Executive Director, Credit Risk - Commercial Real Estate 2nd Line of Defense

Santander

About The Position

Executive Director, Credit Risk - Commercial Real Estate 2nd Line of Defense Country: United States of America It Starts Here: Santander is a global leader and innovator in the financial services industry and is evolving from a high-impact brand into a technology-driven organization. Our people are at the heart of this journey and together, we are driving a customer-centric transformation that values bold thinking, innovation, and the courage to challenge what’s possible. This is more than a strategic shift. It’s a chance for driven professionals to grow, learn, and make a real difference. If you are interested in exploring the possibilities We Want to Talk to You! The Difference You Make: The Executive Director, Credit Risk (2nd Line of Defense) – Commercial Real Estate (CRE) is responsible for providing independent, credible, and effective challenge over U.S. Commercial Real Estate credit risk across both the Banking Book and Trading Book, consistent with supervisory expectations for risk governance, risk appetite adherence, and independent oversight. The role ensures that CRE credit risks are identified, measured, monitored, controlled, and escalated in line with the firm’s risk appetite, internal credit policies, and applicable U.S. regulatory requirements. The position partners closely with the 1st Line of Defense and Front Office, while maintaining clear independence, and serves as a key point of accountability for exam readiness, issue remediation, and portfolio transparency. The role requires experience with Credit, Warehouse, and Acquisition facilities supporting Real Estate investment funds. This role requires a seasoned, regulator-credible CRE risk executive with deep U.S. market expertise, sound judgment under stress, and the stature to represent the firm confidently in front of senior management and supervisors.

Requirements

At least 10 years within Risk Management, Credit Risk, Capital Markets, or Commercial Real Estate Underwriting.
Extensive experience in U.S. Commercial Real Estate credit underwriting and risk management, within a large regulated financial institution.
Demonstrated senior experience in a 2nd Line of Defense, independent credit risk, or regulatory-facing role.
Strong understanding of Banking Book and Trading Book credit risk frameworks, including stress testing, capital considerations, and valuation risk.
Proven expertise in CRE capital markets, including securitization, warehouse/repo lending, and fund-level facilities.
Track record of effective regulatory interaction, issue management, and exam readiness.
Ability to challenge senior stakeholders constructively and escalate risk concerns with authority.

Nice To Haves

Established work history or equivalent demonstrated through a combination of work experience, training, military service, or education.
Experience in Microsoft Office products.

Responsibilities

Independent Risk Oversight & Effective Challenge Provide independent review, approval, and challenge of all U.S. CRE credit exposures, including new transactions, amendments, renewals, and restructurings. Ensure underwriting decisions reflect conservative downside analysis, credible stress scenarios, and compliance with established credit standards. Escalate material risks, policy breaches, and emerging vulnerabilities to senior management and risk governance forums in a timely manner.
Risk Appetite, Portfolio Governance & Monitoring Oversee adherence to the firm’s CRE risk appetite, including limits on concentrations, leverage, asset classes, sponsors, and markets. Conduct and oversee ongoing portfolio monitoring, including risk migration, stress sensitivity, and early warning indicators. Ensure Banking Book and Trading Book CRE exposures are consistently risk-assessed and aligned with applicable regulatory frameworks.
Credit Policy, Standards & Controls Participate in the development, maintenance, and enhancement of CRE credit policies, underwriting standards, and procedures, ensuring alignment with regulatory guidance and supervisory expectations. Oversee the design and effectiveness of internal controls, including testing, issue tracking, and remediation. Ensure consistent application of credit standards across businesses, products, and U.S. markets.
Regulatory Engagement & Exam Readiness Serve as a senior risk representative in regulatory examinations, internal audits, and supervisory reviews related to CRE credit risk. Ensure timely remediation of regulatory findings, audit issues, and risk events. Maintain clear documentation, governance artifacts, and defensible decision-making processes consistent with supervisory scrutiny.
Risk Reporting & Management Information Produce and oversee clear, accurate, and decision-useful risk reporting for senior management, risk committees, and regulators. Ensure reporting captures portfolio trends, stress outcomes, concentrations, and emerging risks across Banking and Trading Books.
Leadership & Risk Culture Function as a subject matter expert on U.S. CRE credit risk and regulatory expectations. Promote a strong risk culture, reinforcing accountability, transparency, and independent challenge. Provide leadership, guidance, and mentorship to credit risk professionals within the CRE risk organization.

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