Global Head of Rates Valuation Control Valuation Control Senior Group Manager - C15
We are seeking an outstanding candidate to be Global Head of Rates Valuation Control
for Citi. This is a key leadership role within Valuation Control Group (VCG), and reports to the Global Head of Valuation Control for Citigroup. The Global Head of Rates Valuation Control will be part of a team of senior individuals who oversee the fair value valuation control issues for the entirety of Citigroup. The role includes leading a significant global team that performs independent price verification (IPV), maintaining valuation adjustments (where necessary) and performing other valuation assessments, as may be relevant and required for the underlying product types, such as Prudent Valuation, and performing Fair Value Hierarchy Levelling determinations.
The Rates Valuation Controls team is based across EMEA, North America, and in Tokyo, in locations that are aligned to the main trading locations. As part of this there are supporting teams in Buffalo, Budapest & Warsaw. This team covers one of the largest and most successful businesses within Citi and is a key part of the Global Markets trading franchise within the Institutional Clients Group (ICG). The products traded by Rates include the full range of interest rate derivatives, a broad range of fixed income securities, as well as certain FX and currency transactions, and some vanilla and structured note issuance. As part of this, some of the significant issues that the team need to assess and be involved with include new trade approval, extensive interaction with Market Risk, Model Risk, and other risk and control functions, as well as an understanding of XVA (CVA, DVA, FVA) issues.
The work across the team therefore requires product expertise from a subject matter expert perspective across a broad range of derivatives and securities to ensure the right controls are deployed for the products traded, and the controls and risks are assessed and managed appropriately. From a scope perspective, whilst this role directly manages the Valuation Control activity for all products within the Rates business, the role also has a responsibility over the Valuation Control processes covering the base Rates products which may be traded by other businesses (e.g. as hedging instruments) and which may be managed by other VCG Global Heads. In this respect, whilst this role may not directly manage those other activities, as part of the VCG Leadership team, this role will help ensure appropriate controls exist for the Rates products covered by those other VCG teams. In this way, VCG aims to ensure the controls are consistent (for each product or trade) wherever it is traded within Citi.
As part of the firm's Transformation agenda, this role will also play a key part in bringing about substantial process improvements both within VCG and on an end-to-end basis, partnering with other seniors across Trading, Risk, Technology and other relevant Transformation Programme teams.
All VCG leadership roles provide expert thought-leadership on technical valuation issues, on their specific areas of expertise, and also more broadly across the rest of VCG's global, Citigroup-wide remit. Each member of the VCG leadership team is a senior, experienced manager - both of issues, and of personnel. Each member of the leadership recognizes and shares the collective responsibility of the group; something which has been vital to our past performance and is equally so for our future. We pride ourselves on continual improvement (of controls, work-life environment), diversity and active talent management, and a constructive mutually supportive team culture, in the knowledge that we succeed together, as a team. This strong culture enables the team to drive for best practice, as well as share the collective responsibilities of the remit, whilst creating an environment where talent can thrive and develop. This common understanding enables the team to operate collaboratively, in a mutually supporting and cooperative manner, and facilitates strong partnership, efficiency and teamwork within VCG, and with our key stakeholders.
The individual in this role will interact extensively with Senior Management within Finance, Trading and Risk Management, as well as with the various Transformation and Change-the-bank teams that the firm has established.
Excellent communications and negotiation skills are vital. The successful candidate needs to demonstrate an ability to communicate complex ideas concisely and effectively, to formulate plans and to execute them within their remit. The role also involves ensuring global consistency and therefore working with the Senior Valuation and Product Control Managers across the various regions, both within their remit, and (within reason) beyond their remit to the extent they become aware of control or other issues. This is a position for an experienced, dynamic, technically strong, experienced leader, who can manage all aspects of the role. Job Background/context:
The Valuation Control Group (VCG) is part of the Controllers organization, which is part of Citi Finance. The Global Head of VCG reports to the Citi Controller/Chief Accounting Officer.
The VCG function is organized into:
- Global product-aligned teams (aligned to each of the main Markets business-lines, as well as teams covering NonMarkets, Collateral and Client Valuation)
- An XVA team, a Reporting team
- A Valuation Methodology team which oversees valuation control techniques, policy, as well as digital initiatives.
- Regional oversight, led by regional senior managers, to ensure effective regional governance, that local, and entity-specific issues are managed (especially local regulatory matters), and that resourcing, training and other matters are dealt with appropriately.
The key responsibilities of VCG as a whole are to perform the full-range of valuation control activities globally firm-wide, including independent price verification for traded inventory, ensuring that valuation adjustments (e.g. bid-offer) are appropriate for fair value accounting purposes, as well as undertake FVH Levelling, and relevant focused reviews where required.
The successful candidate will play a critical leadership role within the Global Valuation Control Management Team and report to the Global Head of Valuation Control Group for Citi. Key Responsibilities:
People Management and Leadership
- Ability to work across teams & functions, and to leverage existing relationships.
- Will lead initiatives and develop / propose solutions to complex technical challenges or control issues.
- Will be responsible for relevant and appropriate governance matters relating to the Rates Valuation Control Team
Flexibility & Adaptability:
- The priorities of this individual will be set by the Global Head of Valuation Control Group, and this individual will be expected to manage those priorities appropriately as a senior manager. There will be crucial deadlines that will need to be achieved.
- Adaptability to changing circumstances is crucial, as the prioritization of responsibilities will need to evolve with changing circumstances.
- Experience of regulatory and audit focus from a control & governance perspective, and able to provide detailed practical guidance on implementing appropriate controls.
Product Technical Knowledge
- Excellent understanding of complex structured products and different models used for valuation, e.g. for derivatives.
- Broad understanding of control principles.
- Will have responsibilities for defining and developing practical controls that can be implemented.
- Independent challenge of first line (e.g. Trading) valuation approaches and the design of effective controls within Finance.
- Engage with partners on the development of valuation control solutions using enterprise-wide technology and digital tools.
This is an important and influential hire for Valuation Control. The successful candidate will be required to play a key role within the Global Valuation Control organization, by demonstrating a wide range of skills and the ability to develop and support Citi's global approach to Valuation Control, and the wider control environment. Qualifications & experience:
- A Bachelor's degree in any Finance, Economics or quantitative related subject (e.g. Physics, Mathematics). Masters preferred.
- Significant experience in Valuation, Risk, Product Control or similar disciplines, and of managing technical teams.
- Leadership: takes ownership; delivers with pride; succeeds together.
- Strong understanding of current global accounting and regulatory standards and developments pertaining to valuation of financial instruments.
- Knowledge of Python, KNIME, Power BI and other digital technologies would be an advantage.
- Ability to understand complex concepts and effectively challenge peers in Finance, Risk and the Trading Businesses.
- Strong communication skills, both written and oral.
- Control focused.
- Self-Motivated and innovative.
- Ability to prioritize to ensure deadlines are met.
- Proven influencing and negotiation skills.
Exceptional candidates who do not meet these criteria may be considered for the role provided they have the necessary skills and experience. This could include those from other industries (e.g. non-Banking) with relevant transferable skills and experience.
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