Director - Credit Risk - Trading Businesses in Manchester

At OakNorth, we’re on a mission to empower the UK’s most ambitious businesses. Since 2015, we’ve lent over $21 billion across the UK and US, helped create more than 58,000 new homes and 36,000 new jobs, and supported hundreds of thousands of personal savers — all while fuelling the UK economy.

Credit Risk is central to how OakNorth makes good lending decisions. As a Director in this team, you will own the credit recommendation process for new business proposals across a range of SME and trading businesses — from first review through to Credit Committee. This is a high‑judgement, high‑visibility role that directly shapes both the quality of OakNorth's lending book and the outcomes we deliver for customers.

Key responsibilities

• Own the end-to-end credit recommendation for new business proposals: critically assess key risks, produce a clear written recommendation, and present findings to Credit Committee in a concise, well‑structured format.
• Challenge and partner with Debt Finance Origination and Credit Analytics to improve paper quality and deal structure, ensuring recommendations reflect both sound credit judgement and positive customer outcomes within the bank's appetite.
• Attend Credit Committee, question borrowers directly on their funding requirements, and ensure Committee members have the information needed to make fully informed decisions.
• Communicate Credit Committee decisions clearly and manage all follow‑up actions to resolution.
• Partner with Legal and Loan Execution through the completion process, ensuring documentation, security requirements, and conditions precedent are satisfied in line with what was approved.
• Join client meetings with the Debt Finance team to provide early guidance on appetite and deal structuring.
• Support Portfolio Management with in‑life activity including annual reviews, increases, extensions, restructures, and covenant resets.
• Review due diligence materials, financial accounts, and covenant models; articulate the rationale behind threshold‑setting and definitions with clarity.
• Uphold data quality standards so that the firm’s risk assessments are based on information that is fit for purpose.

What success looks like at 12 months

• Credit papers you have sponsored are consistently high quality, requiring minimal rework and landing well at Committee.
• Your challenge of deal teams is respected and improves outcomes — you are seen as a constructive partner, not a blocker.
• Committee decisions are communicated accurately and followed up without gaps.
• Loan completions you have supported close cleanly, with security and documentation in good order.
• You have built trusted relationships with Origination, Credit Analytics, Legal, and Portfolio Management.

Requirements

• Substantial experience in SME cash‑flow lending and credit analysis — Director‑level roles typically require 10+ years in credit risk or a closely related function.
• Sector depth across collateralised lending (Healthcare, Hospitality, Leisure) and non‑collateralised sectors (Financial Intermediaries, Manufacturing), with exposure to Structured and Leveraged Finance including M&A, financial sponsors, and MBO/MBI.
• Strong grasp of working capital mechanics and the full SME credit lifecycle from origination through to recoveries.
• Familiarity with credit risk models relevant to SME analysis: RWA, PD, LGD.
• Practical experience with covenant design and risk control techniques — both the theory and the application.
• Strong written communication skills: able to distil complex transactions into clear, focused recommendations.
• Effective stakeholder skills — able to challenge constructively, negotiate with confidence, and build trusted working relationships.

Nice‑to‑haves

• Knowledge of Real Estate lending, including residential development, investment property, and commercial property.

If you’re excited by high‑judgement credit work, enjoy partnering with deal teams to improve outcomes, and want to play a visible role in shaping a high‑quality lending book, we’d love to hear from you. Apply now to join OakNorth’s Credit Risk team as a Director and help us back the businesses that power the real economy — bringing rigorous analysis, clear recommendations, and a commitment to doing the right thing for customers, colleagues, and the bank.