TEST Head of Credit Located: Office based role in Marble Arch, London The Prax Group is a British multinational independent production, refining, storage, distribution and sales conglomerate dealing in crude oil, petroleum products and bio-fuels, headquartered in London. Our mission is to conduct business responsibly, placing excellence, integrity and philanthropy at the heart of everything we do. The Prax Group’s core business is production, refining, logistics, and integrated supply and optimisation; our assets and investments complement and enhance these activities. The Group has over 1,500 employees in 6 offices across the world. The Group’s downstream marketing and distribution businesses carry the Harvest Energy brand. Its midstream and upstream businesses, including production, refining and blending, carry the Prax brand. The Group is collectively identified as the Prax Group. We are now recruiting for a Head of Credit to be based in our London office. The Head of Credit is responsible for the global credit activities of the Prax Group, from maintaining the Credit Policy and running the Credit Committee through to setting limits, analysing risks, monitoring exposures and tracking counterparties. The role also has responsibility for Credit insurance strategy, negotiation, and policy maintenance. Given the significant growth of the Group, the role plays a critical role in ensuring credit processes are best in class, remain aligned with the complexity and global reach of operations. Responsibilities Own the credit policy of the Group, proposing policy amendments and ensuring it is always complied with. Run the monthly Group Credit committee, presenting counterparties and transactions for approval. Reporting existing country/ transaction/ counterparty exposures and proposing improvements to credit process where applicable. Updating the risk committee on key credit risk trends and portfolio performance. Originate and negotiate open account from suppliers. Proposing open account limits through analysing counterparty financial performance and producing credit reviews with limit recommendations. Ensuring the credit exposure monitoring remains fit for purpose and counterparties remain within limits. Review and approve transactions for credit risk and suggest risk mitigants and alternative structure to reduce/eliminate credit risk. Monitor and mitigate performance risk of counterparties and transactions. Monitor the commodity markets and systemic risks for any changes which may impact credit worthiness of counterparties and potentially their risk appetite. Maintain relationships with other commodity trading credit and finance departments, negotiating reciprocal credit limits and legal documentation to facilitate trading. Maintain close dialogue with the Groups Global trading offices including in Houston, Singapore & Zeebrugge. Work with Trade Finance to reduce the requirement to post collateral, reduce leverage and enhance Group profitability. Managing credit insurance policies globally as relates to insuring third parties and self-insurance. This includes regular updates with key Underwriters on market trends and risk appetite. Own the Group Credit insurance strategy, providing information requested by underwriters throughout the year, arranging the policy renewals & extensions for acquisitions, negotiating pricing & terms with insurance brokers and invoice approvals. Liaise with Lloyd’s market regarding bespoke credit insurance policies and other potential credit mitigating facilities. Skills/experience required Significant experience of managing the end-to-end credit activities in an acquisitive global business with different business lines, including a solid track record of driving changes to processes to ensure they remain best in class. Excellent understanding of physical and financial oil trading, including transaction structuring and contract negotiation as impacts credit (Standard contracts include Sale & Purchase Agreements, ISDA’s and CSA’s). Ability to operate in a fast-moving environment, creating and leveraging strong relationships both internally and externally and bringing gravitas to any negotiations. Ability to assess the creditworthiness of counterparties including analysing financial statements and other external research materials. Good understanding of Commodity Trade Finance products such as LC, SBLC, Performance Guarantees Solid understanding of Credit Insurance policies, including standard terms & conditions and reporting requirements for such polices.