Are you a highly ambitious Emirati with 3+ years of banking experience, looking to accelerate your path to leadership? Join our Future leaders program ? a role-based development journey, with a chance to progress to a senior leadership role with the UAE?s leading bank
JOB PURPOSE: The Valuation Control function is responsible for verifying the accuracy and integrity of the fair value of financial instruments on the Balance Sheet via the IPV process. The role reports into the VP, Head of Valuation Control function, within the GM Business Finance team. The candidate will assist the team, which consists of 2 VPs to run the day-to-day BAU control processes and assist senior team members with the enhancement and development program, to strengthen controls and ensure compliance with Financial Standards and Regulatory requirements. Responsibilities of the IPV Function
Perform an independent valuation check of the banks? inventory.
Validate market data used in valuation to independent sources.
Ensure valuation adjustments are made to report positions at Fair Value.
Implement IPV process in line with Risk Valuation Methodologies (RVM).
Calculate and adjust reserves (Model, Bid/Ask, Volatility, Liquidity, Credit, and Hedging).
Escalate valuation issues to IPV committee and other stakeholders.
Independent validation of daily Eibor rate submission to the UAE Central Bank
End to end monitoring of Hedge Accounting (Linkage, Documentation, Testing)
Specific Accountability
Execute IPV BAU processes on a monthly basis for all financial instruments held at fair value
Prepare monthly IPV summary results for IPV Committee, Senior Management and FO, highlighting breaches and valuation concerns
Provide insightful IPV variance explain, challenge FO on IPV issues & offer pricing alternatives
Execute the daily BAU process for the independent validation of daily Eibor rate submission to the UAE Central Bank
Execute the BAU process for the end to end monitoring of Hedge Accounting (Linkage, Documentation, Testing)
Assist senior team members with the design and development of verification methodologies for existing and new products in line with policies drafted by the team
Assist senior team members with the creation and maintenance of independent market data capture & swap curve construction processes
Work with internal stakeholders (Group Market Risk, GM & GT Finance and FO) & external vendors to investigate pricing variances
Continuously focus on enhancing and automating control processes, working together with senior team members
Assist with UAT for various transformation projects within GM Business Finance and GM
FRAMEWORKS, BOUNDARIES, & DECISION-MAKING AUTHORITY: Provide value add information, IPV reporting & analysis, escalation, valuation adjustments, answer queries to below functions:
Front Office
Group Market Risk
Group Finance
GM & GT Finance ? Product Control
Qualifications
Minimum Qualification
University degree
Accountancy, Finance or Risk qualification will be an advantage
Minimum Experience
3 years? experience
Strong financial markets derivative product knowledge acquired through similar roles
Strong analytical skills
Understanding of valuation models and valuation principles
Knowledge of VaR Internal Model Approach and PL Explain beneficial
Strong computational, technical and spreadsheet skills and knowledge of Bloomberg and Reuters beneficial
Understanding of IFRS
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