Market Risk Analyst

Shell
Where you fit in?

Shell Energy is at the heart of delivering Shell’s ambition to become a world-class investment case that powers progress by providing a diverse array of cleaner energy solutions. Shell Energy is an exciting, fast-moving business – and a key driver in being able to fulfil that ambition.

We are hiring experienced Market Risk Analysts who will support the Shell Energy growth ambitions. We are interested in attracting candidates who share our core working values of honesty, integrity and respect for others, with the ability to achieve great results through teamwork and who can generate creative solutions to problems.

As a Market Risk Analyst, you will provide daily performance and risk analysis for the traders and senior stakeholders, ensuring key risks are transparent. In addition, you will collaborate closely with front office and other finance functions in the support of commercial activities, such as new market entries and deal valuation/recognition. The successful candidate will be expected to provide risk management expertise in complex areas and should be able to manage their own work with limited supervision.

Candidates will be expected to take the lead/assist on Market Risk matters (e.g. new deals, fair economic value assessments), whilst providing support and guidance to other members of the Market Risk team.

What’s the role?

We are recruiting for Market Risk Analysts across a number of commodity lines: Gas Trading, Power Trading, Environmental Products Trading, Renewables and Energy Solutions (R&ES).

As a Market Risk Analyst, you will have several key responsibilities which will include:

• Develop a close relationship with the European trading business to support new deals and appraise trading activities to ensure mandated exposure and risk limits are adhered to
• Market Risk focal point for front-office and senior stakeholder queries
• Lead the execution of key controls for the business area and collaborate with other functions to ensure continuous improvement of controls/processes
• Act as a representative for Market Risk on a number of strategic projects
• Develop tools for on-going portfolio reviews and produce “deep dive” analysis for senior management
• Drive understanding of the design and utilization of methodologies to assess risk/reward of the portfolio, including: VaR back-testing, stress testing, scenario analysis
• Provide Market Risk input on new and group business proposals. Assess the risks associated with structured deals and the valuation models used for physical/financial trading and hedging, at times building out models to calibrate performance of such deals. Where applicable, provide peer review and challenge to deal proposals for other T&S businesses
• Develop and refine the fair economic valuation approach and provide steer on usage of market risk reserves
• Collaborate with other support functions (e.g. Finance, Technical Accounting) for deal support and general portfolio queries
• Support internal/external audit requirements

We are hiring Market Risk Analysts with proven experience in at least one of the following commodity areas:

Market Risk: Power Trading

• Experience of non-linear products (e.g. CSS), tolling agreements, renewable power PPAs (wind, solar, batteries), capacity, and certificates (GoOs, REGOs)
• Experience of monitoring/reporting shape and imbalance risk
• European power market fundamentals knowledge and cross-commodity awareness (e.g. gas, carbon, coal)

Market Risk: Gas Trading

• Experience of long-term gas transactions: modelling contractual flexibility, price reviews, ACQ/MCQ, as-produced off-take profiles
• Experience of non-linear products (e.g. physical/financial options), gas transportation, capacity agreements, storage modelling, and renewable certificates
• Gas market fundamentals knowledge and cross-commodity awareness (e.g. power, carbon, LNG, Crude)

Market Risk: Environmental Products Trading

• Experience of cap-and-trade compliance instruments (e.g. UKAs, EUAs, CCAs) and a good understanding of the interdependencies with other commodity asset classes (e.g. gas, power)
• Experience/knowledge of the voluntary carbon markets and associated standards (e.g. VCS, Gold Standard, REDD+)
• Working experience of long-term deals, structured off-takes and option structures

Market Risk: Renewables & Energy Solutions

• Experience of B2B and B2C energy markets, an advanced grasp of supply risk dynamics, deal structures, demand forecasting, stress testing, scenario analysis, P&L and exposure reporting

and/or

• Appraising risks associated with long-term structured positions in the power markets, and modelling of long-term risks
• Experience of renewable energy sources: solar, wind, batteries, hydro, biomass; and a deep understanding of the longer-term demand/supply side fundamentals

What we need from you?

We’re keen to see as many of the following attributes on your CV:

• Siginificant Market risk experience with a good understanding of market risk fundamentals (P&L, exposure, VaR, stress testing)
• Degree in mathematics, economics, engineering, business/commerce or a related field
• Competent in assessing trading valuations, including building and validating new models as needed (e.g. Python)
• Ability to multi-task with a high level of attention to detail and accuracy
• Understanding of Fair Value and derivative recognition concepts
• Aligne ETRM knowledge preferred, but not essential
• Strong business analysis, modelling, and problem-solving skills
• Technologically oriented; a good understanding of the Microsoft suite of products: Excel, Power Point, Word, Power BI
• Ability to perform under rigid deadlines and time pressured environments
• A self-motivated team player, who can work remotely as part of a wider global team
• Capable of applied creativity and problem-solving
• A strong communicator and team player
• A broad and agile thinker, with outstanding interpersonal skills that builds trust and credibility

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.

More about Shell in 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. Everyone here is helping solve one of the biggest challenges facing the world today: bringing the benefits of energy to everyone on the planet, whilst managing the risks of climate change.

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 renewables, 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 together, 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. . click apply for full job details