OakNorth Bank (the “Bank”) is a new fast-growing bank in the UK. While the balance sheet is less complex than larger banks, the Bank, as a CRDV firm, is subject to full suite of regulatory returns as follows:
o COREP
o FINREP
o PRA/FSA and FCA returns
o BOE returns
We are also planning to implement a new end to end regulatory reporting system for all our regulatory reporting requirements. The Vendor has been finalised and the implementation is expected to start from June’23. We are looking for a candidate who can also drive this project and fulfil the key responsibilities required for the role.
Therefore, learning all the regulatory returns across capital, liquidity and leverage is the key opportunity in this role.
·The Regulatory reporting team is also responsible for daily liquidity reporting, ALCO reporting and IRRBB reporting to support Treasury balance sheet management activities.
·The Bank’s products are diversified, and a number of new product launches continue- the candidate will be driven to research regulatory impact and provide inputs into new product development.
· We are a small team and therefore the role offers opportunity -
o to closely work with individuals across all levels, teams and locations and to build the team as the Bank grows.
o build experience in a number of regulatory areas such as liquidity, credit, interest rate risk, treasury and other balance sheet reporting
o learn a lot about new products – as the Bank is working on a number of initiatives for the growth phase
o be involved in a number of cross functional projects.
Job Responsibilities:
- Producing Liquidity and credit and banking exposure reports:
- Monthly /Quarterly Liquidity returns - NSFR, LCR, ALMM, PRA110 with reconciliation with Financials.
- Balance sheet driven returns: FINREP, PRA108, BOE statistical returns - (BT, ELS, GT, AD, AL, BE, CC, PL)
- Additional exposures related returns: FSA015, PRA loan book data, Asset encumbrance, Mortgages returns (MLAR)
- Capital and RWA returns: own funds, Credit exposure returns, Leverage ratio, Large exposure.
- Working experience and knowledge of the Liquidity reporting or Capital and RWA returns is necessary. Appropriate training will be provided in other balance sheet and Liquidity/Capital – RWA returns (as the case may be) but awareness and working experience in some of the returns will be a plus.
- Preparation of Management Information, both pre-defined and ad-hoc, as directed by the manager.
- Support in production of treasury ALCO packs
- Ensure compliance to Various regulations and SOPs.
- Ensure accurate, timely and completeness of reporting.
- Maintain reporting integrity and compliance with the regulations by highlighting any gaps or error in the processes or logic and actively look to improve/develop them further.
- Governances: Maintain finance team governance tracker, regular SOP updates, audit/regulatory action tracking, projects tracking, new regulations/compliance driven projects tracking. Maintaining tracker of regulatory queries and supporting response gathering.
- Work closely with the UK Financial Controller and provide input into internal policy forum discussions regarding interpretation of regulations and guidance.
Key skills expected from the candidate:
- Very strong Excel skills
-
Strong data analytical skills and problem-solving skills
-
Work experience- Minimum 5+ years of post-qualification experience in Regulatory Reporting- particularly Basel Reporting - Liquidity, Capital and RWA reporting. Experience in the Financial Services industry is essential - background in UK Regulatory (PRA/BOE) / Treasury / Risk management or related fields.
-
Experience in handling large data, reconciliations and exercising controls – like building cross report controls and recs. Experience in Handling Regulatory Systems. New system implementation experience will be a plus
-
Exhibit a control mind-set: cross check, build validation and cross validations, think through the impact.
-
Adaptable to a fast changing, flexible working structure rather than being driven by instructions and hierarchies
-
Diligent in routine tasks (some tasks will be daily, and routine and the candidate will be expected to ensure timely and correct updates to the regulatory reporting system)
-
Keen learner and reader- assist with interpretation of new regulatory requirements. Be able to interpret reporting guidelines
-
Team player and relationship builder: Support colleagues and peers and build working strong relationship across functions. Independently and effectively interact with confidence across teams (finance, credit risk, project, IT, operations, compliance), across jurisdictions (UK and India) to ensure all activities impacting regulatory reporting are executed efficiently and timely
-
Enthusiastic- for taking up new assignments and projects and learning more
-
Strong communication skills are required as the role will involve interaction with management & colleagues at various levels; ability to engage senior stakeholders.
-
Challenge and question and not wait for instructions
- Have an organized and focused work ethic
-
Improve processes and standardise them as much as possible for a growing bank.
Academic Qualifications
- Degree qualification in Accounting / Finance
- Graduation/post-graduation from top rated college/CA/MBA Finance/CFA/FRM/PRM/ACT.
About Us
We’re OakNorth Bank and we embolden entrepreneurs to realise their ambitions, understand their markets, and apply data intelligence to everyday decisions to scale successfully at pace.
Banking should be barrier-free. It’s a belief at our very core, inspired by our entrepreneurial spirit, driven by the unmet financial needs of millions, and delivered by our data-driven tools.
And for those who love helping businesses thrive? Our savings accounts help diversify the high street and create new jobs, all while earning savers some of the highest interest on the market.
But we go beyond finance, to empower our people, encourage professional growth and create an environment where everyone can thrive. We strive to create an inclusive and diverse workplace where people can be themselves and succeed.
Our story
OakNorth Bank was built on the foundations of frustrations with old-school banking. In 2005, when our founders tried to get capital for their data analytics company, the computer said ‘no’. Unfortunately, all major banks in the UK were using the same computer – and it was broken.
Why was it so difficult for a profitable business with impressive cashflow, retained clients, and clear commercial success to get a loan?
The industry was backward-looking and too focused on historic financials, rather than future potential.
So, what if there was a bank, founded by entrepreneurs, for entrepreneurs? One that offered a dramatically better borrowing experience for businesses?
No more what ifs, OakNorth Bank exists.
