Physical Commodities - Risk Assurance (Base Metals, Energy and Precious Metals)
ICBC Standard Bank Plc
August 11, 2018
London, United Kingdom
Physical Commodities Risk Assurance (PCRA) is part of the Risk Division (2nd Line of Defence) providing independent assurance and challenge to the first line of defence (Global Markets Physical Commodities) and acts as advisors to other Risk Groups (Credit Market and Operational Risk).
PCRA provide independent assurance across the front to back view of commodities by maintaining and owning the Physical Commodity Policies and Framework which governs the following (Physical Commodity Inventory, Stock Management, Transit, Chartering and Vessel Vetting).
To diligently operate in accordance with PCRA's Mandate, Policies and applicable Delegated Authority. Pro-actively manage the Physical Commodities Framework and ensure it's kept relevant with market conditions and that Commodities Business adhered to it including all limits. Perform both Internal Desktop Assurance Reviews and External Location Inspections in accordance with annual methodology documents.
Formulate PCRA's Risk Appetite and Risk Tolerances in alignment with the Banks Risk Appetite Statement.
Lead the development of robust Physical Commodities Risk Management Framework and ongoing enhancement to keep it market relevant.
Provide on-going maintenance of Key PCRA Policies, Methodology Documents, Procedures and Templates aligned to the Commodities business and any future growth.
Design and maintain PCRA annual Internal Desktop and External Inspection Plan.
Lead the on-going specification, design and system enhancements required within TM1, IMS and PIMS in order to meet PCRA (Daily, Weekly and Monthly) Risk Reporting Requirements as and when required.
Develop and maintain Key Control, Key Risk and Key Performance Indicators.
Monitor and Escalate All Limit Breaches within a timely basis.
Review and approve all Limits (Country, Concentration, Proximity, Location and NIRF) within PCRAs Delegated Authority or refer to Voting Members.
Review and approve new Storage Locations in-line with the Physical Commodities Inventory Policy.
Perform independent reviews of Physical Exit Costs linked to Haircuts.
Review and prepare the monthly Physical Commodities Committee Pack.
Co-present at the Physical Commodities Committee.
Prepare other Monthly Committee Packs including detailed Risk Assurance Reviews, Case Studies.
Act as Alternate at Risk Management Committee.
Act as alternate at Credit Committee DA2.
Act as alternate at Operational Risk Committee.
Act as alternate voting member for Head of Physical Commodities Risk Assurance when applicable.
Act as advisor to other Risk Departments (Credit, Market and Operational Risk) and other support functions.
Attend face to face client visits and document and articulate Key Risks for existing or new Transaction Structures where applicable.
Present to Key Stakeholders on Physical Commodities Risk Framework as when required.
Preferred Qualifications and Experience:
A degree or relevant professional qualifications.
Through understanding of end to end Physical Commodities structures and supply chain.
Must have experience of internal functional support areas and key controls linked to Physical Commodities.
Minimum knowledge of three cross class Physical Commodities (Base Metals, Energy and Precious Metals).
Understanding of the Framework Design and Policy Implementation.
Good understanding of Risk Governance and the PRA.
Experience in carrying-out on the ground inspections across a number of disciplines (Warehouse, Terminals, Refineries, Vessels and Vaults).
Must be capable of working on own initiative or part of a team.
Confident to present to senior management or regulator when required.
Must be able to articulate Risk verbally and written clearly.
Able to digest points of weakness whilst on the ground inspecting.
High level of integrity
The role would suit someone who is:
Highly motivated and confident to be dropped anywhere in the world.
Able to navigate the complexity of structured transactions both internally and externally.
Can take complex documents and structures and articulate at a high level.