Main Function Of The Job : Our main functions as a Valuations team are :
- Independent price verification (IPV) and the calculation of fair value adjustments (FVAs)
- Reporting results and conclusions to senior management with recommended actions
- Analysis of valuation models as part of the price verification process, including as necessary liaising with Quantitative Analytics, Market Risk and Model Validation as part of the trade approval process
- Oversight and analysis of FVA methodologies and oversight of product serviceability review processes
Key clients/stakeholders :
- Front Office : Including all layers of FO trading staff, trading supervisors and ultimately Trading Management.
- Finance and Product Control senior management : Including the global head of Valuations, global head of Product Control and business area PC Valuations leads.
- Valuation Committee : This forum is the focal point for Finance, Risk and Front Office to discuss and resolve valuation and model related issues. The Committee meets monthly to discuss headline valuation issues that are of significance to the banking industry, and assess any likely impact of these issues.
- Board Audit Committee : The committee responsible for signing off the Group accounts receives regular updates from Valuation Committee on areas of significant judgement in the valuation and disclosure of financial instruments.
- Internal Audit, Regulators and External Audit.
Main Duties & Responsibilities :
- Independent price verification for various cash and derivative products.
- Calculation of various fair value adjustments when required
- Full ownership of the month end valuation production cycle
- Preparation process from a logistic, process & IT point of view
- Generation of IPV variances, valuation uncertainty, reserves
- Analysis / commenting of results
- Escalation of valuation issues
- Communicating/reporting IPV results to finance management, trading desks and external stakeholders (auditors, regulators), via the production of the monthly IPV reporting pack and communication in relevant meetings
- Work with peers across PC-Valuation team to help establish best practice guidelines and ensure these guidelines are well-communicated and adhered to.
Working on creating solutions / improvements to the IPV process. This requires working with the - Change Management- team to enhance specification of technology requirements as well as assisting with testing & managing new releases.