London, England, United Kingdom
London, England, United Kingdom
Skills: Business Analyst, Energy / Commodity Trading
Experience: 2 + Years
Education: Masters Degree
Employment Type: Full Time Salaried Employee
Location: London, England, United Kingdom
Who we are:
Global Energy Management ("GEM") is the fully integrated trading arm of the ENGIE Group, one of the world's largest utilities. The GEM business unit is responsible for the management of the ENGIE Group's assets. The GEM teams manage a large and highly diversified energy portfolio, including electricity, natural gas and LNG, financial oil products, biomass and other fuels, CO2 and environmental products. GEM provides a range of trading risk management solutions to all types of market participants through its trading activities and presence on the world's key energy marketplaces.
The Back Office Analyst is responsible for working with colleagues to maintain the Back Office function for EUM's UK trading activities. This includes the development, maintenance and use of an effective system for settlement, payment, validation, and provision of month end reporting information. The Back Office Analyst is also expected to contribute to developing and maintaining a reputation for the Back Office as a provider of accurate, efficient and timely information to its internal and external stakeholders, which include Finance teams within ENGIE, counterparty Back Offices, Risk Management teams and Group Reporting.
The team provides full Back Office services for:
- commodities (including Power, Gas, Foreign Exchange, EU Emissions and Renewables), and
- instruments (including Forwards, Futures, Financial Commodity Swaps, Financial FX Swaps) within UK Traded Markets. (EUM is growing the business with some European Traded products commencing in 2021).
- contractual structures including GTMA, NBP, EFET, ISDA and Exchange Rules
- Validation and Confirmation of transactions across a wide range of commodity markets and with trading counterparties (internal and external) for all UK trading activities. This includes trades executed on exchanges and Over the Counter (OTC) directly with counterparties under various contract structures. Maintain a system for tracking outstanding confirmations and liaise with counterparties to ensure all outstanding confirmations are received.
- Invoicing: Accurate preparation and validation of commodity invoices, associated fees (including broker fees, gas shipping and transportation charges) and some ancillary services.
- Query Resolution: Have a thorough understanding of commodities and contract structures traded to successfully resolve queries from internal and external counterparties.
- Compliance control: Review deals from a compliance and control point of view and flag up for corrective action (e.g. errors and breaches by traders)
- Financial Control: Liaise with colleagues in the wider business to ensure cash settlement occurs and follow up late payments with counterparties where necessary.
- Internal Control, Best Practise and Audit: Develop and maintain clear and logical administrative processes with efficient audit trails. Assist with audit queries as and when they arise. Strive to develop the Back Office as an area of "Best Practise".
- Financial and Trading Reporting: Ensure all required information is provided under agreed deadlines to various users including:
- Finance teams - for cash forecasting, cash settlement, gross margin reporting and month end reporting
- Risk Management- for trading reports
- Wider areas of the business for ad-hoc analysis
- Compliance with Contractual Terms: Ensure all Back Office processes are carried out in accordance with contractual obligations.
- Regulatory reporting: support Back Office team with regulatory reporting (REMIT, EMIR etc) as needed.
- Various Ad-Hoc Tasks, including:
- provide knowledge and support during Trade System improvement projects.
- Ensure standing data is up to date in the Back Office systems (including Counterparty Contact Details, VAT rates, Bank Account details) in line with internal control practises
- develop and maintain the Back Office's intranet (SharePoint) site
- archiving and maintaining a filing system (as needed)
- propose and participate in improving processes and tools (e.g., automate manual tasks, update and improve existing tools etc.)
- Back up cover for the team - provide cover for the Back Office team when colleagues are out of the office (e.g., holiday/sick leave cover)
Outcome, Results and Key Performance Indicators:
- Validations and trade confirmations are completed accurately and within contractual timelines. Outstanding confirmations are managed and kept to a minimum within expected thresholds.
- Invoicing and settlement occur in accordance with agreed contract terms.
- Reporting and information provided is accurate, timely and within contract terms.
- Settlement queries are resolved promptly and accurately in accordance with agreed procedures.
- Back office processes are fit for purpose and any improvements are well designed (considering any software or other limitations beyond control). There is no material breach of internal controls when tested by audits.
- Communication between Front, Middle, Back Office and Finance teams is effective, and relationships are maintained.
- Back Office Audit queries are resolved in a manner satisfactory to the business.
- The Back Office is known as an area of best practise.
Key relationships and interfaces:
- Other members of the Finance & Back Office team (FINOPS), team of 5
- GEM UK Front Office team (Shift Trading, Term Trading & Originations teams)
- GEM UK Risk Management team (Market Risk & Credit Risk)
- Counterparty Back Office representatives
- External and internal auditors
- GEM UK Information Systems / IT teams
- No direct reports
Education and professional background:
- At least 2 years' experience in a Back Office environment within the UK/European energy industry
- Experience in using an ETRM (Trading) system for the energy industry
- Strong knowledge of MS Office (candidates with coding skills will be considered favourably, e.g., VBA, Python, SQL, C# etc)
- Experience in developing and improving Back Office processes
- A Levels in a numerate discipline, or relevant tertiary study
- Part qualified AAT or equivalent (not essential but desirable)
- Awareness of UK VAT rules (not essential but desirable)
Skills and behavioural capabilities:
- Numerical, with high attention to detail
- Ability to work to tight deadlines and under pressure
- Self-motivated, proactive, and able to work without direct supervision at times
- Demonstrated ability to work effectively in a small team environment
- Clear and confident communication style, both written and verbal
- Customer-focussed and committed to stakeholder satisfaction
- Adaptable to change
- Posting Date: Mar 12, 2021