The VP Commercial leads a team of Commercial lenders, and is accountable for the implementation of commercial strategy to optimize the customer experience and loyalty, drive sales results and maximize sustainable profitability in alignment with P&C Canada risk appetite.
The VP Commercial is responsible for their Commercial Market and corresponding portfolio, including developing beneficial client relationships, managing associated risk, acquiring, retaining and growing customers, leading, coaching, managing and developing their sales force; while ensuring they are a Brand leader who is well-respected and easily identified as that in-market brand presence for BMO.
The mandate of the VP Commercial is to demonstrate leadership and business success in the following areas:
- Growing Market Share – grow BMO’s market share of customers, lending and deposit;
- Attracting, retaining and developing talent – accountable to develop and share talent across BMO businesses;
- Owning their market by being BMO’s Brand Ambassador to business organizations; build reputation in the market as credible business leader; manage media relations with RVP-C;
- Partnering with other BMO LOB Leaders in their market: Private Bank, RVP-P, NB; to build reputation as credible business leaders in the market;
- A key to business success and employee retention – to inspire and motivate the Community Commercial team to succeed and develop;
- Improving Deal Team effectiveness; continuous improvement to grow productivity and profitability;
- Change leadership; demonstrate ability to articulate vison and strategy, and make the connection between bank goals and the paths to take to attain individual and team success;
- Driving efficiencies into the processes and systems; continuous focus on improvement.
Managerial & Sales Leadership Growing Market Share:
- Leading and driving an ‘in market’ sales team to increase profitable commercial sales volumes, contain risk and provide a high level of customer service and loyalty.
- Leading and driving their teams’ execution of BMO’s Commercial strategy within their specific market, which will include:
- Business development and acquisition of new commercial customers (lending and cash management).
- Retaining and growing existing customers through strong relationship management, service levels and increasing share of wallet.
- Executing Commercial HQ campaigns in the Community, including product and marketing launches, ensuring alignment to national and community priorities and initiatives.
- Lead and manage a team of Commercial Account Managers (CAMs) to achieve sales targets and strong customer satisfaction and loyalty, while demonstrating personal support of the principles of Being BMO.
- Ensure cash management needs are identified and work very closely with local Cash Management teams to identify and act on opportunities.
- Support to Community Manager to ensure expedient workflow of new deals and Annual Reviews.
- Partner closely with Senior Manager, Support and VP, Cash Management to ensure strong customer satisfaction.
Proactive management of their Commercial portfolio:
- Manage asset quality of portfolio by partnering closely with credit partner to ensure effective risk management of the portfolio. Provide coaching to teams to minimize credit exposures as needed.
- Manage risk and minimize losses through audit, monitoring as appropriate and in accordance with BMO’s Policies and Procedures.
- Effectively manage performance as needed to maximize effectiveness and efficiency.
- Intrinsically understand financial performance by knowing how to impact results effectively with urgency and pace.
- Regularly assess local competition and identify local market opportunities. Act on and engage team to act on opportunities;
- Identify competitive pressures to RVP-C as needed.
Leadership in Attracting, Retaining and Developing Talent:
- Demonstrate effective identification, selection, recruitment, engagement and retention of high performing CAM talent.
- In support of the above, the VPC will actively network and recruit high performing CAMs and other staff, consistently maintaining a pipeline of high quality new talent available to BMO.
- Build and maintain a diverse workforce that mirrors the communities in the portfolio and that is consistent with BMO corporate culture including:
- career development
- succession planning
- Ensure effective orientation of CAM team guiding them in their development and learning plans.
Owning their Market:
- Personally develop ‘on the ground’ reputation for BMO as the commercial bank of choice with new and existing customers. Act as a ‘centre of influence’ for BMO in their specific community.
- Personally, and encourage their team to, actively engage in the market representing BMO in the community through active participation in community events and networks which may include local industry and trade associations, to enhance the visibility of BMO and build a strong referral base for new and potential business opportunities
- Personal development: Participate in ongoing development to remain current on the financial services industry, market trends and to further develop leadership skills
Partnering with other BMO LOB Leaders in their Market:
- Be a strong partner and collaborator with Commercial Community Deal teams, and also relevant BMO teams beyond the immediate Commercial team.
- Ensure non-commercial sales opportunities are identified and acted upon. Partner with appropriate BMO sales teams including retail, specialized sales, CFD, private banking and others to provide/solicit referrals as appropriate.
- Ensure high levels of customer satisfaction through strong coordination with applicable BMO support teams. Escalate issues as required to Regional Vice President, Commercial Banking.
- Identify and provide referrals to other banking partners across communities, markets and areas.
- Continuously deliver effective coaching and constructive feedback through transparent and timely communication, all to drive a high performance sales culture.
- Ensure effective workforce planning and talent management across local team, including succession planning.
- Recognize and reinforce team accomplishments by using existing organizational tools and programs as well as by finding new, creative and effective methods of recognition.
Improve Team Effectiveness:
- Establish goals, plans and assignments for each account manager to ensure targets are clear, processes and workflows are consistent and effective.
- Review progress to plans and targets, oversee implementation of actions necessary to correct issues in customer experience, sales performance, productivity or risk areas; effectively manage performance as needed.
- Coach and develop CAMs abilities to structure complex commercial credit transactions.
- Continuously assess and improve the fit-to-role and the skilled knowledge of account managers to deliver the desired customer experience and top tier performance.
- Overall: demonstrate effective performance management as required to manage a high performing team.
- Effectively deliver ongoing Change Management- a structured approach to building the strategies that support organizational and individual transitions from current state to future, desired state, all to achieve the business goal desired.
Driving Efficiencies Into the Processes and Systems – Maximizing Growth and Profitability:
- Identify performance enhancement opportunities to significantly improve account manager productivity, reduce costs and manage risk.
- Identify and share best practices with HQ and across network of community leadership (other VPCs, RVP-Cs).
- Demonstrate an Enterprise Leader perspective to improving processes/programs/policies and similar by partnering with relevant support groups (e.g. HQ/Credit/HR) as required.
- Collect and synthesize market and competitive intelligence through industry networks, in-market activities and other means to drive current in-year plan, and to inform future strategy.
- Contribute to the overall strategic direction of the Commercial Community as a member of the Community Leadership Team.
- Develop, execute, and continuously monitor against annual and 1-3 year targets for their Commercial portfolio and as they contribute to the community including:
- Sales and Business Development
- Portfolio Management
- Human Capital planning.
Coaching and Assessment:
- Lead a team of CAMs to achieve sales targets and strong customer satisfaction and loyalty.
- Continuously coach CAMs to achieve local targets.
- Provide differentiated coaching activities to CAMs based on performance.
- Support CAMs in developing tangible and time-boxed action plans to resolve any gaps.
- Facilitate close partnerships between CAMs and the Cash Management team to identify opportunities and follow up as appropriate.
- Facilitate close partnerships between CAMs and the Community Analyst team and the Community Funder team to identify opportunities and follow up as appropriate.
- Performance assessment and management of all team members.
- Lead with urgency and pace.
Risk and Compliance:
- Manage risk and minimize losses through audit, monitoring and control reports and functions, ensuring compliance requirements, audits and verifications are completed in accordance with Bank Policies & Procedures and regulatory, legal and ethical requirements.
- Ensure all credit decisions/recommendations are made in accordance with sound credit-granting principles and will ensure compliance with overall Bank and regulatory policies and guidelines.
- Ensure the effective planning and control of unit operating expenses in accordance with business forecasts to ensure spending is maintained within budget.
- Monitor and escalate issues not under direct managerial control.
- Facilitate a strong working relationship with the Credit Department through open dialogue and negotiation skills.
- Perform administration activities related to operations management as required.
- Follow-up on recruiting / staff related activities to ensure optimum recruiting, retention and engagement success in their Commercial portfolio and other areas as/if requested.
In Depth Knoweldge of the following:
- Credit Risk Management – loan structure, terms & conditions
- Commercial Lending Product Knowledge
- Sales & Service Management
- Communication Skills - customer and staff, written and verbal
- Business Acumen & Planning
- Environmental Awareness & Understanding
- Analytical Thinking for Strategic Market Analysis
- Problem Solving
- Financial Understanding
- Market & Strategy Planning
- Negotiation Skills
- Risk Management
- Media Relations
- Operational Effectiveness
- Conflict Management & Resolution
- Cash Management, Deposits Product Knowledge and Fulfillment
- Business Valuation
- National Office: Industry, Franchising, Agriculture and Aboriginal Programs
- Talent Development
- Managerial Leadership
- Change Leadership
- Resource Planning
- Strategic Thinking
- Relationship Management
Required Knowledge of the following:
- Complex analysis may be required to assess financial health of business
- Canadian P&C Core Commercial Portfolio
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 network-building 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.