Global Equity Valuation Controller

 Based in London

Role Purpose (overall high level summary of the role)

The Global Valuations and Analytics Group is part of Global Product Control and undertakes four main activities: Valuations, Global Valuation Reporting, Quantitative Analysis and Quantitative Infrastructure Development.

Reporting locally into the Head of Valuations Europe, and functionally into the Head of Valuations – Equities, the holder will cover a set of diverse and important processes and methodologies aligned to the European Equities businesses including Structured Equity Derivatives and Prime. The role holder will have to engage local stakeholders to discuss valuation issues, whilst functioning as part of the globally-aligned Equities Valuation operating model, and acting as subject matter expert to provide oversight on the operation of the Krakow-based Equities Valuations team.

Valuation activity covers all Independent Price Verification (IPV), Fair Value Adjustments (FVA) and Prudent Valuation Adjustments (PVA) processes across businesses, including the US and Asia regions. 

Principal Accountabilities: Key activities and decision making areas

Typical Targets and Measures

·      Responsible for the production includes:

1. IPV, FVA and Prudent Valuation (PVA) balances
2. Methodologies and documentation;
3. Monitoring model restrictions and recommendations
4. Levelling returns.

·      Engagement with Equities core Product Control to ensure that the valuation conclusions are accurately reflected in the books and that the communication with the business is seamless and consistent.

·      Ensure that the governance and controls of fair value is adhered to. Prepare for and contribute to the valuation committees that opine on fair value for the business areas concerned.

·      Drive the methodology and implementation of FVAs, IPV and PVA changes, keep abreast of industry information of around this important asset class, engage the business on matters regarding Equity valuations and be a key contact for internal and external audit.

·      Ensure Valuation FIM requirements and other applicable accounting / regulatory standards are met.

·      Work to ensure consistency in policies/standards across sites/teams and implement strategies to improve consistency where it is not already in place.

·      Identify, communicate and drive resolution of issues; whether people, process or system.

·      Maintain focus on process optimization and identify opportunities to enhance cost efficiency where possible (e.g. automation, outsourcing, centralization etc).

·      Drive standardization and streamlining of processes within the global Equity Valuations team

• All issues identified and escalated with an appropriate action plan.

• 360 degree feedback.

Customers / Stakeholders

·      Global Head of Equity Valuations

·      European and global Equity Front Office Business areas;

·      Global Equity Business Lead, Product Control;

·      Equity core Product Control;

·      Global Valuation Reporting;

·      Internal and External Audit.

Feedback from stakeholders on communication effectiveness.

Regular meetings with counterparts.

Number of control findings from Internal/External audit, BRCM etc.

Leadership & Teamwork

·      Work collaboratively and efficiently within the Global Equity Valuation team.

·      Help Junior members of the global team to improve their product and business knowledge.

·      Work with the Equity core Product Control Teams.

·      Liaise and work together with key stakeholders.

Operational Effectiveness & Control

·      Maintain HSBC internal control standards, including timely closure of internal and external audit points together with addressing issues raised by external Regulators;

·      Understand and ensure compliance with all relevant internal and external rules, regulations and procedures that apply to the conduct of the areas under management; specifically, Internal Controls and any Compliance policy including, inter alia, the Group Compliance policy;

·      Ensure that there is full compliance with the Global Markets FIM.

To maintain the HSBC internal control standards including the timely implementation of internal and external audit points, together with early reporting of any issues raised by external regulators.

Avoid any un-anticipated Medium / High risk audit points.

Major Challenges (The challenges inherent in the role that require a continual test of the role holder’s abilities)

·    Ensure the efficient and effective management of IPV, FVA and PVA processes and to ensure that accounting and regulatory standards are met.

·    Close management of fair value adjustments for the Equity businesses

·    Rapid response to issues as they arise. Ability to drive quickly to the heart of an issue and propose appropriate solutions.

·    Keep abreast of industry wide debates and discussions on this asset class. Realize efficiency gains through the automation and streamlining of the Fair Value Processes.

·    Working with the Global Head of Equity Valuation to standardize and align the valuation framework across regions.

·    Work closely with the core Product Control team to ensure they are up to date with valuation issues and that the Equity Valuation team is up to date with any core Product Control issues.

Role Context (The environment and operating conditions of the role including the extent of guidance and authority)

This role is within the Equity Valuation team, reporting functionally into the Global Head of Equity Valuation (located in Paris) and locally into the Head of Europe valuation (based in London). 

The role will be expected to contribute significantly to the centralization of Fair Value and Independent Price Testing roles within Product Control and the global Equity valuations teams.

Management of Risk (Operational Risk / FIM requirements)

·      Is aware of the Operational Risk scenario associated with the role and acts in a manner that takes account of operational risk considerations.

Observation of Internal Controls (Compliance Policy / FIM requirements)

·      Maintains HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators.

·      Understands, follows and demonstrates compliance with all relevant internal and external rules, regulations and procedures that apply to the conduct of the business in which the jobholder is involved, specifically Internal Controls and any Compliance policy including, inter alia, the Group Compliance policy.

Role Dimensions (e.g. balance sheet size, lending/expenditure limits, size/volume of transactions, budget. in USD’000)

·      Budgetary aspects are not part of this role

Knowledge & Experience / Qualifications  (For the role – not the role holder. Minimum requirements of the role.)

Qualification:

Graduate degree with experience in Product Control or Valuations.

Experience:

Demonstrable track record in top-tier global bank.

Detailed knowledge of Product Control processes and proven experience of managing Product Control or Financial Process based activities.

Market derivative knowledge in Equity asset class. Other asset class experience highly beneficial

Experience of Equity Models and Derivatives Valuation Framework

Experience of developing methodology and shaping policy for IPV / FVAs is a distinct advantage.

Good understanding of accounting requirements for Valuation activity in Global Markets.

Good understanding and appreciation of Regulatory requirements and guidelines for Valuation activity.

 Proven ability in working across multi-disciplinary and multi-cultural diverse work environments.

Experience of interacting with internal and external stakeholder groups (Business, Risk, Internal and External Audit).

Skills:

Strong Analytical background.

Strong interpersonal, leadership and management ability.

Ability to build effective relationships at all levels of seniority through collaboration and influencing skills.

Outstanding communication and interpersonal skills, including the ability to articulate key valuation issues to Senior Stakeholders in a non-technical manner.

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