Location: Corning, NY, US, 14831
Requisition Number: 43853
Corning is one of the world’s leading innovators in materials science. For more than 160 years, Corning has applied its unparalleled expertise in specialty glass, ceramics, and optical physics to develop products that have created new industries and transformed people’s lives.
Corning succeeds through sustained investment in R&D, a unique combination of material and process innovation, and close collaboration with customers to solve tough technology challenges.
- The Role of Manager, Foreign Exchange is to manage FX function to meet Corning’s financial objectives
- The individual must stay current with financial developments in the US and foreign economies that affect foreign currency markets and Corning
- This position reports to treasury management and facilitates regular updates to Corning senior management on global hedging activity and potential economic and financial statement impacts
- The position also deals extensively with approved financial institutions to monitor conditions in the global FX market, to develop possible structures to hedge currency risks subject to business unit objectives, and to execute hedging transactions on behalf of Corning business units
- This position also educates and trains business unit and corporate management and staff, as well as the company’s auditors, on foreign exchange concepts and their specific applications to Corning
- The role ensures that treasury FX projects, department milestones and goals are met, and adheres to approved budgets
- This role Identifies and implements business process improvements to ensure accuracy and automation of treasury FX function
- In addition, this person is actively engaged in developing, implementing and maintaining the necessary systems, processes and procedures needed to manage FX activities/risk, etc. Details – Major Areas of Responsibility
- Interface extensively with Division and Business Controllers to do the following:
- Determine actual and forecasted FX exposure levels
- Clearly understand the nature of underlying exposures and desired hedging objectives
- Review hedging alternatives and obtain requisite approvals for the agreed-upon strategy
- Communicate hedging results
- Provide operational guidance on all FX issues
- Assess need for training on FX issues and provide, as needed
- Provide input on FX issues to business units, as needed, for specific commercial discussions, e.g. contract pricing, bids
- Work extensively with the Company’s key banks to do the following:
- Develop a range of potential hedging solutions for both the risks reported by the business units and corporate risks not directly attributable to a business
- Execute hedging transactions
- Ensure that all dealing activities are supported by pre-established back office processes, procedures, including relevant bank agreements and communication processes, e.g. dealing authority’ agreements, deal confirmations, bank account instructions, cash flows upon settlement, etc.
- Monitor conditions in the global currency markets
- Act as a key provider of input into the development and periodic reassessment of the company’s global FX management policy
- Work closely with Planning & Analysis and Technical Accounting to drive leading edge processes and procedures, including data collection, analysis tools and required changes/developments
- Develop and periodically update processes and procedures governing global FX management
- Prepare reports requested by Accounting, Business Finance, Planning & Analysis, Tax, other staff functions, and the company’s auditing firm
- Prepare and deliver quarterly FX updates to the Steering Committee
- Assess need for training corporate management and staff on FX issues and provide, as needed
- Develop and maintain systems needed to manage the global FX function, with an increasing emphasis on potential E-solutions
- Develop metrics for measuring FX performance which are reasonable, yet challenging
- Partner with Treasury Operations with respect to certain back office activities to ensure accurate, complete and timely execution of all relevant transactions
- Provide for a controlled and operationally sound FX process and execution environment
- Demonstrate extensive knowledge of treasury department FX processes.
Key Decision Areas:
- Recommendations to business units and corporate management regarding optimal hedge structures
- Liaison with preferred financial counterparties to execute hedging transactions
- Timing of hedge execution
- Identifying most attractive hedging alternatives from a variety of opportunities
- Operational improvements
- Systems requirements
The ideal candidate should have:
- Bachelor’s in Business, Finance, Economics or related discipline; MBA a plus
- 3-5 years’ experience in the related area as an individual contributor
- Strong analytical skills including fluency in performing broad quantitative analyses
- Able to understand the FX markets and the tools & structures available to corporates
- Ability to partner with and influence cross-functional teams
- Strong accounting skills to understand exposures and support accounting and reporting of hedging activities
- Good communication skills – to be the interface for FX management towards Corning’s business entities
This position does not support immigration sponsorship.
We prohibit discrimination on the basis of race, color, gender, age, religion, national origin, sexual orientation, gender identity or expression, disability, or veteran status or any other legally protected status.
We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment. Please contact us to request accommodation.
Nearest Major Market: Corning