AVP - Valuation Control - Investment Banking

VRC is primarily responsible for executing the independent Inventory Valuation control aspects of Product Control's primary role as the financial guardians of the Bank's sales and trading activities

VRC Controllers provide two core Product Control services:

- Valuation Governance and Execution: ensuring the independent completeness of inventory valuations and evaluation of valuation models and impacts of new products and businesses

- Valuation Consultation: ensuring reliable and meaningful valuation information is provided to interested parties, including Front Office

- This is a significant role in VRC Globally. Usually, involvement is concentrated in the 1st and 3rd weeks of the month. The tasks performed by this team cover all the Regions. Your involvement could be in either Equity Derivatives, Credit, or Fixed Income Products.

VRC tasks:

- Submitting Trader prices to Consensus Data Providers

- Calibrating the external risk parameters from the consensus data prices

- Performing IPV of all trades, positions, and risks within the responsibility area by sourcing independent prices and parameters

- Perform IPV in accordance with approved IPV methodology documents based on the appropriate frequency; monthly unless specified otherwise

- Ensuring IPV differences are actioned in accordance with the appropriate action-ability framework category, and/or unadjusted differences properly recorded in the centralized reporting application

- Ensuring that the IPV methodologies and any explanations provided by Traders for unadjusted differences are fully understood and commented according to policy

- Issue of non-compliance with pricing procedures or unapproved product types in the portfolio

- Inclusion of any positions with unverifiable prices or model parameters in reports for the Senior Management

- Ensuring prices and position sizes of internal trades are price tested and that the marks are compared between books

- Applying Bid/Offer (Exit Risk) adjustments to the value of the instrument to the appropriate bid/offer level that would be realized in normal market conditions. The common risk categories for which a bid/offer determination would be expected are delta, vega, forward, correlation, etc.

Your role :

- Seek to develop a team of 2-7 members including setting objectives and performance appraisal

- Perform detailed review of price testing including population, completeness, calculation, and documentation, and formula integrity. Perform tasks yourself where required

- Ensure all exceptions identified have been followed up with relevant parties and resolved by the task performer

- Ensure all exceptions and overrides to standard testing procedures are supported by documented requests from global partners

- Perform overall analytical review on impacts and month-on-month movements

- Understand and explain the results generated

- Ensures complex Excel and VBA tools are used appropriately

- Document reviews in supervisory control sheets on a timely basis

- Ensures supervisory feedback is incorporated into results

- Raise P&L impacts > thresholds and exceptional outcomes to VP / Directors

- Provide e-mail confirmation that review of price testing results satisfactorily completed and requesting final review by VP

- Perform SOX testing as defined by the CS framework

- Initiate and implement efficiency improvement projects on a regular basis

Qualifications:

- Understand the value of diversity in the workplace and are dedicated to fostering an inclusive culture in all aspects of working life so that people from all backgrounds receive equal treatment, realize their full potential, and can bring their full, authentic selves to work. This should be further elaborated on in your application

- Degree level education from a top tier university

- Qualified Accountant with top tier Firm / MBA

- 5-10 years of proven relevant Investment Banking experience, preferably in Valuation Risk and Control functions

- Proven people management experience (team size of 2-7)

- Highly numerate with strong analytical skills and the ability to define and apply a logical approach to issue resolution

- Ability to clearly articulate and present to Senior Management and Regional Stakeholders / Regulators

- Phenomenal written and verbal communication skills

- Strong team-player with the ability to work closely across locations

- Ability to build and lead high performing teams

- Outstanding control focused attitude and hands-on approach to investigating issues

- Strong attention to detail

- Expertise with Microsoft Excel

- Sound understanding of derivatives and valuation principles

- Good programming skills (e.g. C++, VBA, although the actual language is not important)

- High level of integrity and flexibility, sense of urgency, attention to detail, and quality standards