Senior Market Risk Specialist
About the position We are seeking a Senior Market Risk Specialist to lead the assessment and mitigation of market risk exposures across SMUD's diverse energy portfolios, including power, gas, and renewables. The ideal candidate will have strong analytical and quantitative modeling skills, extensive experience in energy trading and risk management, and the ability to communicate complex risk insights to executive leadership. This role offers an exciting opportunity to shape risk policies, support strategic decision-making, and contribute to SMUD's commitment to managing price volatility and regulatory challenges in the energy market. Note: We are filling this position at either the Principal or Senior level. To be considered at the Principal level, please apply to requisition #2682.PurposePlays a critical role in monitoring, analyzing and managing market risks associated with the utility’s energy procurement, trading and hedging activities. This position supports the company’s risk oversight function by delivering quantitative assessments, developing risk models, and collaborating with key internal stakeholders to ensure risk-aware business decisions. This role requires a strong understanding of energy markets, quantitative risk tools, and regulatory frameworks applicable to the utility sector. Nature and ScopeThere 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. Responsibilities • Monitor and assess market risk exposures related to electricity, natural gas, renewable energy credits, and other commodity positions. • Support the implementation and improvement of risk metrics, including Value-at-Risk (VaR), stress testing, and sensitivity assessment. • Track market trends, price movements, and economic drivers that affect portfolio exposure and report findings to senior management. • Assist in the development and maintenance of risk models and tools for portfolio valuation and scenario analysis. • Ensure compliance with internal risk policies and external regulatory requirements (e.g., FERC, NERC, ISO/RTO rules). • Collaborate with Front Office (trading, origination), Treasury, Finance, and Regulatory teams to understand and evaluate the risk impact of commercial decisions. • Contribute to the design and enforcement of trading and hedging limits; escalate limit breaches as necessary. • Prepare regular and ad hoc risk reports and presentations for Risk Committees and senior management. • Participate in the ongoing enhancement of the risk management framework, including system upgrades, policy reviews, and process improvements. • Participate in the creation and forecasting of the commodity budget to support strategic planning and rate setting. • Monitor and report weekly and monthly on budget performance, assessing market conditions and risks. • Participate in the recommendation of mitigation strategies for variances between actual and expected expenditures. • Perform other related duties as needed; schedules, hours and locations may fluctuate based on business needs. Requirements • 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, nine or more (9+) years of relevant experience are required. • At least five (5+) years of experience in energy trading, risk management, or quantitative analysis within a utility or commodity environment. • Applied mathematics and statistics: Utilize mathematical and statistical methods to evaluate data and support decision-making; • Business analysis methods and procedures: Apply business analysis 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; • Solid understanding of North American wholesale energy markets and ISO/RTO operations (e.g., PJM, CAISO, ERCOT); • Working knowledge of risk systems and ETRM platforms (e.g., Endur, Allegro, PowerBI). • Demonstrate strong quantitative and analytical skills; work with statistical tools, modeling, and simulation techniques; • 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; • Provide 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; • Demonstrate proficiency in Microsoft Excel and data analysis tools (e.g., Energy Market Simulation Software, Python, R, MATLAB, SQL). Nice-to-haves • Working knowledge with energy trading and risk management systems (e.g., Endur, Allegro, PowerBI, ETRM platforms). • Demonstrate strong analytical and quantitative modeling skills with proficiency in risk tools and programming languages (e.g. Energy Market Simulation Software, Python, R, MATLAB, SQL). Benefits • SMUD is a CalPERS agency. As a member of the California Public Employees’ Retirement System (CalPERS), SMUD offers eligible employees access to a defined benefit pension plan along with other valuable retirement and health benefits. This program helps provide financial security both during your career and after retirement. To learn more about CalPERS and the benefits it offers, please visit www.calpers.ca.gov. Apply tot his job