Senior Change Valuation Manager - Director

BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 73 countries, with more than 196,000 employees, including around 149,000 in Europe. The Group has key positions in its three main activities: Domestic Markets, International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services), and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors.

BNP Paribas Corporate and Institutional Banking is a globally recognised leader offering capital markets, securities services, financing, treasury, and advisory solutions.

Within Finance department, Valuation Risk & Governance (VRG) is a team dedicated to the supervision of the entire Fair and Prudent Valuation chain and its use in various downstream chains such as the P&L chain and the Capital chain, acting as a 2nd Line Of Defense. The mandate of the team covers essentially the Global Markets activities in CIB, but extends beyond this scope to cover the main portions of the group fair valued balance sheet. This involves the following:

• Shared responsibility with RISK in animating the Governance on Valuation, which consists on a set of Monthly and Quarterly committees which aim are to validate the actual production figures and the methodologies (Fair and Prudent Value Reserves, Methodology Corrections, IPV, XVAs, IFRS13 Levelling, Day One Profit, Models valuation)
• Define the methodologies of Observability (IFRS13 Levels) and Day One Profit deferral,
• Participate in the methodology discussions linked to Fair Value and Prudent value,
• Define rules for Non-Standard Bookings and control actual Bookings via committee
• Guaranteeing the comprehensiveness and quality of controls concerning valuation,
• Resolution facilitation or escalation of valuation disagreements and control deficiencies,
• Coordinating the actions of departments involved in valuation (Front Office, RISK, Valuation Control, P&L control, and other Finance teams), inclusive of the setting of responsibility schemes,
• Reporting findings to Business heads, and to a senior valuation governance forum involving CIB management, RISK, and Finance & Strategy

Reporting on major Valuation topics to Financial Auditors and Banking Regulators

Job Purpose & Scope

• Senior Change Valuation Manager
• The scope of activities is Group-wide where positions are Fair Valued and XVAs are computed

Key Responsibilities

• Responsible of change management within the team, the subject matter expert will:
• Hold the accountability over the relationship with Auditor and Regulator teams and will be involved in changing regulation, new requirements for reporting, regulators questions/recommendations
• Carry a vision forward in terms of change of processes and tools that engages project teams and budgets for several years forward
• Carry complex financial analysis that can have a significant financial impact at the Group level (DOP savings, leveling optimisations and observability methodologies, Prudential AVA methodologies, MAP and Reserves methodologies in collaboration with RISK MFI, etc.)
• The entire VRG perimeter is in scope for this role: Global Markets, ALMT, Banking Book, etc.
• Unlike the other members of the team, the Senior Change Valuation Manager will not be constrained by the BAU (monthly, quarterly governance on valuation) and therefore will be able to progress on the changing topics, even during month/quarter ends, that are also sometimes very critical to progress on
• The Head of VRG Paris and the Head of VRG London remain responsible of the governance on all DOP, VRC/GCARC, VMC, PFC/Pruval committees, + usual Reportings like COREP in function of usual split of responsibilities between Paris vs. London
• The Senior Change Valuation Manager will report to the Head of VRG

The Requirements

• Solid experience in financial industry
• A solid understanding and strong experience working on Financial instrument’ Valuation topics (IPV, Fair Value Reserves), with a strong background on either Fixed Income or Equities asset classes
• A solid experience on IFRS 13 Levelling and Day-One Profit is also required
• A solid experience on computing and reporting on Prudent Valuation, Additional Valuation Adjustments
• A very good understanding of risk concepts (delta, vega, VaR…);
• A deep sense of control in particular on independent valuation controls;
• Practical knowledge of deal processing flows and associated issues;
• MS education background (accountancy qualification would be a plus);
• Good PC skills (VBA and Access, Python would be a serious plus)
• Positive attitude to complying with deadlines and objectives;
• Ability to work under strong closing pressure
• Effective organisation and time management, including ability to prioritise workload;
• Excellent communications skills;
• Quality-focused, detail-oriented, and problem-solving skills;
• Robust and confident personality;
• Self-driven and autonomous
• Team player and providing support to more junior team members

Equal Opportunities

BNP Paribas promotes equality of opportunity and is committed to ensuring that no individual is discriminated against on the grounds of age, disability, gender reassignment, marriage or civil partnership status, pregnancy and maternity, race, religion or belief, sex, or sexual orientation.

As an employee with BNP Paribas London Branch, we want to make sure that you are rewarded for your commitment. As such, you will be entitled to our award-winning benefits package which includes a generous holiday allowance of at least 34 days (including bank holidays), a non-contributory pension of 12%, private healthcare, GP service, and dental cover all as standard, along with a number of personal insurances such as income protection, life assurance, and personal accident insurance. We believe in ensuring all our employees have a positive work-life balance so in addition you will also have access to a variety of flexible lifestyle benefits such as cycle to work and green car leasing schemes, season ticket loans, and reduced cinema and gym membership to name a few.

For further information, and to apply, please visit our website via the “Apply” button below.