Risk Manager

Job Title:Risk Manager

Salary: $170,000-190,000 (commensurate with experience)

Job Type: Full-Time with Benefits

Location:California residence required. PCE is a remote-first work environment with a preference to hire staff within a 100-mile radius of San Mateo County. Employees are expected to attend in-person meetings (generally monthly/quarterly) at our Redwood City office. Other meetings may be required. While not required, we have a strong preference for candidates who can commit to 1x week in-office in Redwood City.

SUMMARY

Peninsula Clean Energy is a public agency and dynamic local energy provider of 45 professionals seeking a full-time Risk Manager. This is a unique and exciting opportunity to join our small Finance team as we expand and deepen clean energy services to our ratepayers across the County of San Mateo. Our new Risk Manager is a core member of the PCE Finance Team. This position works closely with the Power Resources, Finance, and Data & IT teams to manage energy procurement related risks. The Risk Manager works under general supervision of the CFO with an additional direct line of reporting to PCE’s Risk Management Committee.

DUTIES AND RESPONSIBILITIES:

Enterprise Risk Management (ERM)

• Develop and implement PCE’s ERM program, including establishing policies, procedures, and frameworks for identifying, assessing, monitoring, and mitigating risks.

• Manage the drafting, approval, implementation, and regular review of PCE’s Enterprise Risk Management Policy (ERMP) and Guidelines.
• Engage with stakeholders, including the Board of Directors and Citizen’s Advisory Committee, to enhance awareness of PCE’s enterprise risks and processes.
• Develop a framework for risk oversight and reporting, from Staff level through to PCE’s Leadership Team and Board of Directors, including reporting to PCE’s RMC.
• Collaborate with cross-functional teams to identify and prioritize risks, including operational, financial, regulatory, reputational, cybersecurity, and strategic risks.
• Develop and implement risk mitigation strategies, monitor progress, and ensure effective risk management.

• Provide guidance and support to departments to integrate risk considerations into all business decisions and practices.
• Build out and automate systems and reporting for risk management functions, establishing an appropriate reporting cadence and content.

Energy Risk Management

• Calculate PCE’s mark-to-market positions and monitor PCE’s counterparties’ credit quality.
• Issue and validate collateral calls, forecast collateral calls from counterparties and the CAISO, and maintain records of collateral held and posted by PCE.

• Lead the development of procurement targets and limits, and the build-out of internal procedures to ensure compliance with PCE’s ERMP.
• Evaluate PCE’s open positions, compliance risk, counterparty risk, and delivery risk. Propose risk reduction measures when prudent.
• Liaise with the Power Resources team to ensure commercial transactions and related risks are understood, appropriate for PCE’s risk appetite, accurately recorded, and monitored.
• Collaborate with the Power Resources team to quantify financial risks, analyze risk reduction strategies, and define and evaluate scenario modeling.
• Monitor and evaluate energy market risk and market events. Collaborate with the Power Resources team to ensure procurement and market bidding strategies are responsive to developments in the power market.

• Execute monthly and ad-hoc financial analysis, middle-office reconciliations, quantitative modeling, and data reporting tasks.
• Collaborate with the Power Resources team and the Data & Technology team to build-out PCE’s data warehouse.
• Engage in continuous learning on energy risk and CCA-specific risks. Develop and share knowledge of industry trends, new developments, best practices, and emerging risks.

MINIMUM QUALIFICATIONS AND EXPERIENCE

• BA/BS in finance, business, economics, statistics, engineering or other relevant field;
• Ten (10)+ years of experience directly related to the duties and responsibilities described above;

• Experience working in risk management within the utility industry, wholesale energy trading, and/or with a Community Choice Aggregation program;
• Specialized certification demonstrating skills in risk management, which may include certification by the Global Association of Risk Professionals, the CFA Institute, the International Energy Credit Association, or other related entities.

KNOWLEDGE:

• Proficient quantitative skills, including expertise with MS Office (Excel, Word, PowerPoint);

• Risk management concepts and practices, including administration of risk management policies and risk registers;
• Energy markets and associated regulations and compliance activities applying to California Load Serving Entities;
• Futures, options, and other risk reduction tools, along with their associated risks and payout profiles;
• Credit rating agencies, rating methodologies, and financial statement analysis;
• Bi-lateral power contracting, typical legal conditions, and credit terms;

• Databases such as Google Big Query, data analytics tools such as Python or SQL, and data analysis and visualization tools such as Power BI and Looker Studio.

ABILITY TO:

• Apply strong task prioritization, analytical and problem-solving skills;
• Manage projects and time efficiently with a high level of attention to detail and strong organizational skills;

• Develop high-quality writing, research and communication work products;
• Interact professionally and effectively with counterparties, consultants, PCE staff, and the Board of Directors;
• Manage multiple priorities and quickly adapt to changing priorities in a fast-paced dynamic environment;
• Demonstrate good judgement and integrity;
• Understand new concepts, tackle hard problems, and ask hard questions via intrinsic curiosity and motivation;

• Be a team player.

No direct supervisory role at this time. The incumbent provides guidance, mentorship, and training to more junior staff.

SALARY AND BENEFITS

Compensation commensurate with experience. PCE offers a generous benefits package, including:

• Individual, family and domestic partner health, dental, and vision insurance

• Retirement and Employer Matching Contributions
• Health and dependent care FSA
• Cell phone and internet stipend for remote work
• Paid Parental Leave
• Paid Vacation & Administrative Leave

ABOUT US

Peninsula Clean Energy is the community choice energy program (known as a “CCA”) for San Mateo County and portions of Merced County. Our customer base includes approximately 310k accounts, serving a population of 800k, with a total electrical load of almost 4 million megawatt-hours. Our mission is to reduce greenhouse gas emissions by expanding access to sustainable and affordable energy solutions.

PCE is committed to complying with applicable laws, including the Americans with Disability Act and Fair Employment and Housing Act, ensuring equal employment opportunities to qualified individuals with a disability. Peninsula Clean Energy prohibits unlawful discrimination based on age, sex or gender, genetic information or characteristics, gender identity, gender expression, race, color, ancestry, national origin, religion, creed, marital status, military or veteran status, sexual orientation, physical or mental disability, medical condition, or on any other basis prohibited by federal, state, or local laws.