Vice President, Investment Risk & Control

Our Client is searching for their next Vice President, Investment Risk & Control located in London, Ontario.

Title : Vice President, Investment Risk & Control

Reports to: Senior Vice President, Point-of-Sale Financing

Purpose of Position:
An experienced and independent manager that plays a critical role in the authorization of the Bank’s purchases of vendor originated financial assets, as well as the ongoing management and control of each Seller’s portfolio. Major emphasis is on credit and financial analysis, legal documentation review, people management, audit and portfolio management skills. Incumbent will be a primary liaison with Account Managers, Sellers, Standby Servicers and Risk Management members and will also manage the Investment Risk & Control team members to ensure appropriate standards, reporting and compliance protocols are consistently met.

Key Accountabilities:

• Oversee the funding audit cycle for all Seller portfolios. Ensure tranches follow approved credit, legal and security content and structural parameters for each Seller. Ensure daily warehouse reviews are completed within prescribed timelines and outstanding issues are promptly addressed/resolved.
• Analyze and provide recommendations on funding requests which fall outside of the eligibility requirements of each Seller’s customized program.
• Overseeing the efficient operation of the Investment Risk & Control team and provide leadership and oversight to team members related to priority setting, scheduling issues and problem investigation and resolution. Ensures monthly funding and reporting schedules are achievable and sets internal expectations accordingly.
• Assist and support the Structured Finance account management in formulating risk management solutions where deteriorating trends or covenant violation situations are imminent or arise.
• Lead the post-funding audit cycle at Sellers physical location and/or via virtual audits. Items primarily reviewed include portfolio reporting standards and operational aspects of each Seller as they relate to the Bank’s portfolio. Authors and maintains a documented procedure(s) for Seller audits and reports on same including a follow-up protocol for deficiencies or issues noted.

Key Responsibilities:

Portfolio Due Diligence – Funding audit cycle (40%)

• Oversee the credit and documentation audit review on all Seller portfolios. Audit credit risk strength of individual transactions both as a stand-alone basis and within a portfolio context and make recommendations for inclusion or rejection.
• Screen and review transactions with policy and eligibility exceptions and decide if receivables are appropriate for inclusion or rejection.
• Ensure detailed records of tranche / advance due diligence findings and decisions, including any exception allowances are maintained.
• Identify and highlight any operational / procedural divergence from Sellers’ stated policies & procedures.
• Periodically review defaulted accounts in Seller portfolios to identify any trends / potential weaknesses in the Bank’s audit and / or Seller policy and procedures.
• Monitor name exposures within each Seller’s program to ensure they remain in compliance with established requirements. Ensure that larger exposures in the commercial portfolios remain within tolerable limits across all Seller portfolios.
• Review, analyze and monitor trends within each individual Seller Program regarding portfolio composition, underwriting and operational issues. Report any violations or deteriorating trends to Structured Finance account management, along with recommended actions.
• Ensure that Structured Finance account management is aware of any trends or anomalies of their respective Seller programs to allow for proactive management of the account.
• Ensure Investment Risk & Control team is made fully aware of any pertinent changes to Seller programs or other nuances that would affect normal processes and protocols.

Portfolio Management & Control – Monthly Reporting (20%)

• Review all monthly reporting, monitor trends and raise any potential issues to Structured Finance account management.
• Communicate with Sellers and other Bank staff with respect to issues arising, possible solutions and functional changes needed with respect to problem resolutions.
• Ensure procedures and processes reflect the changing nature of Seller portfolios and internal policy and that team members are informed and / or trained accordingly.
• Sign off on Seller’s monthly reporting packages and authorize monthly/quarterly cash reserve releases as required.

Portfolio Management & Control – Post Funding Audit and New Seller Review (25%)

• Compare accuracy of information and status reported for portfolio that have been sent to the Bank for active status vs inactive contracts, accounts receivables aging and individual contract/rental payments against the administration software records of the Seller.
• Review the ability of the Seller to generate key reports on a systematic and consistent basis. Assess any potential weakness in management software which could affect timing, reliability of reports generated and information therein
• Review money flows for disbursement of purchase proceeds to Seller and receipt of monthly scheduled payments. Verify portfolio information in SMS is accurate compared to Seller records and Seller has complied with the terms of the agreements with respect to each defaulted and early termination situations.
• Ensure obligor payment protocol is being followed as agreed such that obligor payments are being made properly from correct account(s) and flowing through administrative systems properly. Verify all HST / PST / GST (as applicable) and employee source deductions are up to date and paid in accordance with known
  standards.
• Ensure portfolio information contained in the Standby Servicer uploads is complete and accurate
• Primary lead for the field audit process. Maintains an audit schedule commensurate with Seller risk profiles and in accordance with the Structured Finance policies and procedures.
• Assess the systems, operations and staff capabilities of prospective Sellers/Servicers and raise any potential weaknesses or areas of concern.

Other (15%)

• Reporting requirements on the Receivable Purchase Program (i.e. assist with the preparation / presentation of materials to committees as required)
• Ensure SMS processes are running smoothly and make arrangements for adjustments and/or updates as necessary by engaging Robocoder, effectively communicating our requirements, testing, and implementing changes. Ensure updates in SMS align with AMS processes.
• Participate in staffing selection and interview process when new team members are being considered and provides feedback for performance reviews of team members.
• Ensure members of the Investment Risk & Control team receive the training they require to perform their duties, understand their responsibilities for compliance with the appropriate aspects of regulatory obligations and corporate policies, and are familiar with the Bank’s priorities, business plan and strategic direction.
• Establish performance expectations, provide feedback, and formally review performance annually with each member of the Investment Risk & Control team.
• Ensure there is proper cross training throughout the Investment Risk & Control team to ensure continuation of work during any team member’s temporary or permanent absence from work.
• Ongoing management of the Investment Risk & Control team members to ensure tasks are being completed accurately and on a timely basis. Identify any areas of weakness and provide support/training to each team member as appropriate
• Establish the development of the administrative, funding and audit processes for each individual Seller program.
• Review legal and procedural documentation to ensure suitability and that it matches agreed upon intent.
• Create and take responsibility for the overhead budget for the Investment Risk & Control team.
• Primary point of contact for the Bank’s external financial auditors to validate Seller portfolio information and IRC processes.
• Other duties as assigned.
• All Bank employees must be aware of and apply the guidance of the Operational Risk Appetite Statement, practice risk smart behavior and understand the risks they can and cannot accept. All Bank employees must understand the risks that fall within their areas of responsibility, report to Senior Management on the identification of new risks, and manage known risks within approved policy and procedure limits.

Qualifications:

• MBA and/or CPA designation
  • will consider undergraduate business degree combined with significant relevant  related experience
• 5+ years experience directly managing staff (10 +)
• Comprehensive understanding of securitization programs as well as understanding of underlying contract underwriting and servicing (i.e. commercial and consumer loan and lease transactions, asset-based lending, prime and sub-prime lending etc) normally obtained by 7+ years experience
• 3+ years progressively responsible experience in a similar or related senior management role
• Advanced computer skills, i.e. Excel and Word and ability to learn new systems
• Superior, demonstrated, people management skills
• Strong analytical skills and critical thinking abilities
• Self-starter with strong time management skills and ability to multi-task
• Excellent interpersonal and communications skills
• Related experience in the USA a definite asset

Interested candidates please contact Stephanie Williams at  swilliams@collinsrecruit.com.