Valuation GRC Manager (Governance, Risk, Compliance)

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Valuation GRC Manager (Governance, Risk, Compliance)

senior · Risk & Compliance

The Valuation GRC Manager (Governance, Risk & Compliance) is responsible for designing, implementing and maintaining a robust valuation governance and control framework across UCITS, AIFs and alternative asset classes managed by the Super ManCo align with the Luxembourg regulations, circular and guidelines on Valuation. The role provides independent oversight and challenge over valuation policies, methodologies, models, third-party valuation providers, valuation committees, valuation evidence and escalation processes. It ensures that valuation practices are transparent, documented, risk-based, regulator-ready and aligned with the actual operating model. The role will establish and operate a valuation GRC framework with the following expectations: End-to-end governance, Risk-based oversight and Evidence-based control environment.

1. Valuation Policy Rewrite and Governance Clarity 

• Lead the rewrite and maintenance of the Valuation Policy, procedures and standards to ensure they are clear, centralised, practical and aligned with the operating model
• Define a valuation governance framework for liquid, illiquid and complex assets, including private debt, private equity, real estate, infrastructure, funds of funds and OTC derivatives
• Establish a clear RACI across Valuation, Risk, Compliance, administrators, Depositary, external valuers, Group providers, portfolio management delegates and valuation committees
• Define asset-class methodology rules, pricing hierarchy, source selection, escalation criteria, valuation adjustments, override controls and documentation requirements
• Clarify what constitutes a valuation model, when internal or third-party models are used, and how methodology changes are approved and evidenced
• Maintain alignment between policy, procedures, committee terms of reference, operating practices, Board reporting and regulatory files
• Ensure alignment with applicable Regulation in force and with other Company processes

2. Third-Party Valuation Oversight and Due Diligence 

• Design and operate a third-party valuation oversight and due diligence framework for external advisors and other valuation contributors
• Implement DDQs, provider risk scoring, selection criteria, independence and conflict checks, approval workflows, contract inputs and monitoring standards
• Produce initial and periodic due diligence reports, signed off by the valuation governance owner and presented to the relevant governance forum and related Valuation Committees
• Use a valuation report checklist covering methodology, inputs, assumptions, discount rates, benchmarks, cash flows, movements, sensitivities, limitations, valuation date and post-date events, in line with currently applicable procedure

3. Risk-Based Valuation Review Framework 

• Develop and maintain a risk-based valuation framework that assigns risk ratings to assets, funds and valuation cases.
• Define risk factors including materiality / NAV impact, Level 3 exposure, valuation model complexity, liquidity, stale or unobservable inputs, reliance on single pricing sources, credit events, market volatility, provider risk, prior-period valuation movements and data quality. This to be acknowledged in the Valuation Policy
• Establish escalation triggers, including material valuation movements, unexplained methodology changes, late valuation reports, inconsistent pricing sources, missing support, adverse market events, conflicts of interest, model changes, failed controls or unresolved challenges
• Maintain a watchlist of high-risk valuations, impaired assets, unresolved valuation challenges and overdue remediation actions

4. Model Governance and Independent Validation 

• Build and maintain a valuation model inventory covering model purpose, asset class, owner, developer, validator, approval status, version history, assumptions, inputs, limitations, change history and review dates
• Define model development, approval, validation, change management, retirement and periodic review procedures
• Ensure no material valuation model is used before independent validation is completed by a qualified person who was not involved in building the model
• Ensure validation evidence includes methodology assessment, input review, calculation testing, assumptions challenge, limitations, sensitivity analysis, back-testing where relevant, independent sign-off and senior management approval
• Maintain Valuation Committee governance and contribute to its organization and set-up
• Ensure model validation outcomes are reported to Risk Management, Valuation Committee and senior governance forums, with clear action tracking.

5. Control Evidence and Regulatory Readiness 

• Maintain a complete valuation governance evidence library, including policies, procedures, DDQs, due diligence reports, regular back-testing reports, provider scorecards, checklists, model validations, asset reconciliation controls, committee packs, minutes, conflict logs, escalation logs and action trackers
• Implement a documented asset perimeter reconciliation between Valuation, Alternative Assets Administration, Fund Administration and relevant delegates to ensure all assets requiring valuation are identified and reviewed
• Prepare reporting on valuation risk, high-risk assets, third-party oversight, model validation status, committee outcomes, exceptions, conflicts, NAV / valuation incidents, audit actions and remediation progress to be presented to executive meetings and Valuation Committees
• Act as a senior point of contact for internal audit, external auditors, consultants, Depositary, Risk Management, Compliance and regulators on valuation governance matters
• Support CSSF inspection readiness and ensure valuation governance documentation is complete, accurate and readily available

Education & Experience

• University degree in Business Administration, Finance, Economics, Portfolio Management or related field
• 10+ years’ experience in valuation governance, valuation oversight, risk management, compliance, audit, fund administration, fund oversight or alternative investment valuation at a Super Manco in the Luxembourg market
• Strong knowledge of Luxembourg ManCo / AIFM governance expectations, CSSF Circular 18/698, AIFMD valuation requirements, Delegated Regulation 231/2013, valuation model governance and third-party oversight
• Practical experience with alternative asset classes, ideally private debt, private equity, real estate, infrastructure, funds of funds and complex instruments
• Excellent written communication skills
• Ability to operate in a hybrid role: strategic GRC leadership, independent oversight and hands-on implementation of remediation actions

Technical Skills:

• Ability to interact with variety of partners globally and to build partnerships of trust
• Solid analytical skills and ability to rapidly comprehend complex issues; extensive knowledge of the fund industry (AIFM and UCITS) and different Company structures
• Ability to deliver sound opinion and to present solutions with impact
• Project Management skills to focus on key aspects in the face of complexity and time constraints
• Willingness to learn new things and to look into a broad range of topics
• Goal oriented, self-driven flexible

Languages:

• Fluent in English (oral and written); the knowledge of French or Italian is considered as a plus

Soft Skills:

• Strong leadership skills with the ability to drive delivery and take initiative
• Excellent stakeholder management, communication and influencing skills, including senior and executive level
• High level of organisation, analytical thinking and problem‑solving capability
• Strong governance mindset with attention to risk, controls and regulatory expectations
• Comfortable working in a fast‑paced, multi‑stakeholder environment
• Not afraid to take ownership and drive initiatives forward