This position is responsible for collaborating externally with market participants, external advisors, and financial institutions to enable the IESO to administer the prudential framework, as well as to oversee treasury liquidity and cash management activities and its recording in the financial statements. Ensures that prudential obligations as defined by the market rules are complied with, and that Treasury policies are adhered to.
This position will be required to provide detailed analysis and recommendations to senior staff, including analytical research, market intelligence, as well as suggestions for IESO process enhancements.
The successful candidate will be required to work on site at our Mississauga location at least once a week.
Ensure familiarity and adherence with Treasury policies and controls at all times. Identify and report potential instances of non-compliance to senior treasury staff.
Administer and participate in the preparation of cash flow forecasts to ensure sufficient funds are secured to meet operational requirements. Work closely with business units to understand outflows and inflows.
Analyze daily cash variances by monitoring all banking activities. Report any fraudulent transactions.
Be responsible for the accounting and analysis of various General Ledger (GL) accounts. Prepare monthly bank reconciliations and investigate/resolve any reconciling items.
Act as Treasury lead in the yearly financial statements audit process.
Examine and analyze economic data collected in order to assess investment performance to be reported to the Audit Committee.
Assist senior management in the preparation of annual financial statements for the registered pension plan for use in the external audit and in government filings.
Administer and participate in the preparation of the operating budget for the pension plan, including review of business unit submissions and completion of consolidated level variance analysis and related reporting.
Perform other analysis, including various pension reconciliations. Research issues raised and interact directly with external contacts to resolve such issues.
Administer the financial side of the programs offered to employees to purchase, transfer or terminate their pensionable service.
Work closely with various pension stakeholders to ensure timely and accurate investment reporting.
Be responsible for analyzing/preparing reports on market participants’ exposure to support the Prudential Specialist and senior management in mitigating credit risks.
Prepare daily, monthly and ad-hoc analysis/reports on margin calls, collateral calls, prudential stats, bank exposure and various other reports to support the Prudential Specialist and senior management to comply with the market rules.
Analyze and reconcile participants’ history of transactions and collateral holdings to update auction bid limits for the Transmission Rights market.
Provide subject matter advice based on in-depth knowledge of the IESO market rules in response to inquiries from market participants.
Analyze issues from a credit risk perspective and work with various other departments to resolve any prudential queries, as required.
Identify and report potential instances of non-compliance with IESO market rules, both on the part of Market Participant and the IESO. Provide subject matter expertise to the Compliance and Dispute resolution units.
Research issues raised by external market participants or senior management regarding collateral requirements. Interact directly with external contacts to resolve these issues.
Review credit rating news and provide recommendation to Prudential Specialist on potential negative actions.
Oversee and participate in various ad-hoc tasks such as: investigate all payment defaults, approve banking changes submitted by market participants, and assess/analyze prudential reduction requests.
Support the Prudential Specialist and senior management with the annual renewal of insurance programs. Liaise with local brokers on insurance certificates, payment, and clarification of coverage, as required.
Provide analysis on credit/default conditions, prepare reports and provide recommendations in order to support the Prudential Specialist and senior management with the prudential framework review.
Contribute to project development with a focus on driving and enhancing operational efficiencies. Propose recommendations for process improvements to support efficiency and effectiveness of day to day activities.
Foster and maintain strong relationships with key bank contacts and market participants.
Assist with the establishment and maintenance of treasury controls, procedures, and policies.
Act as a backup to fellow Treasury colleagues and perform other duties as required.
Requires a comprehensive knowledge of business systems, financial and management accounting and reporting, related mathematics, analytical techniques and computer and database systems.
Requires critical thinking and problem solving skills and in-depth research abilities.
This knowledge is considered to be normally acquired through the successful completion of a four-year university degree in a business discipline (Commerce, Economics, Finance).
A Certified Treasury Professional (CTP) designation, or the pursuit of a CFA (Chartered Financial Analyst) designation would be considered an asset.
Requires a background in financial knowledge with specific experience in cash flow management and credit risk monitoring processes.
Requires financial computer system experience and direct experience with Treasury applications.
Requires experience in developing new accounting processes to meet changing reporting needs and taking action to detect and resolve problems as they arise.
Requires excellent interpersonal, oral and written communication skills to prepare reports and answer detailed questions from external market participants and work with internal departments at resolving new issues.
Requires an understanding of the IESO Market Rules pertinent to the financial management and reporting requirement established for the function. Financial based knowledge of the energy industry is necessary.
Requires some supervisory experience related to ensuring workflow.
A period of over 6 up to and including 8 years is considered necessary to gain this experience.
Telecommuting is allowed.
Additional Salary Information: Temporary contract up to 18 months
Competitive market wages
Comprehensive benefit programs
Programs and policies to support a balanced lifestyle
A challenging fast-paced team environment
Opportunity to work with some of the brightest people in the industry
Internal Number: 15227
About Independent Electricity System Operator
The Independent Electricity System Operator (IESO) works at the heart of Ontario’s power system ensuring there is enough power to keep the lights on, today and into the future.