STPD - Product Control - Vice President - SMBC - #2164462

SMBC: A trusted partner for the long term

Here at SMBC Group, we want to help you find the next step in your career so read on to discover if this opportunity is the one for you. We like to recognise potential in our people, so we welcome your application even when your experience doesn't perfectly align with the job description. Whilst we'll always strive to be better, we're proud of our inclusive culture, and encourage our applicants and colleagues to be their authentic, unique selves.

Who we are

United by a sense of purpose towards our customers - to be a trusted partner for the long-term - and our universal banking platform in EMEA, SMBC Group has an international growth agenda and award-winning products, meaning we provide exciting opportunities to work on a diverse range of projects and initiatives. We deliver a full suite of corporate finance products and solutions to our customers as well as investment banking and advisory services, and a range of innovative solutions in global capital markets. Read on to find out how you could enhance your skills and gain valuable experience, by joining us to support our clients transition to a sustainable future.

Role Summary

This role sits within the Product Control team and is responsible for the independent valuation oversight and control of trading balance sheet. Whilst the role primarily covers valuation, it will also require supporting P&L reporting processes.

The role acts as a key partner to Front Office, Risk and Quantitative teams, providing challenge and insight on valuations, P&L drivers, market data, valuation adjustments and fair value reporting. Strong product knowledge and a solid understanding of derivatives & cash products valuation methodologies, including XVA (CVA, DVA, FVA, MVA), are essential.

The role combines daily control responsibilities with broader ownership of valuation governance, IPV, balance sheet substantiation, process improvements and strategic change initiatives.

The anticipated salary range for this role is £80,000 - £120,000, with the final offer determined based on the candidate's skills, experience, role scope, location, and relevant market factors. In addition to base salary, the role may be eligible for a discretionary incentive award and a competitive benefits package, including core benefits such as pension provision.

This specific role supports the control of derivative trading activities under the Macro Rates Business/Risk Solutions Group/DP Ltd (Sales & trading - Global Markets).

Business Area

Finance - Product Control

Position Description

Valuation & IPV 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
  • Prudent Valuation Adjustments (PVA)
• Assess valuation impacts arising from new products, model changes and market developments.
• Support valuation governance and valuation reserve frameworks.
• On going 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.

Daily P&L & Control Responsibilities

• Supporting of 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.

Product & Change Responsibilities

• SME for derivative products including:
  • Interest Rate Swaps
  • Cross Currency Swaps
  • FX Forwards
  • FX Options
  • Total Return Swaps
  • Structured derivative products
• 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.

Skill set required

• Strong valuation knowledge of cash products, derivatives, financial markets and risk drivers.
• Product Control experience covering both Valuation Control and P&L.
• Strong knowledge ofIPV, valuation reserves and valuation governance.
• Good understanding of XVA concepts (CVA, DVA, FVA, MVA).
• Strong analytical, problem-solving and stakeholder management skills (ad-hoc presentations/Townhalls).
• Experience driving process improvements, controls and automation initiatives.
• A basic understanding of IFRS & JGAAP for fair value methods.
• Candidate should have a professional accounting qualification.
• Power BI and Alteryx skills useful. Excellent excel skills essential.

Competencies

Customer Focus

Driving Change

Driving Results

Embraces Diversity

Enterprise Leadership

Judgement and Decision Making

Risk Management

Strategic and Visionary

Trust and Integrity

What we offer

For all the expertise and experience you bring to help us make a difference, it's only sustainable if we support you to build your career and be your best self so we offer competitive company benefits, centred around promoting positive well-bring and work-life balance. We also believe in fostering a diverse and inclusive work environment, where all team members perspectives and contributions are valued. Initiatives in place which promote a diverse and inclusive culture and healthy work life balance include hybrid working, Sport & Social Clubs and Diversity and Inclusion networks.

As an employee of SMBC you have access to a host of both useful and exciting benefit offerings. See below some of the benefits on offer to you:

Hybrid and flexible working

Competitive paid leave daysBenefits to support your physical wellbeing, including private medical insurance and