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VP, Collections

3 months ago

Old Toronto Ontario, CA Momentum Financial Services Group Full time

Momentum Financial Services is a leading provider of financial services in North America. For 40 years, we've been committed to providing financial solutions that meet the evolving needs of consumers and business owners. Through our retail network of over 400 locations, known as Moneymart, Insta Cheques and the Cheque Cashing store, we provide access to cash and related products to help our customers achieve their goals.

Our highly skilled workforce puts customers first in everything we do. We serve 2 million people annually with diverse and innovative financial products such as loans, cheque cashing, money transfer and prepaid cards. Through this ever-evolving suite of services, we empower customers to manage their finances and improve their lives. Wherever customers are on their financial journey, Momentum Financial Services Group provides solutions.

Job Description

GENERAL FUNCTION

We are seeking a dynamic and experienced VP, Collections to lead our collections strategy and operational efforts across North America; this role will report directly into the Chief Risk Officer. This person will be responsible for developing and implementing effective collections strategies to maximize recoveries while maintaining customer relationships and ensuring compliance with regulatory requirements. The role will also lead the efforts of an in-house collection team as well as outsourced relationships to maximize returns for the organization. This leadership position will play a critical role in optimizing collections performance, minimizing credit losses, and enhancing the overall financial health of our organization.

DUTIES/RESPONSIBILITIES

  • Develop and implement a collections vision to optimize recovery outcomes while minimizing credit losses for personal unsecured loans extended to high-risk borrowers.
  • Lead a collections team, providing strategic direction, coaching, and mentorship to achieve departmental goals and objectives.
  • Oversee the design and implementation of predictive analytics models, segmentation strategies, and decision frameworks to prioritize and allocate resources effectively across the collections portfolio.
  • Collaborate with internal stakeholders, including credit underwriting, legal, retail and operations teams, to identify opportunities for process improvements and efficiencies in the collections lifecycle.
  • Enhance the operational execution of the collections unit to build out a robust end-to-end collection operations function that optimizes efforts across all channels.
  • Establish key performance indicators (KPIs), performance metrics, and dashboards to monitor and evaluate collections performance, track trends, and identify areas for improvement.
  • Develop and maintain strong relationships with external partners, including collection agencies, legal counsel, and vendors, to support collections efforts and enhance recovery capabilities.
  • Ensure compliance with regulatory requirements, industry standards, and internal policies and procedures governing collections practices, data privacy, and consumer protection laws.
  • Implement robust compliance monitoring and quality assurance processes to ensure adherence to regulatory requirements and mitigate compliance risks.
  • Identify and address emerging risks and challenges in the collections environment, proactively implementing mitigation strategies and controls to protect the organization's interests.
  • Stay informed about industry trends, best practices, and emerging technologies in collections management, incorporating relevant insights into collections strategies and initiatives.
Qualifications

EDUCATION

  • Bachelor's degree in finance, business administration, or a related field; advanced degree preferred.

EXPERIENCE

  • 10+ years of progressive experience in collections management within the financial services industry, with a focus on personal unsecured loans and high-risk borrowers.
  • Strong understanding of collections strategies, methodologies, and best practices, with proven experience in developing and implementing effective collections strategies.
  • Demonstrated leadership skills with the ability to build and motivate high-performing teams, drive results, and foster a culture of accountability and continuous improvement.
  • Excellent analytical, problem-solving, and decision-making abilities, with a data-driven approach to collections management and performance optimization.
  • Effective communication and interpersonal skills, with the ability to collaborate and negotiate with internal and external stakeholders at all levels.
  • Knowledge of regulatory requirements, compliance standards, and industry regulations governing collections practices in the financial services sector.
  • Experience with collections technology platforms, predictive analytics tools, and data-driven decision-making methodologies is highly desirable.
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