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Model Risk and Independent Price Verification Analyst
Job highlights
  • Full time
  • Johannesburg, Gauteng, South Africa
  • Market Risk
Job ID R200001306 Closing date 08/10/2025 Last Updated 30/09/2025

Model Risk and Independent Price Verification Analyst

Melrose, Johannesburg, South Africa

Oil Market Risk

JOB SUMMARY:

Glencore is one of the world’s leading marketers of crude oil and oil products, supplying millions of

barrels of oil every day to customers around the world.

We source crude oil and oil products from a range of suppliers – through our marketing offices

in London, New York and Singapore. To support our business, we have a substantial shipping portfolio

and access to a range of logistics, storage and investment capabilities

We are seeking an individual to join our team as a Model Risk & IPV Analyst. This hybrid role combines

responsibilities for the validation of quantitative models used in commodity trading with the execution

of IPV processes. As a control function, it plays a critical role in ensuring the soundness of front-office

valuation and risk models, as well as the accuracy of end-of-period valuations for commodity

instruments.

WHO SHOULD APPLY?

We’re looking for ambitious candidates who have:

  • Post Graduate qualification in Financial Engineering, Quantitative Finance, Financial Risk,

Mathematics, Statistics, Physics, or a related field.

  • 1-3 years relevant experience.
  • Professional certifications (e.g., CFA, FRM, CQF) are an advantage
  • Interest in commodity markets (e.g., oil, gas, power, metals) and relevant pricing dynamics.
  • Strong programming and analytical skills in Python, C++, or similar languages.
  • Solid knowledge of derivatives valuation techniques, including stochastic calculus, Black-Scholes, spread option models, and Monte Carlo simulation.
  • Proficient in Excel/VBA and Power BI, with a solid understanding of market data feeds (e.g. Bloomberg, ICE, Platts, and broker feeds).

KEY RESPONSILBILITIES

Model Validation (Quantitative):

  • Independently validate trade models used for pricing and risk management of commodity products, including:

            o Optionality, including complex and physical optionality

            o Curve models (marking models)

            o Valuation models (e.g. Black-Scholes-Merton, spread option models

such as Kirk and Margrabe, etc.)

  • Challenge model assumptions, where necessary, based on the lifecycle of the model
  • methodologies, and implementation in risk/pricing systems.
  • Analyse the model’s performance under various market conditions and propose model
  • limitations.
  • Ensure proper documentation, version control, and validation of models to maintain a clear
  • audit, aligned with internal model risk policies.
  • Independent Price Verification (IPV):
  • Perform monthly IPV for a range of commodity products, including physical and derivative
  • instruments (e.g., futures, swaps, options).
  • Source and assess quality of third-party data (e.g., ICE, Platts, Argus, broker quotes and
  • consensus data).
  • Present IPV results to the various global stakeholders. Prioritize the most critical issues offering
  • analysis, insights, and recommendations.
  • Validate key pricing inputs like forward curves, basis spreads, time spreads, storage costs, and
  • transportation differentials.
  • Work with data management and product risk teams to understand risk system exposure,
  • streamline data quality and improve IPV coverage.

KEY RELATIONSHIPS:

  • London and US Risk Managers
  • Senior Risk Management team
  • Traders

Who we are

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that support decarbonisation while meeting the energy needs of today.

With over 150,000 employees and contractors and a strong footprint in over 35 countries in both established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of more than 50 offices.

Glencore’s customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

We will support the global effort to achieve the goals of the Paris Agreement through our efforts to decarbonise our own operational footprint. We believe that we should take a holistic approach and have considered our commitment through the lens of our global industrial emissions. Against a restated 2019 baseline, we are targeting to reduce our Scope 1, 2 and 3 industrial emissions by 15% by the end of 2026, 25% by the end of 2030, 50% by the end of 2035 and we have an ambition to achieve net zero industrial emissions by the end of 2050, subject to a supportive policy environment. For more information see our 2024-2026 Climate Action Transition Plan and the About our emissions calculation and reporting section in our 2023 Annual Report, available on our website at glencore.com/publications.​

​Note*: All applications will be subject to potential background checks. You will be informed if this will be the case. Further information about the processing of your personal data will be made available during the application process. We'll seek your explicit consent prior to processing the data.