Head of Credit Risk
We’re an app-based bank, so we don’t have any branches on the high street. Traditional we are not.
- Featured in London Stock Exchange’s 1,000 Companies to Inspire Britain 2019.
- Ranked 12th in Business Cloud’s 100 FinTech disruptors list which looks at the UK’s most exciting financial technology companies.
- Named in the Chronicle’s top 50 best places to work in the North East (listed in the top 20).
Atom is the UK’s first app-based bank built exclusively for mobile. It’s redefining what a bank should be, making things easier, transparent and better value in the world of finance.
We’re on a mission to disrupt banking, and with exciting and challenging work and outstanding perks, it means we work in an environment in which you can personally grow. That’s why, when we’re recruiting, we’re looking for individuals who are as enthusiastic and passionate as we are about changing banking for the better.
Want to join us?
The core objective of the Risk team is to keep the bank safe through a robust risk management framework, supporting sustainable business growth and achieving an appropriate risk and reward balance within appetite.
The role holder is senior member of the Risk team and plays a key role in supporting the Board’s objective of profitably growing the lending portfolio within the firm’s risk appetite. The role holder is responsible for driving and shaping the risk agenda for retail credit risk, influencing the risk appetite and ensuring alignment with the firm’s enterprise risk management framework. This includes deploying risk strategies that are compliant with regulatory standards, aligned with business needs and performance targets. The role holder manages and optimises the existing personal and business banking portfolios and the development of new business acquisition, customer management and collections credit risk strategies and systems to maximise profitability across both the secured and unsecured lending product range. The role has a particular focus on the management and oversight of new and existing Business Banking strategies/products and the Advanced Internal Ratings Based approach to Credit Risk. Knowledge and best practice sharing with the wider team is crucial to ensure success and the role holder is expected to share their experience in a proactive manner.
The role holder provides major contributions to regulatory submissions and has regular interactions with prudential and conduct banking regulators. The role require an experienced and proactive individual capable of managing multiple executive stakeholders across the business, with an ability to contribute to the longer-term business strategy whilst also executing against short term business goals. The role holder will need to keep up to speed with market and regulatory developments and ensure that the bank responds appropriately.
In relation to the certification regime, you must:
- assist the firm with their requirement to ensure that you remain fit and proper to perform your role
- pay due regard to all relevant legal and regulatory requirements
- help the bank to ensure the ongoing provision of fair customer outcomes
What will your ‘typical’ day look like…. (there’s no 2 days the same in Atom):
The key responsibilities of the Head of Credit Risk are:
- Contribute to the firm’s Enterprise Risk Management Framework, including definition of risk appetite metrics for credit risk
- Help to raise risk awareness, embed a 3 lines of defence risk culture across the business and support the establishment of the Senior Manager and Certification regimes with associated risk-based performance monitoring
- Lead and oversee authorship of the credit risk input into the bank’s ICAAP and Recovery & Resolution Plans, and provide input to/feedback on the bank’s business plan and ILAAP where appropriate
- Create and maintain key credit risk policies and ensure that the business operates in line with risk appetite and policy
- Identify, mitigate and manage the key credit risks through pro-active monitoring and the application of business controls
- Provide input to the Key & Emerging Risks Register and perform Risk & Control Self Assessments with regard to credit risks
- Ensuring that the performance of the retail secured, and unsecured lending portfolios is within the risk appetite set by the Board and is able to withstand a range of stress scenarios
- Provide oversight and challenge of executive management to ensure that credit risk is managed within stated risk appetite
- Engage in strategic business development/key change management initiatives to ensure that credit risk exposure is fully considered and addressed.
- Lead the development of papers and discussions at Credit Committee (CredCo) for retail credit matters. Contribute to the submission of proposals and attend ALCO, Executive Risk Committee (ERC) and Board Risk Committee
- Manage the design, development, implementation, evaluation and optimisation of origination, customer management and collections strategies/policies to ensure that the firm can meet business objectives whilst ensuring credit losses and impairments are controlled
- Provide 2nd line quality assurance of underwriting and collections activities to ensure they are compliant and in accord with our policies and procedures
- Manage the provision of comprehensive regular credit reporting and investigative analysis on new business and portfolio management, including summary MI for Credit Committee, and identify improvements to policies and procedures
- Ensure 2nd line oversight of regulatory reporting submissions
- Identify, contract with and manage various 3rd party suppliers who provide credit risk solutions
- Provide oversight of new product development, ensuring that credit risks are understood and are factored into plans and incorporated within pricing models
- Provide credit risk input and advice to cross-functional project teams on the design of the end-to-end processes for lending products to maximise automation and optimise operational processes
- Oversee the initial assessment and ongoing monitoring of credit risks associated with potential RMBS and covered bond investments
- Provide risk leadership for the monthly determination of impairment provision required under IFRS9
- Provide risk leadership for progression of data, modelling, use test, monitoring and education of an AIRB infrastructure to underpin submission of a waiver application to the PRA
- Build and maintain close cross-functional working relationships across the business to ensure that risk management principles are understood and incorporated into plans
- Keep abreast of regulatory and market developments pertaining to credit risk and continually assess the impact these might have on the firm.
- Recruit, develop, motivate and manage team of managers and analysts to effectively meet the credit risk agenda
- Enhance knowledge sharing across the credit risk team and
- Deputise for the Chief Risk Officer where required
All roles within Atom must adhere to the Conduct Rules as set out by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
As part of our journey in building and running a bank we’ll encounter many risks along the way. In order to make sure the road doesn’t become too bumpy we expect everyone to make a conscious effort to proactively tackle and highlight any risks that we might face.
What do we need from you?
- Comprehensive knowledge of retail banking products, markets and regulation
- A proven track record in credit risk management, preferably with significant demonstrable experience, including experience of managing a portfolio through the various stages of the economic lifecycle
- A strong quantitative degree, ideally from a mathematics, statistics, economics, finance or related subject
- Detailed knowledge of credit risk applied to both secured and unsecured products across both personal and business customers across the full credit life cycle from loan origination to collections and recovery
- Prior experience of interacting with regulators and investors
- Detailed knowledge of credit risk modelling, credit bureau data and decision engine technology
- Significant experience of supplier selection and management
- Good all-round management and leadership skills, including project management, supervisory, knowledge sharing and interpersonal
- Highly motivated and engaging with ability to lead projects with significant business impact
- Proficiency in managing teams of risk managers/analysts
- Ability, willingness and desire to work in a dynamic and fast paced environment
- Comfortable interacting with executive management and board members
- Confident, assertive and pragmatic approach with ability to exercise judgement and discretion where appropriate
What would we ideally like from you?
- Prior experience/knowledge of working for a start-up business and/or launching new products
- Good understanding of MCOB, Responsible Lending and Treating Customers Fairly
- Previous experience of preparation of ICAAP, ILAAP and Recovery Plans
- Prior experience of regulatory reporting
- Previous experience of preparing an AIRB waiver application
- Familiarity with fraud prevention/detection systems and tools
- Good understanding of financial crime, conduct, compliance and operational risks
- Detailed understanding of IFRS9 impairment methodologies and AIRB models
What you’ll get from us:
- Competitive Salary
- Annual share option bonus
- Incredibly generous company pension scheme (13% Atom contribution)
- 25 days holiday + 8 statutory days – rising by half a day with every year in the company
- Private medical insurance for you and immediate family
- ‘All About Me’ fund – £200 per year to spend on learning a new skill (but it can’t be anything to do with your job). Recently people have done upholstery courses, had driving lessons and a rowing membership.
- Health cash plan – expenses paid on optical/dental/other appointments/treatments
- Life insurance – four times annual salary
- Critical illness cover – 1 x lump sum annual salary
- Cycle to Work Scheme
- Continuous development – professional qualifications.
PLEASE NOTE: You must have the legal right to work in the UK to apply for this role. Atom bank are unable to support Visa Applications/Sponsorship.
Atom bank is an equal opportunities employer. We value you as an individual and therefore disregard race, religion/belief, gender, sexual orientation, maternity/pregnancy, age, gender reassignment, marriage/civil partnership and disability in any hiring decisions we make. Atom bank will always adhere to the Equality Act 2010.
The legal bit.
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