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Credit Manager

2 days ago

London, Ontario, Canada VersaBank Full time

VersaBank is an inclusive, entrepreneurial, Schedule 1 Chartered Bank with over $5.8 billion in assets and growing. As Canada's most innovative bank, VersaBank operates as a branchless financial institution that obtains its deposits and provides most of its loans and leases electronically, with innovative deposit and lending solutions for financial intermediaries that allow them to excel in their core businesses.

VersaBank's Common Shares trade on the Toronto Stock Exchange ("TSX") and Nasdaq under the symbol VBNK. Our head office is in London, Ontario, with various offices located across Canada. For more information on VersaBank, please visit our website at

We are looking for a
Credit Manager
to join the Investment, Risk & Control (IRC) team. This is a full-time in office role based in London, Ontario.

As a Credit Manager, you will serve a critical role in the authorization of the Bank's purchases of vendor originated financial assets, while ensuring that transactions meet credit, legal, and structural requirements. This role places strong emphasis on operational efficiency, rigorous credit and financial analysis, legal documentation review, people management, audit oversight, and portfolio management. Drawing on expertise in financial statements, collateral analysis, and due diligence for both consumer and corporate lease and loan transactions, the Credit Manager will assess individual deals and broader portfolio contexts.

Serving as a key liaison to the IRC team, Structured Finance Account Managers, Sellers, and Standby Servicers, the Credit Manager will ensure that standards, reporting expectations, and compliance protocols are consistently upheld.

Primary Responsibilities include:

  • Lead the credit risk audit cycle for all Seller portfolios, including tranche and warehouse advance reviews, to ensure compliance with approved credit, legal and security content, and structural parameters.
  • Lead the audit for credit risk strength of individual transactions as stand-alone and within a portfolio context.
  • Assist with on‑site Seller audits to assess servicing standards, including reporting, billing, and collections.
  • Maintain detailed records of tranche due diligence findings and decisions.
  • Identify operational or procedural deviations from Sellers' stated policies and procedures.
  • Review defaulted accounts with the VP, Credit to identify trends or weaknesses in Seller practices or internal audit processes.
  • Assess systems, operations, and staff capabilities of prospective Sellers/Servicers and highlight potential risks or concerns.
  • Review and provide recommendations on funding requests that fall outside Seller eligibility requirements.
  • Screen transactions with policy or eligibility exceptions and recommend actions to the Investment Risk & Control (IRC) department head.
  • Escalate contracts that do not meet program requirements.
  • Monitor name exposures within each Seller program to ensure compliance with MPSA requirements and portfolio concentration limits.
  • Report violations or deteriorating trends to the IRC department head with recommended corrective actions.
  • Support Account Managers by communicating trends or anomalies in Seller programs to enable proactive portfolio management.
  • Ensure the IRC team is informed of changes to Seller programs that impact processes or protocols.
  • Assist IRC leaders and Account Managers in developing risk mitigation strategies when deteriorating trends or covenant breaches arise.
  • Analyze operational processes and workflows to identify inefficiencies and recommend improvements.
  • Evaluate opportunities for automation to enhance productivity and accuracy.
  • Assist in developing administrative, funding, and audit processes for individual Seller programs.
  • Contribute to the development and approval of new Seller checklists.
  • Support reporting requirements for SMS2 and other special projects.
  • Review legal and procedural documentation to ensure suitability and alignment with agreed upon intent.
  • Support SOX compliance initiatives.
  • Review the Seller's ability to generate required reports.
  • Provide leadership, mentoring, and guidance to credit audit and IRC team members, including support with prioritization, scheduling, and issue resolution.
  • Ensure IRC staff receive necessary training to meet regulatory and corporate compliance obligations.
  • Participate in hiring processes and provide input for performance evaluations.

Qualifications:

  • Business degree or related post-secondary education and/or relevant experience.
  • A minimum of 5 years of experience in a similar or related role.
  • Strong analytical skills and critical thinking abilities.
  • Experience and understanding of securitization programs and underlying contracts (i.e., commercial and consumer loan and lease transactions, asset-based lending, prime and sub-prime lending).
  • Advanced skills Excel, Word, and ability to learn new systems.
  • Self-starter with strong time management skills and ability to multi-task.
  • Excellent interpersonal and business communications skills.

What we offer:

  • A positive team-based work atmosphere that promotes collaboration and career advancement.
  • Competitive compensation package including base salary, an incentive award and pension supplement program.
  • An outstanding benefit program.
  • Tuition refund program.
  • Fitness club membership.

Application Procedure:

If working for a 'non-traditional' bank with an entrepreneurial flair appeals to you, we encourage you to apply. Please be advised that only those applicants selected for an interview will be contacted.

At VersaBank, we are committed to fostering a diverse, inclusive, and equitable workplace. We encourage applications from individuals of all backgrounds, including persons with disabilities, Indigenous persons, members of visible minorities, women, LGBTQ+ individuals, and other underrepresented groups. We believe that diverse perspectives strengthen our organization, and we strive to create an environment where everyone has an equal opportunity to succeed. We also encourage candidates with different abilities, relevant alternative expertise, or experience who can perform the essential and critical functions of the job, with or without support(s). If accommodations are required, we are dedicated to providing the necessary support to ensure full participation. VersaBank is an equal opportunity employer and complies with all applicable accessibility laws and regulations.