Wat houdt deze vacature in?
Within Group Finance division Experts, Reporting & Accounting
(ERA) is responsible providing advice to the senior management of KBC
on certain key assumptions regarding reporting.
We are looking for an expert (“challenger”) in the IFRS Challengers team on fair value.
The IFRS Challengers team is situated within team GRE, Financial reporting CONSO & IFRS Challengers.
• The opportunity to interact with senior management by providing input on key decisions in the context of financial reporting
• Internal and external visibility as part of the experts’ team on fair value
• A diversified job with a broad view on KBC Group,
• A flexible, dynamic, multicultural environment with an open and pleasant working atmosphere
• The possibility for visits to KBC territories for certain tasks
• A steep induction and continuous training and development
Are you convinced that you want to join our team? Apply by clicking on the ‘apply’ button on this webpage. We friendly ask you to write an one-page motivational letter in English. We also request you to inform us about an indication of your salary expectations. We ask this information early in the recruitment process, to calculate the match between your expectations and the level of the vacancy. We will consider your application and give you feedback.
Wat verwachten we van jou?
You will be responsible for critically analysing the inputs for
financial reporting. More specific, and after a training period, you
will be coordinator of the team that focuses on fair value
measurements. A fair value of a financial instrument is normally
equivalent to a market price but such prices are not always readily
available. In such a case, models and assumptions are used to
determine the fair value which entails some uncertainty. The fair
value subteam within the IFRS Centre of Excellence focuses on all
aspects of fair value, regardless whether this fair value is
determined by a market price or by an underlying valuation model. Note
that besides fair value, other teams will focus on other relevant
aspects of financial reporting.
The critical analysis of the financial reporting has two main goals. First, it helps assuring that the quarterly and annual reports of KBC Group are compliant with IFRS and other relevant regulations. Second, the purpose is also to get sufficient comfort on the underlying valuation methodologies used and to ensure that these methodologies are adequate under the current circumstances.
Your specific responsibilities will include the following:
- You are expected to develop expertise in the area of fair
value. This entails two main blocks:
- Together with the other members of the team you will monitor IFRS developments concerning fair value, implement changes (if applicable) and give ad hoc advice with respect to the interpretation of IFRS guidelines on fair value. These advices can be directed to colleagues within Finance (both in Belgium and elsewhere in the Group) or in other departments. This also includes the follow-up of the standard market practices within the fair value area.
- Build up knowledge about the valuation of financial instruments to be able to perform quantitative analysis on the fair value figures provided by the various entities. The purpose is to conduct checks, such as the link between the movement of various market variables and the impact of this on the valuations, the impact of adjustments to the valuation methodology on KBC's results, etc. Apart from performing checks that are already in place you will also be able to contribute to the setup of new checks. Next to the analysis itself, reporting the results of your analysis to different stakeholders (Investor Relations, Management, other colleagues within Group Finance) in a correct and understandable way is an essential part of this task.
- You will act as secretary to the internal committee that decides on fair value questions. This role consists of preparing committee meetings, advising on proposals, presenting at the meetings, and communicating committee decisions. You will also be asked to (co-)represent Group Finance in meetings with other departments on fair value topics, you will act as the main contact person within Group Finance for fair value topics. In this role you will have a lot of contact with different departments in KBC (Group Risk, Middle Office Financial Markets, Group Treasury, Local Finance,…)
- Where relevant you will contribute to keeping the framework up to date that contains all guidelines concerning fair value. This framework is a translation of the IFRS Valuation Rules to specific guidelines and helps to ensure group wide consistency within KBC Group.
- Furthermore, the team is responsible for monitoring the correct application of all fair value guidelines. Therefore, you will also work closely with the local financial departments of the group entities to identify gaps and to help resolve them.
- Together with the team members you will be responsible for a thorough analysis of valuation models for financial instruments that are used to prepare the financial reports of KBC Group. The goal of these model assessments is to help ensuring that IFRS principles are respected and that insights are gathered on how to challenge the model output. This analysis will also provide users with a better feeling of the accuracy of the model output and of the importance of underlying assumptions. In addition, attention will also go to the consistent use of a model in a larger context and to potential model uncertainty. These model assessments are performed on an ad hoc basis (when a model changes, a new model is implemented,…) You will have frequent contact with external audit to answer questions, explain results/process and deliver documentation. Moreover you will be responsible for handling recommendations from internal and external audit (if applicable) and answer questions from the regulator.
- On an ad hoc basis, you may be asked to give training about your area of expertise and participate in projects related to your expertise
- After a
training period, in which you will acquire the necessary knowledge,
you will coordinate the efforts of the fair value team and will be
responsible for the work planning and follow up of team members. In
addition, you will be the primary contact for the department head
and management for these issues.
- Master's degree in Commercial Engineering, Applied Economics or equivalent degree
- Past professional experience of at least 3 years in the finance sector
- Product knowledge of financial instruments (derivatives, shares, bonds, ...), knowledge of valuation methods and a good understanding of the financial markets are an asset
- Mathematical insight, basic knowledge of statistics and affinity with accounting and financial reporting.
- Past experience with IFRS modeling or validation is a pro
- Excellent communication skills in English
- The motivation to integrate into our team and its supportive culture
- Self-starting with the desire to continuously develop
your knowledge and skills
Wat hebben we je te bieden?
You can count on KBC for:
- active support during your career,
- an exceptional range of training and development opportunities,
- many different career opportunities,
- a permanent contract,
- a competitive salary package, including an extensive package of additional benefits and special terms for employees for our banking and insurance products,
- possibilities to integrate your work and private life,
- a dynamic working environment with
an open culture and pleasant atmosphere.
Gepubliceerd op 26/01/2018
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