SENIOR/LEAD MODELLING ANALYST – CREDIT RISK
London / £50000 - £70000
£50000 - £70000
SENIOR/LEAD MODELLING ANALYST - CREDIT RISK
UP TO £70,000 + PENSION + BONUS
This UK bank is looking to expand their team and bring in a Senior/Lead Modelling Analyst in their regulatory models team. This role offers great flexibility to work from home, a very competitive salary package and an opportunity to build important Basel and Impairment models for a leading bank in the UK.
A bank with many products including mortgages, personal loans, overdrafts, and credit cards. They have a great benefits package and place a lot of importance on employee wellbeing with flexibility being given to work from home.
The role is a senior/lead modelling analyst position which will involve working on Basel and Impairment models.
You can expect to be involved in the following day to day:
- Developing regulatory models for use in retail lending space
- Driving insight into improvements for strategies and model development
- Making sure models are compliant with regulatory measures
- Using SAS to rebuild Basel models
- Working closely with senior management and stakeholders
SKILLS AND EXPERIENCE
- Experience in the credit risk space
- Experience developing regulatory models
- Strong experience in SAS/SQL and Excel
- Experience using Python and AWS is desirable
- A strong university degree in a numerate discipline
SALARY AND BENEFITS
- Salary up to £70,000 dependant on experience
- Discretionary Bonus
- Health insurance
HOW TO APPLY
Please register your interest by sending your CV to Shane McWilliams via the Apply link on this page.
Risk Analytics Landscape: 2022 | Harnham Recruitment post
2022 is set to be an interesting year for Risk Analytics. According to research, the risk analytics market is expected to be worth around $54.95bn by 2027 and is experiencing a huge degree of interest due to a combination of different factors coming together at once. The growth of business procedures and increasing deliverables are driving demand for techniques such as risk measurement, whilst rising incidents of cyberattacks combined with rising digitization are further catalysing the Risk Analytics market. Not to mention the impact that different macroeconomic elements are having, such as coming out of the pandemic, remnants of Brexit and rising inflation rates. Within the risk space, all of these variables are feeding into the way that both candidates and clients are making their decisions. Industry developments have a direct impact on the recruitment market, with trends being reflected in the needs and desires of both employees and employers. With risk coming to the forefront for many businesses, it isn’t surprising to see a surge in the demand for talent. Risk under the spotlightNumerous developments across the financial sector have made the skills that risk analysts have increasingly invaluable. The pandemic forced many companies to digitize and move to remote and cloud-based working systems, making security a company-wide concern. This has driven demand for the right talent to fill risk roles but also a greater willingness to dedicate more of their budget into investing in their risk functions and/or departments.The fraud risk spaceThe increase of remote working combined with a general trend of digitization has brought with it concerns around fraud. Headlines highlighting a ‘fraud epidemic’ have been circling with reports of fraud and cybercrime in the UK rising from 3,983 cases to 8,614 in a year. Digitization offers opportunities for company growth but if not securely managed, can serve up opportunities for criminals to exploit. Fraudsters are becoming increasingly inventive, and steps must constantly be taken to stay one step ahead. The skills that risk analysts have are essential in understanding the drivers to fraud within a business and ultimately how to prevent it.The rise of unregulated products and technologiesInnovation within the financial industry is also flourishing. The emergence of AI and adoption of more advanced technologies to better inform decision making, as well as the introduction of machine learning and data science into risk analytics, makes it an exciting time to be in the risk analyst field.New unregulated products and technologies have also flooded the market, such as crypoassets, decentralized finance and non-fungible tokens (NFTs). About 2.3 million people in the UK are now thought to own a crypto asset, creating a playground for fraudsters looking to misuse unregulated tech. Data reveals a staggering £146,222,332 has been lost to cryptocurrency fraud since the start of this year, and unless regulators are able to catch up with the ever-evolving nature of crypto, this will rise. As a result, there is expected to be a lot of regulatory changes this year to increase protections against consumer risk but also within financial institutions. This tends to stimulate demand within sectors such as risk analytics as well as causing shifts of focus within departments.Risk analyst salariesSalaries within the sector are currently being pushed upwards, largely due simply to supply and demand. Throughout the pandemic, most companies didn’t hire Risk Analysts, if anything, they let go of them. Recently, there has since been a spring coil reaction of demand for Risk Analysts and Risk Managers, to an extent not seen for years. To add to this there is a lack of talent, and candidates are increasingly asking for more because they know of the trend.Although it’s impossible to know for how long this might be the case, the recent mass movement of candidates since COVID-19, means that by the end of the year some candidates may have been at their new job for over a year and may be looking to move again. Supply could begin to creep up and start meeting demand, but only time will tell. This imbalance between supply and demand means that candidates are finding themselves in the unique position of being able to choose between job offers, and can therefore afford to fine-tune and find better suiting roles. It’s well known that it’s a candidate market, but it’s a really good time to explore roles out there and consider your current position.Ultimately if job searchers are looking at their current situation and thinking about whether there’s something better out there, there is not a better or more exciting time to be looking for a role in Risk Analysis.If you’re looking for your next opportunity or to build out your Credit Risk or Fraud Analytics team, Harnham can help. Take a look at our latest Risk Analytics jobs or get in touch with one of our expert consultants to find out more.
How To Get Started In Risk Analytics | Harnham Recruitment post
Risk Analytics has been an integral part of teams across several industries for years. After the 2008 financial crash, whereby $8 trillion was wiped from the stock market’s value in the space of two days in the US alone, the need for businesses to be savvier and more ‘switched on’ to the potential downturns and crises the economy may face was imperative. The kind of devastation the financial crash caused in a matter of days had knock-on effects to businesses of all shapes and sizes for years afterwards, and nobody could risk the same level of destruction again. For a long time prior to this key event, it wouldn’t be an exaggeration to suggest that a lot of business owners and C-Suite executives depended on gut instinct to make critical business decisions. But, as we began to enter not only a more economically turbulent time but also an era that became dominated by technology, the need for hard evidence to support ‘intuition’ was crucial.With endless reams of data now at our fingertips, which has only evolved in reliability and accessibility over the decades, companies’ ability to manage risk-related issues through state-of-the-art technologies and tools is changing. And because of the capabilities of said technologies, companies are now able to look further than just financial risk; competitor risk, supply chain risk, technical risk, these are all everyday examples of where Risk Analytics come into play. It’s clear Risk Analytics is a crucial part of businesses today, and its importance will continue to take centre stage as we move into an even more technological and data-driven era, but where do you begin if you’re considering becoming a Risk Analyst?Are you the right fit for the job?You need to be sure that risk analysis is truly for you. As with any job, skills are something that can built upon, but a good attitude, willingness to learn and some core characteristics will set you up in good stead too. Risk Analysis suits individuals with a keen eye for detail and are unafraid of spending time going through data with a fine-tooth comb to unearth any anomalies that could present themselves as serious risks later down the line. A love of and proficiency with numbers will also be a brilliant asset to bring to the role, along with an interest in data analysis. While most of the job will most certainly be dealing with the hard facts and figures, you’ll also need to be someone who is comfortable with communicating in an open and jargon-free manner. Ultimately, you’ll be responsible in not only identifying potential risks, but feeding the information back to members of the team who have no prior knowledge of data and analytics, as well as giving them viable solutions to avoid or reduce any risk where possible. That sounds like me, what’s next?Great! So, if you think you’ll be a perfect fit, the next step is to think about which route you want to take to get your foot in the door. As per a lot of Data & Analytics roles in this day and age, a university degree isn’t necessary, but it is still favoured amongst many employers. Nevertheless, just because you don’t have a degree doesn’t mean you won’t be considered, so keep your options open. Diplomas or online study courses are two other brilliant avenues to take as well. Of course, if you’re a total whizz, you may have a lot of skills and knowledge on a self-taught basis which is fantastic. Before applying for a job in Risk Analysis however, make sure you have some extra-curricular learning under your belt to showcase your initiative and drive to learn. Do I need to have experience?Much like university, while not a mandatory requirement for all Risk Analysis jobs, having work experience within your portfolio will put you a significant step ahead to your peers who may not have had that hands-on learning. Do I need to know how to code?Analysts who code will always be in demand, and the sharper and more on top of those skills you are, the better. Different employers will work with different languages, but the most common are Python, SAS, C++ and Java. Ensure you’re always learning too. Code is an element of all Data & Analytics roles that is always evolving, and employees who fall behind in their knowledge will very quickly see a drop in their ability and productivity. What can I expect from a role in Risk Analytics?Each day in this role will be completely different. The challenges you may come up against will change rapidly, especially if you are based in a fast-moving sector such as Finance or Banking. You’ll need to be prepared to work under pressure and showcase impeccable problem-solving skills. At entry-level, you can expect to be taking home a salary of around £20,000, or just over $60,000 in the US. For those who show eagerness to learn, initiative and determination to always better their understanding of risk analysis, progression opportunities are vast here too. With the right attitude and mindset, reaching the top of the career ladder can see employees earning in the remit of £75,000+ / $191,000+. Risk Analytics is an incredibly exciting role, and the demand for highly skilled analysts will undoubtedly continue rising, especially as we recover from the pandemic and companies look to implement firmer, more grounded, risk-management procedures in place.If you would like to learn more about Risk Analytics, take a look at our risk analytics jobs or get in touch with one of our expert consultants to find out more.
As Incidents Of Cybercrime Increase, How Can A Fraud Analyst Give Your Business Peace Of Mind?
Whilst it’s true that cybercriminals are becoming more creative and sophisticated, as are analytical techniques and the experts that wield them. Fraud Analysts now have more techniques and reach than ever, and as incidents of cybercrime increase, this isn’t an area that businesses should be scrimping on.
According to PwC’s Global Economic Crime and Fraud Survey 2022, 46 per cent of organisations surveyed reported experiencing fraud or financial crime over the last 24 months and tech, media and telecommunications businesses appeared to have taken the brunt. Findings showed that nearly two-thirds of this group experienced some form of fraud, the highest incidence of any industry.
The ONS also recently released stats showing that fraud offences increased by 25 per cent in 2021 (to 4.5 million offences) compared with the year ending March 2020. Indeed, the proportion of these incidents that were cyber-related increased to 61 per cent up from 53 per cent.
The rise of cyber-fraud is a clear issue and for some businesses such as financial institutions, tackling this by using fraud teams made up of expert Fraud Analysts is the norm. But for others, it may not have been seen as a priority until recently. However, any business which has a growing number of online transactions will become a bigger target for fraudsters and would benefit from a team member able to help minimise the risk.
So, how can fraud analysts help?
Far from wanting to paint a bleak picture, while fraud techniques are evolving and improving, so are anti-fraud efforts. All risks associated with financial crime involve three kinds of countermeasures: identifying and authenticating the customer, monitoring and detecting transaction and behavioural anomalies, and responding to mitigate risks and issues. All of these are carried out by fraud experts, such as Fraud Analysts, armed with ever-evolving technologies and techniques. So, what exactly does a Fraud Analyst do?
Fraud Analysts will track and monitor transactions and activity, identify and trace any suspicious or high-risk transactions, determine if there is improper activity involved, and identify if there is any risk to the organisation or its customers. They are able to digest huge swathes of information and quickly and efficiently prioritise the data that’s important in order to tell a story of fraud or no fraud.
To cope with the speed and scale of online commerce, new technologies such as Machine learning (ML) models have come to the fore. These models have the ability to simulate thousands of scenarios and take over the mundane tasks of sifting through swathes of data in a tiny percentage of the time it would take a human. The systems used by Fraud Analysts will vary based on the industry, but a common example is rule-based expert systems (RBESSs). A very simple implementation of artificial intelligence (AI) RBESSs are used to detect fraud by calculating a risk score based on users’ behaviours, such as repeated log-in attempts or ‘too-quick-for-being-human’ operations. Based on the risk score, the rules deliver a final decision on each analysed transaction, therefore blocking it, accepting it, or putting it on hold for analyst’s revision. The rules can be easily updated over time, or new rules can be inserted following specific needs to address new threats.
This method has proved very effective in mitigating fraud risks and discovering well-known fraud patterns. That said, rule-based fraud detection solutions have demonstrated that they can’t always keep pace with the increasingly sophisticated techniques adopted by fraudsters, without regular updates and expert use.
Machines also cannot mimic human traits like intuition. People can detect if things aren’t right even if they have not seen them before. It’s an instinct not yet successfully trained into machines. Therefore, new trends are much better pursued by an analyst and then a machine can be trained to stop future occurrences. A well-implemented ML system will free up precious time for an analyst to perform these more productive tasks.
A non-stop process
So, your Fraud Analyst has now set up a new ML system to identify fraudulent activity and is also looking for new trends that fraudsters may be trying – now what? Fraud Analysts never sit still. Their job is not a one-time fix but one of constant evolution and refinement. Their role involves identifying weaknesses in systems and continually looking for opportunities for improvement, such as recommending anti-fraud processes to detect new patterns or new software tools to help with reporting. Their finger is always on the pulse of emerging developments and will ensure your company remains protected against current risks.
Not only is this aspect part of the job description, but it is also to some extent inherent to their nature. Fraud Analysts tend to be curious, have a strong attention to granular detail, as well as an inclination towards problem-solving. Leaving no stone unturned is part of their makeup. This analytical skillset will dig out any problems that are there – which will unfortunately then require you to fix them (sorry!) – but it is far better to be aware of any weaknesses now. The majority of companies only realise their shortcomings when it is already too late. Ultimately it is better to be safe than sorry.
A Fraud Analyst not only helps to protect businesses against creative cyber criminals but will also give owners reassurance as they look to grow and thrive unimpeded.
If you are looking for a complete recruitment solution across the breadth of Data & Analytics disciplines to build out a robust Data & Analytics function, get in touch with one of our expert consultants here.
Looking for a new role? Take a look at our latest Fraud Analyst jobs.
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