Manage Harman’s industry-leading foreign exchange risk management program, strategically important to Harman’s financial results. Lead a team of two FX risk management professionals with a focus on managing end-to-end currency risk management process - from currency risk identification, to the development and execution of a combination of traditional and new, innovative risk mitigation strategies; to the measurement and reporting of hedging outcomes in the financial statements. Ensure compliance with hedge accounting rules and financial market regulations. This position is located Stamford, CT and reports to the Director, Assistant Treasurer of Harman.
Two direct reports based in Germany.
Currency Risk Identification and Risk Reduction Strategies - Partner with Connected Car and Car Audio division sales senior management team, division controllers/finance heads and their senior direct reports, and/or Emerging Market country finance heads to quantify the currency risk in the business cases of billions of dollars worth of new “multi-country” automotive program bids generated annually. Utilize division business warehouse databases and ERP systems in the risk identification process.
- Recommend effective FX risk reduction strategies (currency clauses, building FX risk premium in pricing, hedging etc.) backed by solid analysis and excel modeling, to avoid or minimize Harman’s exposure to currency risk. Ensure such arrangements are managed effectively under applicable embedded hedge accounting rules. Currency Hedging Strategy and Hedging Operations - Model scenarios for new hedges for tenors that could be as long as 4 to 5 years using currency exposure forecasts, data on existing hedges and their maturity dates, and analysis of available hedging instruments and their indicative prices; and recommend strategies that optimize the tradeoffs between protecting Harman’s financials, the costs of hedging and achieving cash flow hedge accounting treatment.
Measurement and Reporting of FX Hedging Outcomes - Collaborate with our third party derivative accounting service provider, corporate accounting team, corporate consolidations and divisional finance and accounting teams to ensure FX derivative hedge accounting and reporting in the financial statements is accurate, timely and compliant. Ensure any income statement volatility is minimized due to derivatives. Oversee the addition of the hedges to accounting and reporting processes as new exposures or new entities requiring hedges are identified,
Policy, Controls, Compliance, and SOX - Ensure Harman finance and treasury policies on FX risk management are developed and regularly updated for changes in the state of the business and ensure policy compliance.
- Minimum 5 years of progressive treasury experience focused in FX risk management in a global, multi-national company, with at least 2 years proven success in a supervisory role.
- Experience in a multinational company with multiple lines of business, extensive cross-border transactions, emerging market country operations, and currency exposures strongly preferred. - Undergraduate degree in finance, accounting, economics or business required; MBA, CPA, and/or CFA greatly preferred. - Knowledge and experience with ISDA documentation, Dodd-Frank/EMIR, FX Trading Platforms (360T/FXall) and hedge effectiveness testing tools (e.g. Reval). - Solid knowledge of U.S. GAAP or IFRS accounting standards for financial instruments (forecasted cashflow and balance sheet hedge accounting for FX)
- IT skills: Advanced knowledge of MS Excel, word/power point, ERP systems such as SAP, Treasury management systems such as IT2/Sungard, Bloomberg.
- Strong presentation skills and personnel management skills. - Fluent in spoken and written English. Foreign language skills (German or Chinese) a plus.
Preferred Qualifications & Desired Competencies:
Leadership: Demonstrate character, clarity, courage and commitment to high-performance
Change Orientation: Champion a better, faster and simpler way of doing things
Collaboration: Connect, engage and communicate with others
Judgment: Make sound decisions
Results-Driven: Deliver extraordinary results