Valuation & P&L Control VP — Derivatives Expert

SMBC Group; Greater London; Hybrid; GBP 80,000 - 120,000; Full time

Benefits offered by this job

Hybrid and flexible working

Private medical insurance

Learning and development opportunities

Diversity and Inclusion networks

Job summary

SMBC Group is seeking a skilled Product Control professional to oversee valuation control and IPV for the trading balance sheet. The role partners with Front Office, Risk, and Quant teams to challenge valuations, P&L drivers, and governance. Requires deep XVA understanding, and a professional accounting qualification.

Hybrid working in London, with the potential for discretionary incentives and a comprehensive benefits package, including pension.)

Qualifications

• Strong valuation knowledge of cash products, derivatives, financial markets and risk drivers.
• Product Control experience covering both Valuation Control and P&L.
• Strong knowledge of IPV, valuation reserves and valuation governance.
• Good understanding of XVA concepts (CVA, DVA, FVA, MVA).
• Professional accounting qualification.
• Power BI and Alteryx skills useful. Excellent excel skills essential.

Responsibilities

• Ownership of valuation control and fair value reporting for trading balance sheet.
• Perform and oversee Independent Price Verification (IPV) processes.
• Review and challenge Front Office valuations, market data and valuation methodologies.
• Investigate and resolve valuation differences and IPV exceptions.
• Review and calculate valuation adjustments including: CVA, DVA, FVA, MVA, PVA.
• Assess valuation impacts arising from new products, model changes and market developments.
• Support valuation governance and valuation reserve frameworks.
• Ongoing maintenance of related policies and procedures.
• Provide analysis and challenge of valuation assumptions and model outputs.
• Producing metrics and KRIs for stakeholder and contribution to the monthly valuation packs.
• Support daily P&L reporting and analysis/ attribution.
• Partner with P&L controller to investigate and resolve P&L queries when required
• Ensure accurate accounting and classification of P&L and Balance Sheet balances.
• Support monthly, quarterly and year-end financial close activities.
• Support internal and external audit requests.
• Lead process improvement, automation and control enhancement initiatives.
• Test and validate system developments and strategic change programmes.
• Maintain procedures, controls and valuation documentation.
• Support regulatory reviews and valuation governance forums.
• Assist with wider Product Control deliverables as required.

Skills

Valuation knowledge

Valuation controls

IPV

XVA concepts

IFRS/JGAAP understanding

Professional accounting qualification

Stakeholder management

Power BI

Alteryx

Excel

Education

Professional accounting qualification

Tools

Power BI

Alteryx

Job description

SMBC Group is seeking a skilled Product Control professional to oversee valuation control and IPV for the trading balance sheet. The role partners with Front Office, Risk, and Quant teams to challenge valuations, P&L drivers, and governance. Requires deep XVA understanding, and a professional accounting qualification.

Hybrid working in London, with the potential for discretionary incentives and a comprehensive benefits package, including pension.)