Controllers Division, Product Controller

**CONTROLLERS DIVISION** The mission of Controllers is to ensure that the firm meets the financial control and reporting obligations of a global, regulated and public financial institution. As part of the firm’s second line of defence, Controllers provides the critical analysis required while ensuring the internal and external financial information of the firm is accurate. Additionally, Controllers serves an important role in safeguarding the assets of the firm through the independent scrutiny of financial information. Controllers engages regularly with the firm’s regulators and auditors and through its strong culture of control and challenge helps to protect the firm from reputational and other risks. **DEPARTMENT OVERVIEW** Product Control and Funding Control is one of the largest departments within the Controllers group and supports the trading divisions across all asset classes: Fixed Income, Currencies and Commodities, and Equities. As a Product or Funding Controller you would be expected to become a key contact for the Federation and a broader set of stakeholders across the firm. Through this you would have the opportunity to develop a detailed understanding of Goldman Sachs businesses, products and sophisticated technology systems in depth. You will receive continuous training, both formal and informal, and the support of senior members of our team. **THE PRODUCT CONTROL MODEL AT GOLDMAN SACHS** We operate a "complete ownership" model and see this as a "mini-CFO" role with regards a trading desk, with responsibilities including [plus some of the teams controller liaise with]: - P&L reconciliation [liaising with Operations, Technology and Strats] - P&L explain [Traders, Strats, Market Risk] - New trade analysis and Market Conformity checks [Traders and Strats] - Balance sheet review [Legal Entity Controllers] - Capital requirements for new trades and ongoing business [Regulatory Capital controllers, Market Risk Controllers, Credit Risk Controllers] - Price verification [Traders and Controllers PV group] - Federal reporting. [Fed reporting teams] - Financial Reporting disclosures [Accounting Policy, Legal Entity Controllers] - More generally being the point of contact within the Federation for a trading desk [Tax, Compliance, Legal, etc] We believe that our model supports integrated thinking across the control processes listed above, which we see as critical to ensuring the connectivity of key control processes. Our clear ownership of the full P&L process also leverages our access and interaction levels with the business and other stakeholders as there is no uncertainty or ambiguity around roles. Our model, supported by our philosophy of scalable processing and exception-based workflow, has driven investment in strong, standardised P&L systems over the years. This allows us to run with smaller teams, improving people's connectivity and ability to span product classes, and allows for less time to be spent on manual reconciliations or data manipulation allowing more time for analysis and value-add work. Our efficient use of headcount also provides good access to senior management at early levels. It also means Product Control as a function is based on the same floor as Legal Entity Controllers, Regulatory controllers, Financial Reporting, Accounting policy, Treasury and Market Risk which encourages and facilitates collaboration and information/knowledge sharing across these areas. **RESPONSIBILITIES** The primary responsibilities of Product and Funding Controllers are to produce and analyse the daily trading activities, to report the trading divisions' profits and losses and to verify the values of positions held by the trading desks, both securities and derivative. This role requires extensive liaison with the trading desks, the Risk Management Group and the Operations Teams, as well as with colleagues in Controllers. Product Controllers are expected to develop a good understanding of the products they monitor and of the strategies used by the trading desk to generate revenue for Goldman Sachs. The function has become increasingly technical in content and offers a challenging and interesting role, which would suit dynamic, bright and ambitious individuals with a drive to succeed. - Preparing the daily profit and loss account for trading desks, involving an assessment of the nature of revenue generated in the context of market moves and risk held as well as reconciliation between front office systems and sub-ledger as well as the firm's general ledger. - Producing and reviewing profit and loss attribution and commentary for the bank's trading, investing and new issuance businesses. - Intelligently reviewing trading activity to help assess the valuation of the portfolio and to highlight anything unusual or material to management. - Monthly price verification review and challenge of trader inputs into inventory pricing as well as incremental assessment of less observable inputs. - To interact