BASIC FUNCTION:
The purpose of the role is to set up Middle Office to support the feedstock trading activities for O&P (with potential to grow and include I&D) in Singapore. There is a requirement to design processes and procedures and to bench mark best practices of the feedstock trading market.
This position will also evaluate, verify, document and ensure deals executed by Feedstock Procurement Manager in Singapore are in compliance with LYB internal control policies and regulatory requirements.
RESPONSIBILITIES AND ACCOUNTABILITIES:
1. Set up Middle Office function in LBS/Singapore for physical trades, with processes and procedures designed and bench marked against best practices in feedstock trading market
2. Evaluate, verify, document, and ensure deal done are in compliance with LYB internal control policies and regulatory requirements
3. Working with Treasury to manage receivables/payables, physical working capital limits, optimizing cash flow and liquidity management.
4. Support operation and Treasury department in issuing and clearing any LC issues.
5. Handle trading operation related secondary costs verification and computation for payment and rebilling, ensuring accurate, timely and efficient settlement and reporting.
6. Review demurrage calculations provided by the operator, follow up and monitor timely demurrage settlements (payable & receivable), to minimize all costs associated with delayed settlements.
7. Verify demurrage claims raised for cargo purchases, resolving discrepancies and ensuring reasonable countering with fair and timely settlement.
8. Monitor and ensure sign-off/approvals of authorized signatories for all trading related activities/transactions as per standard LYB internal policies, delegation of authority (DOA) and operation procedures.
9. Monitor and ensure procedures are in compliance with risk management controls, identifying and addressing any potential and existing risk gaps or issues.
10. Liaise with Operations, Treasury and various support teams to identify any possible operational risk issues and implement solutions to mitigated such identified risks
11. Handle physical cargo contract administration, including any intercompany and joint venture related transaction with an appreciation of trading terms in physical cargo contract, ensuring alignment with commercial and financial objectives, LYB legal, compliance, internal control and regulatory requirements.
12. Oversee accounting, reporting, audit, and control-related activities, maintaining proper records, transparency and accuracy in financial records and statements.
13. Monitoring the margin requirements for swap clearing account (responsibility shared with FRM)
14. Prepare monthly reports as required highlighting main drivers and movers for the P/L
15. Ensure deals done are captured in the system timely and accurately with prompt information updates and proper information flow from the Trading System to the Accounting system.
16. Perform counterparty onboarding for trading entity
PERSON SPECIFICATION:
Min. Requirements:
Education: University degree
Work experience: About 5 years’ experience in energy risk assessment
Preferred Requirements
Education: University degree in Accounting or Finance or Mathematics or Economics
Work Experience:
61 About 5-10 years’ experience in energy risk assessment and analysis role
61 Knowledge and experience in implementing and using CTRM/trading system/SAP
61 Good working knowledge of Excel/Word/PowerPoint
61 Possess practical working experience, knowledge and understanding of various commodity types and their settlement procedures
61 Possess working knowledge of Energy Risk Management Set up, Monitoring & Reporting structure
61 Possess intricate understanding of energy Risk Drivers & Metrics such as VaR; Know how to set up various Risk assessment reporting system
61 Ability to implement trading system and setup
61 Ability to work in a team
61 Possess good working knowledge of demurrage calculation and claim processes
61 Possess in-depth working knowledge and appreciation of petroleum product trading contracts and contract management
61 Possess good understanding of commodity trade flow with strong finance and accounting knowledge to tie in the whole trade cycle
Critical Competencies/Behaviors:
61 Embrace LYB competencies: Build partnerships, Deliver Results, Drive Innovation, Grow Capabilities and Promote Inclusion
61 High integrity and holds oneself to highest standards of ethics and accountability
61 Hand-on, results-driven and able to communicate key issues to different spectrum of stakeholders – superior, peers, subordinates across the company
61 Customer Focus: Is dedicated to meeting the expectations and requirements of internal and external customers; acts with customers in mind; establishes and maintains effective relationships with internal customers and gains their trust and respect.
61 Process Management :Good at figuring out the processes necessary to get things done; knows how to organize people and activities; understands how to separate and combine tasks into efficient work flow; knows what to measure and how to measure it; can see opportunities for synergy and integration; can simplify complex processes; gets more out of fewer resources.
61 Drive for Results: Can be counted on to exceed goals successfully; is constantly and consistently one of the top performers; very bottom-line oriented; steadfastly pushes self and others for results.
61 Problem Solving: Uses rigorous logic and methods to solve difficult problems with effective solutions; probes all fruitful sources for answers; can see hidden problems; is excellent at honest analysis; looks beyond the obvious and doesn’t stop at the first answers.
61 Strong ability to influence works effectively with various levels within an organization, including senior-level leadership, professionals and staff and quickly build relationships.
Languages:
61 Fluent in English and Mandarin, verbal and written