Head of Credit Risk Review

Head of Credit Risk Review Americas | Managing Director | New York

About ING: 

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In Americas, ING’s Wholesale Banking division offers a broad range of innovative financial products and services to domestic and international corporate and institutional clients. 

When you come to work at ING, you’re joining a team where individuality isn’t just accepted, it’s encouraged. We’ve built a culture that’s fun, friendly and supportive – it’s the kind of place where you can be yourself and make the most of whatever you have to offer.

We give people the freedom to take risks, think differently, take ownership of their work, and make great things happen. We’re here to help you get ahead. And with our global network, there’s plenty of scope to take your career in new directions, perhaps even ones you’ve never considered.

Sound like the kind of place you’d feel at home? We’d love to hear from you.

About the position:

Reporting to the Chief Risk Officer, the Head of Credit Risk Review will be an experienced credit practitioner responsible for evaluating the quality of credit risk management, identifying and challenging weak or ineffective practices, and sharing best practices to effect change.  The Head of Credit Risk Review will engage in direct dialogue with both 1st and 2nd LoDs and demonstrate to the board of directors and external constituents (e.g., regulatory authorities, auditors) that CRR provides the expected independent and credible credit risk management challenge.  The successful candidate will employ a transparent and collaborative approach, promoting dynamic assessment and a rewarding professional environment.

CRR at the firm is de novo, which will require initial focus on departmental development to ensure appropriate CRR and support resources are obtained to effectively execute the group mandate.  Preliminary requirements include: development of basic CRR policies, procedures, and guidelines; baseline credit risk exposure profile assessment; specification and acquisition of CRR staff; and identification of CRR support.  Ongoing evolution of these fundamental elements is anticipated.

The Head of Credit Risk Review should exhibit deep, specialized knowledge of US and ECB regulatory frameworks, credit underwriting and monitoring, legal documentation, and internal policies and procedures.  The position will require an extensive background in credit analysis for corporate, project finance, commercial real estate loans, and counterparty risk and will work with various internal business units including front office teams, Transaction Approval & Advice (credit risk management), Counterparty Risk, Global Credit Restructuring, and internal audit.  This a Managing Director level position that will report to the Chief Risk Officer Americas.

About the department:

The Credit Risk Review (CRR) function will be based in New York City and is responsible for the independent assessment of the overall credit risk and effectiveness of credit risk management processes at the Bank with results reported directly to executive management, the board of directors and bank regulators.  CRR also may also serve as an advisor to business (1st LoD) and credit risk management (2nd LoD) on credit risk, credit policy, and general credit underwriting matters (e.g., new business initiatives, risk appetite statements, etc.).

Responsibilities:

The Head of CRR will be responsible for:

• Establish and appropriately evolve CRR policies and procedures for effective independent assessment of the firm’s credit risk management practices, in conformance with US regulatory requirements.
• Develop and execute risk-based CRR review plan with appropriate resourcing, execution timelines, and deliverables.
• Designs and provides oversight of reviews to opine on the effectiveness and consistency of portfolio monitoring and adequacy of underwriting standards for the credit analysis including cash flow projections, enterprise valuations, sources of repayment, risk appetite, deviations to policy, and provisions.
• Build and lead a team of experienced credit risk analysts to scope, execute, and conclude reviews of various types of credit portfolios and credit processes.
• Execute credit reviews and monitor adherence to policies including identification of and exception rationale.
• Provide credible review reports including where warranted, actionable recommendations to responsible parties, executive management, and the board of directors on credit risk trends and issues at the firm.
• Identify, recommend, and validate process changes related to credit risk management activities, regulatory requirements and expectations, and credit policy and underwriting guidelines.
• Evaluate credit policies to ensure suitable controls are in place to effectively manage credit risk.
• Assess (validate) appropriateness of management’s remedial actions for identified credit risk management deficiencies.
• Participates in quarterly Watch List and Loan Loss Provision meetings
• Act as internal advisor/partner to business regarding credit risk management matters and provide guidance regarding aspects requiring further development.

• Demonstrate to the board of directors and regulators that the department is an independent function that provides effective and credible challenge to credit risk management.
• Acts as primary counterpart to US regulators and senior management related to the assessment of the quality of the overall portfolio, ratings, adequacy of underwriting and monitoring standards, and the effectiveness of the credit risk management framework including deviations to policy.

Qualifications and Competencies

Requirements

• At least 15 years of relevant experience within Wholesale Banking, which may include a combination of roles in front office, credit risk, credit risk review or at a US regulator 
• Deep understanding of all aspects of credit policy including evaluation of exposure against underwriting standards and monitoring timeliness including risk rating rationale and accuracy.
• Strong understanding of and experience with credit risk frameworks, regulatory requirements, and audit methodologies.
• Demonstrated ability to problem solve, prioritize, and successfully manage multiple projects in a high-pressure environment.
• Willingness and ability to identify and pursue innovation and manage change
• Extensive people leadership experience, leading and motivating teams while collaborating within the broader credit risk management organization.
• Demonstrated ability to build and effectively manage a team
• Deep expertise and specialized knowledge of US and ECB regulations affecting lending and counterparty risk and compliance related matters
• Excellent credit analysis skills across cash flow loans including sponsor/LBO transactions, project finance, commercial real estate, and financial market products
• Expertise for relevant credit risk management processes, systems and concepts
• Strong communicator, able to build consensus and drive results through collaboration, influence, and persuasion. Experience communicating with senior leadership, board members, regulators, and other oversight bodies.
• Experience as a bank regulatory and advanced qualifications (e.g., MBA, CFA) are desirable
• Bachelor’s degree or equivalent in Finance, Economics, Law or a closely related field

Competencies

• Strong leadership skills
• Critical thinker with the ability to influence decision making at a senior level to build consensus and effect change
• Ability to synthesize information with a strategic view to assess overall quality of the portfolio and develop recommendations
• Apply knowledge of US and ECB regulations to proactively communicate any identified or potential weaknesses in portfolio quality, underwriting and monitoring activities as well as policies or procedures
• Logical and well-reasoned level of thinking
• Proactive and creative problem solver
• Excellent communication skills, and fluent in English
• Ability to work in a fast-paced environment
• Strong conviction to effectively challenge 1st and 2nd line
• Maintains strong relationships with internal and relevant external stakeholders (US regulators, senior management, credit risk, counterparty risk, peers in the industry, advisors, audit)
• Propagates ING views and opinions on issues relevant to field of expertise, also outside the ING organization
• Actively contributes to the development of relevant credit risk policies, procedures, and risk models
• Leads ad-hoc projects for Credit Risk Review and represents Credit Risk Review in intra-departmental projects

Salary Range $280,000 - $355,000

In addition to comprehensive health benefits, a generous 401k savings plan, and competitive PTO, ING provides a broad array of benefits including adoption, surrogacy, and fertility services; student debt assistance; and subsidies for expenses associated with working from home, commuting, and fitness.

ING is a committed equal opportunity employer. We welcome applicants of diverse backgrounds and hire without regard to color, gender, religion, national origin, citizenship, disability, age, sexual orientation, or any other characteristic protected by law. We celebrate these differences and rely upon your unique perspective to innovate and seize new opportunities. Come as you are.

ING Bank does not have a commercial banking license in the U.S. and therefore not permitted to conduct a commercial banking business in the U.S. Through its wholly owned subsidiary ING Financial Services LLC, and its affiliates, it offers a full array of wholesale products such as commercial lending and a full range of FM products and services.