Website:
robertwalters.co.uk
Job details:
Job Title: Head of Valuation Control and Methodology
Location: Bangalore, India
Perm/Contract/ Full-time/Part-time: Permanent
On-site/Hybrid/Remote: Hybrid
Who We Are
Robert Walters is the world’s most trusted talent solutions business. Across the globe, we deliver recruitment, outsourcing, and talent advisory services for businesses of all sizes, opening doors for people with diverse skills, ambitions, and backgrounds.
Our Outsourcing service delivers recruitment for some of the world’s top employers, and we are currently recruiting on behalf of one our client which is a leading international banking group, with a presence in 54 of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.
The Role
Our client is seeking a Head of Valuation Control and Methodology in the Banking division.
Job Description:
Job Summary:
The Valuation Control team supporting Corporate & Investment Banking (CIB) and Treasury CFOs ensures the accuracy and integrity of the bank's financial statements. This team independently verifies prices, reserves, and validates the valuation of the bank's diverse trading and investment portfolios, including derivatives and securities. By using rigorous valuation methodologies and advanced market data analytics, they ensure accurate pricing and fair valuation of financial instruments. Their work supports financial reporting, regulatory compliance, risk management, and transparency, maintaining the bank's reputation for financial prudence.
The team collaborates with front office traders, risk management, compliance, finance, internal audit, and regulators for comprehensive valuation oversight. Key skills for Valuation Controllers include analysing complex financial instruments, understanding financial products and markets, meticulous attention to detail, and knowledge of financial regulations and compliance. This role will play a pivotal part in expanding the Bank’s valuation capabilities, developing compliant and commercially effective strategies, and supporting various technology initiatives. The successful candidate will act as lead running the Valuation Control, working closely with Market Risk, CIB and Treasury business, Model Risk, and other key stakeholders to deliver best-in-class valuation solutions across the Group.
Key Responsibilities:
Strategy:
- Enhance Valuation Methodologies: Continuously improve and refine valuation models and methodologies to ensure they remain robust, accurate, and aligned with market best practices and regulatory requirements.
- Leverage Advanced Analytics: Utilize advanced market data analytics and technology to enhance the precision and efficiency of valuation processes, ensuring timely and accurate pricing of financial instruments.
- Stakeholder Collaboration: Foster strong relationships with key stakeholders, including front office traders, risk management, compliance, and auditors, to ensure a holistic approach to valuation oversight and address any valuation-related issues promptly.
- Regulatory Alignment: Ensure all valuation practices and controls are in strict compliance with regulatory standards and guidelines, proactively adapting to any changes in the regulatory landscape to maintain the bank’s compliance and reputation.
Reporting and Documentation:
- Prepare detailed valuation reports and documentation for internal and external stakeholders.
- Maintain comprehensive records of valuation methodologies, assumptions, and adjustments.
- Develop clear and concise documentation to facilitate audits and reviews.
Risk & Regulatory:
- Regulatory Compliance: Ensuring all valuation practices comply with relevant financial regulations and standards, including those set by regulatory bodies.
- Risk Management: Enhancing risk management practices by providing accurate and timely valuation data, which supports the identification and mitigation of financial risks.
- Governance and Oversight: Driving the governance agenda by providing constructive challenges to the business and ensuring robust oversight of valuation processes.
- Transparency and Reporting: Promoting transparency in financial reporting by ensuring that all valuations are accurate, consistent, and well-documented.
- Audit and Review: Collaborating with internal and external auditors to facilitate reviews and audits of valuation practices, ensuring adherence to regulatory and internal standards.
Process Controls
Independent Price Verification:
- Conduct regular price verification processes to ensure the fair value of financial instruments.
- Utilize external market data sources and models to corroborate internal valuations.
- Identify and address any discrepancies between internal and external valuations promptly.
- Ensure the accuracy and consistency of pricing across the bank's portfolios highlighting potential mismarks to front line supervisors.
Levelling:
- Classify financial instruments into appropriate fair value hierarchy levels (Level 1, Level 2, Level 3) based on observability and reliability of inputs.
- Review and update levelling classifications regularly to ensure accuracy and compliance with accounting standards.
- Document the rationale for levelling decisions and ensure consistency across similar instruments.
- Work with auditors and regulators to justify levelling classifications and address any queries or concerns
Fair Valuation Adjustments (FVA):
- Calculate and review valuation adjustments such as model reserves, liquidity adjustments, and other fair value adjustments.
- Ensure these adjustments are in compliance with regulatory standards and internal policies.
- Continuously monitor market conditions to adjust valuation methodologies as needed.
- Maintain a robust framework for calculating and documenting valuation adjustments.
Model Validation:
- Collaborate with the Model Risk Management team to validate and review valuation models.
- Ensure models are robust, accurate, and aligned with market conditions.
- Participate in the annual review of FM Model Family Standards
- Perform back-testing and sensitivity analysis to validate model performance.
Prudent Valuation Adjustments (PVA/AVA) and Stressed PVA:
- Implement prudent valuation practices to ensure conservative and risk-averse valuation methodologies.
- Assess and apply valuation adjustments to reflect market uncertainties and risks.
- Ensure prudent valuation practices are documented and adhere to regulatory guidelines.
- Regularly review and update prudent valuation policies to reflect changing market conditions.
- Conduct stressed scenario analysis to evaluate the impact of extreme market conditions on valuations.
- Calculate and apply stressed PVA to reflect potential adverse market movements.
- Collaborate with Risk Management to integrate stressed PVA into the overall risk management framework.
- Develop stress testing frameworks to enhance the robustness of valuation adjustments.
Deterministic Quantitative Methods (DQM):
- Develop and implement robust Deterministic Quantitative Methods (DQMs), including decision-based rules and algorithms, to enhance the accuracy and reliability of business decisions in line with PRA's Supervisory Statement SS1/23.
- Collaborate with cross-functional teams to integrate DQMs into risk management frameworks, ensuring that quantitative methods are effectively utilized to identify, assess, and mitigate potential risks.
- Monitor and continuously improve DQMs to ensure they remain compliant with regulatory requirements and best practices, providing regular reports and updates to senior management on their performance and impact on business operations.
People and Culture:
- Ensure the provision of ongoing training and development of people and ensure that holders of all critical functions are suitably skilled and qualified for their roles ensuring that they have effective supervision in place to mitigate any risks.
- Set and monitor job descriptions and objectives for direct reports and provide feedback and rewards in line with their performance against those responsibilities and objectives.
- Contribute to fostering a collaborative and inclusive culture within the Bank which promotes collective responsibility, diversity and is free from biases
Leadership:
- Strategic Vision: Aligns team objectives with the bank’s long-term goals.
- Analytical Excellence: Delivers accurate insights to guide decisions.
- Effective Communication: Clearly conveys complex financial concepts.
- Integrity & Accountability: Upholds ethical standards in reporting and controls.
- Collaborative Leadership: Builds strong cross-department partnerships.
- Adaptability & Resilience: Navigates regulatory and financial changes with composure.
- Innovative Thinking: Drives continuous improvement in processes and controls.
Requirements/Qualifications:
- Bachelor’s or Master’s degree or professional certification (e.g., CPA, ACCA, CA, CFA, CQM) is strongly preferred.
- 20+ years of experience managing Valuation Control team along with Valuation Methodology with Financial Markets products (FX, FXO, Rates, XVA, Commodities and Credit) expertise.
- Strong knowledge of Valuation Control
- Strong Financial Market Product knowledge including complex derivative valuations
- Strong Project management skills, quantitative analytical skills and understanding of financial modelling
This position is being recruited on behalf of our client through our Outsourcing service line. Resource Solutions Limited, trading as Robert Walters, acts as an employment business and agency, partnering with top organisations to help them find the best talent. We welcome applications from all candidates and are committed to providing equal opportunities.
Client promotes collaboration and aims to provide a supportive and inclusive environment where all individuals can maximize their full potential.
As we are continuously hiring for all our clients in the region, we will retain your CV in our database for any other positions that may fit your profile. Therefore, please let us know if you are not agreeable to that.
Click on Apply to know more.