Senior Market Risk Analyst

About this opportunity:

Cenovus' Treasury & Risk Department is seeking a Senior Market Risk Analyst to join its team. Reporting to the Manager, Market Risk Operations, the successful candidate will be responsible for daily position monitoring, profit and loss (P&L) reconciliation, and the timely validation and analysis of results. This role involves monitoring, analyzing, and reporting market risk exposures against established limits, conducting performance measurement and attribution analysis, and preparing and distributing market risk reports.

In addition, the Senior Market Risk Analyst will play a key role in supporting Energy Trading and Risk Management (ETRM) initiatives, including system enhancements, reporting improvements, and projects related to new business activities and evolving risk management requirements.

What you’ll do:

• Accountable for the independent assessment of commodity market risk exposures across marketing, trading, and asset-related activities, providing insights that support strategic decision-making at the senior leadership level.

• Measure, analyze, and validate commodity market risk exposures for physical and financial trading and marketing activities, including daily mark-to-market (MtM) reviews and P&L attribution analysis.

• Monitor and report compliance with market risk limits, controls, and governance requirements across trading portfolios.

• Partner with Middle Office teams to enhance risk analytics, models, tools, and reporting capabilities to strengthen risk management and decision-making.

• Support ETRM system enhancements, integrations, and new business initiatives by defining requirements, contributing to solution design, and participating in user acceptance testing (UAT).

• Collaborate with Front, Middle, and Back Office stakeholders to improve processes, controls, communication, and performance measurement practices.

Who you are:

Our ideal candidate will have the following minimum requirements:

• Legally authorized to work in Canada

• Bachelor’s degree in finance, economics, statistics, or another quantitative discipline.

• Minimum 8 years of experience supporting energy markets, commodity trading, and related commercial activities.

• Strong understanding of commodity market risk management principles, methodologies, and controls.

• Proven ability to build effective relationships and collaborate across Front, Middle, and Back Office functions while maintaining independence, objectivity, and sound judgment.

• Experience with ETRM platforms such as Allegro, RightAngle, or similar commodity trading and risk management systems, complemented by strong commercial acumen and analytical capabilities.

• Advanced knowledge of crude oil, condensate, refined products, natural gas (NG), and natural gas liquids (NGL) markets.

• Proficiency in Python, SQL, VBA, and Power BI is considered an asset.

Note: The application deadline for this position is 11:59 PM MT August 16, 2026.  

Cenovus was ranked one of Canada’s Best Employers in 2025. We’re committed to being an employer of choice in our industry by offering a competitive total rewards package and employee programs and rewarding career development opportunities. Learn more.  

If you require accessibility assistance to complete the on-line application or otherwise apply for an open position with Cenovus, its subsidiaries and affiliates, please email [email protected].

Who we are:

Ranked as one of Canada’s Best Employers in 2025, Cenovus is an integrated energy company headquartered in Calgary. We’re committed to maximizing value by developing our assets in a safe, responsible and cost-efficient manner. We operate in Canada, the United States and the Asia Pacific region. Our operations include oil sands projects in northern Alberta, thermal and conventional crude oil and natural gas projects across Western Canada, crude oil production offshore Newfoundland and Labrador and natural gas and liquids production offshore China and Indonesia. Cenovus’s downstream operations include upgrading, refining and marketing operations in Canada and the United States.

Find Cenovus on LinkedIn, Facebook and Instagram. 

The Cenovus experience

Total rewards

We’re committed to being an employer of choice through competitive compensation and our comprehensive total rewards package, including:

• Paid vacation (including a flex day program for eligible staff)
• Health & dental benefits
• Substantial mental health coverage
• Life insurance
• Disability benefits
• Employee family assistance
• Virtual healthcare coverage

Our development philosophy

We foster a culture of continuous learning and development to support employees as they build meaningful careers. We offer a variety of employee development initiatives, including:

• Internal course offerings
• Education assistance for additional development
• Opportunities to work on special projects
• Leadership development programs for emerging and established leaders

We actively promote internal job movement, recognizing the value of gaining new perspectives, building connections across teams, and applying expertise in new ways. As a fully integrated energy company, we believe that sharing knowledge across our business and operations creates stronger outcomes—for employees and for the company as a whole.

Our culture

• Our purpose: We energize the world to make people’s lives better.
• Our values:
  • Protect what matters
  • Do it right
  • Make it better
  • Do it together

• Cenovus Cares: We believe in the power of purpose-driven work. Our Employee Giving and Volunteering Program, Cenovus Cares, connects our people to our purpose, inspiring action and elevating impact year-round.
  • Support causes you care about with volunteer opportunities in and outside of work.
  • Earn donation grants while volunteering (up to $1,000 per event).
  • Receive donation matching up to $10,000 annually.

• Staff resource groups: We have various staff resource groups to help ensure our people feel a sense of belonging and can grow and do their best work. These voluntary groups are employee-led and all groups are open to all staff in all locations.

Equal opportunity employer

We believe a workplace where everyone has merit-based opportunities to grow, achieve career aspirations and feel a sense of belonging benefits our people, our company and the regions where we live and work. We embrace and encourage different perspectives and approaches, which help us make better business decisions. We believe that through this approach, we can solve challenges, seize opportunities and unlock innovative solutions.

To achieve an unbiased and respectful workplace, individuals are evaluated based on qualifications, merit and abilities, and we encourage applications from all qualified candidates. We also acknowledge the value of transferrable skills and may consider equivalent combinations of experience and education should you not meet a specific requirement.

For more information about working at Cenovus, visit cenovus.com.

The requirements of this posting may be modified to support business needs. Title and compensation administration will be based on the skills and capabilities of the successful incumbent.

Interested in this opportunity? Click the Apply link.

If you are a CURRENT EMPLOYEE, please apply by going to our Internal Career Site.