Senior Manager

Job Description:

About us*

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

Global Business Services

Global Business Services delivers Technology and Operations capabilities to Lines of Business and Staff Support Functions of Bank of America through a centrally managed, globally integrated delivery model and globally resilient operations.

Global Business Services is recognized for flawless execution, sound risk management, operational resiliency, operational excellence and innovation.

In India, we are present in five locations and operate as BA Continuum India Private Limited (BACI), a non-banking subsidiary of Bank of America Corporation and the operating company for India operations of Global Business Services.

Process Overview*

GVG Governance and Strategy is responsible for oversight of valuation framework and reporting, ensuring that changes and updates to the regulatory and internal environment are understood and implemented effectively and consistently across LOB’s.

Independent valuations is one of the primary controls to ensure accurate and consistent marking of transactions the bank has on its books. GVG is a cross product and cross region function within the CFO function that is responsible for governance, oversight, challenge, development and enhancement work around the valuations framework.

The valuations framework includes:

• Independent Price Verification (IPV): Which is the process of comparing internal prices and parameters used to mark position valuations to a corresponding set of independently verifiable external prices and parameters.
• Valuation Adjustments (VA’s): Which are balance sheet adjustments taken to reflect:

o The close out costs of positions

o Model deficiencies or approximate bookings that may cause material mismarks of positions.

• Coordinating regular regulatory disclosures. Including, amongst others, Prudent Valuation, Fair Value Hierarchy.
• Regulatory and Management Reporting

GVG itself is split into three functions:

• Strategy and Governance: Lead on valuation control initiatives and consolidated reporting. Responsible for coordinating implementation of changes and updates to the regulatory environment.
• Methodology: Review, challenge and development of methodologies used in valuations.
• Infrastructure Development: Development of technology initiatives related to valuations

Job Description*

GVG Governance and Strategy responsibilities include:

• Work with Finance, GVG Methodology and Infrastructure teams, and other groups as necessary, to ensure that BAML has a consistent valuations framework that meets requirements, internal and external, providing effective balance sheet control.
• Work with Finance, GVG Methodology and Infrastructure teams on valuation control initiatives and strategic projects.
• Develop and participate in the ongoing review and challenge of GVG/BFO processes and documentation to ensure adherence with governance requirements from the VCG, Valuations Strategy or regulatory requirements.
• Production, review and analysis of consolidated reporting for:

o Monthly IPV, VA and Prudent Valuation analysis for senior management, audit and regulators.

o Consolidated reporting for quarterly regulatory reporting.

• Develop tactical and strategic solutions to improve the efficiency and accuracy of reporting.
• Set the standards documented in the VCG (Valuation Control Guidance)

Responsibilities*

We are looking for an individual to join the India Valuations Governance and Strategy group which sits within the CFO Global Valuations Group (GVG).

• Contribute to the team’s daily, monthly and quarterly processes
• Communicate effectively & escalate issues to senior management in a timely and thorough manner
• Takes full ownership of assigned deliverables.
• Focuses on front to back understanding of the business.
• Effectively manages expectations of stakeholders.
• Working with management to action process and technology initiatives across GVG
• Identify areas of process improvement and coordinate the execution of the same

Requirements*

Education*

Postgraduate degree or accounting qualification (e.g. C.A./ MBA Finance)

Certifications If Any (FRM or CFA)

Certifications If Any

Experience Range*

6-8 years with at least 2+ years’ experience in Valuation Control role

Foundational skills*

• Industry, Finance or Product Control experience
• Good understanding of financial markets, Derivatives & financial products
• Proven experience of providing thought leadership to overcome challenges
• Strong verbal and written communication skills, and the personal ability to collaborate, operate, and communicate effectively with a culturally diverse group of peers and colleagues.
• Demonstrated ability to work in a global matrix organization and significantly multi-geography, multi-cultural offshore service delivery environment.

Desired skills

• Must be proactive and be a highly-motivated self-starter
• Ability to work in a fast paced dynamic environment
• Ability to analyze issues independently and drive solutions
• Working knowledge of Bloomberg a plus.
• Ability of multi task.
• Tableau/Workiva/VBA skills

Work Timings*

11:30am to 8:30pm

Job Location*

Gurugram