Head of Finance & Operations (BPIM)

LondonSouth East
10 Nov 2016
31 Dec 2016
Oil and Gas
Contract Type
Full Time
Role synopsis
BP Pension Trustees Limited (BPPTL) is the corporate trustee company that manages the BP Pension Fund on behalf of all stakeholders. The UK Pension Fund holds assets of approx. £24bn and serves about 70,000 members. BPIM, the internal investment manager owned by the BP Pension Trustee, manages about £14bn of the overall fund in various asset classes.

Reporting to the Head of BPIM, the Head of Finance & Operations is accountable for BPIM's Finance Function (incl. Tax matters) and for BPIM's Operations Function. In that the incumbent is accountable for ensuring the accounting of the UK Pension Fund's financials, the statutory accounting, management information & financial planning and is accountable for the control environment for the UK Pension Fund. The incumbent also has oversight of BPIM's operations to ensure that these are executed to a very high standard.
The incumbent will be accountable for the finance and operations activities of BPIM as well as the finance and operations services provided to the trustee for the Pension Fund as a whole. Hence the role works very close with the Fund's COO and Finance Manager which provides insight into the overall Fund.
The role as such is not subject to FCA regulation but if chosen to sit on the BPIM Board the incumbent will need to be CF1 Approved. A track record of successful dealings with senior BP management is required.
The role has 4 direct reports amongst which the Operations Manager who leads a team of 3. The Finance reports are all subject matter experts with the exception of the 2 analyst roles. The role requires a strong track record of successful people management and experience of working with multiple internal and external stakeholders.

Key Dimensions:

BPIM manages directly most of the Fund's growth assets; approx. £14bn (30 June 2016)
BPIM staff 37 (30 June 2016)

Key accountabilities
  • Accounting, Operations & Internal Control
    • Accountable for the documentation, update and application of all SOX controls and all Operational Controls of the Operational Control Framework (OCF). Ensure delivery of the control agenda and timely mitigation of identified gaps working together with the Head of Compliance and regulatory Risk.
    • Accountable for a high standard of accounting & operations, collaborating with the Custodian (State Street) to ensure that accounting and performance data are accurate at all times.
    • Management of BPIM's relationship with the Custodian (State Street) regarding all accounting and operational matters.
    • Ensure that larger portfolio changes such as de-risking are executed to a high standard and correctly accounted for and reported on.
  • Service Agreement with the Trustee
    • Accountable for the delivery of Schedule 3 of the IMA which relates to financial & operational services delegated to BPIM from the Trustee.
  • Ensure that the accounting & performance systems are adequate.
  • Management of BPIM's relationships with internal and external auditors.
  • Accountable for Management Information and Performance Reporting within BPIM and ensuring data provided by the PnA database for the entire Fund is correct.
  • Strive for continuous improvement in process and content of the integrated risk management process and support ad hoc project work.

Key Challenges:
  • Keep accounting and operations systems and processes up to date to ensure silent running and continuous improvement
  • Manage multiple internal & external stakeholders
  • Comply with accounting standards at all times

Essential Education
  • The job holder will be a member of the Institute of Chartered Accountants of England and Wales (or similar body) or hold an equivalent legal or actuarial professional qualification.

Essential experience and job requirements
  • It is important, given the firm's size, that the job holder is a generalist with broad rather than unduly specialist experience.
  • Strong team leadership skills to ensure the team is focused on the key areas and working well together considering the composition of a number of different subject matter experts and trading operations.
  • Strong interpersonal skills and relationship management to be able to manage and maintain all of the internal and external relationships required
  • A focused and self-motivated individual who is able to work independently on a range of projects for the business.
  • A high level of academic achievement and intellectual curiosity is essential along with a strong work ethic.

Other Requirements (e.g. Travel, Location)
Any other relevant information:
The role as such is not subject to FCA regulation but if chosen to sit on the BPIM Board the incumbent will need to be CF1 approved. Furthermore subject to developments in the Senior Manager Regime (SMR) the role might need to be certified under the FCA and be the CFO point of contact for the FCA.

Desirable criteria & qualifications
  • A good understanding of pension fund assets and the associated accounting requirements would be an advantage.

Relocation available

Travel required
Yes - up to 10%

Is this a part time position?

About BP
Our business is the exploration, production, refining, trading and distribution of energy. This is what we do, and we do it on a truly global scale. BP operates with business activities and customers in more than 80 countries across six continents. Every day, we serve millions of customers around the world. We are continually looking for talented, committed and ambitious people to help us shape the face of energy for the future.

Corporate & Functions

Closing Date
[ "29-Dec-2016" ]