Head of Independent Valuation Control at Absa Group Limited (Absa)

Job Summary

The Group trades multiple financial instruments and products that are held at fair value either through profit and loss or through equity (available for sale). A key control requirement is to ensure they are carried at the best and most appropriate fair value supported by as much external and internal information as is available

The core responsibility of the role is to ensure a robust control process exists around the Groups inputs to fair valuation of those assets and liabilities.

The role is to lead the team and be a senior member of the Product control management team that informs the direction of Product Control Team a sub department of Finance CIB.

The successful candidate is required to drive and deliver a robust, end-to-end control framework and build strong partnerships with management across the broader infrastructure areas, specifically Finance, IT, Risk and Operations and other First line of defense such is Front Office Risk and Controls and Corporate Internal controls Teams. This requires strong communication and influencing skills particularly at senior levels in the firm.

Job Description

Accountability: Compliance with Absa Group requirements and accounting policies   

• Ensure that implications of Absa Group requirements and policies (including changes in accounting standards) are understood and communicated.  
• Ensure any new developments in IFRS/ accounting standards impacting valuations are being implemented.  
• Reporting for compliance with key external requirements and with audit requirements  
• Ensure compliance with regulatory, accounting and legal requirements.  
• Continuously consider risk mitigation and control operational effectiveness  
• Identify and review all areas with Material Valuation and Model Risks 
• Clearly understand the weaknesses of market data, valuation techniques and models used   

Accountability: Independent Valuation Control   

• Calculation and implementation of fair value adjustments across all desks or product/asset class (i.e. Rates, FX, Commodities, Equities, Credit)  
• Price Testing of used valuation inputs through sourcing and use of disparate data sources  
• Understanding of and verification for Counterparty credit risk adjustments made
• Verification of the Bid Offer reserve to mark books to their exit price per IFRS 13
• Calculation of and authorisation for Day 1 PnL adjustments for unobservable inputs
• Review and authorisation of Model Risk adjustments,  
• Escalate all material issues to the Head of Product Control  
• Provide technical valuation support to the Front Office, Product Controllers and Senior Management.  
• Knowledge of CSA/OIS discounting framework  
• Understanding of industry level XVA’s and their specific implementation within Absa 
• Involvement in and sign off for New product approvals  
• Attendance and active participation at the valuation governance and related control committees  

Accountability: Management and Leadership

• Excellent understanding of relevant and up-to-date technical knowledge, applications and techniques.
• Recognised as an expert in their discipline. Deep technical knowledge.
• Continually delivering process improvement and challenging the status quo.
• Proactively transfers knowledge to the team. Mentors line managers to ensure technical knowledge is cascaded.

This includes but is not limited to:

• Direct, manage and drive the performance of the team
• Manage a team of controllers (analysts/AVP’s and VP’s) to ensure a high level of client service
• Hands-on approach coupled with proactive leadership skills and the ability to delegate effectively
• Together with relevant BU head and Head Product Control, determine the people management strategy for the area with a focus on talent management, development, resourcing and retention.
• Embed formal Performance Development and informal coaching in the team.
• Review training needs of team members.
• Establish and maintain a succession plan for the key roles in the team.
• Interview and recruit direct reports.
• Review workforce and recruitment plans for the team and reallocate resources where required.
• Associated people management administration
• Act as escalation point for all grievances raised in the team.
• Review overall team performance and provide input to consistency check meetings.
• Recognize the efforts of their staff members
• Understands and complies with all applicable governance, compliance and risk policies and procedures
• Fosters an atmosphere of compliance, ensures regulations are observed, and puts relevant processes in place for staff to escalate problems
• Accountable for implementation of Group’s risk control framework for area of responsibility
• Thoroughness, rigor and attention to detail with regard to products, processes and controls

Accountability: Commercial effectiveness

• Excellent understanding of own field. Up-to-date with relevant sector/department knowledge, and has insight into external market developments/initiatives
• Demonstrates credibility and confidence when dealing with those outside function.
• Networks effectively in the market
• Is able to look at information with understanding of strategic implications.
• Able to articulate the major issues surrounding his/her areas of work and the strategy for
• addressing them
• Understands cost drivers and manages budgets successfully.
• Demonstrates initiative in rethinking how the Group Centre function’s or departments objectives and practices should be changed to be more productive.
• Demonstrates effective use of a network of people and resources through the department.
• Able to focus resources on worthwhile opportunities.
• The ability to build strong working relationships with the traders and other infrastructure units

Accountability: Business Skills

• Superior influencing and negotiating skills.
• Consistently solves problems effectively and creatively.
• Initiates and designs projects for implementation within team or department.
• Excellent project management skills.
• Ability to mitigate risk.
• Excellent communication in both formal and informal settings, and at all levels
• Has the ability to break down barriers and ability to address conflict with another department.
• Can successfully manage and implement change and effectively communicates change to team members and guides team through change processes.
• Makes timely and effective decisions and produces results even in the face of adversity.
• Reputation for producing results.
• Significantly strengthened department performance
• A high level of focus on client relations. Always proactively seeking to improve the relationship. A role model to team members.
• Prioritises the output of the department, ensuring delivery within deadlines.
• Good understanding of roles outside own function

Preferred Education

• Chartered Accountant /  Chartered Financial Analyst (CFA) /  Master in Finance / Honors or Masters in Financial Mathematics

Preferred Experience

• 10 years+ Investment Banking or related Finance experience
• Business experience in a Banking environment gained from a Finance, Product Management or Front /Middle office role.
• Experience in and knowledge of Financial Instruments, usage, mechanics, accounting and valuation

Knowledge and Skills

• Financial Mathematics knowledge  
• Acute Investment Banking product knowledge  
• Understanding of Financial Markets and Derivative instruments  
• Understanding of the Valuation of Financial Derivatives e.g. OIS Discounting, CVA-DVA-FVA,  
• Discounting of Uncollateralized Derivatives,  
• Understanding of IFRS 13 and IAS 39  

Education

• Postgraduate Degrees and Professional Qualifications: Financial Sciences (Required)

Closing Date: 6th, May 2022