Vp Of Credit Risk

Role Overview:

We are seeking a dynamic and experienced Vice President Credit Risk to manage our new Credit product line. In this role, you will oversee the Credit Risk management function, while leading a decision sciences team responsible for the underwriting processes. Reporting directly to the CEO, you will play a critical role in shaping the risk management strategy and ensuring the soundness of our credit operations. The role requires a strong foundation in applied quantitative skills, coupled with domain expertise in Credit Risk management.

Key Responsibilities:

• Credit & Business Strategy  
• Develop and execute the overall Credit Risk management strategy in alignment with business objectives and regulatory requirements.
• Collaborate with Product and Finance to ensure pricing and other elements of the P&L align with business goals.
• Manage key vendor relationships, including capital providers, bank partners, and regulatory bodies.
• Data Modeling  
• Lead the decision sciences team, leveraging your expertise in data analytics and modeling to optimize credit decision-making processes.
• Drive continuous improvement in risk assessment methodologies.
• Drive model decisioning on other components of the Credit program, including recovery/servicing and others.
• Risk & Compliance - Partner with the Risk & Compliance functions to operationalize robust Credit Risk policies, procedures, and controls to mitigate potential losses and maintain compliance with regulatory standards.
• Portfolio Management - Analyze the credit portfolios and performance trends to mitigate risk and diversify.
• Product Development - Collaborate with product, engineering, compliance, and operations to drive a good customer experience.
• Subject Matter Expert
• Stay abreast of industry trends, regulatory developments, and best practices in Credit Risk management to ensure Novo is at the cutting edge.
• Serve as a subject matter expert on Credit Risk-related matters, providing guidance and insights to senior leadership and key stakeholders.
• Team Leadership - Build and lead a team of data scientists and operators.

Qualifications:

• Bachelor's degree in Finance, Economics, Statistics, Mathematics, or a related field; advanced degree preferred.
• Minimum of 10 years of experience in Credit Risk management within the financial services or fintech industry, with a focus on small business lending or credit products.
• Proven track record of leadership in data-driven decision-making and risk management, with experience overseeing underwriting processes and Credit Risk policies.
• This includes knowledge of scoring models, risk rating systems, and stress testing techniques to assess the impact of different scenarios on credit portfolios.
• Deep understanding of statistical modeling, data analytics, and predictive modeling techniques, with experience in a data science/analytics role.
• Statistical Modeling
• The ability to build and interpret statistical models is essential for analyzing credit portfolios, assessing risk, and identifying trends. This includes proficiency in regression analysis, time series analysis, and other advanced statistical techniques to predict creditworthiness and potential default risks.
• Data Analytics
• This involves proficiency in data manipulation, cleaning, and visualization techniques using tools such as SQL, Python, R, or Excel.
• Predictive Modeling
• Building predictive models to forecast Credit Risk and assess the likelihood of default is a key aspect of the role. This involves applying machine learning algorithms such as decision trees, random forests, logistic regression, or neural networks to develop predictive models that help in making informed credit decisions.
• Willing to act as a player-coach, especially in early days.
• Strong knowledge of regulatory requirements and compliance standards, such as the Dodd-Frank act, anti discrimination and fair lending laws, Fair Debt Collections laws, and more.
• Excellent communication and interpersonal skills, with the ability to effectively collaborate with cross-functional teams and communicate complex concepts to non-technical stakeholders.
• Strategic thinker with a results-oriented mindset and the ability to drive initiatives from conception to implementation.
• Demonstrated leadership capabilities, including the ability to mentor and develop high-performing teams.

What does success look like?

Success means effectively leveraging data-driven insights to optimize credit decision-making processes, mitigate risks, and drive strategic initiatives to generate a profitable and durable credit program. Accomplishing these things will allow our credit program to serve our customers by feeling embedded in their daily business operations!