Economist VP Temp Role

Oaknorth

Bangalore, IN / Gurugram, IN
  • Job Type: Full-Time
  • Function: Data Science
  • Post Date: 05/05/2021
  • Website: www.oaknorth.com
  • Company Address: 57 Broadwick Street, London, W1F 9QS, UK

About Oaknorth

OakNorth’s Credit Intelligence software combines a deep understanding of credit, dynamic data sets, auto-analysis capabilities, cloud-computing and state of the art machine learning, to provide banks with the insight and foresight they need to create a better borrowing experience for the Missing Middle.

Job Description

The origin story 
In 2005, our co-founders, Rishi Khosla and Joel Perlman, were looking for a working capital facility to support their growing business, Copal Partners, a financial research firm they’d founded three years previously.  
 
They approached numerous high-street banks and kept getting variations of the same response – “the computer says ‘No’”. Despite being a profitable business with strong cash flow and retained clients, none of the commercial banks were willing to lend to them. It was too small a ticket to offset the costs the bank would incur in doing a fundamental assessment of their business and structuring a finance facility for their needs. A few months later through one of their institutional client’s special situations desk, they managed to secure 100x the amount of debt for a dividend recap. So, an institutional division of a bank was able to support them, but the commercial lending part of the bank was not.  
 
This experience stuck with them.  
 
After they’d scaled Copal Partners to a 3,000-employee business and sold it to Moody’s Corporation (NYSE: MCO) in 2014, they then set out to address the funding gap they had experienced first-hand and help growth businesses achieve their potential.  
 
Rishi and Joel wanted to first prove the proposition within their own bank in the UK – OakNorth Bank – before licensing it to other banks.  
 
Software 
OakNorth’s Credit Intelligence software transforms commercial lending by helping banks build deeper relationships with their clients, open new, more profitable opportunities, whilst delivering credit decisions up to ten times faster than traditional models, with lower risk and greater efficiency. 
 
Credit Intelligence is a data-driven technology that gives lenders a forward-looking view of the borrower based on expansive and dynamic data sets and scenarios specific to that business, using automated, continuous analysis of multiple drivers across the business, its peer group and the wider economy. This provides an independent, consistent, detailed framework offering deep contextual insight that enables rapid underwriting, immediate stress-testing and more agile and targeted strategic lending. 
 
Built over five years by an engineering and credit science team of over 250 people, the ON Credit Intelligence Suite has propelled OakNorth Bank in the UK into the top 1% of banks in developed markets in terms of RORE and efficiency, enabling it to profitably manage a multi-billion-dollar commercial lending portfolio - benefits that banks across the world can now realize. 
  
In addition to OakNorth’s own bank in the UK, the software is also being deployed by banks around the world, including: SMBC, PNC Bank, Customers Bank and Modern Bank in the US, and NIBC and OIMIO in Europe.  
 
Job Responsibilities:
 
• Help develop processes to track, analyse and summarize key macroeconomic parameters across geographies – primarily the US, UK, Germany, and Netherlands
• Establish methodologies to accurately identify and map relevant macroeconomic parameters that can inform performance of specific sectors
• Extensively use statistical techniques including cross correlation, test of significance, multivariate regression, and non-liner regression techniques
• Lead a team that is involved in developing quantitative models that use outlook on economic data to predict performance across a broad library of sectors
• Work in close collaboration with the team to analyse new and relevant sector trends and implement new research ideas that will help provide outlook on such trends using macroeconomic indicators
• Introduce and maintain dashboards and approach documents that can support validation of OakNorth’s methodologies by regulators. This should primarily cover an independent view on the macroeconomic outlook used in the top down approach and the rationale behind the use of selected parameters
• Liaison with external consultancies that provide aggregation models and work with them to arrive at outcomes that can be presented to clients.
 
Desired Skills:
 
• A master’s in economics with at least 10 years of experience in economic research preferably in a financial institution
• Robust empirical and econometric skills, specifically working with quantitative data using econometric methods
• Experience in statistical software such as EViews, Stata, Matlab or statistical packages in Python or R is mandatory
• Understanding of interaction between macroeconomic parameters and broad sectors of an economy
• Excellent knowledge of inter-relationship of various macroeconomic parameters and impact on projections

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Disclaimer: Local Candidates Only
This company does NOT accept candidates from outside recruiting firms. Agency contacts are not welcome.