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Credit Risk Jobs in Chicago

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Putting The Pieces Together – Setting Up Your Credit Risk Team

Putting The Pieces Together – Setting Up Your Credit Risk Team

As startups, FinTech, InsTech, and other industries shake up the status quo, it’s more important than ever for the more established institutions to break out of their comfort zones. Break out, buck up, and keep up with those leading the pack in digital transformation. Personal data, privacy regulations, and password protections are just a few of things a Credit Risk team must consider when planning their Risk Management strategies. I spoke to Ewan Dunbar from our UK office about what businesses and candidates today need to know to stay on top of their game. Here’s what he had to say when I asked what the top three roles to consider in the industry were and how they worked together? Top 3 Roles in a Credit Risk Team Process Analyst - helps to identify, design, and monitor daily processes to ensure customer accounts are efficient and effectiveData Modeler – helps to segment large amounts of data into micro and macro trends using statistical analysis. This is where solid programming experience comes in such as R and Java, though SAS is still used in older organizations, it’s being used less so as new tech startups and innovators arise. Decision Science Analyst – This role sets the wider parameters of the company’s goals using quantitative measures, then drills down to determine the best possible course of action. How Do These 3 Roles Work Together? Let’s say a customer wishes to open a bank account. The initial paperwork to be filled out and filed, entered into the system, and monitored through its lifecycle would fall to the Process Analyst. Now, the customer wishes to apply for a credit card. Here, the Data Modeler is responsible for creating a scorecard model to predict, monitor, and evaluate the customer’s ability to make timely payments. The Decision Analyst is the relationship manager who has laid out the overarching goals and following facts, variables, and other data-driven insights communicates and translates the information in a clear manner. What Kind of Education Should I Have? Big Data continues to drive growth in every industry and, by 2020, experts predict an estimated 2.7 million open jobs in Big Data and Analytics. Though it’s been touted from the rooftops for the last few years, there still remains an urgent need for qualified professionals with specific skill sets to fill the gap in these industries. And they’re not easy to find.  For roles in Credit Risk, a brand name education is the name of the game. If you’re just graduating, you have a much higher chance if you come from a red brick or Ivy League background. Experience and a focus on such subjects as statistics, computer science, and mathematics are tailor-made for this industry.  Beyond education, it’s also important that companies ensure their employees have opportunities to upskill in the areas they need most. Training pays for itself as companies invest in their employees. One Last Piece of Advice  Find your niche. This is not a place for generalists. Once you’ve determined your focus and become an expert in your field, you’ll always be in high demand. If you’re looking to dig in your heels and get set up for a strong career path, we may have a role for you. Check out our latest Risk opportunities or contact one of our expert recruitment consultants to learn more.  For our West Coast Team, call (415) 614 - 4999 or send an email to sanfraninfo@harnham.com.   For our Mid-West and East Coast Teams, call (212) 796 - 6070 or send an email to newyorkinfo@harnham.com. 

Joe Gibbs

Joe Gibbs

04. April 2019

Data Engineers: The Workers Behind the Curtain

We’re halfway through the year and our salary guide is out. If you wonder where you are, where you’re going, and if you’re a business, how you’re going to get there. Well, then, you’ve come to the right place. Articles have touted Data Scientists as the “rock stars” of the 21st century, but even rock stars need their managers and roadies. Who else will build the stage and plan the tour? And in the world of data, it all begins with the Data Engineer, laying the groundwork, the foundation, and the framework. These are the stars behind the scenes who make it possible for Data and Data Scientists to be front and center. Send a Data Engineer Over As prevalent as Data has become in our lives and as its importance grows, there remains the challenge of Data Management. If you don’t know why something is built or how to navigate the structure, the Data you do receive may not make much sense. Your guide in this journey is the Data Engineer, one of the most important pieces of your Data Management puzzle.  These highly skilled and sought-after professionals should not be confused with a Software Engineer, though some elements may be transferable between the two. The building blocks to put massive amounts of Data into a scalable system both reliable and secure takes a unique set of skills.  Humans at the Helm as Skills Shift  As much as we depend on Data today to help determine actionable insights for our business and as much as we hear about the rise of machines in the form of Artificial Intelligence, Machine Learning, and Deep Learning, it is ultimately humans who are at the helm.  It is the people behind the curtain of Data who will build it, run it, and make it work. It is also people who are typically the biggest costs in a project. Finding the balance and ideal candidate, the right person with the right skills for the job, is critical to success. And if you’re starting from the ground up, Data Engineers who can work with the core tools of databases and Spark, for example, will see their opportunities grow.  In our Salary Guide for 2019, we learned one of the skills most sought after by companies today is knowing AWS/Azure and moving Data Lakes into the Cloud. Small businesses and startups are moving to the Cloud to help them scale their Data, but someone still needs to lay the groundwork, whether it’s for the small business or the public cloud providers. Data Engineers are in high demand and it doesn’t look as though things will be slowing down anytime soon. The field is slick with potential. The Time Has Come for Transparency Data is binary gold and, with enough of it, you can read or estimate the mind of your customer or you can wreak havoc on someone’s life. Just a year ago, the European Union put into place rules and regulations as well as financial consequences for poor Data Governance under the General Data and Protections Regulation Act (GDPR). Though the U.S. doesn’t yet have a similar law, there are still plenty of mandates to be aware of by states, unions, and countries.  One Final Thought As roles and technology evolves, it’s important for businesses, employees, and stakeholders to evolve as well. Whether that means making sure to implement practices for Data transparency or upskilling and reskilling your workforce to keep up or simply knowing the trends of forward-thinking companies to scale your own business. Data fuels digital innovation and organizations who are prepared to find solutions will benefit. Want to know what else is trending in big data? Here are a few trends in Big Data forward-looking organizations should look out for in this year and toward the next. Are you a business who knows you’re ready to scale up and hire a Data professional? We have a strong candidate pool and may have just the person you need to fill your role. Are you a candidate looking for a role in Big Data & Analytics? We specialize in junior and senior roles. Check out our current vacancies or contact one of our recruitment consultants to learn more.  For our West Coast Team, call (415) 614 - 4999 or send an email to sanfraninfo@harnham.com.   For our Mid-West and East Coast Teams, call (212) 796 - 6070 or send an email to newyorkinfo@harnham.com.

Kavya Kannan

Kavya Kannan

20. June 2019

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