Trading & Shipping (T&S) is BP's face to the traded markets. T&S's role is to enhance BP Group value through distinctive supply, commodity trading, risk management and information technology skills underpinned by a world class finance, control, compliance, risk analytics and management infrastructure.
The Commodity Risk Group is a key middle-office, risk, and financial controls function accountable for ensuring that trading and origination activities are conducted within a robust control framework. The Commodity Risk Lead will play a key role interfacing with trading, marketing & origination, operators, structuring, and support functions for the Structured Solutions & Strategic Origination (SSSO) benches. It requires balancing independence with a business enabling partnership. This position is accountable for delivering creative solutions to facilitate achieving SSSO business goals while maintaining a strong control environment, daily P&L reporting, month end close process and providing analytics to support business insight, including working capital and cash while enforcing the T&S Operating Standards & Control Processes. The position reports to the Senior Manager of Commodity Risk.
- Develop understanding of SSSO commercial businesses.
- Establish strong relationships with commercial and functional teams.
- Deliver insightful reporting and analytics that enable business decision making. This is achieved through timely, rigorous, and accurate reporting and analytics of exposure, market risk, costs, gross margin, cash and working capital
- Facilitate and oversee effective and consistent compliance and controls, both internally and externally, while ensuring financial integrity for T&S. Facilitate discussion s with both internal and external auditors.
- Liaise with front office, settlements, and accounting to resolve any discrepancies on counterparty, pricing, volume and Mark to Market (MTM) value, accrual, and gross margin
- Bring transparency to deal structures and explain financial impacts in operational terms to Senior Manager of Commodity Risk and other members of the leadership team
- Maintain and review MTM, exposure and P&L by deal, portfolio, trader, region, and strategy
- Lead due diligence discussions with Commercial and Finance leaders
- Lead month end close process and support accounting in month end closings
- Support regional and global process standardization initiatives
- Support any ad hoc reporting requirements
- Liaise with IT to lead and manage process improvements/simplifications initiatives.
- Experience working in a commodity trading environment with a bias toward NGLs, oil, oil products and natural gas
- Experience with complex structured physical and financial transactions, including working capital structures
- Understanding of front to end transaction lifecycle, key operational and financial controls, applications employed and ability to assess change impact across functions
- Team player and eager to learn and teach in partnership with other team members within the team and across other trading benches.
- Able to grasp and communicate complex transactions in layman terms for non-technical audience, while highlighting the key economic effects & associated operational and market risks.
- Self-motivated with the intellectual ability and curiosity to read, interpret, and maintain current knowledge of relevant trading and market fundamentals.
- Ability to multi-task independently in a dynamic and changing business environment, within a global structure and under tight deadlines.
- Champion change through visible and active commitment to drive the change process, while able to articulate the vision for change and engage with stakeholders to build alignment.
- Strong interpersonal and communication skills (verbal and written).
Desirable criteria and qualifications
- Bachelor’s Degree in Finance, Accounting, Economics or related field
- MBA or other financial certification including CFA, FRM, CPA.
- Experience in Product Control/Middle Office
- IT skills (Energy Trading/Risk Management systems – Solarc Right Angle, Endur Advanced MS Excel, programming languages like Python, tools like Power BI)
- Solid knowledge and understanding of energy trading markets and instruments