Head of Risk Management

2 weeks ago

Burlington, Kansas, United States Wolf Creek Nuclear Operating Corporation Full time

JOB TITLE:
Head of Risk Management

REQUISITION:
CFO004

DEPARTMENT:
Strategic Planning and Risk Management

LOCATION:
Headquarters

PAY RANGE:
$140,000 - $186,600

Scheduled Work Hours:
Monday - Friday 8:00 a.m. - 5:00 p.m. Additional hours may be required.

Summary of Primary Duties and Responsibilities:
Reporting to the Senior Director of Risk Management, the Head of Risk Management will oversee the establishment of a comprehensive risk framework through quantitative analysis.

This role is crucial in ensuring that new business strategies are in alignment with overall portfolio performance expectations while adhering to acceptable risk tolerances.

This position necessitates extensive knowledge of commodity market dynamics, tradable instruments, and risk management practices tailored to the Energy Trading sector. Collaborating with management, this role will involve developing, reviewing, and adjusting the portfolio strategy based on predefined risk scenarios. The Head of Risk Management will also lead a team of up to three Risk Analysts.

Key Responsibilities Include:
  • Energy Risk Management Strategy: Formulate and implement portfolio optimization techniques to guide hedge strategy decisions while balancing risk-adjusted revenue. This includes hedging strategies such as DART optimization, CRR/FTRs, Credit and Collateral management, and term hedge and PPA transactions.
  • Conduct daily and weekly portfolio evaluations to uncover opportunities for maximizing profits and identifying risks.
  • Collaborate with internal teams to integrate long-term fundamental perspectives into short-term risk mitigation trading strategies.
  • Support the quantification and valuation of hedges, EMAs, and other structured transactions for contract negotiations and deal modeling.
  • Develop trading strategies for REC, Capacity, Resource Adequacy, and transmission hedging.
  • Establish trading and hedging strategies for Power, Natural Gas, and REC.

Risk and Quantitative Analytics:
Develop models for gross margin at risk for projects with market price exposure, focusing on prompt month to five years forward, to inform hedging and risk mitigation strategies within the established Energy Risk Management policies.

Set portfolio risk limits and maintain risk metrics at the portfolio level, accounting for cross-market correlations in energy, congestion, and REC prices.

Conduct stressed and scenario analyses for Market and Credit exposure, identify risk-reducing strategies, and monitor/report on the execution of hedging and optimization activities.

Review forward market price volatility curves and correlation assumptions for stochastic risk modeling.

Facilitate performance benchmarking of trading strategies and establish risk limits.

Reporting & Communication:
Work closely with senior executives to establish appropriate hedging and risk management strategies for both renewable and conventional assets.

Create insightful market dashboards utilizing Power BI or similar tools.

Engage in discussions at the Risk Oversight Committee alongside senior leadership.

Prepare and present risk issues and stressed risk measures during committee meetings.

Collaborate with the Senior Director of Risk Management to ensure compliance with risk policies.

Lead the development of management reporting that illustrates positions and exposures.


Education and Experience:
A degree in Engineering, Mathematics, Economics, Business, or a related quantitative or finance discipline is required. A minimum of 7-12 years in progressively responsible Risk Management roles, particularly within the Energy Trading sector, is essential.

Skills, Knowledge, and Abilities:
In-depth knowledge of US Electricity markets and power systems, with direct experience in at least one ISO market.

Proficient in developing predictive models using mathematical and statistical methods to identify, analyze, and mitigate energy market risks, with a solid understanding of option valuation and Greeks.

Extensive experience in at least one programming language, preferably Python or R, with a proven track record of developing complex statistical models and implementing them into production systems.

Ability to construct Quant Lib utilizing stochastic calculus and Option Models for deal valuation.

Strong SQL and data mining capabilities.

Competence in constructing power fundamental models for pricing, load, generation, flow, and outages using various methodologies.

Ability to extract, manipulate, and analyze large datasets relevant to the energy market to develop sophisticated trading algorithms.

Familiarity with regulatory expectations and industry standards concerning risk management practices, including risk management modeling.

Experience in valuing and transacting transmission hedging products.

Strong relationships with credit professionals, both internally and externally, to ensure adherence to established credit and risk policies.

Excellent written and verbal communication skills, with the ability to convey complex issues clearly and concisely.

Highly proficient in Microsoft Word, Excel, and PowerPoint.

Strong business acumen and financial insight to support a high-performance organization that aims for operational excellence and meets or exceeds financial targets.

Ability to perform effectively under pressure in a demanding environment and occasionally work extended hours to meet project deadlines.

Creative thinking, ability to manage competing priorities, work independently, and attention to detail are essential.

Self-motivated and highly organized.


Licenses, Certifications, and/or Testing:
None required.

Working Conditions:
This position will be office-based, with the expectation of working additional hours on short notice.

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