Senior Market Risk Analyst

Cenovus Energy•Calgary, AB

About The Position

Cenovus' Treasury & Risk Department is seeking a Senior Market Risk Analyst to join its team. Reporting to the Manager, Market Risk Operations, the successful candidate will be responsible for daily position monitoring, profit and loss (P&L) reconciliation, and the timely validation and analysis of results. This role involves monitoring, analyzing, and reporting market risk exposures against established limits, conducting performance measurement and attribution analysis, and preparing and distributing market risk reports. In addition, the Senior Market Risk Analyst will play a key role in supporting Energy Trading and Risk Management (ETRM) initiatives, including system enhancements, reporting improvements, and projects related to new business activities and evolving risk management requirements.

Requirements

Legally authorized to work in Canada
Bachelor’s degree in finance, economics, statistics, or another quantitative discipline.
Minimum 8 years of experience supporting energy markets, commodity trading, and related commercial activities.
Strong understanding of commodity market risk management principles, methodologies, and controls.
Proven ability to build effective relationships and collaborate across Front, Middle, and Back Office functions while maintaining independence, objectivity, and sound judgment.
Experience with ETRM platforms such as Allegro, RightAngle, or similar commodity trading and risk management systems, complemented by strong commercial acumen and analytical capabilities.
Advanced knowledge of crude oil, condensate, refined products, natural gas (NG), and natural gas liquids (NGL) markets.

Nice To Haves

Proficiency in Python, SQL, VBA, and Power BI is considered an asset.

Responsibilities

Accountable for the independent assessment of commodity market risk exposures across marketing, trading, and asset-related activities, providing insights that support strategic decision-making at the senior leadership level.
Measure, analyze, and validate commodity market risk exposures for physical and financial trading and marketing activities, including daily mark-to-market (MtM) reviews and P&L attribution analysis.
Monitor and report compliance with market risk limits, controls, and governance requirements across trading portfolios.
Partner with Middle Office teams to enhance risk analytics, models, tools, and reporting capabilities to strengthen risk management and decision-making.
Support ETRM system enhancements, integrations, and new business initiatives by defining requirements, contributing to solution design, and participating in user acceptance testing (UAT).
Collaborate with Front, Middle, and Back Office stakeholders to improve processes, controls, communication, and performance measurement practices.