Credit Risk Specialist

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Job Description

This is an exciting opportunity to play a meaningful role in shaping and strengthening credit risk management across the Old Mutual Limited Group. Operating within the Second Line of Defence, the Credit Risk Specialist provides independent oversight and constructive challenge across retail (and selected wholesale) credit portfolios, partnering closely with the business to enable sound, sustainable growth.

The Credit Risk Specialist operates within the Old Mutual Limited Group Second Line of Defence, providing independent oversight and challenge of credit risk management across the Group. The role supports business units in the identification, measurement, aggregation, and monitoring of credit risk exposures, ensuring that credit risk practices are effective, compliant, and aligned to Group strategy, risk appetite, and regulatory expectations.

The role has a strong focus on retail credit risk, with working knowledge of wholesale credit risk, and includes oversight of model risk governance in collaboration with the Group Risk Model team. The incumbent acts as a trusted risk partner, enabling sound decision-making while maintaining independence of judgement.

Key Responsibilities

1. Line 2 Credit Risk Oversight & Independent Monitoring

• Provide independent oversight and effective challenge of first-line credit risk management practices across retail lending business units, spanning operational, financial, and strategic risk dimensions.

• Maintain a solid understanding of factors impacting retail lending performance and credit outcomes, and challenge business units where risk outcomes deviate from appetite, plans, or expectations.

• Perform independent monitoring of credit and financial performance against Key Risk Indicators (KRIs), risk appetite metrics, and Business Plans.

• Where appropriate support the Head of Group Credit Risk in the oversight of wholesale credit risk exposures originating within business units.

• Participate in relevant risk committees, forums, and working groups, escalating material issues, emerging risks, and control weaknesses where appropriate.

• Ensure timely, accurate, and insightful credit risk reporting to governance committees and senior management.

• Support the preparation of strategic credit risk submissions, ad-hoc deep dives, and thematic reviews of business unit credit risk performance.

2. Credit Risk Frameworks, Appetite & Advisory

• Support business units in the identification, measurement, aggregation, and management of credit risk exposures.

• Provide guidance on credit risk frameworks, methodologies, and practices, ensuring alignment with Group policies, regulatory requirements, and industry best practice.

• Collaborate with stakeholders to ensure credit risk appetite, limits, and thresholds are clearly defined, embedded, monitored, and breached appropriately escalated.

• Review and assess the effectiveness of credit risk management processes and controls, recommending enhancements where required.

• Work closely with OM Bank and OM Bank Cluster Line 2 Credit Risk teams to support consistent documentation, monitoring, and reporting of retail credit risks where Group Board accountability applies.

3. Model Risk Governance (Retail Credit Focus)

• Provide oversight and input into retail credit model risk governance in collaboration with the Group Risk Model team.

• Where required, support business units and the Model Risk team in maintaining model inventories, model risk ratings, performance monitoring, and model governance artefacts.

• Contribute to discussions on model performance, limitations, and emerging model risks impacting credit decision-making.

4. Analytical Support & Risk Monitoring

• Conduct or support analytical reviews to enhance independent monitoring of credit risk exposures, trends, and emerging risk drivers.

• Deliver data-driven insights through analysis, stress testing, and scenario assessments where required.

• Contribute to the design, enhancement, and use of dashboards, metrics, and reporting tools that support effective credit risk oversight.

5. Governance, Policy & Control Environment

• Ensure adherence to Group credit risk governance processes, policies, standards, and regulatory requirements.

• Support the development, review, and maintenance of credit risk policies, procedures, and control frameworks.

• Promote consistency, transparency, and robustness in credit risk governance across the Group.

6. Stakeholder Engagement & Risk Culture

• Engage with key stakeholders across business units, Group Risk, Compliance, Internal Audit, and other assurance functions to support a coordinated and integrated approach to credit risk oversight.

• Present credit risk insights, findings, and recommendations to senior management and governance forums in a clear and influential manner.

• Influence and embed a strong credit risk culture through proactive engagement, guidance, training, and thought leadership.

7.  Future-Fit Credit Risk

• Leverage data, analytics, and digital tools to enhance forward-looking credit risk oversight and provide independent challenge.

• Work with the relevant Business Line 2 teams to identify emerging credit risks and early warning indicators through data-driven analysis, stress testing, and scenario assessment.

• Support the use and continuous enhancement of automated dashboards, metrics, and continuous monitoring capabilities for credit risk reporting.

• Provide effective Line 2 oversight of credit risk models and AI-enabled credit decisioning tools, ensuring appropriate governance, transparency, and ethical use.

• Contribute to agile, insight-led assurance approaches that move beyond point-in-time reviews.

• Support the continuous evolution of scalable, modern credit risk frameworks aligned to business strategy, risk appetite, and a changing risk landscape.

Qualifications

• Bachelor’s degree in risk management, Business Mathematics/Actuarial/Financial Engineering/Informatics or a related field

• Min 5 years in a similar role

• Min 5 years of proven experience in credit risk management (with focus on retail credit risk) ideally within a financial institution or regulatory environment.

Experience:

• Strong technical understanding of retail credit risk; working knowledge of wholesale credit risk.

• Experience operating within a Second Line of Defence or equivalent independent risk oversight role.

• Ability to independently challenge senior stakeholders while maintaining constructive partnerships.

• Strong analytical capability with experience using data to inform risk judgements and insights.

• Knowledge of credit risk frameworks, risk appetite, model risk governance, and regulatory expectations.

• Excellent communication skills, with the ability to translate complex risk concepts for senior audiences.

• Proficiency in data analysis tools (e.g., Excel, Power BI, SQL, or Python).

• Strong communication and stakeholder engagement skills.

• Excellent written and verbal communication skills.

• Comfortably able to use Generative AI

Leadership:

Risk Culture

• Positively influence the business unit’s risk culture.

• Support Line 1 Management to identify actions that will improve the risk culture.

Centre of Excellence Activities

• Support Centre of Excellence activities to identify and manage operational risk.

• Participate in and contribute to relevant deep-dives and reviews of strategic programs.

Skills

Action Planning, Analytics Software, Budget Management, Computer Literacy, Data Analysis, Database Reporting, Data Compilation, Data Controls, Data Interpretations, Evaluating Information, Management Reporting, Numerical Aptitude, Report Review, Solution Analysis

Competencies

Business Insight

Courage

Decision Quality

Ensures Accountability

Financial Acumen

Instills Trust

Manages Complexity

Optimizes Work Processes

Education

Bachelors Degree (B)

Closing Date

29 January 2026 , 23:59

The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.

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