Master program · Risk, Controls & Surveillance

Produce the number. Explain the move. Sign it off.

Master commodity product control: daily P&L production, realised and unrealised, new-deal and amendment effects, curve and basis movement, FX, Greeks, reserves, independent price verification, valuation control and the reconciliation that lets a desk close the day.

Daily P&L · P&L explain · IPV · Reserves · Valuation control · Reconciliation · Sign-off

Enquire about this programme See the 130 chapters

130 chapters · 12 modules · Python + SQL labs · one continuous case · end-to-end capstone

How it is built

Cumulative, not modular

Chapter 130 should be impossible to complete properly without the artefacts built in the chapters before it. The programme follows one continuous fictional firm, NorthStar Energy Trading, so relationships between trades, positions, agreements, exposures and decisions accumulate rather than reset.

The learning chain

Trade → Position → Valuation → Daily P&L → Attribution → Curve & basis → FX → Greeks → Reserves → IPV → Reconciliation → Sign-off

The technical build

Position loader → Valuation harness → P&L engine → Attribution engine → Reserve calculator → IPV workbench → Reconciliation suite → Product control platform

NorthStar Energy Trading is a fictional firm created for teaching. It does not describe any real company, person or investigation.

Curriculum

12 modules · 130 chapters

M0 Commodity Product Control Desk Primer Ch 1–8 · 8 chapters

Establish the control function

  1. What Commodity Product Control Actually Does
  2. Trader → ETRM → Valuation → P&L → Product Control
  3. What P&L Actually Represents
  4. Front Office P&L vs Official P&L
  5. Anatomy of a Daily P&L
  6. Daily, MTD and YTD P&L
  7. Product Control Materiality and Escalation
  8. NorthStar Product Control Operating Model
M1 Trade, Position & Valuation Foundations Ch 9–20 · 12 chapters

Build the controlled P\&L population

  1. Trade Population
  2. Books, Portfolios and Desk Hierarchies
  3. Trade Lifecycle Events
  4. Commodity Position Fundamentals
  5. Physical vs Financial Positions
  6. Valuation Date and Market Cut
  7. Market Data Hierarchy
  8. Discounting and Currency
  9. Trade-Level MtM
  10. Position-Level MtM
  11. Valuation Versioning
  12. NorthStar Controlled Valuation Population
M2 Daily P\&L Mechanics Ch 21–34 · 14 chapters

Explain how today's number arises

  1. Beginning-of-Day and End-of-Day Value
  2. Unrealized P&L
  3. Realized P&L
  4. Cash P&L vs Mark-to-Market P&L
  5. New Deal P&L
  6. Day-1 P&L
  7. Cancelled and Amended Trade P&L
  8. Settlement P&L
  9. Physical Delivery P&L
  10. Fees, Brokerage and Transaction Costs
  11. Accruals
  12. Prior-Period Adjustments
  13. Daily P&L Waterfall
  14. Building NorthStar's Daily P&L Engine
M3 Market Movement & Curve P\&L Explain Ch 35–50 · 16 chapters

Explain price-driven performance

  1. What P&L Explain Is Trying to Solve
  2. Price × Position Explain
  3. Yesterday's Position vs Today's Position
  4. Yesterday's Curve vs Today's Curve
  5. Gas Outright Curve P&L
  6. Gas Basis P&L
  7. Power Baseload P&L
  8. Peak/Off-Peak P&L
  9. Hourly Shape P&L
  10. Oil Outright P&L
  11. Physical Differential P&L
  12. LNG Curve P&L
  13. Emissions Curve P&L
  14. Cross-Commodity Spread P&L
  15. Curve Roll and Carry
  16. NorthStar Curve Explain Engine
M4 FX, Greeks & Nonlinear P\&L Ch 51–64 · 14 chapters

Move beyond linear forward positions

  1. FX Translation P&L
  2. Commodity vs FX Cross Effects
  3. Delta P&L
  4. Gamma P&L
  5. Vega P&L
  6. Theta P&L
  7. Rho and Discounting Effects
  8. Cross-Gamma and Correlation Effects
  9. Volatility Surface Movement
  10. Option Exercise and Expiry
  11. Asian and Averaging Structures
  12. Swing and Flexible-Volume Structures
  13. Greek Explain Residual Analysis
  14. NorthStar Nonlinear P&L Engine
M5 Physical Commodity P\&L Ch 65–80 · 16 chapters

Capture inventory, logistics and operational economics

  1. Why Physical P&L Is Harder
  2. Inventory P&L
  3. Inventory Cost Basis
  4. Storage P&L
  5. Pipeline Transport P&L
  6. Gas Imbalance P&L
  7. Power Volume P&L
  8. Renewable Shape and Profile P&L
  9. Crude Cargo P&L
  10. Refined Product Inventory P&L
  11. LNG Cargo P&L
  12. Freight P&L
  13. Quality and Specification P&L
  14. Quantity Reconciliation P&L
  15. Physical Cost Accrual True-Up
  16. NorthStar Physical P&L Engine
M6 Independent Price Verification & Valuation Control Ch 81–92 · 12 chapters

Challenge the prices behind P\&L

  1. What Independent Price Verification Actually Does
  2. Price Testing Hierarchy
  3. Independent Source Matching
  4. Bid/Offer Testing
  5. Illiquid Price Testing
  6. Price Testing for Physical Differentials
  7. Volatility IPV
  8. Model Input IPV
  9. IPV Thresholds
  10. IPV Exceptions
  11. IPV Adjustment Calculation
  12. NorthStar IPV Platform
M7 Valuation Reserves & Adjustments Ch 93–104 · 12 chapters

Account for uncertainty and exit economics

  1. Why Valuation Reserves Exist
  2. Bid/Offer Reserve
  3. Liquidity Reserve
  4. Model Risk Reserve
  5. Price Uncertainty Reserve
  6. Concentration Reserve
  7. Day-1 P&L Reserve
  8. Operational and Physical Valuation Adjustments
  9. Reserve Release
  10. Reserve Attribution
  11. Reserve Governance
  12. NorthStar Valuation Adjustment Engine
M8 Reconciliation & Control Ch 105–116 · 12 chapters

Prove that the numbers agree

  1. Why Reconciliation Is a Control
  2. Front Office vs Product Control P&L
  3. Trade Reconciliation
  4. Position Reconciliation
  5. Market Data Reconciliation
  6. P&L vs Risk Reconciliation
  7. ETRM vs General Ledger Bridge
  8. Realized P&L vs Cash Reconciliation
  9. Inventory Reconciliation
  10. Break Classification
  11. Break Ageing and Escalation
  12. NorthStar Reconciliation Control Centre
M9 Daily Sign-Off, Month-End & Governance Ch 117–122 · 6 chapters

Turn analysis into controlled financial reporting

  1. Daily P&L Sign-Off
  2. Desk Commentary
  3. Flash vs Final P&L
  4. Month-End Close
  5. P&L Certification and Governance Committees
  6. Backtesting Product Control
M10 Product Control Data & Technology Ch 123–126 · 4 chapters

Industrialize the control framework

  1. Product Control Canonical Data Model
  2. Event-Driven P&L Architecture
  3. P&L Explain Calculation Services
  4. Building the NorthStar Product Control Platform
M11 NorthStar P\&L Crisis Capstone Ch 127–130 · 4 chapters

Explain a number nobody initially trusts

  1. The €18.4M P&L Day
  2. Reconstruct and Explain the P&L
  3. Challenge Valuation, IPV and Reserves
  4. Product Control Committee Sign-Off
How it is delivered

Three ways to take Commodity Product Control, P&L Explain & Valuation Control

Self-paced is a document-and-media programme with lifetime access - no live sessions. Cohort and enterprise add live instructor-led training. Mentorship is not offered in any tier.
Feature Self-paced Cohort Enterprise
Format Written chapters, video explainers and podcasts Everything in self-paced, plus scheduled live sessions Everything in cohort, delivered privately to your team
Live sessions None Scheduled, instructor-led Scheduled, instructor-led, private
Mentorship Not offered Not offered Not offered
Access Lifetime Lifetime Lifetime for every enrolled seat
Pace Entirely your own Guided schedule with a peer group Agreed with your desk
Tailoring Fixed curriculum Fixed curriculum Sequenced to your markets, systems and governance
Best for Individuals learning around a job Individuals who want structure and deadlines Desks building the same capability together
For individuals

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The full chapter list, what each module covers, and how the tiers compare - sent to your inbox as a PDF.

For teams

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Private delivery for your desk, sequenced to your markets and systems. Tell us the team and we will scope it.

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Download the full curriculum, or talk to us about running it for a desk or a control function.

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