AVP - Model Validation - Product Control Division

Division Overview:

The Product Control Division is a part of Finance and has below sub-divisions:

- P&L Reporting

- Valuations

- Structured Deal Review

Valuations Group is in charge of providing an independent valuation control across the entire spectrum of financial instruments within the firm's sales and trading inventory. Products range from plain vanilla to the most complex structured derivative transactions covering many asset classes like Equities, Commodities, Fixed Income, etc. The responsibilities of Valuations Group are broadly classified as below.

- Monthly price verification to ensure positions are marked correctly in the firms books and records

- Liaising with different internal/external parties to provide a truly professional, independent analysis

- Preparing summaries on review results for senior finance executives and the Trading Desks

- Developing and standardizing the existing price verification processes and control framework

- Understanding global financial markets, following up market movements and understanding impact on the business

- Project work as required on new systems and functionality enhancements

Business Unit Overview:

Product Control - Model Validation Group (PCMVG):

The Model Validation Group in the Product Control is the newly established team which Analyze, Review & Validate the models developed within Product Control division. This group assesses the integrity and suitability of the Model parameters including calibrated and unobservable parameters, perform implementation testing and highlight any model risks. This group is also responsible to determine an appropriate classification for Model Risk Rating. The outcome of the model reviews

Roles & Responsibilities:

- Review Product Control Valuation models - Ensure that the model meets its stated objective and intended use.

- Prior Independent Price Verification (IPV) and/or Model validation experience

- Ability to identify the Model Risks and rate them appropriately

- Preparation of model review documentation

- Familiarity of Front office Pricing and Risk methods

- Ability to communicate with key stakeholders and senior management

- Ability to work effectively on multiple projects / across product classes

- Must be discussed and agreed with the Model Owners, who are mainly Regional Heads of Product Control / Valuations.

The PMMVG works closely with Front Office including quantitative research teams, wider Finance and often with Pricing Model Validation groups. This role consequently offers significant exposure to various asset classes / regional market / practices within the Product Control and valuation areas and also to the front office Pricing models/ methodologies.