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. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities, and shareholders every day.
One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.
Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. 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 with extensive experience of leading high performing teams, that perform independent price verification, calculation of valuation adjustments and prudent valuation adjustments across a group of asset classes such as Equities / XVA / Commodities / FICC Micro (Credit/Mortgages/Munis) businesses within Global Markets.
The individual will have regular interaction with a broad range of senior stakeholders across global locations and will be expected to leverage his/her extensive knowledge of processes and best practices within Finance, Risk Management and Talent management to ensure that the GBS team operates effectively as a key strategic component of the global GBAM Finance organization.
The candidate will work closely with business finance and control leads responsible for delivering Valuation control deliverables and will also closely partner with the global P&L attribution and substantiation teams. The candidate is expected to provide a high standard of analysis and explanation around any issues faced and work with FO, Tech, GVG Methodology team to resolve the same. The candidate will therefore have considerable interaction with the respective Front Office, Middle Office, and Finance and Trade Capture teams so good communication and time management skills are an essential requirement for this job.
Outstanding valuation control expertise, familiarity with global markets businesses, establishing strong culture of employee engagement and first-class leadership skills are prerequisites.
Responsibilities*
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Supervise independent price verification, valuation adjustment and prudent valuation calculations owned by the team across asset classes.
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Lead large teams of highly caliber and exceptional performers. Provide guidance to tenured and senior associates in the team.
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Ensure audit readiness and compliance for the function as required by business finance policies, guidelines, and regulatory requirements.
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Demonstrate strong SME knowledge with the ability to operate with end-to-end accountability.
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Influence finance management locally and globally to build upon ‘Finance of the future’ CFO vision.
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Working with the Global Valuation Group to ensure ongoing review & enhancement of valuation control methodologies and practices.
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Strong understanding of trader’s risk positions and valuation principles, own the end-to-end desk communication and challenge process for GBAM Finance.
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Timely identification and escalation of red flags to Business Finance and Control leads and other independent stakeholders.
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Drive solid supervisory reviews and governance around implementation of the valuation framework.
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Lead conversations with Front office with respect to IPV variances, changes in valuation adjustments etc.
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Assist with execution of month-end controls and supervisory review routines pertaining to valuation control.
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Analyze traders’ risk positions and understand and apply the Greeks (Delta, Vega Gamma) vs daily market moves.
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Liaise with various business partners such as Technology, Market Risk, Credit Risk, Operations and Finance to resolve issues / queries and enable the business and be “Accurate & well controlled” across deliverables.
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Active participation and collaboration with global teams on regulatory topics pertaining to valuation of assets.
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Act as a catalyst in the execution of global strategic technology projects impacting valuations.
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Develop, standardize & continuous improvement of existing processes & workflow.
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Remediation of issues in an autonomous yet timely manner considering the principles of control and the need to mitigate operational risk.
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Be pro-active and engage control partners/ technology to identify and mitigate operational risks.
Requirements
Education*
Qualified Chartered Accountant/Engineer (Tier I college) / FRM / CFA / MBA from Tier I institute with relevant experience in Valuation Control in Global Markets environment and organization of similar scale. Possess strong technical background with in-depth understanding of valuation methodologies, common models and regulatory guidance pertaining to independent valuation and valuation adjustments.
Certifications If Any
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CFA / FRM certified candidates would be preferred.
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Advanced education and/or enhanced technical qualifications are a plus.
Experience Range*
16+ years with at least 10+ years’ experience in Global Markets Valuation Control role
Foundational skills*
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16+ years of Banking and Financial Services experience and held a finance leadership position in an international environment with extensive knowledge of working in a Global Markets environment.
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Should have good understanding of financial markets, Derivatives & structured notes-their hedging, funding, credit risk, valuation of derivatives, appreciation of methodologies related to calculating adjustments for liquidity, concentration etc.
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Should have a strong quantitative background and appreciation and understanding of basic quantitative models.
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The individual should have a proven track record of working and experience of managing teams of 10+ individuals having a pedigree of tier 1/ tier 2 institutions and possess a comprehensive expertise in strategic planning for flawless delivery.
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Strong people management skills, including the ability to resolve people issues and motivate the team to deliver.
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Line experience coupled with a demonstrated ability to lead technology-based change.
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Proven experience of providing thought leadership to overcome challenges and lead without direct authority, excellent skills with an ability to manage the group of fast paced team supporting multiple business verticals.
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Strong verbal and written communication skills, and the personal ability to collaborate, operate, and communicate effectively with a culturally diverse group of peers and colleagues.
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Experience interacting with internal/external auditors and regulators will be a big plus.
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Has the gravity to interact at all levels of management to support resolution of complex business issues.
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Demonstrated ability to work in a global matrix organization and significantly multi-geography, multi-cultural offshore service delivery environment.
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A convincing executive presence which conveys composure and confidence in all situations, the credibility and stature to carry stakeholders through influence rather than via the hierarchy.
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Individual should have the resilience to handle internal pressures and conflicts in dealing with multiple stakeholders.
Desired skills
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Alteryx / Tableau/ Python knowledge would be an added advantage.
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Must be proactive and be a highly motivated self-starter.
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Effective communication skills with English proficiency.
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Demonstrated ability to work in a high-pressure environment.
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Takes initiative and challenges existing processes and procedures in a proactive manner.
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Strong team player
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Ability to analyze issues independently and derive solutions.
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Analytical and quantitative skills
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Inherent sense of principles of control through experience and sound judgment
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Reliability
Work Timings*
12:30 PM to 9:30 PM IST
Job Location*
Mumbai / Hyderabad
