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Market and Credit Risk Analytics - Principal Analyst

ISO New England

Location: Holyoke, MA US
Position Type:
Rqd Education:
Rqd Experience: 2 - 5 years
Date Posted: January 9, 2023
Reference Code: 123764440
ISO New England operates the power grid 24/7 and designs, runs, and oversees the region's wholesale electricity markets to ensure reliable, competitively priced electricity for New England. The Market and Credit Risk Department provides a solid foundation for the company's risk management of credit and market risks in the Northeast electricity markets. The Department plays a key role in the organization's mission, as it is responsible for developing market and credit risk management solutions to support the design of the ISO's $10 billion suite of auction-based electricity markets. In these markets, participants buy and sell a variety of products and services including - for example - very short-run (every five-minute) transactions for energy delivery, and multi-year forward contracts that facilitate the entry and exit of new technologies and generation facilities. Our team is currently growing to meet the unique market and credit risk management challenges faced by the ISO related to the green energy transformation in the Northeast.

ISO New England, therefore, seeks a talented Market and Credit Risk Analytics Principal with experience in the North American energy markets. This analyst plays a vital role in the measurement, assessment and management of financial risks (credit/market) to ISO New England and its market participants. The Market and Credit Risk Analytics Principal will be responsible for developing, designing and testing the risk measurement of financial assurances posted to the ISO to cover market participant collateral obligations. The successful candidate will partner with IT to build and maintain tools, models and system solutions to evaluate the performance of ISO-NE's collateral requirements and track evolving market risks. This role with require innovation and thinking outside-the-box as the Northeast electricity markets continue to migrate towards cleaner energy technologies in the future.

Position details
  • Fully remote (depending on experience of candidate) or Hybrid work model: two days on-site, three remote days per week
  • 40 hours/week, flexible work schedule Monday-Friday
  • Report directly to the Director Market and Credit Risk / Risk Analytics Manager
How you will make an Impact
  • Partner with the markets development team to assess the impact of design changes to the electricity markets in New England
  • Design, test and implement market risk and credit risk measurement system solutions to evaluate risk exposures
  • Develop automated solutions to track market risk and credit risk metrics
  • Partner with IT team, risk management team and markets development to implement appropriate market and credit risk stress tests and risk scenarios
  • Design, implement and test automated process improvements to support operational excellence in the management of collateral requirements for electricity market products within ISO New England's financial assurance policy
  • Support regulatory approval of collateral requirement design and governing document changes
  • Create and deliver reports (both written and oral) that clearly explain, the performance of the collateral requirements and any potential areas for improvement in collateral requirements
  • Develop tools and dashboards which can enhance and improve ongoing risk analysis and monitoring
  • Monitor electricity market dynamics with a focus on potential risks to ISO-NE and ISO-NE market participants
  • Act as back-up within the team for the daily operation of the financial assurance policy
What we are looking for
  • Bachelor's degree in Finance, Economics, Financial Engineering, Applied Mathematics or Master's degree
  • Applied knowledge of market and credit risk measurement techniques, e.g., VaR, historical simulation, Monte Carlo simulation and stress testing
  • Proficient with Microsoft PowerBI and other data visualization tools
  • Demonstrated track record of delivering high profile energy risk management solutions, analytics and system implementations
  • Expert knowledge of energy credit/market risk principles and practices
  • Experience with energy or commodity derivatives; such as futures, forwards, swaps and options
  • Excellent written and oral communication skills, including ability to work collaboratively and present to a diverse set of audiences
Desired not required
  • Skill in other programming languages such as SQL, SAS, Matlab, Python, or other data analytics tools (BI, Tableau) is advantageous.
  • MBA / CFA
Clarity of purpose is the starting point for all success. The ISO's mission, vision, and values define our purpose-these values serve as the cultural cornerstones of theorganization.

Mission: Through collaboration and innovation, ISO New England plans the transmission system, administers the region's wholesale markets, and operates the power system to ensure reliable and competitively priced wholesale electricity.

Vision: To harness the power of competition and advanced technologies to reliably plan and operate the grid as the region transitions to clean energy.

Values: Expertise, Respect, Innovation, Dependability and Collaboration

What We Offer: Located in Holyoke, MA amid the picturesque Pioneer Valley of Western Massachusetts, our employees get the best of both rural and urban living, enjoying day-to-day local community culture and conveniences with drivable access to big city amenities. Our competitive base salaries, performance-driven bonus incentive offering, as well as a variety of health, wellness, and professional development benefits underscore the value we place in our employees. Beyond our comprehensive medical, dental, and vision plans, we encourage continuous learning through our training and tuition reimbursement programs and support work-life balance with flex hours, hybrid work models for most roles, and paid vacation and holidays. Our benefits strive to fulfill the needs of our employees across life's stages, with paid parental time off, health and wellness programs, 401k with company match, and a retirement plan. For the convenience of our employees, we offer complimentary access to our onsite fitness center and a cafeteria with free coffee.

COVID-19 Policy: Employee safety and well-being is a priority at ISO New England. To safeguard our teams and the important work they do, ISO New England has a mandatory COVID-19 vaccination policy.

Equal Opportunity : We are proud to be an EEO/AA employer. Applicants for employment are considered without regard to race, creed, color, citizenship, religion, sex, sexual orientation, marital status, national origin, age, disability, status as a veteran, Vietnam Era Veteran, or being a member of the Reserves or National Guard.

Drug Free Environment: We maintain a drug-free workplace and perform pre-employment substance abuse testing.

Social Networking Notice : ISO New England reserves the right to review the candidate's postings on any social networking site accessible in the public domain as part of the candidate assessment process.

Other details
  • Pay Type Salary
About this Employer

Keeping the lights on in New England

We are the independent, not-for-profit corporation responsible for keeping electricity flowing across the six New England states and ensuring that the region has reliable, competitively priced wholesale electricity today and into the future.