Reporting to the Chief Financial Officer, this position is responsible for directing and overseeing all AVANGRID Networks and Renewables Risk activities.
This critical role has enterprise-level responsibility for implementing and ensuring compliance with the Risk Management framework approved for Avangrid, including the three main areas of Enterprise Risk Management (ERM), Credit Risk and Market Risk.
Risk Culture: The position will help set the tone and develop a culture of the enterprise risk, promote open discussion regarding risk, integrate risk management into the organizational goals and structure, and create a corporate culture such that employees of all levels, identify manage risks in consistent manner.
Reporting: The position will provide reports to the Board-level Avangrid (Audit and Compliance Committee (ACC) or the full Board) of all material risks including market, credit, business, regulatory, operational, technological, environmental, governance, social, reputation and other risks.
The CRO will monitor and report on key risks to Senior Leaders at an Avangrid Risk Committee and to the Iberdrola global Corporate Risk Committee. Risk reports will include key risk registers, limits and indicators reports and key risk summaries.
Enterprise Risk: The position will oversee, and have ultimate accountability, that enterprise key risks are identified, managed, and aggregated in a uniform and coordinated way across all Avangrid Groups.
The CRO will provide support to business area leaders throughout the Group to develop effective risk policies, procedures and limits and indicators to manage specific risks within their business areas. Enterprise Management Risk (ERM) reports that succinctly describe the risk, risk level, and mitigation actions will be provided to the Avangrid Risk Committees and to the global Risk Committee. The CRO will also ensure that the key risks are included and described in a similar manner in all state and federal regulatory filings.
Market Risk: The position will oversee that market risk limits are established, monitored and reported in a uniform and coordinated way in the various businesses.
Market risk oversight includes monitoring and analyzing markets, open positions, price curves, products, volume limits, value at risk (VaR), mark to market (MtM) limits, etc. to ensure risks are adequately limited, taking into account any potential loss of margin and/or value, the tenor, the type of business and the market conditions. Market risk reports will be provided to the Avangrid Risk Committees and to the global Market Risk Committee.
Credit Risk: The position will oversee that credit risk is monitored, managed and aggregated in a uniform and coordinated way.
Credit risk is adequately limited, taking into account as key variables the creditworthiness of the counterparties and suppliers, the tenor and the type of instrument of the operation, the type of business and the market conditions when setting and approving credit limits and/or establishing contract credit terms and conditions. Credit risk reports will be provided to the Avangrid Risk Committees and to the global Credit Risk Committee.
New Investment / Deals risk evaluation: the position will be accountable to ensure that all new investments and deals that require Management Committee noting, incorporate a risk analysis that alerts of the main risks associated, compliance with existing risk policies as well as mitigation measures included, and ensure this is part of the decision-making process.
Executive Management: This position has enterprise level management responsibility for multiple layers of geographically dispersed staff.
The candidate must act as a trusted advisor with business unit leaders and professional organizations. The candidate must be able to succinctly communicate technical issue to non-technical audiences.
Global Coordination: The position is part of a global Corporate Risk organization acting as a local point of contact for the global governance organization. In this role, the position will work closely with the Iberdrola Risk organization to balance global and local priorities and regulations to ensure the priorities and requirements of the organization are met.
Skills and Requirements
Bachelor's Degree required with Master's Degree preferred with a minimum of 10 years relevant experience preferred. Masters/MBA degree.
Market and Credit risk management - knowledge of key concepts and techniques
U.S. electric power and natural gas markets, trading environment and renewable and gas-fired electric generation.
Global vision, and understanding on how relevant risks interact with business goals.
Investment analysis and analytical skills. Good communication and presentation skills.
Flexibility and ability to work in a changing environment, ability to deal with multiple task and competing priorities.
Anticipation and proactivity.Understanding of developing and emerging risks and threats required .Prior management/leadership experience in a matrix organization.Working knowledge of the regulatory environment for utility companies within United States
AVANGRID employees may be assigned a system emergency role and in the event of a system emergency, may be required to work outside of their regular schedule/job duties.
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