Head of IPV
Risk Department
London, UK
The Glencore Risk Department is an independent function aiming to control front-line trading. The Risk Department ensures that the risk-reward of the trading books is properly understood by Glencore senior management and that the physical exposure of the business - e.g. oil cargoes, electricity generation, gas deliveries - is correctly valued.
This position requires the individual to lead the IPV function across the Energy Trading division, covering products such as Oil, Power, Gas and LNG. The role will require the individual to have full accountability of the IPV work and regularly communicate with senior members of the Risk and Trading organizations.
Key Responsibilities
- Formalize the creation of an IPV function for the Energy trading division:
- Work to understand the challenges of the Energy division and, in particular, of physical markets (lack of liquidity, lack of observable markets)
- Coordinate with other Risk functions (Product Risk/Market Risk) to adjust price-testing requirements, in particular materiality
- Put together a strategy to roll out the function globally
- Hire and structure an IPV team as required
- Communicate regularly to senior risk management and recommend actions based on materiality of exposure
- Cooperate closely with other teams, both in the Risk organization and outside, to ensure a complete coverage of the IPV world
- Work with Market Risk on price-testing of pricing model parameters
- Coordinate validation of curve models
- Scope IT infrastructure creation/improvements
Education and Experience Requirements
- 5-10 years of experience in IPV in an investment bank or commodities trading house/major
- Excellent communication skills - must be able to understand others' perspectives and relate complex ideas to different groups, including senior management
- The ability to challenge proposals constructively to help ensure they are robust, whilst maintaining excellent working relationships
- Highly numerate, with good problem-solving and analytical skills
- Must be able to work effectively in a team, flexibly handling a wide range of potential issues
- Must be capable of working with significant autonomy and ensuring analysis is focused on delivering practical business benefits, often in tight deadlines
- Commodity experience, specifically oil and/or gas is advantageous not required