Director, Collections

7 months ago

Toronto, Canada Reliance Home Comfort Full time

Find Your Limitless with Reliance
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 reg

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