Irfan Farook

Credit Analyst Sept 2019 to date

Specialist in Credit Risk Management & Analysis on LNG, Gas & Power
Counterparties across Europe, mainly Swiss, Italian and French markets.
Financial & Physical derivatives, negotiation of EFET and Election sheet, ISDA, CSA & MNA, Master Sales and Purchase agreements, summary terms and confirmation notices.

Credit Risk Management
 Credit proposals include: Financial analysis, sensitivity analysis, proxy VAR calculations and reviewing PFE, credit terms in legal documents, security cover.
 Financial Analysis of Swiss, Italian, French, German, Slovakian and UK counterparty audited financial statements.
 Negotiating credit terms in legal documents include EFET, ISDA master agreements and reviewing input of terms into election sheet, term sheet (LNG) and CSA annex.
 Attending credit committees to management board, presenting to Credit committee, and influencing decisions to obtain approval.
 Issuing stop loss controls on review of counterparties, press media articles or when credit limits are breached.
 LNG: Negotiating with Sales on credit terms, pricing, delivery terms, collateral, open credit terms, on MSPA, reviewing term sheets and confirmation notices.
 Know Your Customer: Diligence to ultimate beneficiaries, cross checking with Worldcheck, OFAC listings and recommending approval or mitigation on any sanction flags.
 Reporting: Providing Executive board Credit limit breaches on all counterparties over threshold/credit limits using current mark to market (MTM) at peak delivery dates.
 Insurance: Managing Portfolio Insurance through insurance partners, reviewing quotes and policies. Reviewing utilisation and providing exposure updates, requesting binding/capp insurance. Calculating premiums payable on utilisation. COFACE and Euler.

Credit Dashboard
 Creating Group Exposure Dashboard for all subsidiaries to present to the Chairmen of the company.
 Charts from pivot tables showing concentration risk by risk rating, industry and counterparty domicile. Credit Limit utilisation.
Credit Exposure and Probability of Default Model
 Developing Exposure Management tool using Power Pivot reflecting current exposures feeding from Trading tools (Endur/Entrader) showing exposures over 24 months.
 Creating a probability of default model using qualitative and quantitative scorecards producing risk weighted scoring. Financial statement ratios input into scoring benchmarked against external rating factors.

Risk Analyst Consultant July to Sept 2019

Target Operating Model-Setting up a credit risk methodology from scratch with a special emphasis on Airlines inline with major card acquirers (AMEX) and corporates.

Credit Risk Policy
 Developing a credit risk policy document for approval by Board and CEO.
 Policy includes category types of customers/merchants for selection, Merchant underwriting and onboarding, AML, KYC and compliance checks.
 Merchant Risk Monitoring including guidance on credit risk appraisals with specialist appendix on airline credit risk management, setting up of delegation of authority and credit risk committees.

Credit Risk Scorecard
 Developing a Risk rating matrix inline with external ratings criteria (Standard & Poors and Moodys).
 Developing expected default factors, loss given default factors and exposure at default tables.
 Developing a scorecard to derive a probability default based on weighted qualitative and quantitative factors.
 Developing a financial statement spread model on historic Profit & Loss, Balance Sheet, Cashflow, forecast cashflow analysis based on forward bookings airline traffic data, operating expenditure including fuel price and leasing.

Senior Credit Analyst-Commercial Aviation Nov 2017 to June 2018

 Reporting to Head of Credit for Air BP, focus on Europe & Russia
 Product range: Jet Fuel, Gasoil, Brent.
 Delegation of up to $1m based on risk rating.
 Customer base of Commercial Airlines, Fuel Resellers and Major Oil companies.
 Underwriting credit lines for physical jet fuel requirements and proposing credit terms including payment days from invoice and additional collateral including LCs, Cash deposits, aircraft liens where possible and Corporate Guarantees.
 Completing credit reviews for submission for board approval, spreading the financials with ratio analysis and creating basic models for cashflow forecasts and sensitivity scenarios.
 Generating internal ratings for probability of default, reviewed with expected loss and return on capital.
 Working on new business proposals for Tenders and airline’s RFPs.
 Negotiating security documentation and adding/amending credit terms in fuel agreements.
 Working with the trading teams on ISDA, CSA negotiations and obtaining approval for Market limits on derivatives.
 Due Diligence on KYC and Worldcheck on new customers setup for trading.
 Conference calls with customers, insurers and lawyers discussing credit concerns, taking that information updating reviews and risk ratings.

Board Reports
 Preparing, presenting on monthly credit executive committee meetings to the CFO Air BP.
 Discussion topics include Watch List and Action plans on high risk customers, Trading exposures, Exposures through related parties and overdue management.

Senior Credit Manager - EMEA & APAC Aug 2018 to Jan 2019

 Delegation of Authority upto $500k on rating tier system.
 Product range: Jet Fuel, Gasoil, Brent, monitoring product prices and undertaking VAR calculations in use for derivative products underwriting.
 Customer base including: EMEA & Asia including Norwegian Air Shuttle, Kenya Airways, Qatar, Etihad, and their investment partners, Air Arabia, Silk Way Airlines, South African Airways, DeerJet, HNA Group overview.

Credit Risk
 New business and credit reviews on customers, credit review would propose payment terms and collateral requested if needed based on change in risk ratings and appetite.
 Recommend Risk Ratings (Probability of Default) based on input of financials into financial model. Loss given default based on discount asset values and collateral.
 Propose recommendations to credit committee on risk ratings and credit limit appetite, influencing Credit and Commercial Execs on proposals put forward.
 Credit Reviews and financial model output included interpretation of financial statements, peer analysis, shareholder risk ratings, sovereign analysis. Also calculating weighted risk ratings with any collateral held.
 Conference calls with customers, lawyers, insurers on credit concerns. Taking information and feeding into credit review, Risk Ratings and base case alerting credit committee on material changes to risk ratings.
 Gathering market intelligence by attending CAPA, Flightglobal, Moodys and S&P conferences.
 Negotiating security and ISDA documentation for LCs, Bank Guarantees, Cash deposits, aircraft liens where possible and Corporate Guarantees. Inputting and amending credit terms into fuel agreements and GT&Cs.
 Undertaking KYC checks and confirming compliance with Sanctions-World Check, OFAC listings.

Market Risk
 Underwriting credit lines for derivatives including swaps and fixed forward pricing on Jet Fuel. Credit lines can include threshold with MTA, free margin lines with volume limits, Zero Threshold.
 Calculating Proxy VAR values on trades to help determine value at risk, also reviewing existing MTM and volumetric exposure on counterparties when considering new volume and management of exposure.
 Negotiating collateral on CSA and Long Forms including, covenants dependent on ratings and risk appetite.