Our client is a global Oil trading company, based in Central London.
Their core focus is the supply, marketing and trading of physical and derivative crude oil and refined petroleum products.
We are looking for an experienced Risk Manager to lead and manage a small team who manage the risk for the supply and trading business, provide information to traders for what position to hedge, and provide information to management on PnL, VaR, market price risk position and credit risk.
KEY RESPONSIBILITIES:
Leadership:
- Lead and manage the Risk Control department.
- Advisory function for Risk Control relevant topics to the Executive Board
- Define and communicate the goals of the Risk Control department.
Risk management:
- Daily monitoring and reporting to management on limit utilisation and risk exposure, in particular regarding market price and counterparty risk in a quantitative manner (e.g. VaR and PFE).
- Scenario analysis, stress tests and back testing of pricing, market and evaluation models.
- Assessment of long-term risks, especially in the context of yearly strategy development, new projects and M&As.
- Position analysis and reporting for management defined metrics.
- Responsibility for the accurate risk measurement of trading positions in the Energy Trading and Risk Management system (ETRM).
Compliance:
- Maintenance of the risk rulebook, the risk procedure handbook, the annual plan and the trading mandates, as well as monitoring adherence to the guidelines defined therein
- Escalation of any limit breaches or violations of risk regulations and directives
- Approval of procedures regarding position modelling, valuation, and P&L calculation as well as of new products and instruments, enabling best-practice industry standards for all risk-related activities
- Enforcement of data compliance (especially for external market price data) and review of market conformity of prices, volatilities and correlations.
Problem Solving:
- Steers complex functional tasks and broadly defined problems in trading areas with many touchpoints and interdependencies to traders, operators and finance. Situations regularly require adaptation or development of new solutions through analytical, interpretative, evaluative, creative and innovative thinking, as this is typically in trading.
- Defines procedures, guidelines and policies (Annual Plan, Rulebook) and provides input for long-term strategy. Provides clear, useable advice to the business. Leads internal discussions and questions status-quo. Lead role for all risk control tasks and implementation of new trading strategies.
Accountability
- A highly international role that manages processes or people for all risk control related tasks of oil trading located in Europe and Singapore, with dedicated resource responsibility for risk control team. Decides within area of responsibility in a complex and dynamic environment.
- Management roles: Leadership responsibility for Oil Risk Control department with budget responsibility.
ETRM/Digitalization:
- Involvement in the requirements for and the design and implementation of the ETRM including interfaces to neighbouring systems and support of the implementation of an integrated IT landscape
- Responsibility for testing risk functionality in case of IT system upgrades and new releases
- Responsible for the ETRM Super User function
- Leading digitalization and optimization of processes for the risk control team
REQUIREMENTS:
- Educated to degree level (or equivalent).
- Quantitative risk metrics understanding and risk modelling experience
- Understanding of imperative programming languages
- Previous professional experience as Risk Manager/Controller within a commodity bank, energy business, energy trading house.
- Oil industry experience, for physical oil, refined products and derivatives
- Excellent knowledge of Trading instruments (Physical, Swaps, Futures, Options)
- Very good understanding of trading concepts and exposure and the key controls required to support a trading business
- Very good theoretical and practical knowledge and application of quantitative risk metrics and risk modelling
- Very good knowledge of operational side of Trading in order to understand different positions
- Very good knowledge and experience with ETRM systems and excellent MS Excel knowledge
- Elementary understanding of imperative programming languages, for instance VBA for Excel or Python
- Affinity with numbers with strong analytical capabilities and attention to detail
- Business level of English language (verbal and written) essential with excellent communication skills with the ability to communicate complex issues simply
- Self-starter with the ability to work independently under stress and to meet deadlines also an effective team player