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 or a group of 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 functionally lead and deliver 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 candidate should have extensive experience of functionally leading high performing teams that deliver valuation control capabilities. The candidate will be expected to leverage her/his extensive knowledge of processes and best practices within Finance, operations, 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 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*
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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.
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Demonstrate strong SME knowledge with the ability to operate with end-to-end accountability.
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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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Provide strong technical leadership on independent valuation principles.
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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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Work closely with the trading desks on valuation issues and valuation differences.
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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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Ensure audit readiness and compliance for the function as required by business finance policies, guidelines, and regulatory requirements.
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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/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
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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.
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Ability to use Access or VBA would enhance the candidate’s attractiveness significantly.
Experience Range*
12 to 16 years with at least 8+ years’ experience in Global Markets Valuation Control role
Foundational skills*
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Alteryx / Tableau / Python knowledge would be an added advantage.
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Have the awareness to escalate potential issues to their supervisor in a timely manner.
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Candidate must have a proven track record of communicating effectively with personnel from various areas within an organization and at different management levels.
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Must be proactive and be a highly motivated self-starter.
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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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Demonstrated ability to work in a globally matrixes and significantly multi-geography, multi-cultural offshore service delivery environment.
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Individual should have the resilience to handle internal pressures and conflicts in dealing with multiple stakeholders.
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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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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.
Desired skills
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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 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 / Gurugram
