Finance ensures that we control costs and manage our budgets well so that we are providing the best service. The Finance team is responsible for the controlling and reporting of all financial information. The team handles budgeting, financial management and internal control processes. All tasks require the team to work with all departments across the business.
The main roles of the Financial Management team include maintenance and oversight of SCUK and HCUK bank accounts. They complete processing, investigating, application and reconciliation of customers, dealer, and supplier payments.
The SCUK securitisation team is responsible for running SCUK’s capital markets activity. The role involves public funding transactions via its Motor Asset Backed Security platform and its Dublin listed Credit Risk Transfer Issuance Motor Securities. This latest transaction helps Santander achieve Significant Risk Transfer. This manages its capital position by reducing the level of Risk Weighted Assets held against our retail balance sheet exposures.
Project Louis is the first transaction of its kind issued by any UK based auto loan originator. SCUK is the only UK Auto issuer to raise liabilities in USD, with $1.75bn of funding raised by SCUK in its 144A Dollar program.
Pricing
Pricing Functions main tasks are Finance modelling to support new product development and business development. They develop and maintain Pricing Models to ensure they are dynamic and ensure change to legislation and levers are measurable. They liaise with the SCUK sales management team, providing expertise when reviewing new Business proposals. To carry out these activities it requires interacting with Commercial, Control, Risk, and IT.
Commissions
Commissions’ main activities are to ensure the accurate admin and payment of dealer commission accounts. They drive both the development and execution of business pricing.
Preparation of statutory statements, ensuring they are compliant with IFRS (International Financial Reporting Standards). Ongoing preparation of monthly accounts including all necessary adjustments. Liaising with other Santander Group companies on intercompany transactions. Accounting for securitisations. Liaising with both internal and external auditors. VAT accounting.
The ALM and Treasury function is diverse: it manages the business’ interest rate risk and liquidity. ALM ensures that SCUK and its joint venture partners manage their interest rate risk. It uses forecasting and sensitivity tools to provide senior management analysis on its balance sheet performance. Treasury administers SCUK’s day-to-day liquidity management and aims to manage SCUK’s and HCUK’s funding requirements.
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