Global Risk PO for Commodities

Department Overview:

This is a role in the Trading Risk department (TRM). The TRM department is a team of approximately 70 people supporting a wide area of businesses within Financial Markets Group Treasury and Lending Services. The team is responsible for the market risk and product control function. The departments core activities are measuring and analysing market risk and trading performance across a variety of financial products. The role of the department is as a second line of defence being business partner to the Front Office (FO) providing challenge and support.

This role is primary responsible for acting as a global PO and managing the Commodities team in London and is reporting to the Head of TRM in London.

Main Duties and Responsibilities of Role:

Product Owner has responsibilities:

• Translates the TRM vision for Commodities and maximises value through prioritization of the Product Backlog within the boundaries set by the MT (via QBR / Marketplace).

• Is responsible for the what in a Squad hence ensures that (non-)functional requirements are addressed.

• Is partly in the squad for quality assurance and picking up tasks from the backlog.

• Is partly out of the squad for prioritisation and stakeholder management.

• Manages progress issues and shifting priorities.

• Advises in prioritisation and feasibility of the QBR.

• Provides input on performance.

• Ensure that the product backlog is transparent visible and understood by the squad

The responsibilities for the role are:

• Monitoring and analysing and reporting the organisations market risk exposure and profit and loss (P&L) for the Commodities desk

• Closely follow market developments and analyse both the realised and potential impact on the trading portfolio

• Execution of the global valuation adjustment framework for the commodity asset class

• Managing staff: staff appraisals coaching and development

• Understanding and explaining the content of the reporting to FO and senior management

• Ensuring the reporting is SOx compliant

• Monitoring trading limits and reviewing transactions over the established limits

• Challenging FO on limit breaches pricing and strategy

• Maintenance and implementation of policies and procedures.

• Ensuring compliance with all relevant ING policies.

• Continuously engaging with FO to keep up to date with their trading strategy pricing and strategy

• Supporting the business by providing pro-active risk and P&L advice to aid business management

• Product development in conjunction with FO

• Reporting quality improvements and liaising with other business and support areas to resolve issues

• Development of a new stress testing framework (historical hypothetical and reverse stress testing) for the Commodity asset class

• Improvement of the global valuation adjustment framework (independent price verification fair value adjustment and prudent valuation adjustment) for the Commodity asset class

• Improvement of the desk processes looking for opportunities to increase efficiency and enhance the control framework

• Involvement in local and global projects to implement changes in systems and regulations like Fundamental Review of the Trading Book (FRTB)

• Functional testing of P&L and risk management system upgrades and model implementations in cooperation with FO Quants and IT

• Supporting Model Development Quants in the development of models and methodologies and Model Validation quants in the validation of models and methodologies

Candidate Profile

Qualification/Education

• Essential: University Degree (2:1 or above) in a quantitative field preferably (financial) mathematics engineering physics or econometrics

• Desirable: Professional qualification (e.g. PRM FRM)

Experience/Knowledge

Essential:

• 5 years of experience in the financial industry

• Experience in market risk management

• In-depth product knowledge of commodities and associated pricing models

• Strong leadership and organisational skills

• Strong technical skills in Python SQL and / or VBA

Desirable:

• Experience with Sophis

• Experience with market data sourcing and derivation (volatility repo spread)

• Experience in working on regulatory change and interaction with regulators (FRTB TRIM SIMM)

Personal Competencies

Essential:

• Excellent analytical and problem-solving skills

• Good communicator with attention to detail pro-active autonomous as well as ability to summarise

• Strong team player with ability to work successfully with cross-functional geographically dispersed teams

• Ability to work with FO and understand the business perspective of key projects

• Flexible approach to role and responsibilities

• Ability to manage multiple tasks at the same time

• Ambition to specialise into the commodities asset class and continuously learn as much as possible

• Comfortable working with complex technical processes and analysis of large data sets

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