Risk, Retail Credit Risk Underwriting/Policy Role, Vice President, New York
Credit Risk Management ("CRM"), which is part of the Risk Division, is a central part of the Goldman Sachs risk management framework, with primary responsibility for assessing, monitoring and managing credit risk at the Firm. CRM is staffed globally with offices including New York, Salt Lake City, London, Frankfurt, Warsaw, Singapore, Hong Kong and Tokyo. As a member of CRM you will interface with a variety of divisions around the firm (Legal, Compliance, Operations, etc.) as well as the other regional CRM offices. The interaction with numerous departments and the diverse projects that ensue allow for a challenging, varied and multi-dimensional work environment.
We partner with other divisions in the firm and externally with clients to support the firm's wide array of banking and trading business. CRM professionals are part of the value proposition of the firm and we balance our key functional responsibility of control with that of being commercial. CRM has strong traditions of risk management, client service excellence and career development opportunities for our people.
RESPONSIBILITIES AND QUALIFICATIONS
We are seeking a VP level candidate to join the Credit Risk team focused on unsecured consumer lending consumer assets. Typical responsibilities and duties include the following:
- Partner with business units and broader Credit department to assess data availability, data sufficiency, and appropriate modelling approaches.
- Evaluate, implement and monitor internal and external credit scoring models and/or financial forecasting models using both traditional and other advanced predictive technologies, segmentation and optimization tools in strategy development. Specifically, review, effectively challenge the credit policy underwriting criteria developed using a multitude of complex time series data from credit bureaus and other vendors with deep knowledge of statistical packages like SQL, SAS, R etc. and complex statistical techniques, CHAID algorithm-based segmentation, decision trees, marginal segment optimization, regression modeling, machine learning approaches, back testing and other optimization techniques. Review and approve the acceptable credit quality level while evaluating thresholds for debt and income ratios, risk segmentation and an overall internal risk rating framework
- Ensure adequate portfolio governance in establishing risk and resiliency levels including the design and development of a set of quantitative metrics with guardrails under which the credit policy and business strategies operate. Track the actual performance for these metrics against approved guardrails and provide updates to relevant governance committee
- Initiate and conduct studies of customer groups and product types and develop statistical/financial models for projections (i.e. acquisition financial models, loss forecasts, capacity planning). Develop models for projections (e.g. delinquency and charge-offs, cost and profitability, credit limit setting, and other aspects of account management). Specifically, evaluate credit loss assumptions for benign and stress case scenarios used for valuation models at acquisitions, portfolio performance monitoring and conduct independent validation and monitoring of portfolio and vintage level loan performance compared to projections
- Initiate and conduct complex research projects and/or statistical models in programs such as account acquisitions, account management, collections, fraud and operations.
- Establish requirements for data maintenance and management and working with Technology on implementation. Create Management reporting using Tableau or other cutting-edge visual interface-based tools to monitor portfolio performance at portfolio segment (e.g., product, vintage, risk segment, score band, or marketing channel), vintage and account levels to identify positive and negative trends such as improved portfolio quality or heightened delinquencies and recommend strategy changes to the Business
- Gathers and analyzes portfolio and macro-economic data to determine potential impact on business operations. Design and writes ad-hoc programs for statistical analysis of portfolio performance, conduct comprehensive analysis, summarize and present regularly to Executive Management.
- Heavy emphasis is placed on analysis, summary, recommendation, and presentation steps. Monitors and evaluates performance of credit support systems utilizing external and internal scoring data, management software packages or programs to aid in managing account acquisition and portfolio management and other functions with minimal management supervision.
- Be up to date on applicable regulations and compliance requirements in consumer finance with interactions and updates to internal and external regulators.
- Adhere strictly to compliance and operational risk controls in accordance with company and regulatory standards, policies and practices; report control weaknesses, compliance breaches and operational loss events. Address internal audit requirements and findings in a timely and appropriate manner
- Strong quantitative and analytical skills with a degree in a quantitative discipline (Statistics, Mathematics, Applied Mathematics, Engineering, Data Science/Analytics or related field). Master's degree preferred
- 7+ years of experience working for a financial services company in risk management or other quantitative function
- Experience in retail credit risk analytics including 5+ years of retail strategy and/or credit policy development, experience in unsecured consumer lending (e.g., installment loans, credit cards) preferred
- Strong Excel skills and experience using statistical tools such as SAS, SQL, R, Python (or similar)
- Strong writing, presentation and communication skills; technical writing and model documentation experience desired
- Strong project management / organizational skills and the ability to manage multiple assignments concurrently
ABOUT GOLDMAN SACHS
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
© The Goldman Sachs Group, Inc., 2018. All rights reserved Goldman Sachs is an equal employment/affirmative action employer Female/Minority/Disability/Vet.
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