Treasury Management Analyst (FX & Interest Rate risk)

  • Job Reference: R0060515
  • Date Posted: 4 June 2024
  • Employer: Centrica
  • Location: London
  • Salary: On Application
  • Bonus/Benefits: Bonus, Pension & Benefits
  • Sector: Accounting & Finance
  • Job Type: Contract
  • Duration: 12 months
  • Work Hours: Full Time

Job Description

Treasury Management Analyst (FX & Interest Rate Risk)

Centrica Energy is the trading arm of Centrica. We trade LNG, gas, power and energy attributes - and connect independent producers, suppliers and corporate off-takers in the wholesale energy markets.

We are recruiting for a Treasury Management Analyst to work within our commodity trading business focused on providing support to the commercial team to create value by improving the quality of decisions and ensure delivery of the highest financial benefit at an acceptable level of risk.

This is a 12-month fixed term contract opportunity.

How we work:

We embrace 'flexible first' as our guiding principle for flexible and hybrid working, which balances work, the team, and the individual need for flexibility. This role is based out of our London office, close to Marble Arch, with the team typically coming in 3 days per week.

The Treasury team:

The risks: Treasury ensures its risk framework continues to evolve with the ongoing demands of the business. Our risk environment encompasses:

  • Liquidity demand: understanding the current, forecast and stressed liquidity requirements to ensure we plan and are proactive

  • FX risk management: understanding where non functional currency exposures reside, transfer volatility away from trading teams, hedge in good time and understand any residual impacts on PnL with a view to reduction where possible

  • Interest rate management: in a changing interest rate environment understand how future cashflows are impacted by discounting, anesthetize the trading desks from any exposure and pass this on to Group Treasury for hedging

  • Managing CSA (Credit Support Annex) counterparty risk: Working with credit teams, ensure the correct balance of liquidity and credit risk for all CSA contracts, manage the operational risk of ensuring all CSA exposures are appropriately collaterised

  • Managing collateral on all network operators and TSOs (Transmission service operators): Ensure enough cash or LC is lodged with entities that facilitate the flow of commodity. Ensure we don't waste capital through overposting

  • Cash management: Optimise short, medium and long term cashflow forecasting to ensure best return on funds.

The ethos: Our mantra is to 'Make every second count' - we want to embrace technology to remove any waste manual process, capitalise on the wealth of data available and add value whenever we can. We do this through strong team work, organisation, clear accountability and constant forward looking risk assessment.

How does this role fit in to Treasury?

Operational Treasury

  • Daily FX risk management: working closely with the trading desks to understand MTM and forward settlement FX exposures and neutralise as appropriate

  • Optimisation of FX hedging: Working with Centrica Group Treasury, aid in the optimisation of FX hedging strategy through providing input on where PnL volatility arises

  • Establishing an Interest Rate hedging framework: Drive the ongoing evolution of the interest rate hedging environment across Centrica Energy, how can we ensure the trading desks are neutralised from the discounting of their future cashflows

  • Cash management: working closely with the Treasury team in Denmark (Aalborg and Copenhagen), ensure non functional currency bank balances are controlled and maintained.

People

  • Act as point person for all risks associated with FX and interest rate

  • Make every second count through embracing continuous improvement

  • Build relationships with the trading desks, a key customer, to create an environment of commercial value generation whilst balancing risk

  • Work closely and build relationships with the other treasury teams (CSA, Liquidity and Long term cash flow forecasting) to create a culture of knowledge transfer and continual development

  • Build relationships with operations' teams to ensure optimal flow of information.

Projects

  • Continuous improvement: Assist the Manager in identifying all relevant risks associated with the team's operations, produce a plan to bridge any risk gaps whilst maximising efficiency

  • Technology and Data: Embrace technology to remove waste process and concentrate on the value added elements of the business

  • FX/IR platform: Challenge the status quo to determine whether the existing framework is scalable

  • New business: Provide insight into the impact of FX/IR on all new business

  • Assist with other projects in Liquidity, TSO collateral or margining as appropriate

  • Adoption of Python and PowerBI: We are undergoing a pilot process to transition from the use of MS Excel to Python through Treasury specific projects.

The Person:

  • Highly organized and willing to help other members of the team

  • A desire to build relationships with a variety of stakeholders across the business, strive to meet a common goal

  • A curious mindset with experience of challenging the status quo to create value

  • A desire to understand the objective of a tasks, fully dissect it and rebuild more efficiently

  • Demonstrable experience of streamlining existing onerous processes using digital technology

  • High attention to detail including the ability to convey complex financial concepts to various audiences

  • Understanding of commodity markets, energy trading products and structured contracts and their impact upon working capital

  • Ability to project manage an idea from design through to completion

  • Ability to identify, assess and analyse operational risks and implement remediating controls.

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