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Senior Manager, Commercial Credit Recovery

3 months ago

Old Toronto Ontario, CA Meridian Credit Union Ltd Full time
Senior Manager, Commercial Credit Recovery

Job Category: Risk

Requisition Number: SENIO005414

Apply now

  • Posted : July 9, 2024
  • Full-Time
  • Hybrid
Locations

Showing 1 location

St Catharines Corporate Office
St Catharines, ON L2S 3W3, CAN

At Meridian our aspiration is to integrate our purpose into everything we do for people, the planet, and communities. We believe that our greatest opportunity is to create opportunity and meet people where they are.

Reporting to the Director, Business Credit, the Senior Manager, Commercial Credit Recovery is accountable for providing leadership and oversight for the Relationship Management of the highest credit risk and most complex Business Credit Members in the Business Banking lending portfolio. This involves a transfer and transition for the relationship management from Director / Senior Relationship Mangers in Sales & Relationship Management to the Senior Manager, Commercial Credit Recovery and their team.

Meridian’s capital is at risk of loss in many cases and the primary objective is to build rapport with the Member and establish and understand the key Member issues driving poor financial performance. Thereafter, the plan is typically to work together quickly, in partnership with the Member, to agree and implement an action plan that can hopefully result in the Member improving financial performance and returning the status of the loan from a non-performing loan to performing status.

In additional to leadership and complexity, the Sr. Manager is accountable to partner and represent Meridian in work-out tactics involving the engagement of 3 rd party legal and accounting professionals to implement insolvency strategy and execution in a timely manner. Where, it is not possible to turnaround the business of project, after considering all options, the primary objective is to minimize credit losses for Meridian. The Manager Commercial Credit Recovery is required to engage specialist legal, accountants and Trustees to implement insolvency strategy, tactics and execution in a timely manner. This can involve out of hours and weekend work on occasion.

The Senior Manager will lead, coach and direct commercial credit recovery professionals. The delivery and execution of results through performance management and coaching will be a priority, while ensuring optimal Member engagement by providing a differentiated experience. Role requires development and supporting growth of existing and new business, corporate objectives, strategic goals, and financial targets, while respecting risk and compliance requirements.

The incumbent leads participants and stakeholders from cross functional areas to enhance risk controls and champion improved efficiencies to further reduce risk and losses for Meridian. The strategic leader will work closely on loss modelling, and partner strategically with financial accounting and credit analytics groups to manage overall loan loss provisioning strategies.

Regular communication with colleagues in Sales and Relationship Management to regularly share opportunities for improvement with respect to credit applications and due diligence is of paramount importance. In summary, the role requires a leadership and specialist combination of relationship management, restructuring and insolvency experience, complexity and capability.

The role is also responsible for approving, amending or declining credit applications within delegated authority (currently $7 million per member or make recommendations if beyond delegated authority) in a timely and efficient manner, ensuring risk is appropriate and Member service is maintained.

For Context: The size of the Business Banking portfolio has grown from $3 billion to $10 billion in the past 10 years and the maximum Meridian loan size has increased from $10 million to $50 million during the same period. The complexity of the Business Banking portfolio has also increased significantly with almost 6% of the portfolio introducing Leveraged Finance Transactions (Corporate Finance deals typically led by Schedule 1 Banks with total lending of up to $1 billion per Member), Mezzanine Finance and higher leverage, owner occupied commercial real estate loans.


Key Responsibilities

Credit Recovery Leadership

  • Manage relationships and partner with Members and insolvency professionals. Provide excellent service and be always professional in challenging scenarios.
  • Develop and implement strategies to return high risk loans to performing, wherever possible, and minimize credit losses in situations where there has been a business failure.
  • Manage Business Banking lending portfolios within Watch List and Loan Loss Provision benchmarks.
  • Take action to protect Meridian against legal action and report / partner with Corporate legal on ongoing litigation matters.
  • Provide effective stewardship to the Commercial Credit lending portfolio, contributing to regular monthly reviews of portfolio credit quality through established measures. Proactive risk management and accuracy of Credit Agreement / Forbearance Agreement preparation.
  • Enhance the profile of the Commercial Credit team through the organization through open communication, highlighting the role of Commercial Credit in contributing to the credit risk management function, in support of a differentiated brand and contributing to Meridian’s overall sustainable profitability.
  • Work in Partnership with Finance to review and agree Loan Loss Provision Reporting on a monthly basis.
  • Work in Partnership with external auditors (currently PWC) to verify and validate Loan Loss Provision for Impaired Members to support PWC’s efforts in approving Meridian’s Audited Financial Statements.
  • Build strong relationships and partner with specialist legal, accountants and Trustees (Receivership Accountancy firms) to implement insolvency strategy, tactics and execution in a timely manner.

Credit Recovery Operational Excellence

  • Understand and keep track of market and regulatory changes and developments and incorporate into Member credit recovery strategy
  • Assist with respect to overall regulatory compliance by having responsibility for completion of monthly reporting as required under Board Credit Management policy.
  • Maintain Watch List summary reporting, inclusive of action plans and key dates, in an effort to reduce exposure and provide regular disclosure. Create efficiency in the credit approval process through streamlined applications, refined processes and by leveraging enhanced automation in monitoring borrower default risk.
  • Foster a culture of shared, proactive risk management with Delivery partners.

Adjudication

  • Regular communication with colleagues in Sales and Relationship Management to regularly share opportunities for improvement with respect to credit applications and due diligence.
  • Foster a culture of shared, proactive risk management with Business Banking partners.
  • Approve, amend or decline Commercial credit applications within delegated authority in a timely and efficient manner, ensuring risk is appropriate and service standards are maintained.
  • Maintain Watch List summary reporting, inclusive of action plans and key dates, in an effort to reduce exposure and provide regular disclosure.


Knowledge, Skills, and Abilities

  • Relationship Management experience with Members. It is a prerequisite to have experience as a Commercial or Corporate Banking Relationship Manager.
  • The ability to distill important information and communicate concisely both verbally and in writing. Communication needs to be tailored to the audience, which will include Meridian Executive and Board Members as well as Financial Regulators.
  • Understanding of all types of real estate lending (land, construction, all income producing asset types).
  • Understanding of cashflow lending (leveraged finance, GSA lending).
  • Commercial and Corporate finance experience is beneficial.
  • Experience of syndicated lending financing with Schedule 1 Banks and Credit Union participations.
  • Insolvency / workout experience and ability to build on existing and develop new relationships with insolvency professionals.
  • The key technical skills required are analytics, diligence, objectivity, insight, accuracy, flexibility and creativity. A culture of shared, proactive risk management with Sales and Relationship partners is to be fostered.
  • Strong understanding of commercial business structures and excellent analytical skills in the areas of financial statements, cash flow mechanics, and business plans.
  • Sound understanding of commercial lending security documentation, including work-out techniques and remedies.
  • Strong negotiation skills, coupled with a demonstrated ability to initiate action to achieve results and meet deadlines while respecting fundamental corporate values.
  • Drive and determination is key. Time management skills and ability to move credit requests forward under pressure is important.
  • Excellent verbal and written communication skills.
  • Educating and developing Senior Credit Analysts and other colleagues to support succession planning and individual development plans / improve Meridian’s bench strength for the future.
  • Strong computer competency (Word/Excel/Outlook).

Education, Designations, Training, and Experience

  • Minimum 10 years experience in Commercial Credit underwriting, relationship management and risk management in a financial services environment.
  • University Degree in Business, Finance, or related discipline, or an equivalent combination of education and experience.

Office Location: 3330 Bloor Street West, TorontoOR 75 Corporate Park Drive, St. Catharines. (Hybrid)

Meridian has a remote work policy that allows flexibility for employees to work remotely but also requires regular time in the office for purposeful meetings to collaborate, innovate and build effective relationships with your team, your colleagues and your leader which is very important to us.

What's in it for you?

  • We have an inclusive and collaborative working environment that encourages creativity, curiosity, and celebrates success
  • We provide you with the tools and technology needed to delight your candidates and clients
  • You'll get to work with and learn from diverse industry leaders, who have hailed from top organizations around the world
  • Hybrid work arrangements with in-person office time to collaborate, innovate and build relationships with your colleagues
  • This isn't your typical "corporate" job. We work hard and we have fun

Who we are:

Meridian is Ontario’s largest credit union, and second largest in Canada, helping to grow the lives of our more than 360,000 Members. Meridian has more than 75 years of banking history and is 100% owned by its members. With 89 retail branches and 15 Business Banking Centers across Ontario and $ 30B in assets under management, Meridian offers a full range of financial products and services to its retail, business banking and wealth members. With over 2000 employees and corporate offices located in Toronto and St. Catharines, Meridian has a track record of creating and delivering innovative new offerings and is committed to investing in the communities that we serve. Our plan is to build on our momentum as we deliver on our purpose - helping our members achieve their best life.

Meridian committed to promoting an inclusive, accessible environment, where all employees and customers feel valued, respected and supported. We are dedicated to employing a workforce that reflects the diversity of our communities and Members in which we live and serve.
Qualified applicants will receive consideration without regard to race, color, religion, sex, national origin, age, sexual orientation, gender identity, gender expression, or disability.
Please note that due to the volume of applications, only those under consideration will be contacted for an interview.

Thank you for your interest in Meridian Credit Union.

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