Director, Credit Risk Management

3 weeks ago

Toronto ON, Canada RFA Full time
Director, Credit Risk Management - RFA Bank of Canada

Thursday, May 16, 2024

RFA’s residential mortgage lending business is operated by RFA Mortgage Corporation and RFA Bank of Canada, a federally regulated Schedule I Bank. RFA Mortgage Corporation specializes in Prime lending (Insured, Insurable, Uninsurable), while RFA Bank of Canada is a balance sheet based Alternative mortgage lender (Alt-A and B lending). Combined, RFA offers mortgage brokers a one-stop shop with our full suite of competitive Prime and Alternative mortgages.
RFA’s strategic vision is to be a long-term leader in the residential lending segment by offering a value proposition beyond just rate and compensation. Through building a competitive broker experience and solutions-oriented product suite, RFA’s goal is to be recognized and recommended by our mortgage broker partners, mortgagors, and other strategic partners, for our financing solutions and broker/client experience.

The Opportunity
The Director, CRM-RESL is responsible for second line oversight of the Bank’s residential mortgage lending activities, quantitative portfolio analysis and related reporting. The candidate will develop, maintain, and/or review credit risk related policies and guidelines that are aligned with the Bank’s risk appetite and regulatory requirements and expectations. In addition, the candidate is responsible for monitoring compliance with credit risk policies and guidelines and risk appetite levels at origination and throughout the lifecycle of the loan, reporting on portfolios and risk limits, monitoring the environment for emerging risks and assessing the impact on the portfolio of loans, and ensuring that appropriate risk management practices to address the increased risk are implemented.

Core Responsibilities

  • Maintains detailed knowledge and understanding of the Bank’s RESL business activities, the regulatory requirements and expectations, and developments in the economy and markets and its impact on the Bank’s RESL business.
  • Develop and maintain policies and limits that are aligned with the Bank’s risk appetite, regulatory requirements and consider the risks in the environment. Review and challenge the first line’s RESL guidelines and procedures and ensure alignment with the established policies, appetite, industry best practices, regulatory requirement, and evolving business environment.
  • Oversee the RESL quality assurance program ensuring that underwriting is aligned with the Bank’s risk appetite and is in compliance with internal and external requirements.
  • Perform continuous monitoring and measurement against risk limits, and provides accurate risk reporting to the Senior Management, Board Committee, and regulators on all current and emerging risks in the portfolio, including compliance with limits, performance of the portfolio, and changes in the business environment.
  • Oversee third party servicer activities pertaining to arrears and default management and monitor the portfolio for signs of increase in credit risk.
  • Oversee the Bank’s ECL process including the assessment of specific allowances.
  • Monitors market conditions, to identify and assess emerging issues or opportunities impacting the RESL loan portfolio and conducting analysis including sensitivity and or stress testing to assess the impact on the risk of the portfolio and proactively implement mitigating actions.
  • Establish and maintain a program to perform ongoing stress testing and sensitivity analysis.
  • Assesses the adequacy of the internal control environment and provide recommendations to improve controls and processes as appropriate.
  • Contribute to the ICAAP and contingency funding plan testing as needed.
  • Contributes to ERM’s projects and initiatives, as needed.
  • Provides subject matter expertise and advice to all levels of management on RESL risk issues and related policy matters. Support Business Units in regulatory, governance and transformation initiatives.
  • Maintains contact with peers in the industry to share best practices.
  • Supporting the CRO in other tasks as required.

Regulatory & Compliance

  • Complete all regulatory and compliance and risk management training.
  • Comply with requirements as set by the Compliance function and external regulatory bodies.
  • Act in accordance with the company’s Board-approved risk appetite and tolerance for risk.
  • Compliant to the Bank’s authority approval limits for financial transactions, manage the credit risk management contracts, including compliance to the Bank’s B-10 policy and process.

What you can bring to RFA:

  • 7 years of experience in a risk management function (working within a similar sized regulated Bank or Mortgage Financing Lender, with established knowledge of mortgage lending and deposit taking institutions.
  • In depth knowledge of regulatory requirements pertaining to RESL including OSFI.
  • Practical and technical knowledge and understanding of ERM practices including risk appetite framework, stress testing for ICAAP etc.
  • University degree in a related field.
  • Professional degree or certification is an asset.

Benefits of Working at RFA:

  • Vision Care
  • RRSP Match
  • Vacation & Personal Days
  • Hybrid working environment

Are you the Right Candidate?

  • Detailed analytical skills and problem solving
  • Ability to work within cross functional teams comprised of diverse backgrounds and skill sets.
  • Strong interpersonal and communication skills, both written and verbal
  • Proficient with Microsoft Office (Word, Excel, PowerPoint)
  • Strong organizational and project management skills with the ability to prioritize, balance conflicting tasks, and manage internal and external stakeholders.
  • All-round abilities, and a demonstrated willingness and enthusiasm to be a team-player, and to embrace the challenge of working in a lean and fast-paced environment in a growing organization.
  • Strong negotiation, presentation and facilitation skills.
  • An ability to confidently and competently act as a change agent.

Accessibility
Accommodation is available upon request for applicants and employees with disabilities. If you are contacted for a job opportunity, please advise us of any accommodations needed to ensure you have access to a fair and equitable process. Any information received relating to accommodation will be addressed confidentially.

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