Strategic Collections Leader

1 month ago

Old Toronto, Ontario, Canada Momentum Financial Services Group Full time
Job Overview

Momentum Financial Services Group is seeking a seasoned collections professional to lead our collections strategy and operational efforts across North America. This role will report directly to the Chief Risk Officer and be responsible for developing and implementing effective collections strategies to maximize recoveries while maintaining customer relationships and ensuring compliance with regulatory requirements.

The ideal candidate will have a strong understanding of collections methodologies and best practices, with a proven track record of developing and implementing successful collections strategies. They will also possess excellent analytical, problem-solving, and decision-making abilities, with a data-driven approach to collections management and performance optimization.

Key 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.
Requirements

Education

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

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.
  • Excellent analytical, problem-solving, and decision-making abilities, with a data-driven approach to collections management and performance optimization.
  • 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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