Senior Accountant - Derivatives Transactions

Position Summary

The Senior Accountant/Derivatives is primarily responsible for maintaining accurate and reliable accounting records and the preparation of accurate and timely financial reports related to the Bank’s derivative portfolio as required under ASC 815 (Derivatives and Hedging).

This role is expected to assist in the control function of the department by performing analysis work on various general ledger accounts related to the month-end closing and periodic reporting process. The Senior Accountant/Derivatives is also expected to participate in the testing and documentation of new accounting systems, conversions, new member products or processes as needed. Finally, this position may be assigned special projects within the Accounting Control department.

This role will have a hybrid work schedule in our Boston office in accordance with the Bank’s Hybrid Work Program.

Specific Responsibilities

• Ensure all derivative trades are correctly and accurately entered in the Bank’s system of record. This involves reviewing the system data against the specific characteristics entered on the trade ticket. Confirm the correction of all errors before the trade can be approved in the system.
• Ensure ASC 815 hedge documentation is reviewed and approved on a timely basis for all fair value and cash flow hedge designated transactions. This requires ensuring that the appropriate designation is assigned to each transaction based on hedge/hedged items characteristics.
• Reconcile daily, all derivative trade activity on the Bank’s subsidiary ledger to the general ledger, including purchases, calls, terminations and maturities. This includes all balance sheet and income statement accounts relating to the derivative portfolio.
• Analyze all related accounts to ensure accurate reporting.
• Review ASC 815-related tables on the SwapLink database to ensure proper calculations are produced by the automated process.
• Record month-end fair value changes for derivatives and hedges items, as required by ASC 815.
• Prepare journal entries as appropriate for review and approval by the AVP/Financial Instruments Accounting Manager.
• Perform monthly reconciliation of hedge and hedged items, (including fair value of derivatives and hedged items), to ensure proper and accurate reporting. Identify and clear reconciling items in a timely manner.
• Perform daily and monthly reconciliation of the derivatives-related Central database tables against the general ledger.
• Aid in the resolution of all payment discrepancies as reported by the Bank Operations department. When necessary, work with Treasury to liaise with counterparty to bring all issues to full resolution before payment date.
• Maintain accurate documentation for all reconciliations in conformance and compliance with the SOX 404 requirements.
• Facilitate both internal and external audit requests related to derivative transactions and hedge accounting.
• Prepare periodic accounting analyses and reports as needed by the AVP/Financial Instruments Accounting Manager and other department managers.
• Assist in the preparation of internal & external reporting requirements related to derivatives & hedging activities. This includes monthly trend reports required for department and board reporting.
• Preparation of quarterly regulatory reports and year-end financial statements disclosures, including SEC reporting (10-Q/10-K), reporting to the Office of Finance (FRS), and reporting to the FHFA (CRS).
• Other duties, as assigned.

Knowledge/Skills

• At least intermediate-level proficiency with MS Office (specifically Excel) and general ledger software.
• Excellent organizational & analytical skills.
• Strong communication skills.
• Ability to work independently and in a team environment.
• Strong interpersonal skills.

Education

• Bachelor’s or advanced degree in Accounting, Finance or Business Administration or relevant work experience.
• Minimum of three years’ experience in accounting at a financial institution.
• Exposure to and understanding of financial instruments, including derivatives and fixed income securities.