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Derivative Accounting Vice President/Director - DEL

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Wilmington, DE 19806
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Derivative Accounting Vice President/Director – DEL


Investments OperationsDEWilmington,,Requisition #: R190267


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Derivative Accounting Vice President/Director – DEL


About this role

Are you a derivative accounting professional searching for a rewarding, challenging, multi-faceted accounting and reporting opportunity with the world’s largest asset manager? Do you pride yourself on building positive relationships, developing process solutions and bringing strategic visions to fruition? Look no further. BlackRock is pursuing a Director of Derivative Accounting to become a part of our team. We recognize that strength comes from diversity, and will embrace your rare skills, eagerness, and passion while giving you freedom to grow professionally and as an individual.

We know you want to feel valued every single day, and be recognized for your contribution. At BlackRock we strive to empower our employees and actively engage your involvement in our success. With over USD $6 trillion of assets we have an extraordinary responsibility: our technology and services empower millions of investors to save for retirement, pay for college, buy a home and improve their financial well-being. Come join our team and experience what it feels like to be part of an organization that makes a difference.

Our Investment Accounting Group (IAG) provides accounting and regulatory data services to over 25 insurance clients (AUM of $285bn) who have outsourced their accounting function to BlackRock. Our Accounting Services include the preparation and oversight of monthly accounting packages and support schedules, including regulatory returns and statutory reporting. As well as working with clients to deliver our services, the IAG team also supports client changes through corporate and other developments which impact on our services. Also, IAG is currently embarked on an exciting program of work to develop our accounting operating platform and to extend asset class coverage. We are investing in new Aladdin technology and integrating this with PAM for Investments to develop an integrated accounting and risk platform and the industry-leading investment accounting provider.

We are currently embarking on an exciting initiative to develop our accounting operating platform and to extend asset class coverage. It’s an excellent time to come onboard as we are investing in new BlackRock Aladdin technology and integrating this with PAM for Investments accounting software to develop an integrated accounting and risk platform and solidify our position as the industry-leading investment accounting provider.

With the expansion of our business, we are actively pursuing a Derivative Accounting VP, who has broad knowledge of derivatives products and accounting technical skills across multiple accounting bases – i.e. GAAP and US Statutory as well as, in-depth product knowledge and accounting technical skills related to bank loans, mortgage loans and alternatives.

As the Derivative Accounting Director, you are responsible for handling all aspects of our accounting and reporting services and meeting the needs and evolving priorities of our clients, as they relate to derivatives. You will focus on developing investment process solutions for derivatives, using the capabilities of other parts of the BlackRock organization as required. You will be on the forefront of accounting policy changes relating to derivatives and ensure proper implementation across all clients. You will have the opportunity for continued professional development with a career path within the Investment Accounting Group, or into other operating teams or client-facing business areas across BlackRock. Our suite of services provided to our clients offers opportunities for further personal learning, both in terms of the product types and accounting complexities, as well as the ongoing development of technical strengths. Key responsibilities include:

+ Cultivating a thorough knowledge of BlackRock’s capabilities, products and services for insurance companies

+ Keeping abreast of and effectively communicating the implications of the evolving regulatory landscape and new accounting pronouncements to ensure compliance by our insurance companies, across multiple bases of accounting i.e. IFRS, US Statutory, US GAAP, etc.

+ Developing and leading derivative investment reporting for clients and prospects, informing and handling the implementation of client mandates with effective planning and use of resources

+ Supporting business growth, implementation of new clients, and client retention within the insurance sector working in partnership with other BlackRock teams

+ Acting as a subject matter authority for all derivative types as it relates to setup and processing in compliance with accounting guidelines

+ Representing derivatives accounting on cross-functional projects and working groups in support of delivering key business and client objectives

+ Contributing to the continual development of the investment reporting production and control processes to optimize efficiency, mitigate risk and incorporate business and product changes, ensuring procedures are maintained in line with all current practices

+ Working with vendor partners to ensure that our development priorities are clearly stated and champion the completion of each

+ Providing expert-level support on in person and phone conversations with clients on derivatives-related matters

+ Conducting periodic training with the Investment Accounting Team on new derivatives strategies, product types, and accounting changes

To ensure success you will possess the following qualifications:

+ Deep understanding of the current requirements of the accounting standards and regulatory requirements as they apply to the insurance sector

+ Validated financial background and understanding of how derivatives are used to achieve overall financial objectives

+ Excellent knowledge of the business models of insurance companies including the regulatory and accounting constraints under which they operate and the local application of insurance regulation under various accounting bases

+ Derivatives expert-level knowledge including:

+ Product specific knowledge of options (including swaptions, collars, etc), swaps (including FX, Credit Default, Variance, Total Return, Interest Rate, Inflation), FX forwards, futures

+ Familiarity with various derivatives trading strategies including: hedge accounting (general and qualified), Income Generation, RSAT, etc.

+ Understanding of cleared derivative mechanics (daily cash/valuation movements and accounting treatment by basis)

+ Familiarity with derivatives specific financial reporting and disclosures

+ Dedicated interest in keeping up to date with industry, accounting standards and client product changes

+ Effective communication and ability to form positive relationships with clients and internal partners

+ Shown multi-tasker able to balance multiple requests without losing sight of overall business objectives and deadlines

+ Confirmed knowledge of Microsoft Office products – Excel, Word, PowerPoint

+ Strong preference for a qualified accountant (CPA, ACA, CIMA or ACCA); with experience and knowledge of the insurance sector

+ Experience working with automated accounting and front/middle office applications including State Street PAM accounting system and BlackRock Aladdin desired

About BlackRock

BlackRock helps investors build better financial futures. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most

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