Description
The incumbent in this position leads a team of loss prevention (collection) staff and oversees all activities pertaining to the pre-‘specialty’ functions. Work involves proactively minimizing credit union loss through early intervention efforts including monitoring of collection productivity, effectiveness, continuously increased efficiencies through automation and standardization, improvement of internal controls, and collaboration with Recovery Manager. The Manager, Loss Prevention will build strong inter-departmental relationships within the credit union through demonstrated strong people skills. Resources to do this job require effective coaching, performance and management skills in addition to a thorough understanding and application of credit union policies and procedures.
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Drives a performance-based loss prevention/collection team by providing, tracking, monitoring, and recommendations for more effective production.
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Leads, controls and is involved with the oversight of the annual Loss Prevention budget and participates in the operation planning process and execution of initiatives for the Loss Prevention Department.
- Responsible for providing consistent and effective reporting that communicates potential credit loss conditions, forecasts and financial plans.
- Continuously improves policies, processes and procedures that would proactively minimize loss and risks while protecting the assets of the credit union.
- Continuously improves operating policies and procedures for staff to ensure internal controls, compliance with regulatory guidelines, and proper segregation of duties.
- Proactively manages payment vendor relationships and complies with Vendor management policy and processes.
- Co-Responsible with the Recovery Manager for Credit Bureau reporting, Illinois Department of Financial and Professional Regulations, and BBB complaints pertaining to collections.
- Collaborates with legal team when appropriate. May be required to testify in court proceedings as a credit union representative in civil collection cases.
- Cooperates with state, federal and internal examiners and/or auditors in routine credit union examinations and audits. Conducts quarterly asset disposal and/or vendor audits to ensure GLBA requirements.
Performance Management:
Coaches and develops direct reports through performance management, consistent feedback and re-direction, and establishes and executes development plans. Responsible for the hiring, corrective action and terminations when needed. Collaborates with Training Department to develop and maintain a well-structured training curriculum for Collections staff and branch personnel to ensure uniform practices and compliance to regulatory requirements, internal policies and procedures.
Requirements
Completion of Bachelors degree with a minimum of 7-10 years in leading a team of collection staff to effectively minimize credit loss (or equivalent combination of training and experience). Thorough knowledge of federal and state regulations relating to collections and privacy. Ability to multi-task and deal with heavy volume period with tight time parameters. Must possess strong analytical, people, written and oral communication skills. Proficient with mainframe accounting system and computer literate. Ability to work effectively with associates at all levels within the organization. Previous financial institution or credut union experience preferred.
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