Senior Group Operations 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 (GBS) 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*

Global Markets Global Valuation Group (GVG) is a division of Global Banking & Markets (GBAM) Finance responsible for providing valuation and independent price verification methodology support to Business Finance & Control (BFC) teams for execution of IPV, calculation of valuation adjustments and prudential valuation adjustments. The team is also responsible for reporting and governance across all valuation processes. Additionally, the team works on a number of regulatory deliverables related to valuations.

The team works closely with front office, middle office, traders, business finance controllers, market risk, quantitative risk and technology teams to drive the control agenda across the business.

Job Description*

We are looking to recruit an individual within the GVG Methodology vertical. The role will be responsible for devising IPV/Valuation Adjustment calculation methodologies and ensuring that they stay relevant as markets change. This will need extensive partnership with the desk, business finance controllers and other relevant stakeholder.  We will also need the person to take ownership of one or more of the global markets businesses (Both FICC and Equities) from a valuation perspective and ensure that the team is plugged in with the traders, market risk teams and quantitative risk teams. The person will also work closed with quantitative risk teams to understand the models used by the desk in detail. The person will also be expected to work on a number of regulatory agenda items and drive them to completion.

The position will have regular interaction with a broad range of senior stakeholders, including GBS leadership in India and GBAM Finance leadership in global locations and will be expected to leverage her/his extensive knowledge of markets and best practices within Finance, operations, risk management and talent management to ensure that the GBS team operates effectively as a key strategic component of the global GBAM Finance organization.

Outstanding valuation control expertise in FICC/Equities products, familiarity with global markets businesses, strong quantitative skills along with deep knowledge of how the individual asset class markets trade and strong senior stakeholder management skills (both external and internal) are a prerequisite.

Responsibilities*

• Take end to end ownership of devising valuation methodologies for independent price verification and calculation of valuation adjustments/prudential valuation adjustments for multiple businesses
• Assess gaps in the existing methodologies and remediate them
• Partner with the Business finance & control team to ensure that all controls related to valuations are effectively executed
• Work closely with the trading desks on valuation issues and valuation differences
• Work closely with Market risk in understanding the risk representation and risk management methodologies of the desk and integrate them into our valuation practices
• Provide leadership on regulatory topics pertaining to valuation of assets and lead regulatory projects to remediate identified gaps/potential gaps
• Keep abreast with how the various asset class markets trade and ensure the valuation methodologies are fit for purpose
• Ensure the quality of independent data used in the valuation processes is accurate
• Partner with the QSDG team to understand the models used in valuation, identify model limitations and ensure there are methodologies to quantify these uncertainties for the purposes of books and records
• Implement cross business solutions such as Variance Ratio Test for netting benefit
• Present valuation methodologies and their impact in Senior forums and to external regulators/auditors as needed
• Provide leadership in the execution of global strategic technology projects impacting valuations
• Lead conversations with Front office with respect to IPV variances, changes in valuation adjustments etc.
• Manage and drive risk disciplines and internal controls to deliver the best outcomes for our clients and shareholders.
• Be pro-active and engage control partners/ technology to identify and mitigate operational risks.

Requirement

Education*

Engineer (Tier I college) / FRM /CFA / MBA from Tier I institute with relevant experience in Valuation Control Methodology in Global Markets environment and organization of similar scale.

Possess strong technical background with in-depth understanding of valuation methodologies, common models and regulatory guidance pertaining to independent valuation and valuation adjustments.

Certifications If Any

CFA / FRM certified candidates would be preferred

Experience Range*

16+ years with at least 10+ years’ experience in Global Markets Valuation Control role

Foundational skills*

• Banking and Financial Services experience and held a finance leadership position in an international environment with extensive knowledge of working in a Global Markets environment.
• Should have good understanding of financial markets, Derivatives & structured notes-their hedging, funding, credit risk, valuation of derivatives, pricing methodologies, methodologies for calculating adjustments for liquidity, concentration, model limitation etc.
• Should be comfortable leading regulatory projects end to end (from formulating problem statement to solutioning/implementation and ensuring effectiveness of control in the future)
• Should have a deep knowledge of market risk and day to day functioning of markets across asset classes (in terms of instruments traded, typical desk strategies and risk management approaches)
• Should have a keen interest in data analytics to be able to identify and evaluates sources of independent data to be used as inputs into valuation methodologies
• Knowledge of machine learning techniques including GenAI will be a plus
• Should have a strong quantitative background and deep understanding of quantitative models.
• Strong people management skills, including the ability to resolve people issues and motivate the team to deliver.
• Line experience coupled with a demonstrated ability to lead technology-based change.
• Proven experience of providing thought leadership to overcome challenges and lead without direct authority, excellent skills with an ability to manage the group of fast paced team supporting multiple business verticals.
• 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.
• Past experience interacting with internal/external auditors and regulators will be a big plus
• Has the gravity to interact at all levels of management to support resolution of complex business issues.
• Demonstrated ability to work in a global matrix organization and significantly multi-geography, multi-cultural offshore service delivery environment.
• A convincing executive presence which conveys composure and confidence in all situations, the credibility and stature to carry stakeholders through influence rather than via the hierarchy.
• Individual should have the resilience to handle internal pressures and conflicts in dealing with multiple stakeholders.

Desired skills

• Python knowledge would be an added advantage
• Must be proactive and be a highly motivated self-starter.
• Effective communication skills with English proficiency.
• Demonstrated ability to work in a high-pressure environment.
• Takes initiative and challenges existing processes and procedures in a proactive manner.
• Strong team player
• Ability to analyze issues independently and derive solutions.
• Analytical and quantitative skills
• Inherent sense of principles of control through experience and sound judgment
• Reliability

Work Timings*

12:30 PM IST to 9:30 PM IST

Job Location*

Mumbai