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In-house Training

The primary mission of our training services is to meet the education and development needs of our clients. 

We have over 15 years of experience working with leading energy firms and financial institutions worldwide and have successfully delivered over 100 workshops on energy and financial hedging, trading and risk management.

We design and tailor each training course based on the unique levels of experience, skills and needs of the delegates. For each training engagement, we ensure that key goals are identified and individual progress is monitored. 

Our courses are highly applied and interactive. Numerous practical case studies, Excel hands-on exercises, trading and hedging simulations, and pre-course preparation materials support the material presented in the lectures.

Key Industries, Target Groups and Asset Classes

  • Industries: Energy and Commodity Trading, Energy producers, End-Users (Land, Marine and Air transportation), Refineries, Utilities, Chemical producers, Gas storage and pipeline distribution, Industrial corporates, marketers and distributors, banks, asset managers, ETRM developers. 
  • Target groups: Managers, trading and marketing, risk managers, back-office, analysts, accounting, legal and compliance, IT, directors, finance managers, operations, commercial teams.
  • Asset clasessEnergy (Crude oil, Products, Gas, LNG, Power), Commodities (Agricultural, Metals), Foreign Exchange

Training modules (introductory to advanced)

  • Trading and hedging: Physical markets, derivatives markets, key drivers, fundamental and technical analysis, spot and forward markets, asset-based trading and hedging, hedging strategy and execution, trading psychology.
  • Physical and Financial products: Physical deals, Swaps, forwards, futures, options, Average Price options (Asian), costless collars, 3-way and 4-way collars, Basis instruments, Spread options, Swaptions, Structured Products, Real options in assets and contracts  
  • Financial risk management: Market, credit, operational and enterprise risk managment, risk culture, risk policies and procedures, risk-adjusted performance measurement (RAROC), risk governance and compliance
  • Risk metrics and methodologies: Value at risk, earnings at risk, stress tests, potential future exposure, internal ratings, limits (market, credit, operational), , key risk indicators (KRIs), Option Greeks, Monte Carlo Simulation
  • Valuation and accounting for derivatives: Mark-to-market, Derivatives pricing, hedge accounting and hedge effectiveness, IFRS 9, Counterparty valuation adjustments (CVA), liquidity adjustments, structured products.
  • Quantitative Analysis: Volatility and correlation estimation, simulation and calibration of spot price processes (Geometric Brownian Motion, mean reversion, jumps), Forward Curve models, implied volatility skews and surfaces, option pricing (Black-76. binomial trees, Monte Carlo simulation), basis models, minimum variance ratio.

Sample training engagements by Black Swan Risk Advisors

  • North American publicly traded firm: Hedging and risk management for air, marine and land transportation
  • European energy trading firm: Market risk management (introductory, intermediate, advanced)
  • North American energy firm:  Gas trading and risk management, LNG trading and risk; ERM
  • European energy trading firm: LNG trading and risk management
  • North American refiner: Introduction to hedging and risk management
  • North American crude oil and refined products marketer: Market risk, credit risk, ERM
  • European Utility: Credit risk measurement and management
  • North American utilities: Hedging and risk management for utilities (introductory, intermediate, advanced)
  • International Bank. Market Risk Management courses for risk management and internal audit groups. Risk management courses for Bank's clients worldwide.
  • International investment bank. Energy and metals derivatives pricing and risk management.
  • University of California, Berkeley. MBA Risk Management course (co-taught with Jean Hinrichs and Robert Mark)
  • Global Asset Management Firm: Derivatives Risk and Asset Management. Hong Kong, London, Amsterdam.
  • Finance group at leading American Bank: Valuation and Hedging of Exotic Derivatives
  • Leading European Energy Trading firm. Advanced energy derivatives pricing and risk management.
  • Large refinery in Eastern Europe. Enterprise Risk Management. 5 day course.
  • Public seminars on ERM and Crisis Management and Prevention in Singapore. 3 day courses.

For more information, please contact us at carlos@blackswanrisk.com