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About the company
Our client is a provider of a high quality securitization products. The company purchases portfolios of consumer loans from origination partners that continue to provide a source of assets. These portfolios are then sold to eligible retail investors with yields higher than comparable institutional products. The current underlying asset classes are historically proven to be conservative with excellent performance and yield characteristics.
As our client looks to expand the company, they will begin to adjudicate and underwrite their own consumer loan portfolio. Working closely with an origination partner in the consumer finance sector, the company has an excellent source of deal flow.
Scope of Position
Reporting to the Chief Executive Officer and participating as part of the leadership team, the successful candidate will be responsible for the overall management of the risk management function.
More specifically the VP Credit Risk will be responsible for the following areas:
- Working with the origination partners, create a relevant credit adjudication matrix and oversee its implementation in the processes and systems with the partners.
- Monitor the overall portfolio of loans to ensure that the performance is meeting expectations and providing the required returns.
- Audit of lending practices via the loan review process.
- Ensuring that the portfolio quality is meeting the standards required for the securitization structure.
- Responsible for all credit loss mitigation activities which include delinquency management, and outsourced functions with respect to collections.
- Conducts regular stress testing, including the development of and changes to scenario and sensitivity analysis, reflective of the credit risk environment.
- Enhance credit risk reporting, incorporating various quantitative and qualitative methodologies.
- Maintain relationships with various suppliers, such as Equifax and collections outsourcing service providers in addition to various stakeholders.
- Contribute to the management of the relationship with our current origination partner and other partners as the business and portfolio continues to grow.
- Authorize credit within prescribed authorities.
- Oversee the adjudication process and provide leadership and training as required to the adjudicators.
- Provide field guidance on deal structure with a view to ensuring a smooth authorization process.
- Draft new or amend credit policies and procedures.
- Monitor lending practices to ensure compliance to the stated policies.
- Chief resource/counsel to the field on credit policy interpretation issues.
- Hands-on credit professional with the ability to roll up the sleeves and execute, as well as contribute at the senior management level.
- Strong entrepreneurial orientation with a keen desire to build a business.
- Ability to see opportunities in the market and a willingness to capitalize on those opportunities.
Preferred Experience / Education
- Minimum 12 years relevant consumer credit related experience ideally in a mixture of near prime and the sub-prime sectors.
- University degree in finance or business.
- Expert knowledge of personal lending practices and the legislation that applies to consumer loans.
- Expert knowledge of consumer loan policies and procedures.