Analyst 2/3/4 - Risk Analytics

About the Opportunity

The position is within the Risk group and reports to the Director, Enterprise Risk Management. It is located onsite within our five-state service territory (Ohio, Pennsylvania, Maryland, West Virginia, or New Jersey). 

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. Corporate Risk is composed of two teams: Enterprise Risk Management (ERM) and Insurance Strategy & Operations. The Enterprise Risk Management team works across every area of FirstEnergy and it is expected that its contributors be agile learners, strategic thinkers, and able to execute. The successful candidate will have the opportunity to be part of identifying key strategic topics across multiple business units and working with them to manage risks and take advantage of opportunities.

To meet the strategy of the Corporate Risk department, we are seeking to add Risk Analytics professionals to our team. The primary responsibilities of these professionals in support of the overall ERM function include: 

• It is important that we are able to determine our exposure to key risks and monitor changes to them. This team member 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.
• 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. 
• 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 to support business units and senior management to analyze and manage enterprise risks. 

The successful candidate will: 

• 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

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, AI & machine learning, and other quantitative methods
  • Identify, analyze, and interpret trends or patterns in complex data sets
  • 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
• Become familiar with key strategic models across FE that are used to drive decision-making, including but not limited to: the financial forecast, 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 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 full ERM 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 GRACE (FirstEnergy’s instance of Archer IRM), Power BI, and other risk management and reporting tools to enhance risk analytics, Key Risk Indicators (KRIs), reporting capabilities, and risk escalation processes.
• Support the Enterprise Risk Assessment (ERA) processes: 
  • Identify and develop key risk indicators or other metrics 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 in risk reporting through data visualization development and other reporting
• Research and implement new modelling tools and techniques 

Qualifications for the Analyst II Position 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, statistical modelling, 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
• Ability to develop understanding of risk management process 
• 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 

Qualifications for Analyst III Position include all the above plus:

• Minimum 4 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. 
• Proficient in data analytics tools such as Microsoft Power BI, Python, R, SAS, RapidMiner, @Risk
• Strong understanding of quantitative modelling skills to gain insights from data that will inform strategic decision-making 
• Experience participating on cross-departmental projects in collaboration with other business units 
• Project management experience
• Ability to develop strong understanding of risk management process 

• Effective communication skills, written and verbal

Qualifications for Analyst IV Position include all the above plus:

• Minimum 7 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. 
• Thought leadership in how to maximize use of data analytics tools such as Microsoft Power BI, Python, R, SAS, RapidMiner, @Risk and ability to teach and coach others
• Experience leading cross-departmental projects in collaboration with other business units 
• Ability to master risk management process 
• Excellent communications skills, written and verbal