Head of Credit Risk
Operations · London Flexible Remote
PremFina is a technology-led, private equity backed, London-based firm operating in the $80 billion global premium finance industry. We supply insurance brokers and companies with financing facilities as well as a white label cloud-based Software-as-a-Service (SaaS).
We're revolutionising the way people pay for insurance. We have a team of over 80 people, located across the UK, Bulgaria and Poland - together we exist to help customers, empower our partners and transform the insurance industry for the better by creating a world where insurance is more accessible and affordable for everyone. We’re a fast-growing team, united by our belief in positive disruption to help contribute to a more inclusive society.
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Your contribution to something big
We are looking for a Head of Credit Risk to lead the Credit Risk team at PremFina.
The successful candidate will collaborate with the Head of Legal, Risk & Compliance and the wider executive team to design an effective credit risk strategy, managing credit risk within appetite, and providing a first class credit risk service to the business supported by a robust risk and control framework.
The group is seeking someone with deep regulatory knowledge and experience of credit risk in retail banking to both individual and SME customers.
Our ideal teammate will experience with/knowledge in
· Risk appetite and reporting: Define a credit risk appetite for PremFina, proposing triggers and limits which are appropriately calibrated to the business’s overall risk appetite and with consideration to individual product and market risks. Develop a comprehensive suite of key risk indicators, to give the management team and Board a clear view of credit risk across the business. Reporting should include consideration of the external economic environment and metrics which may be used as early warning indicators for loan book performance.
· Policy and process: Own Credit Policy and ensure it is comprehensive from on-boarding to arrears, forbearance and collections management. Oversee compliance with this policy designing suitable processes and controls to mitigate risks. Manage and monitor any contracts with relevant third party providers such as credit reference agencies and collections agencies.
· Model strategies: Own the decision tools for credit applications and affordability assessment, utilising appropriate credit data and analytical tools. Stay abreast of innovations in credit techniques to ensure the approach taken remains current. Design and implement new models to support credit risk management, including probability of default (PD) and loss given default (LGD) calculations and overlay different economic scenarios, in readiness for the transition to IFRS 9 (PremFina currently reports under UK GAAP). Development of these models will include corresponding policies, processes and model governance.
· Underwriting: Establish a commercial underwriting operation for PremFina, establishing a credit committee, overseeing the preparation and presentation of credit papers and approving applications within a designated underwriting authority. Delegate lending authorities to individuals within the credit team and ensure these are appropriate through regular quality assurance and monitoring of loan performance.
· People: Develop a first-in-class credit risk team, comprising analysts with strong technical skills, from underwriting to risk modelling, and ensure all team members have clear objectives, personal development plans and regular appraisals to help them reach their potential.
· Regulation: Act as a key point of contact for the FCA with regards to credit policy, process and any associated reporting.
· Collaboration: Work closely with other functions as follows:
- Sales: ensure the credit team provides excellent service, operating within agreed SLAs, requesting an appropriate level of information and clearly communicating messages to be relayed to brokers;
- Finance: oversee the preparation of regulatory reporting and input to processes such as forecasting / budgets, impairment /write-offs and also stress testing (ICAAP);
- Technology: contribute to the design of the new core loan engine and consider how process and controls can be automated to be more effective;
- Compliance: monitor any regulatory developments in respect of credit risk and ensure the policies and processes remain compliant; and
- Strategy: support the exploration of new products / markets, providing advice in respect of associated credit risks.
· Extensive experience of credit risk management in the banking / financial services sector with deep knowledge of the UK Consumer Credit Act including responsible lending, affordability, persistant debt and vulnerable customers.
· A proven track record of managing credit risk through:
- Retail strategies eg scorecards, acquisition, customer management and collections
- Modelling techniques eg cut-offs, decision trees, limits, policy rules, risk reward, champion/challenger
- Wholesale credit risk (underwriting, workout)
· Highly numerate with experience of analysing and interpreting complex datasets plus building and reviewing models including the application of different scenarios
· Experience of policy development related to credit risk (underwriting, arrears, forbearance, collections etc)
· Strong decision making skills, able to balance commercial focus with risk perspective
· Experience of leading, developing and coaching a highly effective team
· Highly developed interpersonal and influencing skills with an ability to work with multiple stakeholders and influence at all levels
· Excellent written and presentational skills
· Decision orientated problem solver
You will get brownie points for
· Knowledge of the premium finance market
· Experience of working in a financial services group across multiple geographies would be useful, notably in Europe
· Professional qualifications in relation to Credit Risk
· Competitive salary
· 25 days’ holiday per year
· Discretionary performance bonus
· Private health insurance
· Flexible working
· Professional development / qualifications support
· All the latest tech you need
· Social events
· Pension plan
· Death in service