Full-time
Posted 27 days ago
Job description
Credit Risk Analyst
Chicago, Illinois, United States
About the Job Credit Risk Analyst
Role: Consumer Credit Risk Analyst
This position within Corporate Risk Management is responsible for the oversight of consumer credit policy through effective planning and execution of ongoing and periodic Consumer Credit Reviews across the life cycle of consumer lending products. Primarily, the incumbent is responsible for providing an independent view on asset quality and the key consumer credit risks of the firm's consumer lending practices.
The resource will have a strong knowledge of credit risk management processes, credit strategy development process and regulatory expectations towards safety and soundness. This individual will have skills and experience to lead Consumer Credit Reviews, provide oversight on review activities and deliver the review results including identification of issues and overseeing the reporting of the review results to relevant stakeholders and credit governance committees.
Responsibilities will also include evaluating and monitoring consumer credit risk appetite, tolerance, and thresholds. Also defines the process for monitoring the performance of the consumer credit portfolio and performs reviews of credit risk strategies, while evaluating trade-offs among key business metrics, such as credit losses, receivables, and profit. This will necessitate identifying, designing, and implementing complex business analyses in support of Consumer Credit Reviews and business strategy.
Responsibilities
- Develops Consumer Credit Review plan using a risk-based approach and executes the Consumer Credit Reviews across all consumer lending products covering credit cards, personal loans, and home equity loans), including performing a risk assessment on the overall portfolio. Collaborates with credit strategy teams to mitigate any identified credit risk concerns. Reports finding through the appropriate, established governance processes.
- Interacts with business partners, senior management, governance committees, and regulators to present (both orally and written) Consumer Credit Review assessment results and analytic findings in a clear, complete, and concise manner.
- Develops, manages, and maintains reporting and oversight of consumer credit risk appetite, tolerance, and thresholds. This includes the awareness of consumer credit strategies and the implications of changes in strategy to the profitability of the enterprise.
- Develops and maintains credit-risk oversight processes, policies, and procedures in accordance with the overall Corporate Risk Management framework and system.
- Implements and maintains independent credit risk portfolio reporting across all consumer lending products.
Minimum Qualifications
- Master's Degree in Statistics, Economics, Engineering, Finance, or related quantitative field
- 8+ years of experience in Statistics, Economics, Engineering, related quantitative field, equivalent internship, or research experience.
- In lieu of a degree, 15+ years of experience in credit card, or related financial services industry
Preferred Qualifications
- Ph.D. in Statistics, Economics, Engineering, Finance, or related quantitative field.
- 10+ years of experience in Statistics, Economics, Engineering, related quantitative field, equivalent internship, or research experience.
- 10 + years of experience in credit review, credit risk management, or internal audit credit risk coverage function at a large financial institution.
- Knowledge and use of statistical packages such as SQL, SAS, Python, or other tools to mine, extract complex consumer and transaction level data on big data and/or cloud computing platforms.
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Frequently asked questions
Q: What skills or qualities help someone succeed as a Credit Risk Analyst?
A: To succeed as a Credit Risk Analyst, key technical skills include proficiency in financial modeling, data analysis, and statistical software such as Excel, SQL, and R, as well as knowledge of credit scoring models and risk management frameworks. Soft skills like strong analytical and problem-solving abilities, effective communication, and attention to detail are also crucial, as they enable Credit Risk Analysts to interpret complex data, identify potential risks, and present findings to stakeholders. By combining these technical and soft skills, Credit Risk Analysts can effectively assess and mitigate credit risk, supporting career growth and effectiveness in the role.
Q: What is the career path for a Credit Risk Analyst?
A: A Credit Risk Analyst's typical career progression involves starting as an entry-level Credit Risk Analyst, where they assess and evaluate creditworthiness of borrowers or clients, and then advancing to mid-level roles such as Senior Credit Risk Analyst or Credit Risk Manager, where they lead teams and develop credit risk strategies. As they gain experience, they can develop skills in areas like data analysis, modeling, and compliance, and pursue senior roles like Director of Credit Risk or Chief Risk Officer, overseeing the organization's overall risk management. Long-term, Credit Risk Analysts may transition into related fields like finance, banking, or consulting, or pursue leadership roles in risk management, compliance, or operations.
