Abhishek Ray
Pune
Summary
Senior Product Control professional experienced in managing financial controls across diverse areas, including XVA, Securities Financing Transactions, and Derivatives. Achieved operational efficiency and accuracy in daily P&L production, balance sheet substantiation, and month-end reporting through effective collaboration with global teams and stakeholders. Focused on driving strategic process improvements and leading automation initiatives in complex investment banking environments.
Overview
19
19
years of professional experience
Work History
Director - Finance
UBS
Pune
04.2025 - Current
- Provide leadership and oversight to the Product Control team, ensuring high-quality deliverables, effective stakeholder management, and timely execution of daily and month-end activities.
- Lead Product Control activities for XVA, Securities Financing Transactions (SFT), High Quality Liquid Assets (HQLA), and Repo Desk, ensuring accurate daily P&L, valuation control, and financial reporting.
- Review, analyze and validate daily P&L across trading books by investigating movements arising from market risk, new trades, funding, valuation adjustments, and financing activities.
- Perform month-end close activities including P&L substantiation, Balance Sheet ownership, financial reporting, and management commentary.
- Ensured timely Balance Sheet substantiation and reconciliation of Front Office and Finance records, maintaining strong control environment.
- Review valuation adjustments, funding costs, collateral movements, repo financing spreads, and liquidity-related balances to ensure completeness and accuracy.
- Partner closely with Front Office, Market Risk, Treasury, Operations, Finance, and Technology teams to resolve valuation issues, improve controls, and support new business initiatives.
- Drove process automation, control enhancements, and continuous improvement initiatives, increasing operational efficiency and reducing manual intervention.
- Supported governance, regulatory reporting, and internal and external audits, ensuring compliance with accounting policies and internal control standards.
VP, PCA XVA
Credit-Suisse
12.2013 - 03.2025
- Joined Credit Suisse in Dec 2013, was part of EQD (APAC /EMEA), promoted as AVP effective 1st Jan 2016, moved to XVA in November 2016, promoted as VP effective 1st Jan 2020. Currently managing XVA team which has 24 FTE now, apart from performing BAU/Monthly L2 ownership also manage the broader XVA team (India lead responsibility)
- Understood, substantiated, and controlled daily trading, balance sheet, and income statement for XVA, ensuring accuracy and compliance.
- The Main Elements of the role are Supervision of daily P&L of books for APAC/EMEA/AMER region. Analyze, explain and validate P&L.
- Review of the reconciliation between front office and the back -office P&L systems, this reconciliation pertains to all P&L activity including valuation of positions, cash balances, funding and provisions.
- Managed month-end closing for P&L and balance sheet control, delivering timely management reporting.
- Ensure the maintenance of a strong internal control environment.
- Served as a key contact point for collaboration among Front Office, Operations, IT, and Financial Control teams.
- Developed processes and identified improvements through documentation and analysis of current procedures, enhancing operational efficiency.
- Explaining daily P&L with respect to the various risk bucket and market indicators.
- Substantiating the Balance Sheet to ensure all account balances are substantiated on a monthly basis.
- Obtaining Front Office sign-off of formal P&L.
- Assist in audit activities by preparing necessary financial reports.
- Owning and understanding adjustments with regards to any provision for PnL, PnL variance or funding charges.
- Supervision of the monthly pack named as “AO” (Account Ownership) for management as per the agreed SLA.
- Analyze, explain and validate P&L according to market moves, new trades and other influences.
- Representing XVA team in Various senior forums such as BRCM etc.
- Oversaw senior management MIS to ensure compliance and reduce potential breaches.
- Team Supervision: Prepared Appropriate Training plan and provided necessary training to new joiners regarding process-related and ensured that they keep Client first-attitude.
- Lead & monitor the performance of team members and managing the team appraisal to ensure efficiency in operations and meeting of individual & group targets.
- Effectively interfacing with people at all levels, managing a healthy work environment and inculcating bonded teamwork with high work ethics.
- Collaborate with other team members to build scalable operations to meet the service needs of a large portfolio of clients.
- Reviewed work completed by team members and ensured timely delivery and quality of the product.
Assistant Manager – Product Control, Prime- Services
Barclays Capital
01.2013 - 12.2013
- Produced daily P&L reports with comprehensive explanations and commentaries for stakeholder insights.
- Reconciled the P&L generated to the P&L recorded in the back office ledger.
- Month end reconciliation of back office ledger P&L and balance sheet to reported P&L and source risk management systems.
- Investigated and resolved reconciliation breaks by coordinating with FO, operations, and IT.
- Monitored trading activity to ensure compliance with relevant policies.
- Managed the understanding, substantiation, and control of daily trading, balance sheet, and income statement for Barclays.
- Collaborated with the FO and Infrastructure partners to streamline front-to-back business processes.
Team Leader – Fixed Income Product Controller
Cognizant Technology Solutions
Hyderabad
06.2010 - 01.2013
- BUC acts as the main front office facing group in Finance at UBS, managing P&L, balance sheet, and valuation control alongside business partnerships in new initiatives and projects.
- The REM (Risk Exposure Management) and RATES BUC team in London functions as part of the broader Global Fixed Income, Currencies and Commodities (FICC) BUC organization, overseeing different derivative products and areas traded by front office teams predominantly in London markets.
- Generated the daily PnL (profit and loss) for assigned trading books on a T+1 basis.
- Drafted detailed commentaries on significant PnL fluctuations, highlighting associated book risk positions and economic factors for management insights.
- Matched the PnL produced above with the PnL recorded in the back office ledger.
- Examined and resolved reconciliation breaks, collaborating with BUCs, operations, IT, and relevant parties to enhance accuracy and timeliness.
- Analyzed the balance sheet daily and provided explanations for the funding noted in the daily PnL.
- Delivered the daily PnL results to BUC management in London for consolidation and desk reporting.
- Conducted month-end reconciliation of back office ledger P&L and balance sheet, ensuring accuracy with reported P&L and source risk management systems.
- Led a team of 6 high-performing members serving the Zurich and UK region in an expanded role.
- Acquired comprehensive knowledge of CDS, IRS, futures, and bond product operations in both primary and secondary markets.
Hedge Fund Administrator- Accounting & Valuation
HSBC
Kolkata
10.2007 - 05.2010
- Led accounting & valuation for Hong Kong funds, ensuring accurate maintenance of underlying accounting records for assigned funds.
- Review of reconciliations of brokerage and custodian accounts to underlying records.
- Accounting for Investments in Equities & other international financial instruments, migrated and handled one of the most complex set of HONG KONG funds with 10 custodians and all sort of financial instruments.
- Addressed cash breaks and position breaks in the fund arising from discrepancies with the prime broker.
- Accounting for Corporate Actions and resolving the differences, if any, between Prime Broker and Client, after confirming the same from Bloomberg.
- Booking of all the financing and accruals, for the fund, so that NAV of the fund can be calculated from our business Partner in Hong Kong.
- Resolving of any differences that arises on account of Tax, after confirming the same from Bloomberg, Geneva (the platform on which HSBC works) and the tax agreement with different Countries.
- Liaised with Fund Administration contacts to communicate information and resolve issues.
- Assigning & reviewing of the funds assigned to the team member.
- Facilitated migration and streamlining of complex funds to Kolkata, enhancing operational efficiency during the transition.
- Received Pat on Back Award for successfully streamlining the most complex fund of Hong Kong, recognizing significant improvements in processes.
- Was a part of “SUBJECT MATTER EXPERT TEAM” sent to Colombo (Sri Lanka) for setup of new site for HSS.
- Apart from Valuation Responsible for MIS.
- Facilitated knowledge sharing among team members to improve performance.
- Internal Controls & Operational Risk.
- EDPI (Kolkata, India)- Securities Service
- Booking various types of fee Accrual and non Accrual.
- Booking various FX deal entries and Forwards.
Education
Master’s - Commerce (Accounts & Finance)
Calcutta University
01-2007
Bachelor of Commerce - Accountancy Honours
Heramba Chandra College
01-2005
Skills
- P&L verification
- Financial reporting
- Variance analysis
- Regulatory compliance
- Risk management
- Process automation
- Stakeholder management
Accomplishments
- Successfully migrated REM –product control role from London in 2010 for CTS from UBS.
- Accredited by UBS (client) as Subject Matter Expert in CDS products.
- Successfully migrated Prime Services Futures –product control role from Hong Kong in 2013 for Barclays.
- Successfully migrated Business Control Function for XVA-APAC from Singapore for Credit-Suisse.
Timeline
Director - Finance
UBS
04.2025 - Current
VP, PCA XVA
Credit-Suisse
12.2013 - 03.2025
Assistant Manager – Product Control, Prime- Services
Barclays Capital
01.2013 - 12.2013
Team Leader – Fixed Income Product Controller
Cognizant Technology Solutions
06.2010 - 01.2013
Hedge Fund Administrator- Accounting & Valuation
HSBC
10.2007 - 05.2010
Bachelor of Commerce - Accountancy Honours
Heramba Chandra College
Master’s - Commerce (Accounts & Finance)
Calcutta University