Market Risk Specialist (Analyst) Journey Level

Supports the assessment, analysis and monitoring of market risk exposures across SMUD's energy trading, procurement and hedging activities by identifying sources of price volatility and regulatory risk, developing analytical risk models under guidance from senior staff, and delivering data-driven insights to inform risk-aware strategies. This position ensures that exposure to price volatility and market uncertainty is managed effectively and in compliance with corporate risk policies and regulatory expectations.

There are five (5) levels in this job classification series that have similar job content but with progressively more challenging degrees and levels of skill, responsibility, knowledge, experience, and qualification requirements:

Flex classifications (that permit progression from lower-level classes to higher level classes without examination based upon assessment of an individual's experience and performance) within the series:

• Entry: Incumbent acquires knowledge, skills and abilities to perform the tasks associated within the series but are not yet demonstrating these at the Journey level.
• Journey: Incumbent is demonstrating the required skills and knowledge to independently perform the full scope of the job.

Non-Flex classifications (that promote from lower-level classes to higher level classes and require an examination, such as an interview, based upon individual experience and performance) within the series:

• Senior: Advanced journey level resource who is responsible for advanced assignments, as dictated by the work needing to be performed; may serve in a lead and/or supervisory capacity.
• Principal: Subject matter expert/lead/supervisory level and is responsible for leading the most advanced work, as dictated by the work needing to be performed.
• Supervisor: Working supervisor directing the work of a functional team.
• Entry to Journey: Incumbents at the entry level are required to successfully "progress" to the journey level within 60 months of appointment to remain within the job series.

Seniors, Principals, and/or Supervisors must be hired through a promotional process and do not automatically progress from lower levels in the series.

• Monitor day-to-day market risk exposures across electric power, natural gas, and environmental products.
• Calculate and evaluate risk metrics such as Value-at-Risk (VaR), stress tests, and position limits.
• Produce recurring and ad hoc market risk reports for internal stakeholders, including trading, finance, and executive teams.
• Support the evaluation and optimization of hedging strategies and portfolio risk.
• Assist with enhancements to risk models, data analytics tools, and system processes.
• Investigate significant market events and explain impacts on portfolio performance or risk metrics.
• Contribute to the enforcement of risk limits and escalation of breaches when necessary.
• Help ensure compliance with risk management policies, internal controls, and regulatory frameworks (e.g., FERC, NERC, ISO/RTO rules).
• Collaborate with front office, operations, regulatory, and finance teams to provide risk insights.
• Support the creation and forecasting of the commodity budget to support strategic planning and rate setting.
• Support the monitoring and reporting of weekly and monthly budget performance, assessing market conditions and risks.
• Perform other related duties as needed; schedules, hours and locations may fluctuate based on business needs.

• Bachelor's degree in finance, economics, engineering, mathematics, statistics, or a related field from an accredited college or university, or equivalent experience. If no degree, seven (7+) or more years of experience are required.

• At least three (3+) years of work experience in energy market risk, utility analytics, or commodity trading support. Master's degree may be substituted for one year of applicable experience.

Applied mathematics and statistics: Utilize mathematical and statistical methods to evaluate data and support decision-making. Business evaluation methods and procedures: Apply business evaluation techniques to evaluate processes and improve efficiency. Safety policies, practices, and procedures: Adhere to safety protocols to ensure a safe working environment. Problem-solving techniques: Employ effective problem-solving methods to address and resolve issues. Teamwork techniques and concepts: Understand and apply practical techniques for working effectively in a team environment. Organizational unit characteristics and needs: Recognize the characteristics and operational needs of various organizational units. Standard operating procedures for office equipment: Follow standard procedures for using modern office equipment, including computers and applicable software. English grammar, punctuation, and vocabulary standards: Use English grammar, punctuation, and vocabulary in various methods of communication. Planning and organizing work activities: Implement methods and techniques for planning and organizing work tasks efficiently. Working knowledge of North American wholesale energy markets and ISO/RTO operations (e.g., PJM, CAISO, ERCOT).

Assist in creating analytical applications using personal computer-based spreadsheets and databases. Communicate findings to internal audiences; prepare and present basic reports and summaries. Interpret and apply SMUD policies, procedures, and applicable MOU under guidance; understand and follow established guidelines and agreements. Learn and apply energy risk management and portfolio optimization theories; support the application of these theories in practical scenarios. Assist in providing practical and feasible energy trading solutions; support the development of risk-neutral and cost-effective solutions. Contribute to developing and presenting energy risk management and financial recommendations; balance analytical results with market realities under supervision. Solve problems of low to medium complexity creatively and pragmatically; apply basic problem-solving techniques to address issues. Handle stress effectively under time pressure; manage time efficiently and maintain composure during tight deadlines. Collaborate and achieve positive outcomes with cross-departmental team members; work effectively as part of a team to reach common goals. Utilize a personal computer and relevant software systems; demonstrate proficiency in using software tools necessary for the job. Communicate effectively orally and in writing internally; develop clear and concise communication skills. Build and maintain positive working relationships with team members and colleagues. Proficiency in Excel and experience with analytical or programming tools such as Python, SQL, R, or Power BI.

Knowledge of:

• Energy markets: Knowledge of energy modeling and simulation of electric and gas portfolios.
• Renewable energy sources: Familiarity with renewable energy markets, capacity trading, or environmental compliance products (e.g., RECs, carbon credits).

Education:

• Master's degree in a quantitative discipline: Master's degree in economics, engineering, mathematics, statistics, or similar quantitative discipline.
• Relevant certifications: Hold relevant certifications in energy risk management or related fields.

Experience:

• Energy industry background: Experience with risk and trading systems (e.g., Endur, Allegro, PCI, PowerSettlements)