Head of Physical Commodities Risk
About the Job
Physical Commodities Risk Assurance is responsible for the risk management function that provides second line risk oversight, risk assurance and risk management relating to physical commodities owned by ICBCS, managed by ICBCS as a custodian for clients or held as collateral by ICBCS to support transactions.
This role is responsible for managing the end-to-end second line function and process for Physical Commodities Risk Assurance (PCRA) in the Bank.
The function is responsible for second line risk oversight, risk assurance and risk management relating to all physical commodities in the Bank. Physical commodities currently include the full range of precious metals, base metals and energy products. Typical transactions involving physical commodities are proprietary trading or risk management and financing transactions whether on an ownership basis or otherwise. The primary risk governance committee is Physical Commodities Committee (PCC).
The purpose of the PCRA function is to provide assurance that the risks to which ICBCS is exposed as a result of its activities involving physical commodities are managed effectively. This includes both direct risks of financial loss arising from physical commodity inventories or transactions involving physical commodities and associated credit, market, operational, legal, insurance, reputational or regulatory risks arising from second order impacts. The function includes defining, updating and managing ongoing application of the risk framework including policies and risk review, physical inspection and risk assessment, reporting and other risk management procedures through which physical commodities risk is managed.
What you'll be doing
Key Responsibilities
- Lead and manage the PCRA function in order to deliver effective risk assurance and risk management of physical commodity risk exposures globally across ICBCS in a balanced and proportional manner in accordance with internal and regulatory standards and risk appetite.
- Deliver physical commodity risk assurance including the following activities:
- Define, update and manage ongoing application of the physical commodity risk framework including risk policies, risk review, physical inspection and risk assessment, reporting and other risk management procedures
- Ensure integrated management of physical commodity risk including direct risks of financial loss arising from physical commodity inventories or transactions involving physical commodities and associated credit, market, operational, legal, insurance, reputational or regulatory risks arising from second order impacts
- Work with stakeholders across the Global Commodities business to ensure effective and efficient implementation of physical commodity risk management, and ongoing alignment with evolving business requirements
- Plan and manage PCRA physical inspection and desktop assurance activity, including participation in warehouse/vault/refinery/terminal/port visits globally, performance of desktop assurance reviews and agreeing and tracking actions and ensuring appropriate insurance is in place.
- Perform joint client visits or review of new structured physical commodities transactions solely or with other functions including credit and market Risk, and assist in identifying, understanding and managing the risks of physical commodities transactions
- Provide independent assurance of the effectiveness of the physical commodities control environment, and the appropriateness of operations controls & processes on trade administration, physical trade contracts, logistic arrangements, settlements, storage control and reconciliation and insurance. o Perform independent reviews of physical market liquidity, exit costs, haircuts and other limits and triggers used to managed physical commodities risk
- Deliver thematic, desktop and other risk reviews as appropriate o Ensure daily and monthly reporting on location, group service provider and physical inventory limits, aged inventory, and first line inspection activity is accurate, comprehensive and performed in an efficient and timely manner
- Approve and support the on boarding of new locations following appropriate due diligence
- Manage the agenda, pack and stakeholder participation for PCC and act as alternate PCC chairperson
- Deliver suitable reports and management information with regards to PCRA for PCC and other relevant governance committees. o Develop and maintain suitable systems and controls in support of PCRA including monitoring of dashboards and exposures against limits
- Liaise with stakeholders around the bank on all matters related to PCRA and build and maintain strong relationship management to support the efficiency and effectiveness of the function.
What you'll need to be successful
Preferred Qualifications and Experience
- A degree education from first or second tier University
- Experience in risk, control and/or front office function of investment bank including management experience
- Detailed knowledge of physical commodities risks and associated risk management including associated credit, market, operational, legal and insurance risk
- Practical experience in a variety of physical commodities and associated global markets products with exposure to risk, valuation, accounting, settlement, documentation and system components
- Ability to analyse impacts and gaps, identify changes and effective solutions and motivate and manage delivery
- Ability to engage with senior management and diverse stakeholders
- Ability to develop and maintain suitable MIS reporting
- Ability to translate and simplify complex challenges to facilitate effective delivery
Knowledge, Technical skills and Expertise
- Good understanding of physical commodities business, preferably in a bank or regulated environment
- Intelligent, pragmatic and risk orientated
- Strong negotiation, influencing, interpersonal and teamwork skills, with experience of dealing with senior management
- Trading, lending, operational, accounting, technology system and process knowledge
- Self-driven, with leadership, coaching and team building skills
Personal attributes
- Results and delivery orientated
- Ability to engage and motivate others
- Resilient, pragmatic and highly numerate
- Pays attention to detail
- Strong and concise communicator, with experience of facing off to senior management
- Self-driven with enthusiasm to learn
- Confident with high level of integrity
The role would suit someone who is
- Experienced in physical commodities and risk management
- Able to perform independent, balanced risk review and assurance of a high quality across multiple inter-related risks
- Able to manage stakeholders and deal effectively with multiple functions
- Ability to motivate people to drive forward processes and deliver despite challenges
- Proactive and willing to think outside the box to deliver solutions
- Able to define and roll out robust control and system processes
- Able to provide clear and effective risk reporting
Why should you join us?
ICBC Standard Bank Plc (ICBCS) is a leading financial markets and commodities bank, driven to deliver the right outcomes for our stakeholders, clients, counterparties and markets. We benefit from a unique Chinese and African parentage and an unrivalled global network and expertise. We're headquartered in London, with operations in Shanghai, Singapore and New York.
We're a diverse and close-knit global team. We put people first, giving talented, self-driven professionals the flexibility, rewards and freedom to grow their expertise and realise their potential.
Our vison statement, "Be Yourself, Succeed Together" underpins our drive for an open and transparent culture which values difference, enabling everyone to thrive whilst being themselves. We have an active E, D&I forum and we're growing other employee network groups, including for women and neurodiversity.
We're committed to the principle of equal opportunities. All applicants will be treated equally and will be considered on their merits and skills without discrimination.
What's in it for you?
- Financial market-based pay based on skills and experience, discretionary annual bonus, pension contribution 10% (employee contribution 5%), travel insurance, life assurance and income replacement insurance.
- Hybrid working the option to work remotely up to two days per week, depending on the role.
- Family - 6 months fully paid maternity leave and enhanced shared parental leave. Coaching for family leave returners and access to emergency care via My Family Care. Miscarriage and menopause policies.
- Wellbeing - private medical insurance, Bike2Work scheme, health and fitness subsidy, holiday exchange and an Employee Assistance Programme.
- Community paid volunteering leave and Give As You Earn scheme. Vibrant CSR and engagement forums and fundraising for our charity partners.
- Development a suite of opportunities to build the skills you need to excel in your role
If you're excited about becoming part of our team, get in touch. We'd love to hear from you!
ICBCS has appointed Robert Walters Outsourcing (RWO) to manage its recruitment process and Preferred Supplier List (PSL). Unsolicited CVs sent directly to ICBCS or its staff from non-PSL agencies will not be accepted and no fees will be paid for such submissions.
