Commodity Risk Manager

BPLondon, UK3M ago

We are a global energy business involved in every aspect of the energy system. We have 75,000 employees in 80 countries, working towards delivering light, heat and mobility to millions of people, every day. We are one of the very few companies equipped to solve some of the big complex challenges that matter for the future. We have a real contribution to make to the world's ambition of a low carbon future. Join us, and be part of what we can accomplish together.

Our supply and trading business connects BP to the world’s traded markets for oil, gas, power, refinery feedstocks and currencies. We market BP’s equity crude oil and natural gas, import feedstocks for our refinery system and buy products to meet marketing demand.

We offer a combination of unique expertise in physical supply and trading, innovative financial structures, and world-class analytics to deliver long-term value, from wellhead to end customer.Integrated Supply & Trading is BP's face to the traded markets for BP in oil, gas, power, chemicals and finance.

IST's role is to enhance Group value through distinctive supply, commodity trading, risk management and information technology skills underpinned by a world class finance, control and compliance infrastructure. IST has a dynamic and highly skilled workforce, which creates value by combining analysis and commercial innovation with the material asset base of BP.

The Commodity Risk Manager is a key leadership and control position within the Commodity Risk function and Integrated Supply and Trading Finance. The position is accountable to the HoCR for a specific commodity’s aspects of finance and risk control. It includes:

- primary interface for the trading and supply benches - coordination of daily activities of the Commodity Risk Analysts and Leads in order to meet the team’s core responsibility.


Key accountabilities

  • Responsible for providing independent, timely, globally aligned and accurate valuations of trading book position, exposure, performance data and risk analysis to facilitate trading execution, control of trading, management reporting, market risk management, credit risk management and compliance.
  • Validating integrity of management information provided to Financial Accounts for the Group Accounts and financial disclosures.
  • Independent understanding to identify/escalate and mitigate financial, operational & reputational risk related to trading book positions and exposures. 
  • Interpreting IST’s MTM and market risk policies and ensuring their applications in IG. 
  • Providing assurance required as part of the process through which new activities and projects considered by the Front Office are being evaluated
  • Single point of contact on any working capital related issues. Forecasting, allocation and optimization of working capital for ensuring book remains within limits.
  • Provide support for entering/exiting new instruments/markets & growth/contraction of existing business via effective due diligence.
  • Implement any Operating Standards and Control Processes in relevant region.
  • Hold relationship with relevant regional Trading Managers and Commercial leadership.
  • Hold line responsibility for all HR and people processes of staff and ensure appropriate capability and resourcing within team. 

Ideal experience

  • A solid University degree or equivalent in a quantitative discipline (science, engineering, etc.) is a requirement. Professional qualifications in financial analysis, risk management, business or operations research would be desirable but are not required.
  • Essential experience and job requirements
  • Solid relevant experience, acquired working either within BP or at a firm in a related field (energy trading firm, financial institution, etc.).
  • Good knowledge and understanding of energy trading markets and instruments 
  • 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 across IST.
  • Business experience in financial accounting and/or risk control within a trading environment 
  • Strong understanding of key risk controls used to mitigate risks and a sound understanding of the need for a robust risk management framework in a trading environment.
  • Strong analytical skills (the ability to grasp and communicate complex trading transactions into their economic effects)
  • Attention to detail and ability to work within a very deadline orientated environment
  • Good understanding of the fundamentals of trading, including extensive familiarity with options, derivatives and other trading instruments.
  • Demonstrated leadership attributes and a desire to lead and develop people
  • Knowledge of the front to back Deal Life cycle, the role of Commodity Risk through this cycle

Desirable criteria & qualifications

Formally recognized Accounting qualification (ACA, CPA etc), MBA, FRM or CFA

Solid understanding of Credit Risk

Some experience of New Activity Integration and Project Management