Valuation Controller

3 weeks ago

Pretoria, Gauteng, South Africa Absa Bank Full time
Empowering Africa's tomorrow, story at a time.

With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.

Job Summary

Job Description:
Empowering Africa's tomorrow, story at a time.

With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.

Job Summary

Job Description:
The overall job purpose is to independently verify the appropriateness of the Fair Valuation of the Trading Positions.

  • Decomposing trades into various risk factors, providing alternative valuation methodologies when parameters aren't
observable and performing stress testing to quantify uncertainty ranges.

  • Reviewing IPV methodology and implementing improvements and efficiencies.
  • Reviewing valuation adjustment methodologies for their appropriateness to ensure positions are marked to fair value.
  • Inventory valuation and control; which includes supervising the production quarterly disclosures, the reporting of Fair Value
Measurement and Option, completeness controls and SOX documentation / testingJob Description
Accountability:

  • Ensure that implications of Absa Group requirements and policies (including changes in accounting standards) are understood and communicated.
Any new developments in IFRS/ accounting standards impacting valuations are being
implemented.
Review reporting for compliance with key external requirements and with audit requirements

Accountability:
Staff development and team management (20 %)
  • Develop staff knowledge in Valuations Control functions, technical expertise and market risk concepts
  • Build skills base and competences through facilitation of appropriate trainings.
Manage careers of staff members.

  • Maintain and develop own knowledge and expertise at the leading edge of banking industry practice.
  • Embed formal Performance Development and informal coaching in the team.
Review training needs of team members.

  • Establish and maintain a succession plan for the key roles in the team.
Interview and recruit direct reports.

  • Review workforce and recruitment plans for the team and reallocate resources where required.
  • Demonstrates pride in the organisation's brand, services and products by consistently delivering on the brands promise
  • Provide measurable and specific real-time feedback to team members to ensure that daily operations are in line with agreed performance measures
  • Maintain a positive attitude and respond openly to feedback
  • Contribute to a friendly, co-operative climate in working with others to achieve collective goals
  • Act as escalation point for all grievances raised in the team.
  • Review overall team performance and provide input to consistency check meetings.
Recognize the efforts of their staff members

Accountability:

Valuations Control Core responsibilities (70%) Calculation and implementation of fair value adjustments of fair value adjustment calculations across all desks or product/asset class (i.e.

Rates, FX, Commodities, Equities, Credit)

  • Price Testing
  • Counterparty credit risk adjustment
  • Bid Offer testing
  • Day 1 PnL
  • Model Risk adjustments
  • Challenge balance sheet numbers
  • Engage with the Deal Conclusion Forum (DCF) on an ad hoc basis to provide them with comfort around the model, propose market norms and identify down-the-line issues.
  • Sit on the Market Risk Technical Committee (MRTC) and provide an expert opinion on modelling throughout the bank
  • Maintain awareness of country specific regulations and pricing realities, as well as ensuring compliance with regulations regarding valuation and reserving; analyse and research relevant products; and stay relevant and up to date with legislations and new development
  • Build and maintain professional working relationships with all stakeholders, displaying excellent abilities to initiate dialogue, listen, advise, influence, and negotiate to achieve winwin outcomes.
  • Preserves relationships despite airing conflicting views and seeks mutual gains when addressing conflicts
  • Anticipates consequences and adapts problem solving based on continual feedback
  • Act speedily to resolve problems, queries and complaints
  • Adapt communication styles to meet the needs of different audiences
  • Innovation :
Investigate new and better ways to enhance e processes by measuring the effectiveness of all procedures.

  • Plan and manage own workflow, anticipating obstacles, juggling priorities and following through on objectives within agreed timeframes and according to quality standards
  • Take ownership of personal career development, leveraging formal and informal opportunities
  • Continually share, debate and communicate learning's
  • Assist with Projects and Firm wide initiatives
  • Interaction with

Key Stakeholders:

  • Interaction with
various areas across the Absa in order to obtain and understanding of the impact these areas have on Valuations Control as well as providing both formal reporting as well as ad hoc query resolution to these areas

Areas include:
o Absa CIB Finance & ARO Finance, including Financial Control and Financial Decision Support.
o Absa CIB & ARO Front Office
o Absa Group

Product Control line support:
Provide technical valuation assistance to the product controllers on each desk to
ensure that all valuations control requirements are optimally met.

Complex trade reviews:
Prepare complex trade reviews across various products and desks
Education

Bachelor`s Degrees and Advanced Diplomas:
Business, Commerce and Management Studies (Required)Absa Bank Limited is an equal opportunity, affirmative action employer.

In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.

Absa Bank Limited reserves the right not to make an appointment to the post as advertised About UsTruly AfricanWe are a diversified standalone African financial services group, delivering an integrated set of products and services across personal and business banking, corporate and investment banking, wealth, investment management and insurance.

Absa Group Limited is listed on the JSE and is one of Africa's largest diversified financial services groups with a presence in 12 countries across the continent and around employees.

We own majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, the Seychelles, South Africa, Tanzania (ABSA Bank in Tanzania and National Bank of Commerce), Uganda and Zambia.

We also have representative offices in Namibia and Nigeria, as well as insurance operations in Botswana, Kenya, Mozambique, South Africa, Tanzania and Zambia.

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