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About the Company
Our client is a mid-sized financial institution and one of the largest new banks in Canada. Pursuing a new direction the company is primarily a virtual bank and connects with its customers through their financial advisors and a technology channel. The company has grown rapidly over the past few years and continues to add to its client base. As part of that growth the company is looking to add a new AVP of Credit Risk.
Scope of Position
Reporting to the Chief Risk Officer and participating as part of the Bank’s Leadership Team, the successful candidate will be responsible for the overall management of the Department, manages workflows and a staff of some 20 risk professionals.
Responsibilities
More specifically the AVP Credit Risk will be responsible for the following areas:
Credit Risk Management
- Monitor the credit risk characteristics of the Bank assets and report and make recommendations on credit-related management issues to executive management (example Bank Senior Management Group, Credit Committee and Bank Board of Directors), regulators and internal/external auditors
- Monitor and make adjustments to the Bank’s specific reserves and recommend to executive management changes to the level of general provisioning within the confines of prescribed regulatory guidelines
- Audit of lending practices via the loan review process
- Responsible for all credit loss mitigation activities of the Bank which include delinquency management, foreclosure proceedings and outsourced functions with respect to collections;
- Oversee the activity and ongoing development of the Proactive Monitoring Program to ensure the program is operating effectively and captures and reflects changing risk profiles of the Bank’s mortgage clients.
- Conducts regular stress testing, including the development of and changes to scenario and sensitivity analysis, reflective of the credit risk environment;
- Enhance credit risk reporting, incorporating various quantitative and qualitative methodologies;
- Maintain relationships with various suppliers, such as Equifax and collections outsourcing service providers in addition to various government stakeholders such as CMHC, CDIC and the CBA in addition to OSFI (as required).
Credit Adjudication
- Authorize personal and commercial credit within prescribed authorities
- Lead a team of independent Risk Management adjudicators
- Recommend/present to the Bank’s Senior Credit Committee or Board of Directors credits for authorization outside the prescribed lending authority
- Provide field guidance on deal structure with a view to ensuring a smooth authorization process
Custodian of the Bank’s Credit Policy Manual
- Draft new or amend Bank credit policies and procedures
- Monitor lending practices to ensure compliance to the stated policies
- Chief resource/counsel to the field on credit policy interpretation issues
Management of Staff
- Manage and support direct reports
- Training/coaching of staff (direct reports and other Bank lending staff)
Project Management
- New credit product development initiatives
- Credit Risk Management program design, development, implementation and expansion
- Management sponsor/lead/manager or participant member of credit-related projects
- Negotiation of terms and management of select outsourcing relationships.
Analytics
- Lead a team of senior level analysts to continue to build out the analytical capabilities of CRM;
- Drive continuous improvements to stress testing, allowance determination, portfolio analytics and reporting
Competency Profile
People Management
Adapts management style to achieve optimum results. Clarifies roles and responsibilities. Establishes and communicates clear priorities and sense of direction.
Information Seeking
Consults widely for business or technical advice, probes for facts and obtains information from a wide variety of sources. Differentiates the critical from the irrelevant or trivial.
Communication
Comprehends communications from others and responds appropriately. Expresses ideas in a clear, fluent and concise manner. Written and oral arguments are compelling and responsive to the needs of the audience.
Role Expertise
Demonstrates critical technical or professional knowledge/skills related to the role. Expands technical knowledge/skills and keeps up-to-date in own area of expertise. Has thorough knowledge of relevant products, services and methods.
Commercial Acumen
Applies appropriate commercial and financial principles. Appreciates the commercial impact of own work on the organization’s total expenses and revenues. Understands situations in terms of costs, profits, added-value and return on investment.
Preferred Experience / Education
- Minimum 12 years relevant Bank related credit experience
- University degree in Finance or Business
- Expert knowledge of personal and commercial lending practices
- Expert knowledge of negotiable and non-negotiable security documentation
- Expert knowledge of Bank loan policies and procedures
- Expert knowledge of business financial statements
- Good understanding of insurance-based products
- Expert knowledge of regulatory statutes (ex. Bank Act, CDIC, Basel II, etc) impacting the credit risk management functions in the Bank
- Sound understanding of the principles of stress testing and scenario analysis, quantitative analytics and report presentation.