Manager

Job Description:

Overview (Bank overview, GBS India overview, Function Overview)*

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.

We are committed to attracting and retaining top talent across the globe to ensure our continued success. Along with taking care of our customers, we want to be the best place for people to work and aim at creating a work environment where all employees can achieve their goals.

We are a part of the Global Business Services which delivers technology and operations capabilities to all Bank of America lines of business (LOB) and enterprise functions.

Our employees help our customers and clients at every stage of their financial lives, helping them connect to what matters most. This purpose defines and unites us. Every day, we are focused on delivering value, convenience, expertise and innovation for individuals, businesses, and institutional investors we serve worldwide.

* BA Continuum is a nonbank subsidiary of Bank of America, part of Global Business Services in the bank.

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 to the business. The team’s work primarily covers valuation controls for various asset classes eg Rates, Credit, FX, Equities with a dynamic book of work providing opportunities to make improvements to our work through varied project work. We are looking to recruit an individual to work in the valuations control area for one of the above-mentioned asset classes covering the Global Markets Trading desks. The candidate’s main responsibility will be to produce 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 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 at least 4+ yrs. experience or Graduate in Commerce with 5+ years of relevant experience in Valuation Controls 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*

4+ years of experience in Global Markets Valuation Control role

 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 PM to 9 PM IST (EMEA Shift)

Job Location*

Mumbai/ Gurugram