VP, Credit Risk Management

Summary

Join Fortitude Re, a leading provider of legacy reinsurance solutions, as their VP, Credit Risk Management. Reporting to the SVP, Credit Risk Officer, you will be instrumental in developing and implementing a comprehensive credit risk management framework. This key role involves overseeing credit risks across investment portfolios and counterparties, developing quantitative risk management methodologies, and collaborating with various departments. You will prepare regular reports for management and board committees, stay informed on industry trends and regulations, and identify opportunities to enhance risk management processes. The position requires a strong understanding of financial markets, investments, and credit risk management, along with excellent analytical and communication skills. Fortitude Re offers a competitive salary and a generous benefits package.

Requirements

• Bachelor's or Graduate degree in Finance, Economics, Risk Management, or a related field
• At least 10 years in financial and credit risk management within insurance, reinsurance, banking, or asset management
• Strong understanding of financial markets, investments and credit underwriting, trading activities, and risk modeling techniques
• In-depth knowledge of regulatory requirements related to investments risk management
• Excellent analytical and quantitative skills, and in-depth asset class knowledge around structured products and private credit
• Knowledge of regulatory requirements related to investment and credit risks
• Strategic thinker with the ability to translate strategy into actionable plans
• Strong communication and interpersonal skills, with the ability to effectively engage with senior management, board, and external stakeholders
• Results-oriented and able to drive initiatives to completion
• Adaptable and able to thrive in a dynamic and fast-paced environment

Responsibilities

• Support the strategic direction for the Credit Risk function, aligning risk management strategies with the company's objectives
• Assist in developing and implementing an enterprise-wide credit risk management framework, policies, and procedures, in alignment with the company’s overall risk appetite and financial risk framework
• Prepare regular reports to management and board risk committees on credit exposures, portfolio performance, and emerging risks
• Stay abreast of industry trends, emerging risks, and innovations in credit risk management
• Stay informed on evolving regulations and standards that may impact credit risk
• Identify opportunities to enhance risk management processes and tools
• Foster a collaborative, inclusive, and innovative team culture focused on achieving organizational goals and continuous learning
• Assist in the identification, assessment, and management of credit risk within the company's investment portfolios, and with our derivatives, financing, reinsurance, and other counterparties
• Partner with the Investments team to review new investment products and strategies, new transactions, and new investment mandates and provide risk oversight
• Partner with the Investments team to develop and enhance methodologies and perform validation of models utilized to quantify credit risk, including but not limited to expected credit losses, stress testing, economic capital, and credit monitoring and early warning systems
• Develop, enhance, and implement credit risk limit frameworks designed to manage credit concentration risks within the parameters established by the company’s risk appetite framework and required by external stakeholders
• Partner with the Investments team to perform regular portfolio surveillance and credit review, implement robust risk assessment methodologies to identify potential vulnerabilities, and develop strategies to mitigate risk exposure
• Provide credit risk input to assist the Investments team for asset allocation, portfolio construction, and relative value analysis
• Where applicable, work closely with underwriting and actuarial teams to assess the financial strength of reinsurance counterparties
• Support the development and enhancement of risk models to assess credit risk
• Utilize analytics to provide insights into risk exposures and support decision-making processes
• Monitor investment limits and review exceptions and remediation plans
• Prepare regular reports to management and board risk committees on credit risk exposures, trends, portfolio performance, and emerging risks
• Assist in credit risk-related regulatory reporting and liaise with regulators as required

Preferred Qualifications

• Bachelor’s or Graduate degree in mathematics, statistics or related field
• Experience in development and validation of quantitative financial models, including asset valuation modeling related to fixed income products

Benefits

• Annual bonus based on company and individual performance
• Generous benefits package