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Treasury Finance Manager - Hedge Accountant

United Kingdom

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City/Region United Kingdom Job ID 695493 Category Financial Management Contract type Permanent Full Time Applications Close 2 Jun 2023 GMT Daylight Time

Business Unit: Group Finance
Salary range: circa £62,000 negotiable, depending on experience.
Contract Type: Permanent

Give your career some Virgin va-va-voom

Virgin Money is all about disrupting the status quo, taking on the challenges of the future, and saying goodbye to boring banking. We’re on the lookout for like-minded individuals and innovators like you to help push us forward. We’re also transforming how we work to give our colleagues more choice, control and flexibility to live and work how they choose with A Life More Virgin.

Here’s what it means for YOU:

  • 38.5 days annual leave for all colleagues (including bank holidays and pro rata if part-time)​
  • Up to five extra paid well-being days per year​
  • A 35-hour working week
  • 20 weeks paid, gender neutral family leave (52 weeks in total) for expectant parents and those looking to adopt
  • Market leading Pension & Private Medical Insurance
  • Flexible benefits including Cycle to Work, Wellness & Health Assessments and Critical Illness
  • Ability to work anywhere in the UK​ (where the role allows)

And you get these Red-Hot Rewards from day one!

An exciting new opportunity exists within our Treasury Finance team as a Treasury Finance Manager, reporting to the Treasury Hedge Accounting Manager. You'll be our SME for derivative and other complex financial instruments accounting. This includes macro fair value and cashflow hedging, and a range of micro hedges, as well as FVTPL and FVOCI accounting. Activities include managing reporting to support business strategies, targets and objectives. You'll bring significant technical knowledge, practical systems ability and communication skills.

It's a great opportunity to develop in-depth knowledge and understanding of technical accounting and products, as well as understanding how risk management strategy and market movements can impact financial reporting. While core systems provide the ability to investigate data and variances, collaboration with SMEs and stakeholders is also required. Ideas to improve processes and increase efficiency are always encouraged.

As a role model for the business and the broader team you'll establish yourself as a trusted and sought out contact for all derivative accounting matters.

Here's what you'll be doing:

  • Producing month end derivative and FVOCI management reporting including journal entries, reconciliations and commentary and ownership of ledger structure and mappings to enable this process
  • Completing monthly BAU hedge accounting activity including maintaining hedge relationships, hedge effectiveness calculations and accounting entries
  • Ensuring compliance with processes and controls as well as maintaining suitable procedure documentation. Where possible suggest and execute improvements to the financial governance within the derivative accounting area, and be able to explain processes to other impacted teams
  • Developing and maintaining IFRS compliant design and documentation of hedge accounting designations, de-designations and re-designations
  • Optimising hedging strategy for Profit & Loss volatility management and identifying opportunities for both process and strategy developments. This includes proactive advice on hedge accounting strategies and Profit & Loss presentation alternatives for forward planning of business results
  • Producing relevant statutory and regulatory disclosures for Group and Company reporting
  • Maintaining awareness of IFRS exposure drafts and guidance notes as related to Treasury products and transactions, assisting policy development and implementation
  • Ad hoc technical accounting advice on new Treasury products and business structures.

There are a few essentials you need to bring:

  • ICAS or equivalent qualified
  • Experience in hedge accounting
  • Knowledge of hedge effectiveness and accounting technologies
  • Experience in accounting for complex financial instruments, specifically derivatives and related products
  • Experience in management and statutory reporting
  • Thorough understanding of business processes, controls and audit trail requirements
  • IFRS accounting knowledge, specifically in IAS 32, IAS 39, IFRS 7, IFRS 9 and IFRS 13.

We’d love you to have:

  • Experience in the use and application of analytics and key business metrics
  • Experience in financial systems change and report development processes.

We really need you to have the skills and experience listed in the ‘essentials’ section above, but the rest is just our wish list, so please don’t let that put you off applying, we’d love to hear from you!

Inclusion at Virgin Money

Inclusion is at the heart of everything we do here at Virgin Money. It’s good for you, it’s good for us and it’s amazing for our customers. We know that great minds don’t think alike, so we rely on your diverse thoughts, feelings, beliefs and backgrounds to be the best we can possibly be. Got any questions about this or need some support with your application? We’d love to hear from you so get in touch with our careers team at

Now the legal bit…
Living A Life More Virgin allows our colleagues to be based anywhere in the UK (if the role allows it) but we will need to you to confirm you have the Right to Work in the UK.

If we offer you a job and you accept, there are some checks we need to complete before you can start with us. This will include a credit and criminal record check, as well as providing 3 years' worth of satisfactory references.

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