Director, Credit

OakNorth Bank are currently recruiting for a Director within our Credit Risk team, a function that is critical to the success of OakNorth Bank. Our Credit Directors are required to critically review new business proposals to a variety of SME/Trading businesses and add value through the provision of a formal written recommendation to the Banks Credit Committee(s) highlighting all key risks, delivering the best possible outcomes for our customers, and ensuring within the Banks Credit appetite.

Successful candidates will also attend Credit Committee and question borrowers directly about their funding requirements to enable Committee members to make fully informed decisions.

Responsibilities:

Work with and professionally challenge our Debt Finance Origination team and Credit Analytics team to achieve high quality Credit papers and deliver high-quality Credit recommendations to Credit Committee(s) including suggestions to improve the deal structure to facilitate positive outcomes for our customers while remaining within the Banks Credit appetite 

Strong ability to quickly grasp the transaction and focus on the key risks, presenting findings in a concise yet focused manner.   

Collate and distribute the committee decision to new loan requests in a concise yet clear fashion and be responsible for any follow up actions

Support the internal Legal/Loan Execution team in the loan completion process through close scrutiny over the bank's security requirements, documentation and ensuring bank has complied with all controls, as agreed at Credit Committee  

From time to time, meet clients with our Debt Finance team, providing guidance on structuring and early steer on credit appetite

Support Portfolio Management team post facility drawdown in the annual review process, and with any in life loan increases or extensions, restructure or covenants resetting

Review all key information in supporting the credit decision and be instrumental in ensuring deal teams satisfy conditions precedent. This may include Financial Due Diligence, overview of financial accounts and understanding of covenant models. Ability to explain and deliver rationale behind setting thresholds and definitions.

Ensure that the data used by the firm to assess its risks is fit for purpose in terms of quality, quantity, and breadth

Undertake any strategic projects as necessary, as requested by the Head of Credit Risk

Required experience: 

A working knowledge and experience of SME cash flow based lending and financial analysis. A detailed understanding of certain key sectors is preferred e.g. collateralised lending in Healthcare, Hospitality and Leisure and typically non-collateralised sectors such as Financial intermediaries, Manufacturing; Assets classes such as Structured/Leveraged Finance including M&A activity, Financial sponsors, MBO/MBI. A strong grasp of working capital mechanics is also required. Ideally (but not essential) knowledge of Real Estate lending, primarily residential property development but also investment and commercial property too

Ideally a minimum 5 years in a credit risk function or be able to demonstrate transferable skills.

A good knowledge of credit risk models associated with the analysis of SME clients, such as RWA, PD, LGD

A focus on achieving beneficial outcomes for the Bank and our customers. Tenacity yet pragmatic and strong willingness to strive for quality

Understanding of wider risks associated with full SME product lifecycle, including origination, optimisation, collections, and recoveries

Strong experience of risk and control techniques, including covenant setting, as applied to SME credit processes, including both the theory and application in practice

Strong negotiation skills and ability to deal with challenge in a professional manner.

Ability to relate well to customers and colleagues

Effective time management is key.

Benefits & Perks:

Equity. We want people to have a stake in the business so that all our interests are aligned

25 days holiday 

Personalised benefits - opt-in to what matters to you

Enhanced family leave

Wellbeing and social events

Barista bar 

We're OakNorth Bank and we embolden entrepreneurs to realise their ambitions, understand their markets, and apply data intelligence to everyday decisions to scale successfully at pace.  

Banking should be barrier-free. It's a belief at our very core, inspired by our entrepreneurial spirit, driven by the unmet financial needs of millions, and delivered by our data-driven tools. 

And for those who love helping businesses thrive? Our savings accounts help diversify the high street and create new jobs, all while earning savers some of the highest interest on the market.  

But we go beyond finance, to empower our people, encourage professional growth and create an environment where everyone can thrive. We strive to create an inclusive and diverse workplace where people can be themselves and succeed. 

OakNorth Bank was built on the foundations of frustrations with old-school banking. In 2005, when our founders tried to get capital for their data analytics company, the computer said 'no'. Unfortunately, all major banks in the UK were using the same computer - and it was broken.  

Why was it so difficult for a profitable business with impressive cashflow, retained clients, and clear commercial success to get a loan?  

The industry was backward-looking and too focused on historic financials, rather than future potential. 

So, what if there was a bank, founded by entrepreneurs, for entrepreneurs? One that offered a dramatically better borrowing experience for businesses? 

No more what ifs, OakNorth Bank exists.  

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