Corporate Controllers – VCG CPG – VP – London
Req #: 170123509
Job Category: Accounting/Finance/Audit/Risk
Firmwide Valuation Control Group (VCG) is an independent control group which works with the business to ensure that the Firm’s risk positions on the Books and Records reflect Fair Market Value. In this respect VCG:
Price-tests all instruments independently, typically using consensus or broker data
Implements Fair Value Adjustments, to bring mid prices to “exit value”, to reflect illiquidity, concentration or uncertainty
Develops methodologies for Price testing and Fair Value Adjustments
Reviews Approximately Loaded trades in conjunction with Middle Office and Model Review groups
Escalates Valuation Issues to Senior Business and Finance stakeholders
Defines trade classification levels for external disclosure
CPG VCG covers the Credit Portfolio Group and is seeking a VP to be a subject matter expert in XVA calculations. This is a global role, covering a business in Singapore, London and New York.
Credit Portfolio Group (CPG) are responsible for pricing and hedging Credit Valuation Adjustment (CVA), which is the expected loss due to counterparty risk on derivative transactions, and Funding Valuation Adjustment (FVA), which is the expected cost/benefit due to uncollateralized derivative transactions based on the market price of funding.
The hedge instruments used by CPG span all asset classes, and so this role will have exposure to a variety of markets.
The XVA space is high profile, and still evolving, so a large element of the role will also be ongoing analysis and market appraisal of any potential other Valuation Adjustments that may begin to be included in Fair Value, including adjustments for the cost of capital, or positing initial margin.
Lead calculations of Price Testing & Fair Value Adjustments for CPG business
Own the relationship between the trading desk and VCG and actively interact with key finance, technology and risk partners throughout the firm. These partners will be located globally
Enhance existing control framework including continuously improving independent pricing processes, assessing potential coverage developments, ensuring that the current framework captures the economic reality of the valuation risks and implementing new tools to enhance control efficiency
Be a price-taker of a number of asset classes, communicate across VCG teams to understand products, apply that to the CPG business, understand and contribute to policy
Contribute to the development of the team, mentor and lead junior members and create positive work environment
Analyze market pricing and consensus data to stay informed of developments in XVA space.
Required Job Skills
The role requires a good understanding and keen interest in financial markets, combined with strong analytical abilities, clear verbal and written communication skills and willingness to contribute as part of a high performing team. The candidate should have the following core competencies:
Degree in quantitative discipline such as Mathematics, Physics or Economics (Graduate degree preferred)
Expertise in financial products and derivatives valuation. Understanding of macroeconomic and political developments and their impact on financial markets. Experience in XVA an advantage
Strong commitment to learn, think creatively and operate in a fast changing environment by prioritizing effectively to meet objectives
Excellent written and verbal communication skills and ability to communicate in a clear and concise manner
Attention to detail and strong control mindset - challenge constructively, handle disputes, negotiate with traders while upholding the control framework
Strong technical capabilities in order to lead infrastructure enhancements and solid project management skills are essential, being able to reach consensus across varying levels of seniority and to drive initiatives to completion
High emotional intelligence - working well with others, displaying confidence and a positive attitude.
Diversity and Inclusion
Cultural sensitivity and understanding is a must in our business. In J.P. Morgan we are serious about making diversity a central part of our culture and ensuring it is at the core of how we do business as we believe diversity is the key to achieving our business objectives.
About J.P. Morgan Chase & Co:
J.P. Morgan serves one of the largest client franchises in the world. Our clients include corporations, institutional investors, hedge funds, governments and affluent individuals in more than 100 countries. J.P. Morgan is part of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.1 trillion. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of clients and consumers under its JPMorgan and Chase, and WaMu brands.
J.P. Morgan offers an exceptional benefits program and a highly competitive compensation package.
J.P. Morgan is an Equal Opportunity Employer.