Senior Manager

Job Description

Senior Manager

Location: Gurugram, India

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. Were 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 LOBs.

Independent valuations are 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): 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 (VAs): Balance sheet adjustments 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 and 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 the 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 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:
  • 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.
• 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 teams daily, monthly, and quarterly processes.
• Communicate effectively & escalate issues to senior management in a timely and thorough manner.
• Take full ownership of assigned deliverables.
• Focus on front-to-back understanding of the business.
• Effectively manage expectations of stakeholders.
• Work 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 (FRM or CFA) 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 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 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 to multitask.
• Tableau/Workiva/VBA skills.

Work Timings

11:30 AM to 8:30 PM

Job Location

Gurugram

Learn more about this role.

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