Job Title: Head of Property Risk
Department: Credit Risk and Portfolio Management
Responsible To: Director of Credit Risk and Portfolio Management
Responsible For: Property Risk for mainstream, Buy-to-Let and Business banking. Valuation Strategy and panel relationships. Recoveries strategy to minimise property losses.
Purpose of the Job Overall Objective:
Develop and lead the property risk function with overall responsibility for the valuation strategy, reducing property risk and valuation exposure.
Main Duties / Key Responsibilities
Create vision: Build a competitive advantage in managing property risk for the bank, including setting out a clear framework and vision for this key function. A key aspect of the role will be to communicate the vision to a wider group of stakeholders to garner their support and commitment to the development of a strong function.
Provide expertise on lending: Provide expertise to the business, and use your considerable experience to provide oversight of activities that affect property risk for residential and commercial (business banking). This will include responsibility for setting the property risk strategy for secured credit risk and long term approach to valuation and exposures
Provide expertise on workouts: Work with recoveries and collections to recommend exit strategies for residential and commercial properties. Ensure recovery matters are handled swiftly, cost effectively, and minimise loss to the bank, including the pursuit of professional negligence claims.
Build a team: Lead and direct the Property Risk team. This includes identifying the essential skills and capabilities and ensuring the team adds value across the organisation.
Build the function: Develop plans and a business case for further investment in the function. This starts with basic capabilities and extends to data, systems, provision of services more widely and actively managing exposures, and the suppliers of services.
Get out there: Undertake site visits and report on property specific issues. Generate local contacts and insights that help the bank lend safely.
Manage suppliers closely: Manage the relationship with all valuation suppliers including LGSS, Connells, Hometrack and CVNS
Think about emerging issues: Monitor and report all property related horizon risks. Be linked into Industry topics through specialist industry bodies. Provide thought leadership on emerging market dynamics, property trends and new build development risks
Keep stakeholders informed: Report panel valuation performance to internal stakeholders and provide monthly MI
Manage key relationships: Build a positive partnership with credit, intermediaries, products and recoveries
Be font of specialist knowledge: Develop and manage a property strategy that will ensure considerations of property type, location, development type, government schemes and wider risks are appropriately considered on both an individual property level and within a portfolio view.
Be a recognised expert in your field and comfortable working in a fast paced changing environment
Own property and valuation strategy, policy and downstream processes
Maintain limits on specific ‘property segments’ both for the overall book and new business.
Implement a robust valuation audit process
Support the day to day business inputting into underwriting, collections and fraud decisions
Skills • Chartered Surveyor (MRICS/FRICS) • RICS Registered Valuer • Member of Non-Administrative Receivers Association (NARA) (Preferred) • Experience of working within a bank or building society managing property risk and valuation suppliers for residential and commercial lending • Minimum of 10 years of residential and commercial property and valuation experience • Understanding of the different risks associated with different commercial and residential property types • Relationship builder • Network of industry contacts • Undertaken residential short form and Red Book commercial valuations • Experience of presenting in credit committee • Experience of the PRS sector including multi units and HMOs (Preferred)
Key Relationships / Stakeholders:
External Stakeholders: Valuation Panel Manager Manage the relationship, oversee the quality of valuations via audit processes, oversee service levels and operational issues
Automated Valuation Providers: Manage the relationship, oversee the continued appropriateness of AVM models and the use of AVMs within the business Industry bodies / forums Maintain strong relationships with all relevant external industry bodies and forums to ensure industry issues, trends and emerging risks are well understood within the bank
Internal Stakeholders: Executive Provide thought leadership on all aspects of property risk strategy, policy and management. Propose changes to maximise the contribution of the Property Risk function. Credit Risk teams Close liaison to ensure credit strategy, policy and processes align with property risk Underwriting teams Provide guidance regarding individual cases, in particular, high value and complex properties Collections teams Work with the collections team to maximise exit strategies for repossessions, in particular, high value and complex properties Fraud teams Proactively identify opportunities to protect the organisation from Fraud associated with property valuations, raise awareness of emerging threats Products and distributions teams Ensure a joined up approach and workable solutions for property risk management in line with the customer journey and commercial objectives