The Credit Risk Manager is responsible for supporting department growth goals while mitigating financial losses for maximum profitability through credit policy. Responsibilities include providing management support for all aspects of fraud, underwriting, new account setup, and collections. Additional duties involve data analysis, creating performance reports, ensuring regulatory compliance, and formulating credit policy recommendations. Strong communication, leadership, organization, analysis and management skill are necessary.
Essential Duties and Responsibilities
- Provide direct supervision for risk team (new accounts, underwriting and fraud personnel), ensuring regular performance management discussions occur including coaching, recognizing, disciplining, and documenting performance as needed.
- Ensure consistent underwriting practices occur in alignment with credit guidelines throughout the cardholder life cycle (new applications, I/s reissues, credit line increases, adverse action, etc.); recommend changes to credit policy when applicable.
- Continuously optimize strategy for collections. Oversee, monitor, and track the collection efforts of internal and/or external collections team.
- Oversee fraud detection operations. Stay abreast of fraud trends and software or tools to develop and implement fraud prevention strategies. Ensure fraud cases are properly handled.
- Recommend and monitor policies and procedures that will foster the company’s potential to meet its sales and risk management goals. Utilize internal and/or external data to provide support for pricing or new product evaluations through credit risk inputs (loss assumptions and product risk assessments) and recommended changes to credit policy.
- Utilize data, software, analytical tools or techniques to continuously evaluate performance data to address weaknesses, identify growth opportunities, and mitigate risks and expected loss rates.
- Extract and analyze data to monitor department and portfolio performance; prepare monthly and quarterly department and board reports. Ensure all assessments and audits are completed and present findings to management.
- Ensure compliance and audit requirements are met on all responsibilities assigned by adhering to payment network regulations, as well as federal rules and regulations. These regulations include but are not limited to the Truth in Lending Act, Electronic Funds Transfers Act and Gramm-Leach-Bliley Act (Financial Privacy and Safeguard Rules), Identity Theft/Red Flag Rules, Bank Secrecy Act, and the Fair Credit Reporting Act
- Other duties as assigned.