VP, Manager – Credit, Distressed and Mortgage Independent Price Verification Group recruitment

The PVG group is run globally, candidates will be expected to establish cross regional relationships and work within global agenda.  

Primary function of the independent pricing function is to provide a formal opinion on the fair value of inventory held by businesses as part of formal monthly cycle. Key business partners are business unit finance and the trading desk.

Additional components of valuation control function, include, (but are not limited to): Valuation adjustment policy. Classification of inventory within fair-value hierarchy. Resolution of counterparty valuation disputes. Providing expert opinion as part of new business initiative approval.

EMEA Function comprises 14 dedicated professionals, with responsibilities split between a dedicated reporting/ analysis function and an area of technical specialists (PVG). This specific role is within PVG.

PVG provides an independent valuation opinion across the spectrum of Credits products ranging from vanilla products to the most complex products, The group leverages its quantitative skill set and product expertise to act as a guardian of valuation methodologies. The PVG team works closely with groups outside the Finance function such as Trading desk, Model Validation, Risk Management, Credit Quants Group

Where does this fit within CFO?

Key relationships within CFO are with business unit finance, reporting and analysis team and PVG globally.

It is essential that there exists and effective two-way information flow between teams. As part of planning/ areas of focus new business activity, changes in risk appetite and market movements should be shared between the groups.

PVG work is based on a deep understanding of financial products and market. Focus is therefore around methodology, development of pricing techniques and oversight of the application of these processes. Where it is necessary to provide judgment on specific pricing issues, PVG team should be a point of reference and escalation for the reporting and analysis team.

As pricing issues evolve, it is expected that the PVG team perform thorough analysis and document appropriately any techniques to be applied for pricing review. If development is required, they should be “incubated” within the PVG group. Expectation is that, once understood, with appropriate hand-off they are migrated to reporting analysis team.

BAML are committed to maintaining an appropriately skilled team to provide opinion on subjective/ complex areas. Typical backgrounds for PVG team include trading, research, structuring and strong academic background.
 

Opportunities

Business exposure
In order to effectively service the needs to trading desk and business unit finance, professionals are aligned against a specific business, with exposure to multiple underling asset classes. It is not expected that new hires have a detailed knowledge of every asset class that is traded within a business unit, but, instead that this knowledge is shared within the team to provide where possible a single face-off.

Product Market exposure
Product and Market knowledge is key competency within PVG group. It is expected that applicants for the role can demonstrate deep product knowledge. A measure of this understanding is the ability to communicate complex concepts in a succinct and clear way. The environment is structured to encourage internal challenge with respect to methods/ approach and results. Both quantitative approach and these skills will be specifically screened in applicants.

Problem solving
Team members need to work within team timelines/ prioritization agenda. This discipline is needed for both for ad-hoc problem solving as well as more business-as-usual activities. Ad hoc requests may need near-instant answer, or may be project in nature. It is expected that PVG team leverage team resources and protect capacity for emergent issues. As such, should be cognizant of process agenda.

PVG group is part of Global Credit Distressed team (~12 people). Cross-border initiatives are expected to form part of role from inception.

Responsibilities - Role primary function

Roles is as a products/ markets expert within Credit, Distressed Mortgages PVG team (5 people in EMEA) with specific focus on corporate credit products and credit correlation products and emerging markets derivatives products.

Primary functions of the role are as follows:-

As part of the monthly independent pricing cycle.

As part of repeatable/ resilient control agenda.

Given the business focus and analysis performed around the balance sheet, there are a set of aligned tasks that support broader valuation control agenda and financial reporting requirements, these include, but would not be limited to:-

Strong performance in this role should provide significant personal growth. Dependent on skills of individual and opportunities within the firm, future potential career opportunities could include:-

Requirements

Essential

Desirable