An exciting opportunity has arisen to join a new oil trading organisation based in Central London. The ideal candidate will have a product control / market risk background with previous experience dealing with physical products within a commercial trading environment. The role will report into the Head of Risk.
Purpose of Role:
Risk and market analysis of trading profit and loss / exposure that is used as a key management control for all international oil trading strategies.
Production/management of all daily reports to support this function including delta changes, deal economics, price exposure, hedge requirements and ad hoc management reporting.
Support the Head of Risk in implementing a risk framework for the new UK trading business.
Support the implementation of the CTRM system and thereafter taken on the responsibility of maintaining the system including being the single interface to the CTRM vendor for the trading business.
As Risk Analyst, you will focus on the reporting of Risk and P&L (including CTRM support) and the responsibilities will include but may not be limited to:
Management of the data integrity in our CTRM system, this is critical as it provides all the base information in our P&L, VaR and exposure analysis;
Understand physical deal economics including all key components (Freight, demurrage, finance, hedging, pricing) to correctly set up inception profit and loss / exposure. Once inception P&L has been established and agreed with the Front Office, the Risk Analyst is responsible for the daily trade reporting process, which includes analysing and explaining daily changes in P&L, VaR and exposure due to underlying market conditions, economics, and basis risk;
Supporting the Head of Risk in ensuring all basis risk and volumetric positions are correct and appropriate hedge and pricing actions are taken to mitigate the company's risk, and then ensuring all executions are correctly allocated within the CTRM system;
Checking physical and paper transactions are within Trading Delegations of Authority, and ensuring all limits are monitored and escalated as per the Risk Policy;
Close liaison with traders to understand trading strategies, ensure risk and P&L data is accurate and timely; and, with the physical operations teams for reviewing all cargo movements, either in tank, barges, waterborne etc. (delivered or to be delivered);
Proactively providing to the business beneficial commercial analysis. Specifically, monthly commercial and trading performance measures, analysis of pricing and basis risk around physical operations, new deal analysis etc.;
Support Finance in Monthly MI (Management Information) to MA (Management Accounts) reconciliation of all estimates used in P&L to the final invoice value to ensure trading P&L is deemed to be finalised and in line with statutory requirements;
Help to implement process and CTRM system improvements to streamline core activities, ensuring integrity of data through the implementation and use of suitable controls;
Act as the single interface to the CTRM vendor for all CTRM system related queries, including becoming a highly proficient user of the system to support other users of the system;
Ad hoc analysis and reporting, as requested.
Candidate Profile / Experience Required:
Degree, or equivalent, in Engineering/Mathematics or similar high numeracy discipline;
Minimum 2 years' experience Product Control/Market Risk experience within a physical oil trading operation;
Strong understanding of risks and P&L attribution;
Knowledge of physical, derivatives, and underlying transactional instruments;
Excellent communication and relationship management skills, both internally and externally;
Experience of improving existing procedures and implementing new control processes;
Experience of managing or supporting business growth;
Working under pressure and to tight deadlines;
Fast learner, active thinker who can gain an in-depth knowledge of the business and detailed familiarization of the daily reports. To identify easily when something doesn't look or feel right;
Able to take and maintain an independent approach and challenge where appropriate;
High proficiency with Excel VBA, and one other programming language (preferably Python).