Valuation Risk Controller, Vice President

  • Competitive
  • London, England, United Kingdom
  • Permanent, Full time
  • Morgan Stanley
  • 18 Mar 19

See job description for details

Company Profile
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments and individuals from more than 1,200 offices in 43 countries.

As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence and strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow. A philosophy that balances personal lifestyles, perspectives and needs is an important part of our culture.

Department Profile
The Finance Division reports to the Chief Financial Officer and consists of some 3,000 employees worldwide. Finance protects the Morgan Stanley franchise by serving as guardian of the Firm’s books and records, and by contributing to Firmwide risk management and risk reduction. This division maintains relationships with Morgan Stanley’s various industry and government regulators, and also serves as the conduit of financial information to the outside investment community. Finance plays a critical role as advisor to Morgan Stanley’s various businesses and its senior management team.

Team Profile
Valuation Control (VC) provides an independent valuation opinion across the entire spectrum of financial instruments within the Firm's sales and trading inventory and proprietary investment portfolio, ranging from vanilla products to the most complex structured and derivative transactions. The team leverages its diverse quantitative skill set and intimate product expertise to act as a guardian and approver of valuation methodology. The group's key clients are senior trading management and senior finance management.

The team is mandated to perform an independent valuation assessment on the diverse range of financial products. This process involves the certification of models and their valuation methodologies, testing for adherence to such
methodologies, evaluating internal valuation marks against external benchmarks, identification and resolution of valuation discrepancies, and communicating a valuation assessment to senior management.

The team is also involved in the continuous enhancements of the valuation control infrastructure with a view towards global and cross-product standardization.

Primary Responsibilities
The position is for a valuation risk manager to work within the London based EMEA Credit Complex mark review team with oversight over the IPV production team based in Budapest. The products covered within this role will include credit default swaps, corporate bonds, loans and asset backed securities.

The candidate will be part of the Global Credit Complex management team working closely with:
- Product control
- Trading Strategists, responsible for developing the models
- Business Unit
- Model Risk Management
- Market Risk
- Technology
- Auditors

The candidate will be specifically responsible for managing:
- Production, reporting and presentation of the monthly fair value mark review, ensuring positions are marked correctly in the firm's books and records. Some of the positions are illiquid; this requires working closely with the business unit and strategists to develop valuation techniques.
- Production, reporting and presentation of the monthly prudent valuation capital charge, ensuring valuation uncertainty is appropriately capitalised in accordance with regulatory technical standards
- Mark review and prudent valuation methodology documentation
- Enhancing prudent valuation and IPV methodologies as well as system enhancements
- Resource prioritisation and efficiency by challenging processes and procedures
- Regular contact with product control management during the month end mark review process
- Interaction with the business unit during the monthly mark review process
- Assignment of Fair Value Measurement Levels

In addition the candidate will need to ensure their team has a full understanding of the products traded by the desk and their modelling, marking and valuation adjustment methodologies.


Skills required
- Well developed team management competencies
- Strong analytical / quantitative and qualitative skills and should have the ability to develop methodologies to capture valuation uncertainty and to challenge valuation methodologies proposed by the business unit
- The successful candidate will need drive, determination and have an ability to work under pressure and to tight monthly deadlines
- The ability to develop strong internal client relationships
- Excellent academics including a good degree (or equivalent) in a highly numerate subject and good A level (or equivalent) results are required to be able to manage the product technical complexity of this area
- Derivatives knowledge/experience highly beneficial
- They should also have self-confidence, have good communication skills and be a strong team player as it is important to interact successfully with the broader control function and business unit
- Prior work experience within a product control, valuations or market risk function preferred
- Good understanding of how finance and derivative vertical risk systems work.

Morgan Stanley is an equal opportunities employer. We work to provide a supportive and inclusive environment where all individuals can maximise their full potential. Our skilled and creative workforce is comprised of individuals drawn from a broad cross section of the global communities in which we operate and who reflect a variety of backgrounds, talents, perspectives and experiences. Our strong commitment to a culture of inclusion is evident through our constant focus on recruiting, developing and advancing individuals based on their skills and talents.

Interested in flexible working opportunities? Morgan Stanley empowers employees to have greater freedom of choice through flexible working arrangements. Speak to our recruitment team to find out more.