Senior Manager - Valuation Control in Global Markets

Senior Manager

Job Description:

About us

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day. Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being an inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.
Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations.
At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!

Global Business Services

Global Business Services delivers Technology and Operations capabilities to Lines of Business and Staff Support Functions of Bank of America through a centrally managed, globally integrated delivery model and globally resilient operations.

Global Business Services is recognized for flawless execution, sound risk management, operational resiliency, operational excellence and innovation.

In India, we are present in five locations and operate as BA Continuum India Private Limited (BACI), a non-banking subsidiary of Bank of America Corporation and the operating company for India operations of Global Business Services.

Process Overview

Global Markets Business Finance & Control (BF&C) is a division of Global Banking & Markets (GBAM) Finance responsible for the production and independent validation of Global Markets' profit and loss and balance sheet. The team is also responsible for running valuation controls to ensure fair value of balance sheet in accordance with internal valuation methodology and regulatory requirements. This includes independent price verification of both vanilla securities/derivatives and complex/illiquid assets such as exotic derivatives and distressed assets. Additionally, the team also calculates relevant valuation adjustments including adjustments for illiquidity, concentration, model limitations etc. as applicable. The team is also responsible for calculating and reporting prudential valuation adjustments on a quarterly basis.

The team works closely with front office, middle office, traders, valuation control and methodology (GVG) teams to drive the control agenda across the business.

Job Description

IPV Center of Excellence forms part of the GBAM CFO Group and is a control and business advisory function. The team’s work primarily covers valuation controls for various asset classes across Global Banking and Markets, with a dynamic book of work providing opportunities to centralize, enhance and implement best practices for global valuation routines.

We are looking to recruit an individual to work in the valuations control area for one of the asset classes within FICC Macro (Rates/FX/Commodities) / FICC Micro (Credit/Mortgages/Munis) / XVA / Equities businesses in Global Markets. The candidate’s main responsibility will be to perform Independent Price Verification, Valuation Adjustments, Prudent Valuations and Fair Value Hierarchy assessment, providing a high standard of analysis and explanation.

The candidate will therefore have considerable interaction with the respective Front Office, Finance and Global Valuations Group (GVG) teams so good communication and time management skills are an essential requirement for this job. The team is also encouraged to take part in employee engagement and diversity and inclusion initiatives to help continue to make Bank of America a great place to work.

Responsibilities

• Performing the calculation and analysis of valuation controls including IPV, valuation adjustments and prudent valuation adjustments, as well as ownership for Fair Value Hierarchy levelling.
• Working with the Global Valuation Group to ensure ongoing review & enhancement of valuation control methodologies and practices.
• Ensuring procedure documents are accurate and up to date.
• Assisting in the streamlining and enhancement valuation processes and becoming actively involved with system development ranging from technical enhancements and new product releases to automation of existing processes.
• Engaging with the key stakeholders including Front Line Units.
• A strong understanding of valuation controls, regulatory rules and governance including Independent Price Verification, Valuation Adjustments and Prudential Valuation.

Requirements

Education : Qualified Chartered Accountant/CPA /CFA / MBA from Tier I/II institute with relevant experience in Valuation Control or Global Markets environment and organization of similar scale with US GAAP, IFRS, IAS reporting framework with an interest and aptitude for derivative products.

Certifications If Any

• CFA / FRM certified candidates would be preferred.
• Advanced education and/or enhanced technical qualifications are a plus.
• Ability to use Access or VBA would enhance the candidate’s attractiveness significantly.

 Experience Range : 7+ years of experience in Global Markets Valuation Control or similar roles

 Foundational Skills

• Alteryx / Tableau / Python knowledge would be an added advantage.
• Have the awareness to escalate potential issues to their supervisor in a timely manner.
• Candidate must have a proven track record of communicating effectively with personnel from various areas within an organization and at different management levels.
• Must be proactive and be a highly motivated self-starter. 

 Desired Skills

• Effective communication skills with English proficiency
• Demonstrated ability to work in a high-pressure environment
• Takes initiative and challenges existing processes and procedures in a proactive manner
• Strong team player
• Ability to analyze issues independently and derive solutions
• Analytical skills
• Inherent sense of principles of control through experience and sound judgment
• Reliability

Work Timings : 12:30 PM to 9:30 PM IST

Job Location : Mumbai / Gurugram

Experience Level

Senior Level