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What’s the role?
The Crude Market Risk Manager is a member of the Oil Market Risk team and reports to the Head of Market Risk Oil. The Oil Market Risk Team is responsible for understanding the trading markets and strategies employed by the oil trading business of Shell Trading and Supply.
The Shell trading business is one of the world’s largest independent energy companies, operating in more than 70 countries.
You will be responsible for the following:
- Develop and apply fair economic value principles across the Crude Oil business, coordinating across the global risk managers to ensure consistent application. This includes providing modelling support and challenge with stakeholders on valuation inputs and parameters.
- Ensure that all exposures generated are fully understood and that these exposures and resultant P&L are properly evaluated, validated and analysed prior to any income being reported.
- Provide independent advice and guidance on the level of risk/return in the business and whether this is congruent with the agreed level of risk appetite.
- Identify risks, look at model and portfolio assumptions, market inputs, pricing issues, valuation parameters and instrument types.
- Produce ad-hoc analysis to explain P&L or exposure changes to Front Office, assist them with queries and requests for system setup changes.
- Ability to solve real world business problems using quantitative and computational techniques.
- Provide analysis, review and comments on New Business Proposals. Where applicable, provide peer review and challenge to the deal proposals for other businesses. Ensure that the systems and support functions are ready for when trading commences.
- Carry out the review and execution of SOX controls within their organization, and manage communications with auditors after they are completed.
- Work with the Valuation and Quantitative Analytics teams to understand and model embedded physical optionality and how optimization of physical portfolios changes exposures.
- Assist in limit setting and monitoring of the Crude Oil business, but equally play a key role in limit setting globally across the Trading and Supply business. Ensure that all trading activities remain within mandated limits, and escalate appropriately if they are exceeded.
- Ensuring that error-checking is a natural part of all processes so output is ‘Right First Time’.
- Promote a culture of continuous improvement across all levels of the organization by having courage to challenge established processes. This includes identifying inefficiencies in local and global operations and opportunities to streamline and automate shared processes and interfaces.
- Support digitalization and automation to smooth the flow of information across the business and to remove manual tasks.
- Drive understanding of the design and utilization of methodologies to assess risk/reward of the portfolio, including VaR back-testing, stress testing, scenario analysis, liquidity analysis.
- Understand and explain changes in VaR by breaking down the impact by its underlying drivers, and ensuring that the VaR accurately reflects the positions taken and volatility of the relevant market.
- Produce content for and occasionally participate in the quarterly Risk Committee meetings with Senior Leadership. Powerpoint skills to produce presentations for Executive level presentations.
- Ensure that Market Risk fulfils its role as an independent “check and balance” function and is viewed as such by other parts of the organization.
- Actively manage resources and processes to optimise the efficient analysis of risk across the portfolio, manage change and prioritise accordingly.
- Define and advance analytical mindset and behaviours by providing support for training and learning opportunities to analysts to enhance their understanding of trade book strategies, complex deals, trading and risk mandates, and market fundamentals.
Competencies
- Capable of being independent from front office; able to objectively analyse and report risks and exposures. Regularly engage in discussion with traders and management about exposure taken and resultant P&L.
- Strong stakeholder engagement skills, having the self-confidence to challenge traders on deals, valuations, positions, limit mandates.
- Excellent communication skills; the role will require writing reports and policies and presenting analysis and insights to senior stakeholder.
- Team player, with good collaboration and interpersonal skills.
- Ability to articulate and communicate complex scenarios and ideas in a clear and concise manner whilst understanding the perspective and experience of others.
- Ability to coach and mentor team members as well as members of other teams who require knowledge or skills that Risk can provide.
What we need from you
We are keen to hear from risk professionals with substantial experience within a trading and risk management organization, including a strong understanding of trading, operations, risk, compliance and mid/back office business processes, policies, procedures and controls.
We would also like to see the following:
- Degree in Business, Economics, Mathematics, Science, Engineering or IT; or relevant workplace experience in the energy trading industry.
- Experience of leadership in a team or project; leader and adviser in implementing new processes with short-dated hard deadlines.
- Thorough understanding of financial, commodity and energy markets, derivative instruments, and hedging techniques. Knowledge of options theory, risk of options, and trading strategies.
- Candidates shall possess extremely good judgment and shall be able to provide advice, while balancing risk and value on a daily basis.
- Reliable, dependable and disciplined. Excellent attention to detail, methodical, organized. A trusted partner of the business.
- Resilient when working under pressure, with the ability to prioritise tasks to meet key deadlines.
- Good judgement to provide advice, question discrepancies, escalate issues.
- Learner mindset; innovative and creative, excellent problem-solving capabilities.
- Technology oriented; ability to utilise new technologies to enhance existing controls, processes, and offer detailed trading insights
If you don't see yourself fully reflected in every job requirement listed on the posting above, we still encourage you to reach out and apply. Research has shown that not everyone often applies when they do not feel 100% qualified. We are committed to creating a more equitable, inclusive, and diverse company and we strongly encourage applicants of all genders, ages, ethnicities, cultures, abilities, sexual orientation, and life experiences to apply. We look forward to receiving your application.
About Shell UK
Shell is an international energy company that aims to meet the world’s growing need for more and cleaner energy solutions in ways that are economically, environmentally, and socially responsible. It is one of the world’s largest independent energy companies, operating in more than 70 countries.
Shell has a global target to become a net zero emissions energy business by 2050. This means that Shell aims to be net zero on all emissions generated by its operations and the energy needed to power them. The company is working with customers, business, and governments to address emissions across different sectors.
In March 2022, Shell UK announced an ambition to invest between £20 to £25 billion in the UK energy system over the next decade, more than 75% of which is intended for low and zero-carbon products and services including offshore wind, hydrogen, and electric mobility. These investments, which are subject to board approval, aim to propel the UK closer to net zero whilst intending to stimulate economic growth and jobs.
Our people are our greatest asset, and our commitment to your career will see you thrive in a work environment that offers an industry-leading development programme. When your ideas travel, Shell will benefit, and innovation will thrive. Shell has a key role to play in helping meet the UK’s growing energy demand, whilst using innovative technologies to develop cleaner energy. We are one of the largest FTSE 100 company in the UK by market capitalisation and make a significant contribution to the UK economy.
An innovative place to work
There’s never been a more exciting time to work at Shell.
Join us and you’ll be adding your talent and imagination to a business with the ambition to shape the future – whether by investing in oil, gas and renewable energy to meet demand, exploring new ways to store energy, or developing technology that helps the world to use energy more efficiently, everyone at Shell does their part.
An inclusive place to work
To power progress, we need to attract and develop the brightest minds and make sure every voice is heard. Here are just some of the ways we are nurturing an inclusive environment – one where you can express your ideas, extend your skills, and reach your potential.
- We’re creating a space where people with disabilities can excel through transparent recruitment process, workplace adjustments and ongoing support in their roles. Feel free to let us know about your circumstances when you apply, and we’ll take it from there.
- We’re closing the gender gap – whether that’s through action on equal pay or by enabling more women to reach senior roles in engineering and technology.
- We’re striving to be a pioneer of an inclusive and diverse workplace, promoting equality for employees regardless of sexual orientation or gender identity.
- We consider ourselves a flexible employer and want to support you finding the right balance. We encourage you to discuss this with us in your application.
A rewarding place to work
Combine our creative, collaborative environment and global operations with an impressive range of benefits and joining Shell becomes an inspired career choice.
We’re huge advocates for career development. We’ll encourage you to try new roles and experience new settings. By pushing people to reach their potential, we frequently help them find skills they never knew they had, or make career moves they never thought possible.
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