Head of Credit Risk

About the Housing Finance Agency (HFA) The HFA is a state-owned company under the aegis of the Department of Housing, Local Government and Heritage. The HFA's principal purpose is to advance finance to Local Authorities, Approved Housing Bodies (AHBs) and Higher Education Institutions to facilitate the delivery of social and affordable housing. The HFA is a key stakeholder in Ireland's national housing strategy, supporting the implementation of government policy.

The Role The Head of Credit Risk is a senior position within the Risk & Compliance team, with strategic accountability for the credit risk framework across the organisation. The role is a senior SLOD (Second Line of Defence) position and will play a key role in strengthening the Risk function to ensure robust risk management and decision making to facilitate planned growth under our Strategic Plan.

The role is responsible for the end-to-end credit risk lifecycle, including credit assessment, portfolio oversight, policy development and credit governance, ensuring high-quality and consistent credit decision-making across the organisation, and leading a team through a period of organisational growth.

The role reports directly to the Head of Risk & Compliance, with shared oversight from the CEO for particular matters.

The ideal candidate will have:

• Proven experience as Head of Credit Risk, Credit Risk Director, or equivalent role in a financial institution.
• Extensive leadership experience, including building and managing teams.
• Strong technical expertise across credit risk management, development finance and property lending.
• A strategic mindset with the ability to influence key stakeholders, including the Senior Management Team, Credit Committee and Board.
• A track record of ownership, delivery and high-quality decision-making in complex environments.
• A good understanding of funding, liquidity and interest rate risk management.
• The ability to manage the implementation and ongoing review of effective risk management practices and the mitigation of the risk exposure would be desirable.
• Experience/knowledge of the different types of lending to AHBs/Local Authorities/Higher Education Institutions would be an advantage.
• Demonstrates strong ownership and follow-through, with excellent organisational and communication skills, and a consistent focus on delivering work in an effective, efficient and respectful manner.

Key Responsibilities Risk Framework & Governance

• Lead the credit governance process, including dual sign off structures, delegated lending authorities and Management and Credit Committee submissions.
• Ensure consistent and effective credit decision standards across all lending categories (AHBs, Local Authorities, HEIs) and committees.
• Strongly contribute to the design, enhancement and implementation of the organisation's Risk Framework and Risk Register, in relation to credit matters.

Credit Assessment & Approval

• Leads the reviews of submissions of the Credit Assessment Team, ensuring high-quality analysis and due diligence.
• Provide senior oversight and risk recommendation for all lending proposals.
• Develop and refine credit screening criteria, early warning indicators and risk triggers.

Portfolio Monitoring & Risk Analytics

• Review and challenge the portfolio level monitoring, including borrower concentration risk, performance against covenants/triggers, and market benchmarking (rents, yields, valuations, construction costs).
• Review and challenge monitoring of development loans, including site visits, milestone tracking, budget updates and cost overrun analysis.
• Refine KRIs, covering drawn/committed exposures, concentration trends, early warning indicators, sectoral trends and forward-looking risk metrics.
• Ongoing review of liquidity risks, interest rate risk, funding risks and IT/Cybersecurity risks.
• Monitoring the adequacy and effectiveness of internal control, accuracy and completeness of reporting, compliance with laws and regulations, and timely remediation of deficiencies.

Policy Development

• Review and challenge updates of credit risk, credit policy, AHB lending policy, HEI lending policy and Local Authority lending frameworks.
• Develop and maintain product level Risk Appetite Statements (RAS) with detailed limits by borrower type, segment and risk category.
• Lead maintenance of existing and review of new risk policies.

Leadership & Team Development

• Build and lead an expanding Credit Risk team with capabilities across credit analysis, portfolio monitoring and risk governance.
• Demonstrated meaningful leadership in the overall management of the organisation, actively shaping strategic decisions and contributing effectively to the Management team.
• Mentor, coach and develop team members, building institutional knowledge and best practice standards.
• Collaborate closely with the Lending, Finance, Treasury, People & Culture, IT and Corporate Services teams.
• Contribute as a member of the Management Team by leading operational initiatives that align with the HFA's strategic direction and promoting collaboration across functions.

Board & Sub-Committee Engagement

• Lead preparation of high-quality submissions and reporting for the Board, Credit Committee, Audit & Risk Committee, SMT and CEO.
• Advise senior management on emerging credit risks, market developments and stress scenarios.
• Provide, lead and articulate the SLOD challenge brought to loan applications to enable senior level discussion and decisioning.

Please note that the above is not an exhaustive list of duties, and you will be expected to perform different tasks as necessitated by your changing role within the organisation and the overall business objectives of the HFA.

CRITERIA & QUALIFICATIONS Essential Qualification

• Appropriate Degree qualification in a discipline such as Accounting, Business, Economics and/or Finance.
• Experience as a Head of Credit Risk or equivalent credit risk leadership role.
• Minimum of 10+ years' credit risk experience, including managing teams and making credit decisions at senior levels.
• Deep practical experience in credit assessment, portfolio monitoring and credit policy.
• Excellent communication and presentation skills, with experience presenting to Boards or Committees.
• Strong analytical, data interpretation and problem-solving capabilities.
• Experience developing and implementing credit frameworks and risk management structures.

Desirable Experience

• Knowledge of housing, property finance, development finance, infrastructure lending, social & affordable housing sector and how AHBs operate.
• Experience working within a regulated entity or public body.
• Awareness of housing policy in Ireland.

COMPETENCIES Leadership and Strategic Direction Leads the team by setting high standards, developing team capability and promoting learning, fostering open communication, shaping strategy and implementing change and anticipating and responding to sectoral developments.

Judgement and Decision Making Focuses on core issues, solving problems and identifying solutions; makes timely decisions based on analysis, financial acumen and understanding of impacts and strives to balance sectoral, political and citizen considerations.

Management and Delivery of Results Takes responsibility for delivering results, balances strategy and operations, manages multiple tasks while optimising resources, reviews projects to ensure effectiveness and maintains focus on business priorities.

Building Relationships and Communication Communicates clearly and listens actively, resolves conflicts in a constructive manner, navigates political processes, persuades and builds consensus, engages with colleagues and stakeholders, builds networks and voices opinions when necessary.

Specialist Knowledge, Expertise and Self Development Maintains relevant skills and expertise, stays updated on policies, trends and governance developments and focuses on self-development through feedback and growth opportunities.

Drive & Commitment to Public Service Values Demonstrates a strong commitment to public service values and consistently performs to a high standard while maintaining perspective under pressure. Acts with integrity, professionalism and accountability, upholding high standards of ethics and governance. Contributes positively to corporate objectives and ensures stakeholder considerations inform decision making. Shows resilience and composure when managing challenge or complexity.

PRINCIPAL CONDITIONS OF SERVICE Tenure The appointment is on a permanent contract subject to the satisfactory completion of a probationary period.

Hours of Work Operating on a 35-hour week with core hours between 08.00am - 6.30pm. The HFA currently operates a flexible work model, with staff currently required to work a minimum of two days per week in the office in Dublin 2.

Salary Scale Principal Officer Standard salary scale for the position (rates effective from 1 February 2026) is as follows:

PRINCIPAL OFFICER (PPC)

€107,081 €111,625 €116,133 €120,676 €124,508 €128,483 €132,450

This rate applies to new entrants and will also apply where the appointee is an existing civil or public servant appointed on or after 6th April 1995 and is required to make a personal pension contribution.

PRINCIPAL OFFICER NON-PERSONAL PENSION CONTRIBUTION SALARY SCALE
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