EM&T Head of Credit Risk
Centrica plc is an integrated energy company operating principally in the UK and North America. The Centrica Board views an independent financial risk management function as a key control requirement underpinning the development of all Centrica businesses. Centrica’s trading/origination activity in Europe and its LNG business are undertaken within a unit called Centrica Energy Marketing and Trading (EM&T). This activity gives rise to aggregate credit exposures to counterparties that may reach £2 billion or more.
The Risk Function comprises risk teams covering each of the business units (BU), plus a central Group Risk Team coordinating the management and reporting of Group-wide financial risk.
The EM&T Head of Credit Risk (HCR) is responsible for ensuring management of EM&T Credit Risk and reporting/assessment of EM&T-level risk. The HCR and his/her team are expected to manage and provide overall oversight of counterparty risk (credit risk) within EM&T. The HCR reports into the EM&T CRO, and has a team of 8 specialists across London and Aalborg.
The HCR and team are expected to act as independent sources of credit risk management expertise and support EM&T and other Centrica businesses as required.
The HCR is responsible for ensuring that credit risk in EM&T is appropriately measured, reported and controlled, under the responsibility of the EM&T CRO.
The HCR’s key credit risk management responsibilities include:
- Implementation of the Group Counterparty Credit Risk Policy and definition of individual BU Credit Risk management procedures, technical standards and guidance based on the Group Counterparty Credit Risk Policy
- Provision of independent Credit Risk support, advice and challenge to Commercial Team as part of Credit Risk approval process, reporting process and informal discussion
- Identification and reporting on Credit Risk in a timely fashion
- Escalation of issues and breaches to the BU CRO including remedial actions.
- Act as custodian of Credit Risk systems and conduct ongoing risk assessment and record keeping in relation to Credit Risk management activities
- Oversee the development of EM&T-level Credit Risk models and approaches to enhance understanding and management of Credit Risk, such as potential future exposure, stress testing and exposure volatility
- Develop the overall effectiveness of the Credit Risk team
- Assist the EM&T CRO and Head of Group Financial Risk to understand the financial risks of the company.
The HCR will be part of the EM&T Risk Function’s management team and as such will participate in the definition of the broader EM&T risk agenda. Further the HCR will be responsible for leading a significant change programme comprising the implementation of Credit Risk policy enhancements, the integration of the Credit Risk teams in London and Aalborg, and the delivery of an increased automation and digitisation plan.
Success for the HCR will require:
- Strong understanding of Credit Risk issues and practices in commodity markets;
- A track record of delivering transformational change;
- Excellent counterparty relationships and stakeholder management skills;
- Ability to communicate complex Credit Risk management issues in an effective manner; and
- Ability to work well with other risk teams in creating an appropriate Credit Risk framework for the Group.
KNOWLEDGE, SKILLS AND EXPERIENCE:
- University level, with a degree in a business or in a quantitative discipline. Masters level desirable.
- Demonstrable commodity experience within a utility/energy/oil company, with exposure to LNG, gas and power markets.
- Counterparty risk management
- Financial risk governance, best practice, reporting and controls
- Participation in an FCA registered entity
- Developing effective teams
- Internal stakeholder communication
Centrica plc, a FTSE 100 company, has operations in UK, North America and Europe. With 30+ million customer-product relationships, Centrica's vision is to become the leading integrated supplier of energy and related services for its chosen markets and maximise value to shareholders. Centrica's brand names include British Gas, Direct Energy (North America). At Centrica, our purpose is to help people today and secure energy for tomorrow.
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Agencies: Centrica operate a preferred supplier arrangement, however if you wish to be considered at the next review session please submit a brief overview of your capability to PSL@centrica.com.