Specialist, Market Risk - ADNOC Global Trading

ADNOC Global Trading LTD (“AGT”) seeks an ambitious, motivated, Specialist, Market Risk to join its Middle Office team in Abu Dhabi.AGTIncorporated in the Abu Dhabi Global Market, Abu Dhabi’s international financial centre, AGT commenced commercial operations in December 2020. It is owned by ADNOC (65%), Eni (20%) and OMV (15%). Head quartered in Abu Dhabi, it has ambitious plans for global growth. AGT has already established a subsidiary in Singapore which commenced operations this year and expects to open in Europe and the US in the near future.AGT’s business is focused on the physical trading of crude oil, condensate, liquid feedstock and refined oil products, risk management activities (including hedging), shipping and chartering, storage and management of inventories, the trading of oil related derivatives and other ancilliary activities.JOB PURPOSE:ADNOC Global Trading’s (AGT) Market Risk Specialist reports to the Market Risk Manager and supports the Market Risk function in ensuring that all relevant market risk factors across the physical and derivatives trading desks are accurately identified, measured, monitored, and captured within the firm's risk systems. The Market Risk Specialist is responsible for producing daily P&L, P&L explain, position and VaR reports, monitoring risk exposures and limits, and providing timely risk analysis and reporting to Market Risk and front-office trading desks. The role is critical in supporting the Market Risk function's objective of minimizing unexpected losses arising from adverse market movements through effective risk monitoring, analysis, and challenge.has context menuGeneralSupport the management and direction of market risk management functions within a Product Area or several Product AreasSupport in working with trading desk to ensure that all relevant market risk factors are properly identified and formally captured in official risk systems. Work closely with Traders to quantify and explain the sources of risk in their portfoliosProduce required daily market risk reports. Analyze, understand and comment the variations of the different risk indicators on a daily basis, provide comments on main P&L and risk evolutions as well as any noticeable events on regular basis.Support initiatives to support the development and maintenance of the Organizational Risk Appetite framework and assist in maintaining an appropriate autonomous market risk limits framework with applicable triggersSupport to monitor business compliance with the firm’s market risk-related policiesSupport to oversee risk exposure measurement and limit monitoring processes to ensure integrity and appropriate independence of reportingParticipate in the development of business-level stress testing that properly considers risk concentrations; review results and assess appropriate follow-up actionsParticipate in the ongoing development, implementation and upgrade of risk systems including VaR, Limit monitoring systems, stress systems etc.Validate day accuracy of daily P&L and coordinate with relevant stake holders for rectifying any errors / outliersActive management of day to day issues and queries from internal/external parties with escalations as necessaryManage the wider team when required to do so, cover team in team managers absenceConsolidate ‘Day Changes’ & Exposure reports being generated from various trading centers for various commodities being tradedImplement continuous improvement projects to improve efficiency through process re-engineering and automation.InterfacesContribute to the reporting of Trading Result/ Position to Senior management. Work closely with Back Office, Finance, Credit, Legal & Compliance, Business Unit Control to ensure best control practices, operational efficiency and policy/limit compliance.Coordinate with stake holders and Compliance for timely reporting of incidents and its redressalAssist Manager integrated reporting & Projects in Consolidation of positions and exposure across desks & portfolioWork with finance and accounting teams to ensure timely accounting releases and reconciliations between viewsSupport implementation of business continuity readiness initiativesQUALIFICATIONS, EXPERIENCE, KNOWLEDGE & SKILLS:Minimum QualificationBachelor’s degree in science, Engineering or Finance.Minimum Experience & Knowledge & Skills5+ years' experience in Risk Management within a Middle Office. Oil Market experience preferred.Experienced in building and using modelsWell informed of world product demand and supply, market dynamicsIndustry knowledge - supply/demand fundamentals of physical market, product grades and quality specs, refining systems, transportation and pipeline infrastructure and products carried, competitors, marine operations, third-party system parameters, standard terms and conditions of contracts, displays knowledge of the global energy business, refinery economics/drivers, understands the value of variations in specification, timing, and volumeCommodities trading knowledge - understand trading strategies, basic knowledge of trading fundamentals, global markets, arbitrage, market climate, keeps up to date with international events and geo-political climateRisk knowledge - risk management methodologies including stress testing and VaR measurement, risk analysis techniques, proficiency in fundamental credit analysis with an emphasis on financial statements and current trends impacting business issuesFinancial knowledge - hedging/speculative/ price forecasting instruments, such as, derivatives, futures, options, OTC swaps, and various credit instruments, economic evaluation and analysis, understands concepts such as NPV, value creation, and option valueExcel VBA, Power BI, Python and Programming skills or aptitude to learn new digital tools are a plus