Description

Our client is a successful global banking group with an excellent reputation for being a growing and well-run/stable organisation with good staff retention and a solid track record of developing Finance careers. We are now recruiting for a VP Product Control position, which will be responsible for the independent valuation oversight and control of the trading balance sheet. Whilst the role primarily covers valuation, it will also require supporting P&L reporting processes. The role acts as a key partner to Front Office, Risk and Quantitative teams, providing challenge and insight on valuations, P&L drivers, market data, valuation adjustments and fair value reporting. Strong product knowledge and a solid understanding of derivatives & cash products valuation methodologies, including XVA (CVA, DVA, FVA, MVA), are essential. The role combines daily control responsibilities with broader ownership of valuation governance, IPV, balance sheet substantiation, process improvements and strategic change initiatives.

Profile Criteria:

1. Ideally a Fully-Qualified (ACA/ACCA/CIMA, but not essential) with experience coming from the banking, capital markets sector
2. Strong valuation knowledge of cash products, derivatives, financial markets and risk drivers.
3. Product Control experience covering both Valuation Control and P&L.
4. Strong knowledge of IPV, valuation reserves and valuation governance.
5. Good understanding of XVA concepts (CVA, DVA, FVA, MVA).
6. Experience driving process improvements, controls and automation initiatives.
7. IFRS
8. Power BI and Alteryx skills useful. Excellent Excel skills essential.

Responsibilities:

Valuation & IPV Responsibilities

1. Ownership of valuation control and fair value reporting for trading balance sheet.
2. Perform and oversee Independent Price Verification (IPV) processes.
3. Review and challenge Front Office valuations, market data and valuation methodologies.
4. Investigate and resolve valuation differences and IPV exceptions.
5. Review and calculate valuation adjustments including:
6. CVA
7. DVA
8. FVA
9. MVA
10. Prudent Valuation Adjustments (PVA)
11. Assess valuation impacts arising from new products, model changes and market developments.
12. Support valuation governance and valuation reserve frameworks.
13. Ongoing maintenance of related policies and procedures.
14. Provide analysis and challenge of valuation assumptions and model outputs.
15. Producing metrics and KRIs for stakeholder and contribution to the monthly valuation packs.

Daily P&L & Control Responsibilities

1. Supporting of daily P&L reporting and analysis/ attribution.
2. Partner with P&L controller to investigate and resolve P&L queries when required
3. Ensure accurate accounting and classification of P&L and Balance Sheet balances.
4. Support monthly, quarterly and year-end financial close activities.
5. Support internal and external audit requests.

Product & Change Responsibilities

1. SME for derivative products including:
2. Interest Rate Swaps
3. Cross Currency Swaps
4. FX Forwards
5. FX Options
6. Total Return Swaps
7. Structured derivative products
8. Lead process improvement, automation and control enhancement initiatives.
9. Test and validate system developments and strategic change programmes.
10. Maintain procedures, controls and valuation documentation.
11. Support regulatory reviews and valuation governance forums.
12. Assist with wider Product Control deliverables as required.