ICE CREAM – Manager Commodity Risk Middle Office

Join the Ice Cream Division at Unilever as Manager Commodity Risk Middle Office

Unilever is looking for an ICE CREAM – Manager Commodity Risk Middle Office

The Ice Cream division at Unilever is preparing to stand on its own, aiming to become an independent, EUR 8.3 billion publicly listed company by the end of 2025. We’re on a mission to create the ultimate snacking company—a place where growth, innovation, founder and ownership mentality, and performance are cultivated and rewarded. Here, we craft extraordinary ice cream experiences, transforming ordinary moments into lasting memories. Because we know, life tastes better with ice cream.

About the Magnum Ice Cream Company:

The Magnum Ice Cream Company is all about growth: growing our business, our customers’ businesses, and our people’s careers. Growth begins with empowerment, so we free our people to be innovative, responsible entrepreneurs, driven and equipped to give our consumers more amazing products and unforgettable moments—while having fun doing it.

With 19,000 expert ice cream colleagues and iconic brands like Wall’s, Cornetto, and Ben & Jerry’s, loved in 76 countries, we are the world’s largest Ice Cream company, leading the industry. We have been taking pleasure seriously for more than 100 years, serving happiness with every lick or scoop of ice cream for generations.

We are investing to unlock the full growth potential of The Magnum Ice Cream Company as a standalone entity, once we separate from Unilever, which is planned to happen before the end of 2025. We dream big but keep things simple to act fast.

If you want to grow with us, make an impact, and shape the future of Ice Cream, this is the place for you!

Job Purpose

We are looking for a process & compliance-focused and experienced Manager to lead our Commodity Risk Management Middle Office (CRM MO) operations. Commodity Risk Management is of paramount importance to our business and will be the key point of contact for Business Stakeholders and the Senior Leadership Team.

As the Ice CRM MO Manager, you will play a pivotal role in managing our CRM MO operations, ensuring end-to-end oversight and accountability. You will be responsible for the determination and ongoing oversight of CRM Operations, including:

• Validation that all proposed hedges meet Hedge Accounting Requirements (IFRS9)
• Maintaining documentation of all hedge relationships—underlying exposure and proposed hedge instrument
• Oversight of all commodity risk and position limits and processes with regard to internal policy and external agencies requirements—FCA, US CFTC, and key commodities exchanges
• Ensuring the Front Office Traders execute and capture trades in line with policy and external requirements
• Performance reporting to risk committee and senior business stakeholders
• Assisting with month-end and quarter valuations and key messages to stakeholders

Key Responsibilities

Managing Treasury Middle Office CRM Activities:

• Daily cover reports and mark-to-market reporting
• Oversee commodity demand forecasting process
• Oversee Front Office trade execution and closing activities, ensuring transactions are captured in a timely and correct manner and respect TMICC risk limits and policies
• Oversee daily position report and margin reconciliation
• Month-end valuations
• End-to-end risk controls and compliance for commodity hedging operations

Main Accountabilities:

• Achieve zero tolerance to error in settlements, confirmations, and accounting of commodity transactions
• Maintain zero open items in daily reconciliations of ISDA and exchange-related commodity transactions
• Complete all audits with zero non-conformances for internal, external, and SOX audits
• Ensure TMICC meets all internal policy and external accounting and regulatory requirements and enforce a zero-tolerance reporting approach for violations
• Oversee daily margin and credit usage reconciliation for exchange-traded instruments and/or ISDA-OTC transactions
• Reporting of commodity hedge performance and covers, as well as ensuring the drawdown limits and credit policies are respected
• Resolve open queries with operating counterparties and the in-house bank
• Continuously improve processes to enhance efficiency and accuracy

What You Need to Succeed

Experiences & Qualifications

• Minimum 5 years of experience in a middle office and control role for commodities at either a bank, corporate treasury (e.g., consumer goods), trading house, or investment fund in a SOX environment
• Understanding of hedge accounting IFRS9 (preferred) and/or US GAAP (FASB 812)
• Understanding of key compliance and reporting requirements of commodities exchanges, US, UK, and EU (soft) commodity derivative regulations
• Experience holding traders (front office) accountable for internal risk limits and processes
• Proficiency in MS Excel, Power BI, and MS PowerPoint
• Strong stakeholder management skills
• Self-driven with the ability to translate vision into actions
• Experience working in a complex environment with global stakeholders
• Professional qualification of CA/MBA; additional CFA qualification preferred and other certification for Middle Office / Back Office operations (e.g., NY Institute of Finance or equivalent training resulting in a certificate)
• Candidates without formal certification but with extensive experience (7+ years) should also apply
• Experience preparing key information on CRM operations & impact for Investor Relations is an asset

Must Have Competencies

• Ability to provide strong oversight of CRM operations and hold teams (including senior stakeholders) accountable for compliance with internal policies and external regulatory and accounting requirements, driving a zero non-compliance approach
• Ability to optimize and implement end-to-end processes to ensure compliance and effective risk reporting in a timely manner
• Familiarity with US CFTC reporting limits and submission requirements for large traders
• Understanding of Exchange for Related Positions (EFP, EFS) processes on both ICE and CME trading venues and underlying compliance and documentation requirements
• Strong business partnering skills with a service mindset
• Ability to develop robust processes and apply professional knowledge effectively
• Analytical and problem-solving skills with the ability to interpret data from various sources
• Assertive, proactive, and willing to learn and teach within the team
• Ability to work under pressure and meet strict deadlines
• Quick decision-making in emergency situations
• Experience in implementing and/or upgrading a CTRM system is an asset, but not essential

What Is In It For You?

• Attractive total remuneration package, including excellent company pension, bonus, and share scheme
• Flexible cross-disciplinary career opportunities and a wealth of training opportunities & wellbeing resources whenever and wherever
• Plenty of company-paid holidays to further ensure your work-life balance is maintained
• We encourage an inclusive culture, which comes to life with interchangeable public holidays, paid paternity leave of 6 weeks, and our transgender policy
• Under the Hybrid Working principles, you will be expected to spend a minimum of 40% in the office or at customers, suppliers, or partners to connect and collaborate. For the time you work from home, we will ensure you are well equipped. When you are at the office, you can enjoy our tasty canteen with prepped food and our own products
• Informal culture and being the first one trying our new products
• My Fitness Plan (reduction on your fitness subscription)
• Home work allowance
• Company laptop and mobile phone
• Green Mobility Policy