BMO Financial Group Senior Manager Collections in Mississauga, Ontario
The Sr. Manager Collections directs the operations of Consumer Collections activities for BMO FG in accordance with all applicable standards, policies and procedures for all consumer loans (Real Estate Home Equity, Direct, Secured, Unsecured, Overdraft, Small Business, Credit Cards) from outset of arrears to disposition to default management and recoveries. Accountable for achieving collection goals while ensuring the operational staff provides exemplary customer service. Accountable for the ongoing development of short-term and long-term strategic goals to ensure the Consumer Collections operation for Canada continues to be a best in class operation. These strategies include developing ways to i) improve consumer loan delinquency (consistent with the bank’s risk positioning), ii) minimize defaults/losses, iii) improve the efficiency and effectiveness of the general operations, including the development of appropriate individual performance measurement standards, iv) provide comprehensive reporting of all Collection areas
Business Delivery and Operational Effectiveness (30%)
Manage and control the preparation of business plans for the Collection Center. Develop and prioritize objectives and targets that are aligned with ERPM. Monitor and ensure the achievement of financial results related to collections & recovery.
Communicate forecasts of delinquency trends/loan loss experience. Utilize effective reporting and trend analysis to monitor the effectiveness of delinquency penetration, loan loss avoidance, operating expenses and other KPIs. Initiate corrective action as necessary to achieve required results.
Provide an emphasis on quality customer service to delinquent bank borrowers by ensuring all consumer issues related to collection activities are managed appropriately and in a timely manner, recognizing that the primary focus in the early stage of a collection (pre-default) is customer service and retention to reduce potential loss.
Ensure professional standards are met by a consistent delivery of the bank’s brand image to the customer.
Achieve and maintain desired compliance/audit results.
Ensure our Third Party Servicers/Outsourcers are following current P&P’s to reduce delinquency and losses and maximize Loss Share opportunities for the bank.
Management of a High-Performing Team (30%)
Recruit qualified talent and ensure appropriate training and experience exists to sustain robust teams across the Bank’s footprint.
Align the group’s strategic direction to create value add to the organization.
Create talent management culture to promote a supportive, people oriented organizational culture.
Provide leadership, coaching and fostering collaboration towards the attainment of team and individual goals (includes advising or instructing team members on how to proceed with specific loan scenarios).
Manage people by creating motivational environment and providing constructive feedback to team members.
Apply the Bank’s performance management system including establishing goals and objectives, assessing skill levels and knowledge gaps, reviewing PPA performance, recommending base and variable pay and conducting career planning discussions.
Provide planning, leadership and direction to employees in order to align tasks and assignments with Consumer Risk Management and bank goals and objectives.
Provide leadership and oversight in the recruitment, selection, retention, rewarding and development of employees.
Ensure fair administration of Human Resources policies and procedures.
Risk Management and Control (20%)
Stay abreast of where risk/impact resides. Make recommendations for reducing risk and reducing the 90 day default rate.
Ensure ongoing compliance with internal Bank policies and external regulations
Track and communicate regulatory changes. Evaluate the associated risk and impact on the organization. Ensure operation in a safe and controlled manner by following up with Risk, Legal and Compliance departments.
Provide monthly status on all Recourse/Indemnification loans in default process to ensure the appropriate reserve amount is updated as applicable.
Work with internal/external auditors on-site as well as off-site as to requests for information and self-assessments pertaining to Third Party Servicers, P&Ps, etc.
Customer & Relationship Management (10%)
Promote an environment of smart customer relationship management, in which employees successfully balance the financial risks/rewards to the bank with working with and meeting the needs of the customer.
Serve as a subject matter expert in collections and default, both internally and externally, responding to collections-related legal, compliance and regulatory matters.
Act as a liaison and/or day-to-day contact with external parties and vendors relative to collections matters, including the FCAC and a variety of internal control bodies, as well as property inspectors and other vendors.
Build and maintain relationships with external peer organizations to share best practices and collaborate on the implementation of regulatory changes.
Act as the relationship manager for Third Party Servicers in regards to Collections and Default Processing and related functional areas of the bank, maintaining open communication and ensuring a proactive approach to regulatory and other collection processing requirements.
Engage in Service Manager Meetings for the Third Party Servicers.
Change & Innovation (10%)
Seek opportunities to improve the Center’s technology and processes and gain efficiencies for the short and long term. Continually work on improving operations through initiatives that improve customer contacts, reduce costs and allow for an exceptional customer experience.
Continually monitor the regulatory environment. In tandem with Compliance, Legal, Risk and Internal Audit, ensure regulatory changes are incorporated into Consumer Collections processes, policies and procedures, are properly communicated, vetted and incorporated throughout the bank, and are transparent to the customer.
Partner with and update Corporate Audit and other Risk Operation groups relative to any changes/revisions to procedures/philosophies, and acts as a key contact with Corporate Compliance and regulatory authorities (OCC).
Knowledge & Skills:
Working knowledge of personal banking products, organization and interrelationships, branch banking (sales/service/branch operations)
Knowledge of all legal aspects of Collection including bankruptcy, creditors and consumer rights
Excellent performance and operational management capability
Excellent People Management Skills
Excellent Problem Solving and Decision Making Skills
Good Presentation Skills
System Design and Analysis Skills
Excellent Relationship Management Skills
Demonstrated behavioral effectiveness competencies including team and change leadership, mentoring, coaching, self-awareness and relationship building
Analytical, interpretative and constructive thinking with some unstructured aspects
Excellent negotiation and consensus building skills
Ability to establish priorities and effectively manage change
Strong computer skills including MS Word, Excel, PowerPoint
Credible and influential track record of success in an operational environment
Familiar with economic/political issues within various regions served and ensure Bank practices adjust to abnormal situations
Consumer Collection Process (end to end)
Automated Dialing Platforms
Document Direct Report Archive system
Third Party Servicer P&P’s
Education & Experience:
Bachelor’s degree from an accredited college or university or 8-10 years related experience in collections or business management
3-5 years of experience in managing a large team across multiple systems in all stages of the collection process
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. To request accommodation, please contact your recruiter.
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