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Valuation Control Group (VCG) is an independent group within Finance whose primary responsibility is to ensure that the firm's risk portfolios are fairly valued. The group sets independent pricing and reserve policies. VCG highlights concentrations in risk or uncertainties in parameter inputs and works with the trading and quantitative groups to fully understand their implications from a risk/return perspective and the impact on the desk's level of reserving. In addition, VCG is responsible for the review of approximately loaded trades, high level risk / P&L analysis and approval of new products.
VCG has responsibility for the valuation of all positions designated as held at fair value. It is organized along business lines such as the Investment Bank and Mortgage Bank. Clients of the group include senior management, business heads, regulators, and both internal and external audit. The group also works closely with Traders, CFOs, Market Risk, and Middle Office to ensure a complete understanding of business issues and the accurate execution of valuation policy.
The candidate will be responsible for supporting the valuation control function for the North America Credit Trading business within the Investment Bank. Products covered include Single Name CDS, Credit Indices, Bonds, Loans, CLOs and others.
Responsibilities will include:
Analysis of Markets, P&L & Risk on a continuous basis with understanding of the factors that drive valuation and risk
Building/automating a price verification/benchmarking process including the calculation of fair value adjustments
Owning the relationship between the trading desk and valuation group;
Provide advice on valuation issues related to large concentrations, revenue on new deals/complex transactions
Re-engineering of fair value adjustments, including the review of concentrated/illiquid positions, complex transactions, market events effecting valuation
Oversee the review and analysis of non-standard transactions
Review and approval of new model releases as it relates to valuation
Enhance existing control framework including reviewing independent pricing processes, assessing potential coverage developments and implementing new tools to enhance control efficiency
Working with Trading, QR, Middle Office, Finance and Model Review to continually monitor the various valuation risks of the business and implement appropriate adjustments
Other value-added projects related to Business, Risk, and Finance initiatives
3+ years experience with credit products in Finance/Risk-related fields. 5-7 years experience in the financial sector
Analytical and quantitative aptitude. Candidates with quantitative backgrounds preferred
Strong knowledge of credit products/markets, including derivative pricing, risk and valuation
Ability to understand complex products, and analyze transaction and process flows
Experience working with trading desks
Understanding of valuation concepts as they pertain to financial products/derivatives, some accounting knowledge
Strong verbal and written communications skills. Must have the ability to lead discussions with all levels of management, be comfortable discussing issues with Trading / Senior Management. Ability to explain complex concepts
Advanced Word, Excel and Power-point skills
Propensity to handle multiple tasks simultaneously and efficiently
Experience with project & people management
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