30 August 2017
A Strategic Credit Specialist for Global Oil Europe (GOE) holds delegated authority to set credit limits and terms for trading counterparties, working proactively to facilitate commercial growth but in a prudent manner with appropriate awareness of associated risks and rewards and of Integrated Supply & Trading’s (IST) credit risk appetite.
Success will require understanding the key drivers of credit exposure within a trading relationship, the key vulnerabilities of each counterparty’s liquidity and capital structure and how to use contractual terms, letters of credit, guarantees, lien structures, credit market instruments and similar protections to achieve value-adding transaction outcomes. For credit issues, Strategic Credit is often the primary point of contact both internally and externally, including for project-related initiatives.
This role will primarily support London’s oil and refined product trading activities, and global structured product activities.
Specific accountabilities will include but not be limited to the following:
• Establish credit limits and terms for IST’s trading counterparties which reflect a prudent risk/reward balance and are aligned with IST’s credit risk appetite.
• Facilitate day-to-day transaction activity and related requests by the Front Office and lead/coordinate/support the credit structuring of large, long-term or complex transactions.
• Advise / negotiate key contractual terms relating to credit – working with Legal, Contracts and the counterparties to implement and update as required.
• Maintain close working relationship with Global Credit Research to facilitate its effective and timely coverage of the counterparty portfolio – sharing business context and counterparty information, involving them in key internal and external discussions as appropriate and sharing views on key liquidity and capital structure vulnerabilities and how best to address.
• Maintain close working relationships with Credit Portfolio Management Structured Finance to facilitate its ability to source third-party credit protections and/or working capital participation – sharing business context and counterparty information, involving them in key internal and external discussions as appropriate and helping to develop and progress structured finance solutions.
• Foster appropriate cross-functional awareness of key credit exposures, concerns and protections and thoughtful risk/reward dialogue to ensure a sound and transparent decision-making process around material credit decisions.
• Demonstrate a balanced but opportunistic mindset, with control accountabilities always coming first but with an ongoing eye for circumstances which may present commercial origination openings for IST as well.
• For distressed counterparties, lead recovery efforts for IST’s credit exposure, which may include working closely with the counterparty, its lenders and its other trade creditors, along with Front Office and Legal – and which may involve agreeing credit terms in which IST continues to take near-term credit risk in the hope of maximizing total recovery over the longer-term.
• Maintain credit limits, terms and related data within IST’s credit systems in an accurate and timely fashion – and monitor ongoing compliance therewith, escalating any concerns.
Our business is the exploration, production, refining, trading and distribution of energy. This is what we do, and we do it on a truly global scale. BP operates with business activities and customers in more than 80 countries across six continents. Every day, we serve millions of customers around the world. We are continually looking for talented, committed and ambitious people to help us shape the face of energy for the future.
Integrated Supply & Trading (IST) is BP’s face to the traded markets for BP in oil, gas, power, chemicals and finance. IST’s role is to enhance Group value through distinctive supply, commodity trading, risk management and information technology skills underpinned by a world class finance, control and compliance infrastructure. IST has a dynamic and highly skilled workforce, which creates value by combining analysis and commercial innovation with the material asset base of BP.
IST Finance operates in support of IST’s strategic objectives, helping it to achieve its aim of being the world’s pre-eminent energy trader, in a controlled and compliant way. IST Finance is an integral function within BP’s global oil and gas trading and supply activities. It is accountable for short term planning and for all financial and middle office control and reporting activities. It also ensures consistency and monitors compliance in processes and Operating Standards. IST Finance operates around 3 Global processes: Accounting & Reporting, Trade Completion and Product Control and operates seamlessly with the Risk function to support the business.
IST fosters a diverse and inclusive workplace for all employees. We are proud of our stance on fairness, equal opportunity and meritocracy, which focuses on all of our employees reaching their full potential.
• Knowledge of commodity trading activities spanning oil and refined products and derivatives.
• Ability to understand complex trading exposures, transaction structures and credit risks.
• Innovative mindset which embraces the opportunity to add value by devising new approaches or solutions to overcome business hurdles without sacrificing prudent risk controls
• A proven commitment to excellence and to enabling sound business growth.
• Excellent interpersonal skills and a comfort level in working effectively with people from a variety of disciplines and organisational levels within BP to achieve desired results.
• Confident working autonomously, sometimes under high-pressured and fast-paced circumstances and often times with limited information and ambiguity.
• Commercial awareness and appropriate sense of urgency when faced with time-sensitive opportunities and risks.
• Confident with trading documentation and exercising sound credit judgment on related contractual issues.
Educated to degree level (or equivalent), preferably in Finance – along with a strong business/analytic mindset.