AVP Product Control

Apply Online
Company:
Location:
Manama, Capital Governorate, Bahrain
Salary:
Competitive
Employment Type:
Full time
Sector:
Accounting & Finance, Capital Markets, Derivatives
Sub Sector:
Product Control, Other, Other
Position Type:
Permanent
Job Reference:
1680222
Date Added:
26-May-2017

Job Description

AVP Product Control

Principal Responsibilities, Accountabilities and Deliverables of Role:

Functional Responsibilities:

  • Production, analysis, explanation and validation of daily P&L for all Treasury trading and investment books in the context of risk exposures, market movements and new transactions. Preparing daily reports for Senior Management / Treasury desks and weekly reports to GALCO.
  • Performing independent price verification on trading and investment portfolios, including direct engagement with external market counterparties and market data vendors. Perform desk level valuation adjustments as required.
  • In conjunction with Treasury & Finance, investigate and resolve the differences between actual and explained P&L
  • Establish the plausibility of actual P&L in context of trading mandates and market risk / counterparty risk limits framework
  • Ensure the appropriate setup, classification, assignment and maintenance of the trading and investment books as per regulatory requirements  
  • Periodic independent assessment of valuations of transactions and portfolios through calibration and appropriate parametrization of Front Office pricing models
  • Determining valuation adjustments where deemed necessary due to paucity of price discovery or distortion of valuations in an illiquid products and stressed market environments
  • Reviewing the classification of assets in the bank’s valuation hierarchy and, in coordination with Market Risk, determining the appropriate valuation parameters for assets not designated Level 1
  • Involvement in the collateral management process through review and resolution of significant mark-to-market differences between valuations received from CSA counterparties and bank’s internal valuation
  • Monthly independent price discovery with external counterparties and presentation of results to Group Valuation Committee
  • Monitoring of all inter-desk transactions to ensure compliance with the policy governing such deals. Investigation and escalation of any Off Market rate transactions
  • Responsible for maintaining a register of all issues raised by the Investment Committee spanning new products, risk limits and valuation governance and tracking ownership and resolution status
  • Responsible for maintaining a log of all issues pertaining to Debt Underwriting commitments including monitoring exposure limit, marking to market “stick” positions and conducting price discovery on new issues in accordance with the Group Valuation Policy
  • Participate in the new product approval process from a Product Control perspective ensuring that valuation framework and systems are appropriate for new products

Group-level Responsibilities:

  • Coordinate and assist in the formulation of local Valuation Governance, Policy and Reporting frameworks while ensuring alignment with Group standards and adherence to local regulatory requirements
  • Organise formal training sessions with Finance and Risk counterparts across all subsidiaries on Group standards pertaining to Product Control
  • Develop, produce and maintain a Group level P&L reporting framework in collaboration with all subsidiaries

Risk, Compliance & Business Continuity:

At all times, act with due care, skill and diligence to ensure compliance with our risk culture, policies and procedures, Code of Conduct and Values. Escalate risk and compliance issues in a timely manner to your line manager, and ensure that all mandatory training is completed to schedule.

Participate in exercises to rehearse the banks response to an emergency situation (i.e. evacuation exercises and Business Continuity tests)

Job Requirements:
Knowledge

  • Qualified accountant with 5+ years’ experience in a dedicated Product Control function for a major financial institution. Global Capital Markets exposure with strong experience and understanding of capital markets products (cash and derivatives across asset classes i.e. FX, Fixed Income, Equities).

Education / Certifications

  • Minimum University Degree in quantitative / finance discipline

Experience

  • Practical experience of working within a dealing room environment
  • Strong technical understanding of valuation models, tools and systems across an array of products

Personal Attributes

  • Confident, articulate, strong technical acumen, eye for detail. Strong communicator with the ability to interact with multiple stakeholders in a dealing room environment