Rates Valuation Controller at Director level (VP equivalent) recruitment
The Rates business within Macro at UBS comprises trading and market making in Linear, Non-Linear and Hybrids interest rates, long dated FX and rates hybrids products across EMEA, US and APAC.
The role is within the Valuation Control (or “IPV”) function that supports this business from within the Investment Bank Business Control (“IBBC”) function. The role involves the validation of the final reported valuations of the products within the above areas through a combination of independent price verification, reserving and model calibration analysis. The results of this validation are reported through the organisation to Trading, Finance and Risk Management functions.
IPV processes within the team include traditional price and input parameter comparison to external market levels and quantification, reporting and adjustment of variances (rates and inflation curves, basis and funding spreads, volatilities, bond prices).
All Regions globally for the above businesses are supported from within the London based team. In early 2012 some of the more “vanilla” processes were off-shored. Responsibility of the London team is, therefore, switching to an analysis / quality assurance function rather than pure preparation.
The area is seeing considerable investment in terms of development of IT architecture around the valuation and valuation control process. Two programmes are underway (one around parameter testing and one around product exit testing) having been started in 2011 and benefits in terms of functionality are already being realised. Both programmes will run throughout 2012 and present an excellent opportunity to be involved in the development of control infrastructure platform / toolkit at a leading Investment Bank.
This individual will be responsible for managing the Linear Rates team in Macro Valuations.
Responsibilities are likely to include:
• Liaison with senior desk personnel to escalate material variances / issues
• Review of analysis to ensure results are understood, challenged and analysed with the right level of control
• Review and presentation of detailed valuation report to include analysis, issues etc for reporting and discussion with senior Market Risk, Front Office, Model Validation, Line Product Control
• Analysis, discussion and agreement of variances and methodology with Valuation Methodologies team, desk Risk Management.
• Oversight of reporting of IPV results and Reserves to both the desk and to central Finance IPV reporting team.
• Continuous improvement of process platform: prioritisation of delivery by IT and resources in the valuations team.
Strong team management skills are required to ensure work is prioritised and delivered effectively.
The preferred candidate will demonstrate:
–Strong communication skills in order to manage front office and Finance management
–An ability to drive and prioritise valuation-related initiatives to give the greatest return on resource employed.
–A proactive attitude and will seek to drive the processes forward, to continually add value. This will involve working independently and require the use of problem solving skills and the leveraging of resources within and outside of the immediate team.
–A desire to enhance price-testing, reporting and valuation risk control processes.
–An understanding of valuations technical issues to the extent the candidate can challenge results, apply the right level of control in analysis and inspire this continued approach in the rest of the team
–Strong mathematical/analytical ability
–An understanding of Risk and rates products.
–Familiarity/Market experience with rates derivative and asset instrument pricing methods and market data sources.
–Computing skills including Excel. VBA, Microsoft Access skills would be advantageous.
UBS can offer you an environment geared towards performance, attractive career opportunities, and an open corporate culture that values and rewards the contribution of every individual.
We can offer you an exciting, fast-paced working environment, a culture of mutual respect and teamwork and the opportunity to play a vital role in our growth. If you are attracted to joining an organization where every individual's contribution counts and where your talent will impact on our future, please apply for this position.
UBS is an equal opportunity employer. We respect and seek to empower each individual and the diverse cultures, perspectives, skills and experiences within our workforce.