The Credit Risk Manager is one of the most important positions in the financial loan industry. These financial professionals provide direction and coordination to the credit risk assessment team. Highly experienced and educated; they often hold specialized degrees in the fields of Finance or Business. Working directly underneath a department head, they are essential in facilitating effective and low risk loans throughout the lending industry.
What are the job responsibilities of the Credit Risk Manager?
Common duties for a Credit Risk Manager include safeguarding the credit process, as well as having extensive and detailed knowledge about the standards and practices of the industry, as well as any appropriate legislation. You will have the ability to work creatively with a wide degree of personal choice and latitude in the way that the company’s policies are implemented. Managers usually oversee a team of up to 15 individual Credit Risk Assessment Clerks, and reports directly to the head of the department. They are often asked to make the final decision when it comes to an individual’s credit worthiness, and have wide latitude when making Risk Assessment calls
What educational requires are there to becoming a Credit Risk Manager?
Most Credit Risk Managers are highly educated, with a minimum of a bachelor’s degree in Finance and at least ten years of experience as a baseline for hire or promotion. Credit Risk Managers are often the final link in a chain of lending that can potentially cost a company a great deal of money, so they are selected not only on their educational qualifications, but also by performance on previous, related tasks.
What is the average salary for a Credit Risk Manager?
The average yearly salary for Credit Risk Managers is on par with many professionals of the same level of education and experience. The majority of Credit Risk Managers makes between $90,000 and $130,000 per year, and typically has a spectacular benefits package which can include profit sharing and other options.
What is the work environment like for a Credit Risk Manager?
Most Credit Risk Managers are employed by multinational financial institutions such as banks, credit unions, and mortgage brokers, and the workplace is not only very professional, but also extremely competitive. Being able to perform under pressure, as well as effectively manage a large group of subordinates while still attaining goals and meeting deadlines is essential to a successful career as a Credit Risk Manager.