VP, Chief Risk Officer

The Chief Risk Officer (CRO) will report directly to the CEO with a dotted line to the Risk and Audit Committee of the Board.

The CRO will be a a member of the Executive Team and will work closely with the Chief Executive Officer, Chief Financial Officer and General Counsel to coordinate PJM's enterprise risk management operations, including evaluating, identifying, managing, reporting, responding to and overseeing risks externally and internally to the organization.

The CRO provides independent oversight of strategic, operational, financial, market, regulatory, cyber and reputational risks, and advises leadership and the Board on emerging and systemic risks that could affect grid reliability, market outcomes or stakeholder confidence.

The CRO will focus on developing approaches to mitigate, prevent and respond to risk to the PJM enterprise. Specifically the CRO will drive efficient and effective governance of market and credit risk, collateral management, underwriting corporate insurance, trade risk and analytics, model validation, KYC (know your customer) and quantitative analytics. The CRO will account for assessing and mitigating credit and payment default risk to PJM's wholesale markets and will define and oversee methods to monitor market participant behavior including position trends in all markets.

Essential Functions:

The CRO will establish and maintain credibility and trust with the PJM Executive Team and cross-functional stakeholders.

The CRO will utilize collaboration, compromise, influence, leadership, negotiation, consensus building and overall communication methods to challenge the status quo in an effort to ensure an understanding of the risks facing PJM and the prevention, mitigation and response of such risks.

The CRO will engage with existing staff functions of Credit, Model Validation, and Enterprise Risk Management to develop and enhance the Market Trade Risk capabilities.

The CRO will perform a thorough assessment of the current state of:

* Credit, Model Validation and Enterprise Risk Management functions

* Organizational design and determine if changes needed to make the risk function more effective

* Available technology appropriate for implementing the risk function

As defined and approved by the CEO, the CRO will determine:

* Appropriate risk controls

* Appropriate methodologies for risk measurements and internal process changes needed for risk measurement and reporting

Develop effective communications and consensus building with Members and Regulators to gain acceptance of proposed changes to enhance risk management, such as:

* Reviewing and improving credit requirements

* Reviewing and improving new member acceptance processes

* Resolving conflicts that may arise in the stakeholder process regarding such processes

Development of comprehensive market participant surveillance processes that monitor participant's trading activity, market positions, margins, trends and behaviors.

Develop processes and strategies to highlight notable or abnormal market participation positions or trends with a process for communication within and across the enterprise, specifically ensuring the CEO is aware in a timely fashion of actual or potential risks and material/significant risks

Oversee market and counter party risk analyses which will involve development of new market risk analytics and credit & collateral risk analytics systems and processes with a process for communication within and across PJM, specifically ensuring the CEO is aware of actual or potential material and/or significant risk items in a timely fashion.

Lead the Risk Management Committee to address credit and risk management issues by attending all meetings and preparing and reviewing all content of the meeting

Review credit and collateral requirements for Members while providing oversight to review models to ensure participant behavior is monitored with appropriate follow up and metrics and communicated to CEO, CFO, General Counsel and Members in a timely manner

Provide oversight of extensive quantitative analysis to simulate various scenarios and test the proposed risks against real-time events to provide data for better and informed…