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You will be responsible for leading Global Structured Rates IPV (Independent Price Verification) Team. You will be working with the Desk, Quants, Market Risk, Valuations Methodology and Senior Management to facilitate expanding business by maintaining strong second line control and governance within the CFO Group. You will be heavily involved in maintaining IPV Valuations Models and driving automation within your area.
Job Responsibility:
Lead the control function to perform IPV (Independent Price Verification) and other Valuation Adjustments across a wide range of mainly derivative positions for the Global Structured Rates businesses within RBC Capital Markets
Play a key role in the production and implementation of methodology for Valuation Adjustments relating to the Structured Rates business
Play a key role in the provision of detailed reports and analysis on IPV/VA results to senior managers, business heads, Valuations and Risk committees, and Heads of Valuations, Market Risk and Finance
Manage a team of 2/3 strong individuals
Ensure that existing VA/IPV processes continue to be aligned and keep pace with the business, and Regulator and Accounting Best Practice
Ensure that all VA/IPV processes are complete and follow RBCs risk policies and procedures. Identify and escalate appropriate improvements
Provide significant subject matter expertise on various valuations related projects and initiatives, as required, including ad hoc management and/or regulatory reviews and new business initiatives
Review IPV and Reserve calculations and reports produced by the team
Maintain effective working relations with the regional Heads of businesses
Ensure process documentation is up to date and adhered to
Ensure other related valuations responsibilities relevant to IR structured products are carried out. For example, Levelling, Prudential Valuations (AVA) calculations, input into MIS reporting, and large Day 1 P&L investigations
Lead on on-going enhancements and development of the control environment
applying an awareness of accounting and regulatory constraints
Provide pro-active input into valuation related projects, regulatory reviews and new business initiatives
Ensuring the team follows EUC (End User Computing, e.g., Cluster Seven) practices
Requirements:
Strong Technical understanding of derivatives and their valuation, including vanilla and exotic interest rate derivatives
Relevant experience in a Product Control role focusing on Structured Products is an advantage
Management experience, or well established in a senior role within a team
Experience of IPV and reserve calculations
A good understanding of the following financial products and their valuations: vanilla derivative products (including futures, interest rate swaps, FRAs, basis swaps, cross currency swaps and structured products)
A developed understanding of P&L calculations for businesses that trade these products
A developed understanding of the purpose of control processes such as IPV and Valuation Adjustments (reserves)
Experience of creating or overseeing professional reports, including written commentary, to fixed deadlines and for business or senior management consumption
Ability to communicate and liaise confidently and effectively with junior and senior members of all areas including the business (Front Office), and external vendors, using written and oral methods
Ability to work to tight deadlines in a pressured environment
Ability to work well in a small team and in conjunction with other staff members of all levels from various functional areas
Ability to manage a small team and in conjunction with other staff members of all levels from various functional areas
Strong background in mathematics and/or IT
Solid understanding of pricing methodologies
Ability to produce clear, concise, and well written documents
Practical IT experience (e.g., Excel and/or VBA, Python)
Familiarity with market data platforms and analytical tools including Bloomberg, Reuters, and Markit/Totem
Educated to degree level or similar/equivalent in a numerical subject
ACA/CFA/CQF will be an advantage
Nice to have:
Advanced mathematical and financial product pricing skills
Strong Python Skills
Awareness of key balance sheet and capital metrics
Would suit and outward looking individual with an interest in financial products and good technical skills
What we offer:
A comprehensive Total Rewards Program including bonuses, flexible benefits and competitive compensation
Leaders who support your development through coaching and managing opportunities
Opportunities to work with the best in the field
Ability to make a difference and lasting impact
Work in a dynamic, collaborative, progressive, and high-performing team
A world-class training program in financial services