all applicants. Please let us know of any accommodations needed so that you can bring your best self to the application process and beyond. All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying, an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position.

We can’t wait to get to know you!