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Valuations Specialist - GVG Governance & Strategy

In United States

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Valuations Specialist - GVG Governance & Strategy   

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JOB TITLE:

Valuations Specialist - GVG Governance & Strategy

JOB TYPE:

JOB SKILLS:

JOB LOCATION:

New York, NY United States

JOB DESCRIPTION:

We're a culture that:

• Believes in responsible growth and has a proven dedication to supporting the communities we serve.
• Provides continuous training and developmental opportunities to help people achieve their goals, whatever their background or experience.
• Believes diversity makes us stronger, so we can reflect, connect to and meet the diverse needs of our clients and customers around the world.
• Is committed to advancing our tools, technology and ways of working. We always put our clients first to meet their evolving needs.


The Chief Financial Officer (CFO) Group is responsible for the overall financial management of our company. This includes accounting, financial and regulatory reporting, balance sheet management, financial planning and analysis, treasury, investor relations, corporate investments and tax

Global Banking and Markets Finance strives to be a valued business partner to the company's trading, corporate and institutional banking businesses. Our first priority is to operate a series of key control processes to ensure the integrity of GBAM's financial results. Then we build on these activities to offer performance insight to business leaders. The assets of Finance are its people.

Global Valuation Group (GVG); Manages the Governance, Policies, and centralized reporting in support of Valuation Control. Also, supports the development and implementation of valuation control methodologies.

 

Team Overview:

We are looking for a lead for the US Valuations Governance and Strategy group within the CFO Global Valuations Group (GVG).

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:
    • The close out costs of positions
    • 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:

  • Governance & Strategy: 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.

GVG Governance & Strategy is responsible for oversight of valuations and reporting work and ensuring that changes and updates to the regulatory and internal environment are understood and implemented effectively and consistently across LOB's.

Responsibilities:

  • Manage the US based G&S team.
  • Work with Finance, GVG Methodology and Infrastructure teams, and other groups as necessary, to ensure that BofA 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:
    • Monthly IPV, VA and Prudent Valuation analysis for senior management, audit and regulators.
    • Consolidated reporting for quarterly regulatory reporting.
  • Develop tactical and strategic solutions to improve the efficiency and accuracy of reporting.
  • Coordinating senior management and regulatory business initiatives to ensure we have cross region and cross LOB consistencies.
  • Set the standards documented in the VCG (Valuation Control Guidance).

 

Required Skills

  • Applies Financial Accounting & Reporting Expertise
  • Minimum of a Bachelor's degree, Master's degree is highly preferred
  • Knowledge of Valuations goals and processes
  • Understanding of the Regulatory and reporting environment around Valuations
  • Ability to coordinate/ multi task and deliver to deadlines
  • Proven success in leading a valuation team or in a similar industry

 

Desired Skills

  • Excellent spreadsheet skills with evidence of ability to manage large sets of data
  • Demonstrates Accounting Knowledge
  • Demonstrates Financial Acumen
  • Quantitative understanding of pricing and models.

 

 

 

 

Position Details

POSTED:

Jan 17, 2023

EMPLOYMENT:

INDUSTRY:

SNAPRECRUIT ID:

S166199049559910461

LOCATION:

United States

CITY:

New York, NY

Job Origin:

OORWIN_ORGANIC_FEED

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Aug 19, 2017 9am-6pm
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Valuations Specialist - GVG Governance & Strategy    Apply

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<p>We're a culture that:</p> <p>• Believes in responsible growth and has a proven dedication to supporting the communities we serve.<br /> • Provides continuous training and developmental opportunities to help people achieve their goals, whatever their background or experience.<br /> • Believes diversity makes us stronger, so we can reflect, connect to and meet the diverse needs of our clients and customers around the world.<br /> • Is committed to advancing our tools, technology and ways of working. We always put our clients first to meet their evolving needs.</p> <p><br /> <u>The Chief Financial Officer (CFO) Group </u>is responsible for the overall financial management of our company. This includes accounting, financial and regulatory reporting, balance sheet management, financial planning and analysis, treasury, investor relations, corporate investments and tax</p> <p><u>Global Banking and Markets Finance </u>strives to be a valued business partner to the company's trading, corporate and institutional banking businesses. Our first priority is to operate a series of key control processes to ensure the integrity of GBAM's financial results. Then we build on these activities to offer performance insight to business leaders. The assets of Finance are its people.</p> <p><u>Global Valuation Group (GVG); </u>Manages the Governance, Policies, and centralized reporting in support of Valuation Control. Also, supports the development and implementation of valuation control methodologies.</p> <p> </p> <p><u>Team Overview: </u></p> <p>We are looking for a lead for the US Valuations Governance and Strategy group within the CFO Global Valuations Group (GVG).</p> <p>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.</p> <p>The valuations framework includes:</p> <ul> <li>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.</li> <li>Valuation Adjustments (VA's): Which are balance sheet adjustments taken to reflect: <ul> <li>The close out costs of positions</li> <li>Model deficiencies or approximate bookings that may cause material mismarks of positions.</li> </ul> </li> <li>Coordinating regular regulatory disclosures. Including, amongst others, Prudent Valuation, Fair Value Hierarchy.</li> <li>Regulatory and Management Reporting.</li> </ul> <p> </p> <p>GVG itself is split into three functions:</p> <ul> <li><b>Governance & Strategy</b>: Lead on valuation control initiatives and consolidated reporting. Responsible for coordinating implementation of changes and updates to the regulatory environment.</li> <li><b>Methodology</b>: Review, challenge and development of methodologies used in valuations.</li> <li><b>Infrastructure Development</b>: Development of technology initiatives related to valuations.</li> </ul> <p>GVG Governance & Strategy is responsible for oversight of valuations and reporting work and ensuring that changes and updates to the regulatory and internal environment are understood and implemented effectively and consistently across LOB's.</p> <p><b>Responsibilities:</b></p> <ul> <li>Manage the US based G&S team.</li> <li>Work with Finance, GVG Methodology and Infrastructure teams, and other groups as necessary, to ensure that BofA has a consistent valuations framework that meets requirements, internal and external, providing effective balance sheet control.</li> <li>Work with Finance, GVG Methodology and Infrastructure teams on valuation control initiatives and strategic projects.</li> <li>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.</li> <li>Production, review and analysis of consolidated reporting for: <ul> <li>Monthly IPV, VA and Prudent Valuation analysis for senior management, audit and regulators.</li> <li>Consolidated reporting for quarterly regulatory reporting.</li> </ul> </li> <li>Develop tactical and strategic solutions to improve the efficiency and accuracy of reporting.</li> <li>Coordinating senior management and regulatory business initiatives to ensure we have cross region and cross LOB consistencies.</li> <li>Set the standards documented in the VCG (Valuation Control Guidance).</li> </ul> <p> </p> <p><b>Required Skills</b></p> <ul> <li>Applies Financial Accounting & Reporting Expertise</li> <li>Minimum of a Bachelor's degree, Master's degree is highly preferred</li> <li>Knowledge of Valuations goals and processes</li> <li>Understanding of the Regulatory and reporting environment around Valuations</li> <li>Ability to coordinate/ multi task and deliver to deadlines</li> <li>Proven success in leading a valuation team or in a similar industry</li> </ul> <p> </p> <p><b>Desired Skills</b></p> <ul> <li>Excellent spreadsheet skills with evidence of ability to manage large sets of data</li> <li>Demonstrates Accounting Knowledge</li> <li>Demonstrates Financial Acumen</li> <li>Quantitative understanding of pricing and models.</li> </ul> <p> </p> <p> </p> <p> </p> <p> </p>


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