Market Risk Manager – Oil recruitment
We are a Blue Chip Commodities Trading Company based in Canary Wharf, London. Due to continued growth we are looking for a Market Risk Manager to lead our physical Oil team.
The Risk organisation is an integral function within our global oil and gas trading and supply activities. Risk is comprised of teams with expertise in Credit Risk, Market Risk, Operational Risk and Risk Quantitative Analysis. All the Risk teams provide both independent oversight of our trading activities as well as support the business in various commercial decision making capacities. The teams ensure we are operating within approved limits, advise management of areas for review as well as provide pre trade support and risk analysis.
The Market Risk Manager reports to the Head of Market Risk Europe and is responsible for managing a team of risk specialists and driving the improvement in market risk measurement and control within his/her area of responsibility.
Market Risk Manager key accountabilities include:
• Daily management of the respective market risk team, setting expectations, motivating and developing individuals;
• Continuously engage with Front Office to understand the trading strategies;
• Providing the coordination/drive for the identification of market risk issues within Oil, identifying possible solutions and coordinating implementation of the preferred approach with Middle Office and IT;
• Interpreting our market risk policies and ensuring their applications in Oil. In particular, he/she will be working with other Market risk teams to ensure consistency on policy implementation wherever possible.
• Provide the Market Risk view for new products/activities and significant transactions for those approved at the regional level and provide advice to the Head of Market Risk Europe for those products/activities and transactions that need sign off at the Commitments Committee;
• Oversee the running of risk models and production of market risk numbers (including MVaR); Providing explanation of why these numbers have changed, and interacting with Front-Office in understanding the trading strategies underpinning the risk that is being measured.
• Working with the Middle Office to ensure that adequate market risk discipline and control prevails in Oil;
• Ensuring that risk models and methodologies used within Oil are in line with group policy requirements. This would include for example the setting of requirements on stress-testing, etc.; and
• Providing input into the definition of group-wide market risk policies and procedures by representing the risk agenda of oil.
The successful Candidate must have several years of physical Oil Market Risk experience, acquired working within in a related field (energy trading firm, financial institution, etc.). He/she must be a team player able to operate within a complex and dynamic trading business. In addition, he/she must possess the interpersonal, communication and decision-making skills, coupled with the business acumen and sound commercial judgement to build credible relationships.
Market Risk Expertise
The Candidate will be familiar with the principles of market risk measurement and control. He/she will have a good understanding of the alternative methods available to calculate value-at-risk, define appropriate risk factors, account for non-linear instruments, etc.;
• The Candidate will also have practical experience using market risk systems, preferably but not necessarily in an energy environment. He/she will be familiar with the practical difficulties/limitations of MVAR and other risk measures (volumetric limits, Greeks, etc);
• The Candidate will have a sound understanding of the need for a robust risk management framework in a trading environment. He/she will know how risk limits should be set and controlled in order to ensure that the organisation only takes the risks it is comfortable with; and
• The Candidate will also have a good understanding of the fundamentals of trading, including extensive familiarity with options, derivatives and other trading instruments.
• The Candidate is expected to have financial modelling experience, and be familiar with the use of option valuation models, Monte Carlo simulations and other forms of quantitative analysis. Practical experience of this must be demonstrated and is a prerequisite.
Other essential skills and knowledge: You must be a team player able to operate within a complex and dynamic trading business. In addition, you must possess the interpersonal, communication and decision-making skills, coupled with the business acumen and sound commercial judgement to build credible relationships across the group.
Management and Interaction Skills
• The Candidate will be very articulate and able to communicate complex issues to non-specialists in a concise and clear manner.
• The Candidate will effectively lead and manage a group of risk specialists and actively work towards their development.
• Will use his credibility and professionalism to convince people he/she interacts with in order to obtain their support.
• Will engage with other teams (e.g., Gas/Derivatives Market Risk teams, Middle Office, IT, Compliance, etc.) and work together to achieve the best outcome for the group.
• Will adhere to the principles of our Leadership Framework and will be responsible to ensure others follow it.
Performance Drive
• The Candidate will demonstrate a strong focus on delivering solutions in a timely and effective manner with minimum guidance or supervision;
• Will exercise judgment and make sound decisions in the face of incomplete data with varying degrees of risk; and
• Will know how to effectively and efficiently handle a variety of tasks, set priorities for himself/herself and measure and anticipate problems in order to accomplish specific priorities, goals and results.