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Lead Credit Risk Analyst - Scorecards
Up to £90,000 plus a competitive benefits package.
Are you interested in a senior position where you will be responsible for developing and delivery industry leading Credit Risk Models? You will be working closely on scorecards, Provision Models, Fraud detection models as well as Forecasting Models and any other required analytical solutions which support decision making in Retail Finance.
WHO WILL YOU BE WORKING FOR
You will be working for a company who's strategy focuses on relationships and service as they plan expanding their leadership in their markets.
DAY TO DAY RESPONSIBILITIES
You will predominantly be scoping, designing, developing and implementing new initiatives whilst applying advanced statistical and technical methods ensuring they champion best practice. You will need to ensure that all the models are monitored correctly and regularly, adequately communicating this to senior stakeholders so that you can drive forward any necessary actions.
WHAT IS REQUIRED FROM YOU
You should expect to earn up to £90,000 plus a competitive benefits package
HOW TO APPLY
Please register your interest by sending your CV via the Apply link on this page.
Credit Risk - Forecasting - Provision - Scorecard - Application - Behavioural - Fraud - SAS - SQL - Statistical - Analysis
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Ben Owen and Danni Brooke are the Co-Directors for the EMEA Practice at Fortalice Solutions, a leading global cyber security and intelligence operations company. They travel globally to assist clients with their cyber security requirements, bespoke training needs, intelligence and investigations both online and physical and counter fraud training/consultation. They deliver and manage a portfolio of pro-active intelligence solutions to keep people, nations and businesses safe from threats and head up the EMEA operations. Ben and Danni also feature on the hit Channel 4 show, Hunted and Celebrity Hunted which has been airing for over four years with another series set to be filmed this summer. I caught up with them recently to discuss the latest Fraud, tools and challenges for the Cybersecurity industry. Cybersecurity is an ever-changing landscape. What trends do you anticipate for the next 12 months and beyond? It is always difficult to pin down what the next real trend is going to be in the Cybersecurity space as adversaries are becoming ever more sophisticated. What was once a very difficult process for skilled individuals is becoming more readily available to novices with advances in software, particularly those shared on the Dark Web. What is an inevitable threat trend in the next 12-months and beyond is the exponential rise in the Internet of Things (IoT). With a world where everything is hooked up to the web, it is apparent that tech companies selling these devices are under immense pressure to get products to market. The need for speed could mean that some security principles and best practices may be overlooked. As the UK encountered during the Mirai Botnet attack of 2016, a network of electronic devices acting in concert can cripple the internet or, worst case, become a weapon that could cause actual physical damage as well as cyber damage, power stations, hospital networks to name but a few. How have Data & Analytics impacted the detection, and prevention, of cyber-crime? A company will have to protect themselves against an enormous amount of cyber threats every second. A cyber-criminal will only need one successful attempt. Data & Analytics are proving successful in the fight against cyber-crime and their proactive and holistic approach is at keeping people and businesses safe. Of course, it is Data that is being stolen, but very often Data can come to the rescue. It helps in a number of ways, e.g. identifying anomalies in employee and contractor computer usage and patterns, detecting irregularities in networks, identifies irregularities in device behaviour (a huge advantage with the rise of the IoT). What one must remember, however, is the people behind the Data. You can’t simply collect Data and assume you will be able to detect and respond with the right actions. You need the people with the right analytical skills to sift through the Data, find the right signals and then react to the threat with an appropriate and timely response. What tools and technologies do you think will become increasingly important in the fraud and cyber-crime landscape? Here at Fortalice we are investing a lot of time into coverage of the Dark Web. We live in a rapidly changing digital landscape. Criminals, fraudsters, and others are now operating with more sophistication and anonymity. Where do they go to exchange fraudulent details and ideas about current victims? What medium do they use to discuss organisational targets or new ways of defrauding companies? The answer is the Dark Web. Traditionally, companies fight fraud from the inside out. We want to change this landscape by accessing the entirety of the Dark Web, its pages, shady storefronts, and treasure troves of Data, and drawing on monitoring toolsets to give our clients a 360-degree resource for identifying adversarial communications and movements. It’s all about Internet coverage. Wherever it is difficult to find – that’s where your threat will be. A final point to this question is one of sharing tools and techniques. A collaborative approach is always a good way of making sure the wider audience benefits. We always work with our clients and offer other services and support outside of our remit to make sure they’re fully protected from a cyber and physical space. What are the biggest security threats for businesses? Security is fundamentally broken because the design of many security solutions does not design for the human psyche. Security solutions are bolted on, clunky, and hard to use but because security teams prioritise defending against easier cyber threats, they often don’t focus on the hardware side. The biggest risk to companies and individuals is always defined by the Data that is most important to you or to the business. For individuals, this might be privacy or identity. For businesses, this could be customer Data, intellectual property, and the company’s money in the bank. The reality is that business executives can’t outspend the (cybersecurity) issue and they must be prepared. Cybersecurity no longer exists in a vacuum and it must be elevated to the conversations held in the boardroom and with senior leadership as well as entire divisions, departments, and organisations. For someone trying to get into security analytics, what skills do you think are key to being successful in the industry? The detail is in the name of the role. A huge ability to interpret large amounts of technical Data is key to the role, as well as being able to assimilate what it means and how to action it. Risk management is also key to this role. Very often you will identify potential risks and you will have to triage those priorities on your own as co-workers won’t have the technical expertise to assist. You will need to be able to communicate successfully to all levels of a workforce and last but by no means least – a good sense of humour! When you think you have gotten to understand a new threat or vulnerability a new one will replace it within seconds. Time to put the kettle on, smile, and get back to work with your analytical prowess. Within fraud, it's well known that criminals are sharing their approaches, is this mirrored in cyber-security and if so, how is the industry combating this? Criminal collaboration is huge on the web. First of all, there is no talent shortage for fraud rings or cybercriminals. There are no requirements for fancy university degrees or certifications and the crime ring pays for performance. They don’t care what you look like, how you dress, or if you clock in during normal work hours. They care about getting the job done - hacking into and stealing information from others. Together they are sadly stronger and more effective. On Dark Web forums, you will see fraudsters sharing and selling their ‘IP’ knowing that others will also contribute. That way they are all winners. In the private world ideas equal money. That is of course not a bad thing for business, but it is bad for collaboration. Businesses generally don’t like to share ideas with one another because it has taken them lots of time and expense to get to their product or solution. As cliché as this comment sounds - we have to change this landscape for the greater good. There are lots of smart government initiatives for national defences in cyber security and fighting high-end cyber-crime but seldom does this have a positive impact locally with smaller businesses. There is a huge amount of information out there for individuals and advice, but we need to bridge the gap still between criminal collaboration and that of the good guys. If you could change one thing in the industry, what would it be? The mind set of security professionals that humans are the weakest link. We’re not! Humans are at risk because technology is by design, open. I’d also change the mind set of those not in the Cyber Security industry. All too often the severity of what is being reported is not taken seriously, nor are budgets set aside for cyber security issues. That said, it is improving but there is a long way to go. Ben and Danni spoke to Senior Consultant, Rosalind Madge. Get in touch with Rosalind or take a look at our latest job opportunities here.
21. March 2019
The financial crisis of 2007-2008 changed banking. The world moved from taking mortgage loans in our dogs’ names to introducing strict regulations for banks prohibiting them from giving out loans to “anyone” without assessing Risk properly. In 2010 the Basel Committee on Banking Supervision (BCBS) introduced BASEL III, a regulatory framework that builds on BASEL I, and BASEL II. This framework changed how banks and financial institutions asses risk. It introduced an Advanced Internal Rate Based Approach (Commonly known as the AIRB approach). Now, the committee has introduced new changes and, by 2022, all banks and institutions will have to implement the revised IRB Framework, as well as new revised regulations for the standardised approach, CVA Framework and new frameworks for Operational Risk and Market Risk. So, what does this mean for those working Risk? Change Is Coming Change is inevitable, no matter what you do. If you work in Risk Management and Compliance, change is something you can expect to happen, often. As mentioned above, by 2022 there will be lots of changes. The Basel Committee calls this initiative the “finalised reforms”, or BASEL IV which builds on the current regulatory framework BASEL III. Quickly summarised, the changes limit the reduction in capital that effect banks IRB models. This change is predicted to impact banks in Sweden and Denmark the most, with estimations that capital ratio will fall by 2.5-3%, far higher than the 0.9% expected for the average European bank. So what does all this mean for Swedish and Danish banks? What’s Happening Now? One of the main things that Swedish and Danish banks need to revise for these new regulations, are their internal models. The new regulations introduced a new definition of Probability of Default, measured through a model commonly known as a PD model. Effectively this means that every bank must “re-develop” their internal PD Models in the IRB approach. Consequently, we are already seeing a clear response from the banks in their strategies moving forward. It has already become quite apparent that many banks are looking to make IRB model development their focus for 2019-2020 and 2021. This has resulted in a boom in the hiring space for developers with experience in IRB Modelling and Credit Risk Modelling in general, which in turn has led to high demand in the face of the low supply of these types of candidates. Understandably aware of this, modellers are now looking to negotiate higher salaries. What You Can Do For candidates that hold the right experience, there are good opportunities at hand. If so inclined, they can utilise this chance to finally see if the grass actually is greener on the other side, or not. However, there are a couple of things worth considering before making a move. Firstly, are you actually keen on switching jobs? Your skills are probably equally in demand at your current employer and, if you are having doubts about moving from the get-go, you may well be able to negotiate a rise without pursuing a new opportunity. However, if you are serious about finding something new, this is a great time to do so. The majority of banks have found that these new regulations are creating an unsustainable workload, and are now looking for talent externally to expand their teams. This means that the experienced modeller can pretty much have their pick of the litter. Furthermore, if you are a junior modeller, there are now plenty of opportunities for you to enter a niche area known for being exciting and innovative. So, wherever you are in your career, these regulatory changes are likely to have a large impact and open up new avenues for you to explore. We all know that regulations in banking and finance are now essential, we all agree, even if they can be a little frustrating. However, what people often fail to think of are the opportunities new regulatory requirements create. In the case of BASEL IV, we’re already seeing an increase in demand for strong talent, and a demand for people who are passionate about Risk Management and model development. For businesses, new regulations also provide the chance to not only improve their teams, but to create new models that can be utilised to optimise and automate. A lot of financial institutions are already aware of this and are using these models to gain competitive advantage over their competitors, as well as to stay one hundred percent compliant. If you’re looking to build out you Risk Management team or take on a new Risk opportunity for yourself, we may be able to help. Take a look at our latest opportunities or get in touch with one of our expert consultants to find out more.
08. August 2019