Director, Collections
1 week ago
By joining Reliance as a Director, Collections, you'll become an important team member and will be provided with the tools you need to succeed. We have ambitious growth plans and are looking for Team Members who want to grow with us. At Reliance, we pride ourselves on the fact that we provide limitless opportunities for growth and we encourage it by rewarding our Team Members for their success in many ways. If you're ready to find your limitless - join us
Reporting to the Chief Financial Officer, the Director of Collections will be responsible for leading and overseeing the Collections/Accounts Receivable team of approximately 5 direct reports and 40 team members in Canada for Reliance Comfort Limited ("Reliance") and in the USA for Reliable Heating & Air ("Reliable"). Your role is critical in ensuring that business collection strategies, plans, and initiatives are developed and executed in compliance with governing regulations, internal policies, and procedures. In addition, it is key that both the insourced and outsourced collections teams operate in an environment that is inclusive, equitable and fosters maximum cash collections.
What will you do?
1. Collections and Recoveries Management
Maximize dollars collected and recoveries of outstanding accounts assigned to internal and outsourced teams
Actively oversee and manage cash collection and final recoveries on a daily basis via key metrics at individual collector, team, company levels
Own, manage, create and update Collection organizational policies/ procedures
Communicate daily, weekly, and monthly results, forecasts, and action plans
Develop and implement approved collection strategies, policies, procedures, and internal controls to minimize credit risk and maximize collection efforts
Identify root cause customer collection concerns and drive to resolution
Build and lead a focused team of analysts to create, analyze business KPIs
Recommend and lead changes to improve departmental efficiencies and enhance collection and accounts receivable aged performance
Analyze customer risk behaviors and identify opportunities to reduce future exposure
2. Portfolio Risk Management
Develop and implement a "best in class" risk-based debt management approach
Constantly review and maintain accounts risk segmentation
Analyze opportunities to enhance and optimize results to reduce future exposure
Monitor and address customer risk behaviors using customer account attributes etc.
Provide insights to Management across the business regarding portfolio risk and potential mitigations
3. Budget and Expense Management
Forecast and monitor departmental budget to meet operational expense goals
Manage collection agencies to agreed service level agreements
Monitor efforts of outside vendors / resources and analyze forced attrition results
Examine possible recovery methods, related costs, and potential recoveries
4. Performance Reporting
Develop and oversee the development and management of effective performance reporting metrics for aged accounts receivable, the collections team and third-party collection service providers
Reporting to be daily, weekly, monthly as applicable to ensure a cash collection culture is created and maintained
Work with internal and external partners to gather the necessary information for meaningful performance reporting and drive to improvements
Recommend changes to contracts, pricing, and service level agreements
Ensure delivery of audit reviews to third-party outsourcers and proactively identify ways to improve service levels provided by outsourcers
Review and develop as required an incentive structure for collectors
5. Stakeholder Engagement
Lead/represent the Credit & Collections team in meetings/projects related to Collections and cash recovery matters
Lead resolution of business operations process gaps identified as root cause for collection issues as identified by the collection team;
Engage/consult cross functional team of various stakeholders and departments as required to streamline processes /resolve gaps
Responsible for the identification and reporting of operational risk matters
6. People Management
Build a high-performance environment and implement a people strategy that attracts, retains, develops, and motivates the team
Foster an inclusive work environment, communicate vision/values/business strategy, and manage succession and development planning for the team
Develop succession within the team
What do you bring?
A growth mindset: above all else, we're looking for people who are dependable, ambitious and want to grow with Reliance
Postsecondary education in a related field (Finance, Business, etc.); MBA or equivalent along with equivalent work experience
Minimum 5-7 years' experience in overseeing collections and credit management, with a minimum of 3 years leading a function and managing a team
Strong understanding of regulatory compliance and risk management
Excellent analytical, communication, leadership skills
Able to work in fast paced environment
Proficiency in utilizing data and technology for decision-making: SAP system and applications along with MS Suite of products (Excel) a must
Proven ability in establishing governance to both the structure, process, and procedures
Ability to lead and work collaboratively with cross-functional teams
Previous experience in managing third-party collection service providers
Why Reliance?
Reliance is the industry leader in providing home comfort solutions and we do just that in over 2 million customer homes across North America. Reliance is a trusted source and has become one of Canada's largest providers of water heaters, furnaces, heat pumps, air conditioners, water purification, plumbing, protection plans, smart home, electrical, and EV chargers. Reliance is a $1 Billion business with 2,600 team members and we're growing We're proud to be recognized as one of Canada's 10 Most Admired Corporate Cultures. It's our team members and their relentless focus on the business, each other, and our customers that makes us great.
Reliance Home Comfort is an equal opportunity employer. We welcome and encourage applications from candidates of all backgrounds including minorities and those with disabilities. Accommodations are available on request for candidates taking part in all aspects of the selection process.
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