Develop and implement the collections strategy aligned with the company's goals, objectives, and regulatory requirements.
Evaluate and refine existing collections processes to enhance efficiency, minimize losses, and improve recovery rates.
Stay abreast of industry trends and best practices to identify opportunities for innovation and improvement.
Lead and manage a team of collections professionals, providing guidance, coaching, and support.
Set clear performance objectives, monitor progress, and provide regular feedback to ensure a high-performing organization.
Foster a culture of continuous learning and improvement, professionalism, and customer-centricity within the team.
Analyze delinquency trends and portfolio performance to identify potential risks and develop proactive strategies to mitigate them.
Implement risk management practices and controls to ensure compliance with regulatory requirements and internal policies in collections processes.
Monitor and maintain a comprehensive understanding of relevant regulations, including regulators and other applicable laws, to ensure compliance.
Collaborate with internal stakeholders, such as credit, risk management, and legal departments, to develop and implement effective collections strategies.
Build and maintain relationships with external partners, such as collection agencies and legal entities, to optimize recoveries and drive efficiencies.
Define key performance indicators (KPIs) and metrics to track collections performance and regularly report on progress to senior management.
Analyze data trends, identify areas for improvement, and implement strategies to optimize collections processes and enhance results.
Identify opportunities for automation, technological enhancements, and process improvements.
Collaborate with IT teams and vendors to implement system upgrades, enhancements, and innovative solutions to drive efficiency and productivity.
Qualifications
A bachelor’s degree in Accounting, Finance, or any related course.
Extensive experience (10 or more years) in collections operations within the banking or financial services industry, with a solid understanding of collections strategies and processes across different product lines.
In-depth knowledge of regulatory requirements and compliance related to collections, including regulators and other applicable laws and regulations.
Strong leadership and people management skills, with a proven track record of successfully leading and developing high-performing organizations.
Excellent analytical and problem-solving abilities, with the capacity to leverage data and analytics to drive informed decision-making.
Exceptional communication and interpersonal skills, with the ability to build relationships and collaborate effectively with stakeholders at all levels.
Results-oriented mindset, with the ability to set targets and drive performance improvement.
Detail-oriented with a focus on accuracy and quality.
Proficiency in using collections software and systems.
Ability to work effectively under pressure and in a fast-paced environment.
Knowledge of emerging technologies and trends in collections operations.
Understanding of risk management principles and practices.