Brief department description/Overview:
As part of the Global Financial Centre, perform Valuation and IPV processes for the London and Paris trading hubs. Valuations is responsible for ensuring the accurate calculation of Fair Value Adjustment and the Independent Price Verification. This includes providing an analysis of the IPV’s and FVA’s. Based on knowledge of trading portfolio, trading activity, market movements (or lack of) and other factors. This process, consequently, has two primary elements, a production element, and a review/investigation element
Impact on the Business/Function
- Supervise the end to end FVA and IPV process for various trading desks within the Global Markets business. For the businesses under supervision;
- Be Responsible and assist in the production of
- All IPV, FVA and Prudent Valuation balances;
- All IPV and FVA methodologies and documentation;
- Monitoring model restrictions and recommendations;
- Levelling returns.
- Engagement with core Product Control areas to ensure that the valuation conclusions are accurately reflected in the books and that the communication with the business is seamless and consistent.
- Keep up to date with any core Product Control production issues.
- Ensure that the governance and controls of fair value is adhered to. Prepare for and contribute to the valuation committees that opine on fair value for the business areas concerned.
- Work with GVG Analytics and the team individuals from within the Valuations Group in London and Paris to identify the need for, and implementation of, fair value adjustments.
- Ensure Valuation Group FIM requirements and other applicable accounting / regulatory standards are met. Liaise with Internal/External audit and regulators where necessary.
- Work to ensure consistency in policies/standards across sites/teams and implement strategies to improve consistency where it is not already in place.
- Identify, communicate and drive resolution of issues; whether people, process or system.
- Maintain focus on process optimisation and identify opportunities to enhance cost efficiency where possible (e.g. automation, outsourcing, centralisation etc).
Customers / Stakeholders
- Global Finance Centre Senior Management
- EMEA GVG Senior Management
- EMEA Core PC Management
Leadership & Teamwork
- Manage a team of individuals contributing to different IPV and FVA processes for a number of asset classes for London and Paris
- Required to work closely with colleagues in the GVG Function and with colleagues from Core PC. .
Required to communicate effectively with people at various levels of seniority and different backgrounds in an challenging but collegiate
Operational Effectiveness & Control
- Ensure that there is full compliance with the Global Markets FIM.
- Integrity, conduct and performance against ethical standards.
- Documented knowledge of the role
- Facilitate automation of manual processes to improve productivity.
Prompt resolution of problem issues and management queries related to the relevant product lines.
- Manage a team to ensure the delivery and drive improvements
- The job holder will need to be analytical and be able to investigate and follow through on issues as they arise.
- To understand the various complex global markets products and the markets they are traded
- To understand the various elements of the IPV process and how it is applied in practice. In particular to understand how Valuation and Pricing is affected with risk positions and market movements.
- Ensure up to date knowledge of finance and risk policies and to be aware of financial market developments regionally and globally in order to understand how they impact on the valuation of global markets products.
- Must be able to work independently with minimal supervision.
- Managing relationships with multiple senior stakeholders.
Product Control assures management, shareholders and regulators that the global markets portfolio is correctly and consistently valued and accounted; advises on and quickly accommodates new business; all at a competitive cost. This enables shareholders to gain value from the integrity of their financial information, and supports Global Markets’ cost efficiency targets. Product Control is a key control function, part of Finance and independent of Front Office, responsible for ensuring the complete and accurate recording of Global Markets / Balance Sheet Management activities within the books and records, in accordance with applicable accounting standards.
Onshore Valuation Control responsibility:
- Review and Validation of offshore work including understanding any limitations of the standard process as it applies to their business and adjusting locally for those limitations
- Approval of the P&L before presentation to Front Office
- Ownership and accountability for delivery to, and relationship with, the local Front Office including daily desk head review meetings and delivery of consolidated Key Risk Indicator’s
Offshore Valuation Control responsibility:
- Running systems, where required, to produce the basic data for FVA’s and IPV
- Identification and resolving production exceptions where possible including stale data, untested positions
- Review and validation of the results involving comparison to Trader Prices or movements in risk positions. Complex issues would be expected to involve discussion with onshore Valuation Control.
- Upload of the results for review by onshore management.
- Preparation of a commentary. This should include an audit trail from the initial results to the final result with justification of any adjustments to enable onshore managerial review.
- Responding to onshore queries and incorporation of any onshore adjustments for which explanations should be received.
Daily and other Key Risk Indicator production with comments from onshore management obtained as appropriate
Management of Risk
The jobholder will also continually reassess the operational risks associated with the role and inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology.
The jobholder will ensure the fair treatment of our customers is at the heart of everything they do, both personally and as an organisation. This will be achieved by consistently displaying the behaviours required to support the Best Place to Bank principles of Make Better Products, Sell Them Properly and Keep Them Sold.
This will be achieved by ensuring all actions take account of the likelihood of operational risk occurring. Also by addressing any areas of concern in conjunction with line management and/or the appropriate department.
Observation of Internal Controls
The jobholder will also adhere to and be able to demonstrate adherence to internal controls. This will be achieved by adherence to all relevant procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators.
The jobholder will implement the Group compliance policy by containing compliance risk in liaison with Global Head of Compliance, Global Compliance Officer, Area Compliance Officer or Local Compliance Officer. The term ‘compliance’ embraces all relevant financial services laws, rules and codes with which the business has to comply.
This will be achieved by adhering to all relevant processes/procedures and by liaising with Compliance department about new business initiatives at the earliest opportunity. Also and when applicable, by ensuring adequate resources are in place and training is provided, fostering a compliance culture and optimising relations with regulators
- Their trades the full scope of global markets products including but not limited to spot and forward foreign currency sales and purchases, money market placements and deposits, investment and trading securities, as well as derivatives including interest rate swaps and options, currency options, currency swaps, structured credit products, credit default swaps, local currency derivatives and equity derivatives. There is considerable accounting, analytical, and market specific complexity in order to appropriately value financial market products.
- Work as part of the Valuation Control team that currently has 49 team members in Krakow and supports all trading desks in Global Markets in London.
The team member will join the new and growing Krakow Valuation Control team in the Global Finance Centre
Knowledge & Experience / Qualifications :
- University graduate from a reputed institution in financial or economic subject or university graduate in Mathematics, Physics, Engineering or similar.
- Prior experience in working within Financial Markets or a Treasury department
- Excellent written English and oral communication skills
- Good understanding of Financial Markets (products traded and their life cycle, accounting principles and valuation techniques)
- Excellent analytical skills and a proactive approach to problem solving
- Excellent interpersonal skills
- Ambitious, driven and enthusiastic
- Valuation/Product Control experience is strongly preferred
- Advanced MS Excel, MS Access and VBA is an advantage
- Long-term job in one of the largest banking and financial services organization in the world
- Interesting path of career in an international organization
- Language / Studies Reimbursement Scheme
- Professional trainings
- An environment where you will be given space to take ownership and accountability for your work
- A Team of professionals that will help you develop & succeed
- Exposure on all lines of business and markets
- Employees’ benefits: private medical and dental health care, Multisport Card, life insurance