: Structure Rates Valuation ManagerLocation
: London (hybrid working)Duration
: 6 MonthsRate
: £480 - PAYE / £615 - Umbrella
The Global Valuations and Analytics Group is part of Global Product Control and undertakes four main activities: Valuations, Global Valuation Reporting, Quantitative Analysis and Quantitative Infrastructure Development. Valuation activity covers Independent Price Verification (IPV), Fair Value Adjustments (FVA), Prudent Valuation Adjustments (PVA) and Fair Value Hierarchy (FVH) processes.
The role is within the Rates Valuations team, reporting functionally into the Global Head of Structured Rates Valuations (located in Asia), and locally into the Global Head of Rates and Credit Valuations (located in London).
The holder will manage a set of diverse and important processes and methodologies aligned to the global Structured Rates businesses. This is an important role in one of the most complex businesses within the Bank, with a wide set of senior stakeholders across the firm and across global locations (mainly in Hong Kong, London, and Paris).
The role holder will have to balance independent working, and appropriate escalation to global rates valuations management. As the only team member focussed on Structured Rates in the London team, the role holder will need to independently drive conversations on valuation with key stakeholders across the Front Office, Risk, Quants and within Valuations and Analytics. The Structured Rates Valuations team is designed to operate as a global team, so the role holder will need to ensure appropriate engagement with colleagues in other regions, as well as engagement with the Flow Rates Valuations team (in London and other locations) in order to deliver efficiently and consistently.
It includes oversight of some processes run by the Valuations team in Poland which provides valuation services to the global business, of which consistent, transparency and efficiency is a critical element.Responsible for the production of:
- IPV, FVA and Prudent Valuation (PVA) balances
- Methodologies and documentation.
- Monitoring model restrictions and recommendations
- Levelling returns.
- Engagement with Europe Rates core Product Control to ensure that the valuation conclusions are accurately reflected in the books and that the communication with the business is seamless and consistent.
- 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.
- Drive the methodology and implementation of FVAs, IPV and PVA changes, keep abreast of industry information around this important asset class, engage the business on all matters regarding valuations and be a key contact for internal and external audit.
- Ensure Valuation 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 optimization and identify opportunities to enhance cost efficiency where possible (e.g. automation, outsourcing, centralization etc).
- Drive standardization and streamlining of processes
Graduate degree, with experience in Product Control or Valuations.Experience:
- Demonstrable track record in top-tier global bank.
- Detailed knowledge of Product Control Valuations processes and proven experience of managing Product Control, Valuations or Financial Process based activities.
- Market derivative knowledge in Rates asset class. Other asset class experience highly beneficial
- Experience of Rates Models and Derivatives Valuation Framework
- Experience of developing methodology and shaping policy for IPV / FVAs is a distinct advantage.
- Good understanding of accounting requirements for Valuation activity in Global Markets.
- Good understanding and appreciation of Regulatory requirements and guidelines for Valuation activity.
- Proven ability in working across multi-disciplinary and multi-culturally diverse work environments
- Experience of interacting with stakeholder groups (Business, Risk, Internal and External Audit).
- Strong Analytical background.
- Product Control or Valuations Experience
- Experience with structured products in relevant assets class
- Demonstration of own product ideas & methodologies that show that you have taken concept from inception to execution
- Strong interpersonal, leadership ability.
- Ability to build effective relationships at all levels of seniority through collaboration and influencing skills.
- Outstanding communication and interpersonal skills, including the ability to articulate key valuation issues to Senior Stakeholders in a non-technical manner.