Director, Credit Risk

📋 Description

• The Director of Credit Risk at Earnest LLC, located in Oakland, CA, will spearhead the development, implementation, testing, monitoring, and enhancement of credit strategies for the lending products provided by Earnest LLC, which include Personal Loans, Student Loan Refinancing, and Private Student Loans.

• Conduct an analysis of the lending products within the industry, as well as our applications and portfolio, to optimize product returns and contribute to the Credit Team, whose central goal is to responsibly increase lending revenue while maximizing profit within the company's risk appetite.

• Create data-driven credit strategies for pre-screening, underwriting, risk tiering, loan amount allocation, and verifications to enhance credit optimization.

• Collaborate with the Data Science team to develop innovative machine learning risk models.

• Work alongside cross-functional teams to effectively implement new strategies and assess new data sources and models for improving the separation of strategy risk.

• Oversee the process of establishing target metrics and expectations, while consistently monitoring and assessing the performance of strategies and the portfolio.

• Identify gaps and challenges, providing solutions to business issues.

• Guide the team in performing monitoring analyses and recognizing opportunities for ongoing improvement and optimization.

• Continuously enhance existing processes and funnel conversions, and communicate outcomes, insights, and recommendations to senior leadership and business partners.

• Lead, support, and nurture team members.

• Act as a crucial participant in the hiring process for the risk team.

• Provide mentorship to other analysts on risk analytics and manage multiple projects with cross-functional stakeholders, prioritizing tasks and meeting deadlines.

• Collaborate with cross-functional teams to achieve successful business outcomes.

• Provide insights into product design and functionality to align product development with Earnest’s risk tolerance.

• Work collaboratively with the Product and Analytics teams to design experiments aimed at enhancing risk-adjusted returns.

• Coordinate with the Capital Markets, Analytics, and FP&A teams to ensure that anticipated portfolio performance is accurately represented.

• Create diligence materials to support business transaction execution and present analysis results to management and external rating agencies.

• Remote work is permitted for up to five days a week; however, candidates must reside in the Oakland, California area.

⛳️ Requirements

• Master’s degree in Finance, Mathematics, or a closely related field

• 7 years of experience as a risk manager or in a related role within the consumer lending sector;

• Including 7 years of experience in each of the following areas:

• Developing data-driven credit strategies for lending products, encompassing pre-screening, underwriting, risk tiering, loan amount assignment, and verifications;

• Modeling techniques such as decision trees, logistic regression, gradient boosting models, and other machine learning approaches;

• Analyzing customer performance data, bureau attributes, and other external variables to address business challenges;

• Constructing underwriting risk scores;

• Conducting cash flow financial modeling and evaluating lending products’ P&L;

• Utilizing loss forecast methodologies and portfolio management;

• Proficiency in Excel, SQL, and Python;

• Experience with A/B testing;

• Familiarity with business intelligence tools, including Looker or Tableau.

🏝️ Benefits

• Health, Dental, & Vision benefits along with savings plans

• Mac computers and a work-from-home stipend to establish your home office

• Monthly reimbursement for internet and phone expenses

• Employee Stock Purchase Plan

• Restricted Stock Units (RSUs)

• 401(k) plan to assist you in saving for retirement, accompanied by a company match

• Comprehensive tuition reimbursement program

• $1,000 travel allowance on each Earnie-versary to any destination worldwide

• Generous annual PTO allocation

• Competitive parental leave