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National Director, Collections (Canada) At BMO Financial Group

Location: Mississauga, Ontario

Job Description

Directs the operations of retail collection activities in Canada, in accordance with all applicable standards, policies and procedures. Accountable for achieving retail collection and recovery financial goals (i.e. NIX and LLE), and ensuring Collection Centers staff provide exemplary customer service. Accountable for the ongoing development of short-term and long-term strategic goals to ensure the Collections Centers in Canada continue to be a best in class operation. These strategies include developing ways to improve i) account delinquency (consistent with the bank’s risk positioning), ii) recovery of accounts to performing status, and iii) the efficiency and effectiveness of the general operations, including the development of appropriate individual performance measurement standards.

Key Accountabilities

Business Delivery and Operational Effectiveness
  • The National Director, Collections has direct responsibility for developing and achieving objectives/targets within the Collection Centers nationally, with particular emphasis on) effectiveness of delinquency management, loan loss avoidance and the maximization of recoveries, ii) control of the Centers operating expenses and iii) the provision of quality customer service to delinquent Bank borrowers.
  • The Collections Centers sphere of responsibility encompasses all authorized & unauthorized consumer lending products (cards, loans & mortgages) from outset of arrears to write-off and/or abandonment (if applicable). Also accountable for execution of pre-delinquency campaigns
  • The National Director sets appropriate standards and metrics to ensure that the collection function continues to be a best in class operation compared to its Canadian peer group.
  • The National Director ensures all consumer issues related to collection activities are managed. The primarily focus in the early stage of collection is customer service and retention and, post write off, the focus is towards cost efficiency and recovery.
  • The National Director ensures professional standards are met and a consistent delivery of the banks brand image is delivered to the customer.

Risk Management & Control
  • The National Director is responsible to analyze/review the operating results of two Collection Centers operations throughout the fiscal year, and to keep Risk and LOB Executives apprised of significant trends or developments via monthly reporting. The National Director is responsible for the preparation, validation and distribution of loan loss evaluation reports quarterly.
  • The National Director manages and controls the preparation, consolidation and submission of Business Plans for each of the Collection Centres nationally, monitors the achievement of financial results, and initiates corrective action as necessary to achieve required results.
  • The National Director is personally qualified, and exercises and/or delegates and controls the exercise of lending limits for Compromise, Abandonment, Reservations and Write-Offs. The National Director is ultimately responsible for the proper exercise of limits nationally within the group and delegation of same within the Bank Lending Process.
  • The National Director has an overall accountability for the effectiveness of delinquency penetration and loan loss avoidance, as well as quality customer service within the Collection Centers. Sphere of responsibility includes all consumer mortgage, loans/LOCs and card products meeting delinquency follow-up parameters (i.e. front-end, pre write-off and post write-off) as well as pre delinquency campaigns and management of identified high risk accounts.
  • The National Director creates and enhances a 3 – 5 year collections vision, with a focus on key business drivers and opportunities for both short-term and long-term improvement. The National Director must be aware of and develop strategies to improve the Centers technology and processes, and to develop capital spending plans to effect good change.
  • The National Director ensures internal operating procedures/support systems in the Collection Centers are functional and efficient, in compliance with the local legislative environment and geared to maximize recoveries and productivity. The National Director is responsible for liaising with and updating Corporate Audit and Credit Operation groups relative to any changes/revisions to procedures/philosophies, and acts as a key contact with corporate compliance.
  • The National Director must be aware of any changes in consumer and bankruptcy legislation in each of the provincial jurisdictions across the country. The National Director is responsible for ensuring all Collection Centers are kept apprised of developments that could potentially impact their operations.
  • The National Director must continually work on improving operations through initiatives that improve customer contacts, reduce costs and allow for an exceptional customer experience

Client and Relationship Manager
  • The National Director provides an experienced focal point for the dissemination of product-related information and for general guidance/direction bank-wide relative to collections activities, and for topical legal matters from a collections perspective.
  • The National Director acts as a liaison with external parties relative to collections matters, including the CBA, CCS and a variety of credit granting/control bodies.
  • Approves all changes that might impact Collections from a lending external point and or any Collections technologies.

Qualifications

  • 10+ years overall experience working in a multi-product billing and collections/financial environment;
  • 5 to 7 years managing large, multifaceted teams in a billing and collections/financial environment;
  • Excellent communication skills (written, verbal)
  • Customer focused with solid business and finance acumen and an ability to confidently communicate escalations and resolutions
  • Strong data analytics experience
  • Degree in Finance and/or equivalent working experience
  • Previous experience in the financial services industry, preferred
  • End to end understanding of the product life cycle (origination through to collection) and an understanding of the overall business dynamic or risk management.
  • Network and strong working relationships with external parties such as vendors, mortgage insurers, regulatory and compliance parties that are active in this space.
  • Extensive familiarity with the BMO brand is preferred as it is necessary to understand the dynamic of living the brand in a specialized area that supports high risk customers.

Expert knowledge of:
  • The Collection Process, Collection Operations, Portfolio Management, CACS, Project Management, Strategic and Contingency Planning, Consumer/Commercial Credit including Products, Policies and Procedures.

Applied Skills in:
  • Communication, Sales Management Personal Effectiveness, People Management Managing Work Groups, Problem Solving and Decision Making, Presentation Skills, System Design and Analysis, Relationship Management, Collection Administration.

We’re here to help
At BMO we have a shared purpose; we put the customer at the centre of everything we do – helping people is in our DNA. For 200 years we have thought about the future—the future of our customers, our communities and our people. We help our customers and our communities by working together, innovating and pushing boundaries to bring them our very best every day. Together we’re changing the way people think about a bank.
As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and networkbuilding opportunities, we’ll help you gain valuable experience, and broaden your skillset.
To find out more visit us at https://bmocareers.com.
BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process.

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Job

Leadership

Primary Location

Canada-Ontario-Mississauga

Organisation

CIOO, NA P&BB-X012159

Schedule

full-time

Job Posting

03/19/19

Unposting Date

Ongoing