About Us
Live Oak Bank is a digital bank that serves small business owners across the country. Our groundbreaking spin on service and technology has fueled our mission to be America’s Small Business Bank. Our products help customers buy, build, and expand their business, and our high-yield savings and CD products help them grow their hard-earned money. At Live Oak, we never lose sight of the well-being of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined, and we seek those who embody and embrace what it takes to empower the American dream.
How This Role Impacts Live Oak And Its People
The Senior Credit Risk Officer will be responsible for overseeing various aspects of credit risk management within the organization. Areas of functional responsibility include:
- Model ownership, including development and enhancement of complex bank models including the ACL and Risk Rating.
- Development and enhancement of Credit Policy based on regulatory and portfolio risk considerations.
- Leadership related to assessing and responding to regulatory and third-party audit partner examinations as well as developing and implementing any remediation requirements from audit findings.
- Development and oversight of complex projects with ownership of results.
What You’ll Do At Live Oak
- Model ownership for our Current Expected Credit Losses (CECL)/Allowance for Credit Losses (ACL) model including quarterly updates to the bank’s life of portfolio loss estimate through qualitative, quantitative, and individually assessed model inputs. This will include regularly evaluating the appropriateness of model assumptions and applying judgment on the appropriateness of any model adjustments.
- Oversee quarterly Credit Watchlist meetings including determining thresholds for presentation and review as well as confirming appropriate risk rating changes and portfolio actions are addressed post-meeting.
- Model Ownership of the Credit Risk Rating model. This will include the overall model structure as well as developing, assessing, and adjusting scorecard factors, weightings, and scales to achieve appropriate probability of default pools by risk grade. Owner of Credit SOX controls which includes quarterly verification for completion and accuracy for model controls.
- Serve as primary point of contact with regulatory and third-party audit/validation partners addressing questions or concerns as they relate to Credit Risk.
- Responsible for management of Credit Policy and Procedures which includes developing and updating Credit Policy and Procedures to address new lending products and changes to risk tolerance or policies/procedures within the Bank
- Develops remediation and related process implementation as a result of audit or validation findings.
- Work closely with software/product development teams to ensure accuracy of reporting and the necessary build-out within Prism in order to track new regulatory reporting requirements and/or changes as a result of any audit findings.
- Initiate and lead complex projects within the Credit organization related to the understanding, management, and communication of risk within the loan portfolio.
- Review and appropriately adjust the language in regulatory reporting including the Bank’s 10Q filings
- Regularly communicate, through written and oral communication, actionable credit insights to the bank’s Executive Leadership team and Board of Directors.
- Proactively self-identify potential risks or control deficiencies and work with the Risk and Internal Audit teams to implement processes to manage new risks.
- Serve as a thought leader within day-to-day and project-based workflow, supporting co-worker training and education initiatives as appropriate.
How You’ll Do It
- Possess a sound understanding of the regulatory body of work that covers Credit Models
- Recognize trends in economic data and our loan portfolio and apply judgment related to those trends in the adjustment of model inputs, scales, factors, and weightings within our Credit Models to generate appropriate results.
- Possess a thorough understanding of the bank’s CECL model to effectively and efficiently communicate the direct impacts to the bank’s financial statements (both income statement and balance sheet).
- Lead conversations with Internal and External Auditors, Bank Examiners, and 3rd party Model Validation firms to communicate how the Bank addresses risk broadly across Policy and Procedures as well as at the individual loan level.
- Evaluate Credit Risk through the extraction and transformation of data from internal and external sources.
- Lead discussions with the analytics team to develop executive-level reports and dashboards to summarize Credit Risk across the loan portfolio.
- Develop models using loan portfolio data, third-party data, and other tools to provide insight into portfolio risk
- Develop and maintain reporting that informs Senior Management and the Board of Directors on issues related to Credit Risk and Credit Quality across loan originations and the loan portfolio.
- Possess an in-depth understanding of Bank loan product offerings, loan life cycle, and related business unit processes and procedures.
Required And Preferred Experience
- Relevant undergraduate degree (business, finance, statistics, mathematics, data science, etc.)
- 5+ years of experience in Credit Risk including overseeing Credit Models
- Experience in the regulatory body of work that addresses Credit Risk and Credit Models.
- Experience in Excel, Python, or other tools to complete statistical and data analysis supporting the development and enhancement of Credit Models
- Able to communicate effectively through written and oral communication with the Senior Leadership Team and the Bank’s Board of Directors.
Our Values
- Dedication: Possess a deep commitment to Live Oak Bank’s mission and core values, exemplified through a strong work ethic, adaptability and pride in your work.
- Ownership: Take initiative to deliver positive results by proactively and creatively solving problems, while maintaining a high degree of quality.
- Respect: Treat everyone wi.th courtesy, politeness, and kindness.
- Innovation: Embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.
- Teamwork: Foster collaboration, accountability, and trust with others and understand that together, we do more
For a detailed overview of our employee benefits please visit:
http://www.liveoakbank.com/careers/
Live Oak Bank is an Affirmative Action and Equal Opportunity Employer, Minorities/Women/Veterans/Disabled. We consider applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, veteran status or disability. Equal access to programs, service and employment is available to all persons. Those applicants requiring reasonable accommodation to the application and/or interview process should notify human resources at careers@liveoak.bank
EEO is the Law
Commitment to Diversity
Live Oak Bank is committed to creating and maintaining a workplace in which all employees have an opportunity to participate and contribute to the success of the business and are valued for their skills, experience, and unique perspectives. This commitment is embodied in company policy and the way we do business at Live Oak Bank and is an important principle of sound business management.
The base pay range for this position is $165,000.00 - $230,000.00 per year. Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy. A candidate’s salary is determined by several factors including travel, relevant work experience or skills and expertise.
Please note that we provide at least the minimum requirement of paid sick leave to our employees who reside in states that require employer-paid sick leave, including but not limited to Arizona, California, Colorado, District of Columbia, Maine, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington.
