Credit voices: Jo Lock

Jo Lock is a seasoned credit risk management specialist turned financial trainer, with over two decades of industry expertise. Her career has spanned pivotal roles at some of the world’s leading financial institutions. Today, Jo leverages her vast experience to empower the next generation of finance professionals through her work at the Global Institute of Credit Professionals, and Fitch Learning. Here she shares her insights into her career and the credit industry.

Pursuing a career in credit

"I always knew I wanted a career that combined economics, maths, and finance, but wasn’t sure what,” Jo explains. After completing a degree in commerce with German, she began working at a large bank in London. This experience opened her eyes to the array of roles within banking and led her to discover her passion for credit. "Credit fitted well with my knowledge, was interesting to me, and offered the chance to learn a lot more, so I decided to go for it," she says.

That realization marked the start of an impressive career.

Career highlights

Over her two-decade-long career in banking, Jo worked her way up from a junior analyst to director/vice president. “My specialist area is in financial institutions counterparty credit so I spent a lot of time working with the front office to support them on their deals and occasionally having to say no to traders and justifying why they couldn’t do more trades with bank X or Y. They were not always very happy about that – I learnt a lot about dealing with people in these roles.”

“Every now and then there is a crisis of some sort that makes everything incredibly interesting and shows why credit decisions are so important and how they have consequences in the real world.”

"I worked through major financial events – the financial crisis, the European sovereign debt crisis, Brexit, and the pandemic," Jo shares. “These experiences underscored the real-world impact of credit decisions and illustrated the critical role credit professionals play in the financial system.”

“There are many career achievements I am proud of. One example is when I was the credit lead on a cross-departmental project where we had some very serious credit concerns about a large European bank that was an important client and counterparty of the bank I was working for at the time. We had a working group where I was responsible for designing and updating a credit dashboard showing all the market indicators of this bank’s creditworthiness, levels of credit exposure that we had, status of our collateral against that credit exposure and ways in which we could actively manage the credit exposure downwards and protect ourselves if the counterparty bank were to fail. It was a stressful time, but I’m proud of the way we worked together as a team in a tight timeframe to manage conflicting business priorities and ultimately protected our bank from losing money.”

She also fondly remembers one role at a major Canadian bank, “I enjoyed it so much that when I left it after 6 years, I went back two more times! “

“When I started there (before the financial crisis) I was managing a portfolio of German and Austrian banks, some of which only reported their financial in German. My role was to analyse their financial position from that information, write a credit report recommending why we should or should not trade with these entities and set the trading credit limits at a level that was commensurate with our credit appetite. I also got to go and meet with the banks in person as part of the due diligence process. Once I made my recommendations on credit rating and level of exposure, I then had to seek approval from the credit decision makers and justify my recommendations. I also got involved in drafting legal documentation and working with other departments across the bank, such as the back office and collateral management.”

A transition to financial education

After over 20 years in banking, Jo sought a new challenge and found it at Fitch Learning, the training provider for the Global Credit Certificate. Since joining in 2021, Jo has discovered the unique satisfaction that comes with teaching. "Seeing people have that 'aha' moment, when something clicks and they understand a concept, is incredibly rewarding," she reflects.

Insights for aspiring credit professionals

Jo highlights the dynamic nature of a career in credit, describing it as an exciting and resilient profession. "It’s a big area with lots of specialist fields within it," she notes. "You will never be bored." Emphasizing the vital role credit professionals play in tough times, in managing defaults, screening borrowers, and safeguarding financial systems, she notes that “credit is a good recession-proof career.”

When considering the skills and qualities needed for success in this field, Jo recommends aspiring professionals should hone analytical and quantitative skills. "You have to be good with numbers and analysis, but you don’t need to be a qualified accountant,” she says. "Data skills are also crucial – dealing with large amounts of information and distilling it into actionable credit opinions takes real expertise."

“Knowledge of the different credit products is a big help and something that really comes into its own as you go further into your career - be it lending products, contingent credit products or trading products, such as financial market instruments like bonds and derivatives.”

She also highlights effective communication, and people skills as essential traits. She adds, “and you really need to be curious – investigate, be suspicious, think about the potential consequences of all these credit decisions that are being made, day in and day out.”

Final reflections

Jo’s career exemplifies the value of adaptability and a commitment to continuous learning in the evolving world of credit. Her transition from practitioner to trainer showcases her dedication to shaping the future of the industry, one trainee at a time.

For those considering a career in credit, Jo’s advice is clear: Be curious, build a solid foundation of analytical skills, and approach the field with a willingness to learn. The opportunities, as she puts it, are endless.