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Director, Credit Risk
About Us
At OakNorth, we're on a mission to empower ambitious businesses and the communities they serve. Since 2015, we've lent over $21 billion across the UK and US, helped create more than 58,000 new homes and 36,000 new jobs, and supported hundreds of thousands of personal savers — all while driving economic growth in the markets we serve.
About The Team
At OakNorth, our Credit Risk team is at the heart of what we do — empowering ambitious businesses to grow while protecting the strength of our portfolio. We work closely with Debt Finance Origination, Credit Analytics, Portfolio Management, and Legal teams to deliver high-quality credit decisions with real commercial impact.
About The Role
As a Credit Director, you'll play a pivotal role in driving OakNorth's mission forward. You'll critically assess and challenge new lending opportunities across a diverse range of SME and trading businesses, crafting high-impact recommendations to our Credit Committees. This is a highly visible role — you'll engage directly with borrowers, shape key lending decisions, and fuel real economic impact at one of the UK's most innovative banks.
Responsibilities
Core Duties
- Key involvement in shaping loan proposals by sighting new lending opportunities with deal teams at an early stage
- Collaboration with and professional challenge of the Debt Finance Origination and Credit Analytics teams to deliver high-quality Credit recommendations to Credit Committee(s), including suggestions to improve deal structure
- Quick assessment of transactions while focusing on key risks, presenting findings concisely and effectively
- Collation and distribution of committee decisions on new loan requests, and responsibility for any follow-up actions
- Review and input on term sheets, balancing relative risks of the deal with customer outcomes
- Support for the internal Legal/Loan Execution team through close scrutiny of the bank’s security requirements and documentation
- Periodic meetings with clients alongside the Debt Finance team, providing guidance on structuring and early insights into credit appetite
- Support of the Portfolio Management team post-drawdown with in-life loan increases, extensions, restructures, or covenant resets
- Review of all critical information supporting credit decisions, including Financial Due Diligence, financial accounts, and covenant models
- Ensuring the data used to assess risk is suitable in quality, quantity, and breadth
- Undertaking strategic projects requested by the Head of Credit Risk
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Requirements
Mandatory
- Working knowledge of SME cash flow-based lending and financial analysis, with a detailed understanding of key sectors such as Healthcare, Hospitality and Leisure, Financial Intermediaries, Manufacturing, and Structured/Leveraged Finance, including M&A, MBO/MBI, and Financial Sponsors (Knowledge of Real Estate lending is a plus)
- Minimum 5 years of experience in a credit risk function, or transferable experience that demonstrates a similarly strong skillset
- Good understanding of credit risk models associated with SME clients, including RWA (Risk-Weighted Assets), PD (Probability of Default), and LGD (Loss Given Default)
- Strong experience using risk and control techniques, including covenant setting, applied to SME credit processes
- Strong negotiation skills, tenacity, pragmatism, and a focus on achieving quality outcomes for both the bank and its customers
- Ability to manage multiple deliverables in a fast-paced, high-volume environment with effective time management
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Nice to Have
- Understanding of the broader risks associated with the full SME product lifecycle, including origination, optimisation, collections, and recoveries
- Experience engaging directly with clients and deal teams in structuring and evaluating credit appetite
Benefits
- 25 days holiday
- Personalised benefits — opt-in to what matters to you
- Subsidised Private Medical Insurance with Bupa
- Enhanced maternity and paternity leave
- Wellbeing and social events
- In-house Barista Bar — London office
- Volunteering time off — support causes that matter to you
- Salary sacrifice schemes — cycle to work, nursery, gym, electric car scheme
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