Job Description:
JOB DESCRIPTION
FirstEnergy at a Glance
We are a forward-thinking electric utility powered by a diverse team of employees committed to making customers' lives brighter, the environment better and our communities stronger.
FirstEnergy (NYSE: FE) is dedicated to integrity, safety, reliability and operational excellence. Headquartered in Akron, Ohio, FirstEnergy includes one of the nation's largest investor-owned electric systems, more than 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions, and a regulated generating fleet with a total capacity of more than 3,500 megawatts.
About the Opportunity
This is an open position with FirstEnergy Service Company, a subsidiary of FirstEnergy Corp. [SC00]
The position is within the Risk group and reports to the Manager, Risk Analytics & Strategy Alignment. It is located within a reasonable distance to a company facility in our five-state service territory (Ohio, Pennsylvania, Maryland, West Virginia, or New Jersey). This position is designated as Remote. It may require in-person team meetings in the Akron area or within the service territory, on an as needed basis, estimated at once per quarter.
The mission of the Corporate Risk team is to make risk actionable and help FirstEnergy achieve our strategic objectives. We envision a comprehensive and proactive Risk program that enables risk-informed decisions and the pursuit of opportunities. Risk management is composed of two teams: Enterprise Risk Management and Insurance Strategy & Operations. Members of the Enterprise Risk Management team will have the exciting opportunity to work across all areas of the business and contribute to the success of FE's key strategic priorities.
Responsibilities include:
- The integration of Risk Management and Strategy is key to ensuring we are positioned to achieve our strategic objectives and capture opportunities that will enhance FE's value. This team will be responsible to integrate Risk Management and Corporate-wide strategies to ensure we have a risk-informed strategy and business plan, through both quantitative and qualitative methods.
- It is important that we are able to determine our exposure to key risks and monitor changes to them. This team will conduct risk analytics to support risk monitoring, calibration (determination of an acceptable level of risk and our status against it), and escalation when risks surpass expected levels.
- FirstEnergy uses various quantitative models to perform business planning. This team will identify which models are most key to our business and evaluate the model risk for each identified model.
- The team will work with the Insurance Strategy & Operations team to evaluate insurance coverages so that we can bring FE's risk within tolerance through proper insurance coverages.
- Through risk analytics and risk assessments (performed by the Risk Universe & Risk Advisory Services team), various opportunities are identified for FE to either further mitigate risks or enhance business value. This team will identify those opportunities and manage projects to support business units in capturing the identified opportunities.
- There are many strategic projects across FE that are led or supported through risk analytics and strategy integration. This team will need to perform analytics as strategic risk advisory services to support business units and senior management to analyze and manage enterprise risks.
- Seek to gain a solid knowledge of FE's business and strategic objectives and be able to apply that knowledge to embed risk management within FE's strategic goals
- Work collaboratively in a team that performs cross-functional projects on a wide variety of topics, both quantitative and qualitative, to support FE's strategic priorities
- Manage several topics at one time and effectively communicate their work to team members
- Perform risk analytics work that leads to proper insights through the use of data
- Provide insights on both the philosophical and mathematical approach to risk analytics work
- Identify and communicate key insights that inform FE's strategy and financial plan
- Employ statistical techniques to scrutinize data and produce actionable business insights
- Develop data models, dashboards, charts, and visual aids to support decision-making
- Convey insights through reports and visual presentations
- Engage with departments to specify data requirements for analysis projects tailored to their unique business processes
Analyst Responsibilities include:
- Collaborate across the Corporate Risk Teams and with business units to further integrate risk analytics into business practices using the following data analytics skills:
- Querying large amounts of data from multiple data sources, interpreting the data and analyzing results using statistical techniques
- Performing advanced analytics using linear regression, machine learning, and other quantitative methods
- Identify, analyze, and interpret trends or patterns in complex data sets
- Become familiar with key strategic models across FE that are used to drive decision-making, including but not limited to: the financial forecast, the Pension, various business development scenarios, and support for other assumptions
- Assess Financial Plan assumptions and provide scenario stress testing to create a risk-informed business plan
- Integrate risk information with teams that are responsible for corporate strategies from both a quantitative and qualitative approach
- Support Distribution and Transmission Capital Round processes and other project portfolio risk analyses
- Develop, maintain, and perform continuous improvement on risk analytics models. These models could include, but are not limited to, the Combined Financial Risk Model which provides risk-adjusted earnings and cash ranges, or the Key Performance Indicator risk models which assess FE's likelihood of meeting key operational and safety performance metrics
- Support the development of focused risk models on key enterprise risks that lead to actionable risk response solutions. Often these models may be transferred back to the business unit for maintenance and/or continuous improvement. This work will be performed in partnership with the Risk Universe team and the business units
- Continuously improve a Risk Escalation program by which we quantitatively calculate and monitor risk exposures against defined risk limits. The analyst will support the development, monitoring and maintenance of Risk Escalation metrics, follow escalation process where needed, and publish appropriate reporting
- Utilize risk analytics to inform proper risk limits across FE's enterprise risks
- Identify opportunities to further leverage the GRACE tool's (FirstEnergy's GRC) Key Risk Indicator and Reporting functionalities to streamline or enhance risk analytics and escalation
- Support the Risk Universe team in Enterprise Risk Assessment (ERA) processes
- Identify and develop key risk indicators to monitor risks across ERA process cycles
- Support deep-dive Risk Reviews of identified top enterprise risks to help quantitatively determine risk exposures and identify metrics to track exposures to important risk drivers
- Where feasible, utilize risk analytics to determine exposure to risks and identify key risk drivers and root causes that span multiple enterprise risks
- Support Business Units and Risk teams in risk quantification efforts
- Support Risk Operational Excellence team in risk reporting through data visualization development and other reporting
- Research and implement new modelling tools and techniques
Qualifications include:
- Bachelor's degree in Economics, Mathematics, Statistics, Data Science, Finance, Business Administration, Engineering or related discipline required. Advanced degree is a plus but not required.
- Minimum 2 years relevant work experience required. Relevant experience includes risk analytics, data science, forecasting, quantitative and/or qualitative research, and/or risk management. Other work experiences will be considered if they are demonstrated to be applicable to successfully performing this role.
- Experience using data analytics tools such as Microsoft Power BI, Python, R, SAS, RapidMiner, @Risk
- Excellent analytical, critical thinking, problem-solving and decision-making skills are necessary with proven ability to work effectively in a team environment
- Excellent communications skills, written and verbal
- Strong understanding or ability to learn risk management processes
- Highest standards of business conduct and ethical behaviors
- Displays and reinforces the FE Values & Behaviors
- Preferred experience participating on cross-departmental projects in collaboration with other business units
- Strong understanding or ability to learn quantitative modelling skills to gain insights from data that will inform strategic decision-making
Benefits, Compensation & Workforce Diversity
At FirstEnergy, employees are key to our success. We depend on their talents to meet the challenges of our changing business environment. We are committed to rewarding individual and team efforts through our total rewards philosophy which includes competitive pay plus incentive compensation, a company-sponsored pension plan, 401(k) savings plan with matching employer contribution, a choice of medical, prescription drug, dental, vision, and life insurance programs, as well as skills development training with tuition reimbursement. Please visit our website at www.firstenergycorp.com to learn more about all of our employee rewards programs. FirstEnergy proudly supports workforce diversity. All qualified applicants will receive consideration for employment without regard to race, religion, color, national origin, sex, sexual orientation, gender identity, age, status as a protected veteran, or status as a qualified individual with a disability. No recruiters or agencies without a previously signed contract. Unable to sponsor or transfer H-1B visas at this time.
Safety
Safety is a core value for FirstEnergy and is essential to all of our business activities. We ensure employees have the tools, information, and processes to perform their duties in a manner that assures safety for themselves, their co-workers, our customers and the public. Our goals are to provide a safe work environment, to maintain an accident-free, injury-free workplace, and to promote and maintain public safety. To meet these goals, we dedicate ourselves to achieving world-class safety standards.
Position Classification
Exempt
FirstEnergy Human Resources Team
