Director, Business Credit Job at Meridian Credit Union – in St. Catharines, ON
At Meridian, we’re committed to providing Canadians with exceptional banking, features, services, security, and advice so they can get everything they want from their money, and their lives. We are Ontario’s largest credit union and the second largest in Canada, with over 350,000 Members. Credit unions are not-for-profit, and more focused on community. At Meridian, our Members are owners – that means that any profit we make goes right back into improving our products and services and innovating new ways to enhance our Members’ lives. Meridian’s dedication to helping Canadians goes beyond banking. Thriving communities are essential to the individual well-being of our Members and the overall well-being of Canadians. That’s why we invest portions of our profits in financial literacy, local community organizations, environmental initiatives, co-op programs, and more. We also match our employees’ donations and empower them to get more involved in volunteering.
About the role:
Responsible for ensuring the Commercial and Small Business lending portfolios represent an acceptable risk/return profile as established by approved credit risk management policies. Facilitate consistent adjudication and proactive credit recovery activities within a regulatory compliant framework consistent with Board policy and Lending License. Provide effective leadership and stewardship to the Business Credit management function, contributing to regular monthly reviews of portfolio credit quality through established reporting measures.
What you will do:
Provide leadership to direct reports in maintaining sound and consistent credit decisioning.
Foster a culture of shared, proactive risk management with Business Banking partners. Enhance the profile of the Business Credit team, highlighting the role of risk management in supporting a differentiated brand and contributing to Meridian’s sustainable profitability.
Achieve strong employee engagement scores, leading impactful action planning sessions.
Maintain a coaching/training/mentoring program for direct reports and new recruits.
Embed operational transparency principles in all activities.
Approve, amend or decline Commercial credit applications within delegated authority in a timely and efficient manner, ensuring risk is appropriate and service standards are maintained.
Enhance throughput effectiveness in adjudication through refined processes, without compromising on credit risk fundamentals.
Provide constructive feedback on opportunities for improvement with respect to applications and due diligence.
Act as an escalation point for credit decision appeals, working to quickly reach resolution on differences in opinion by leveraging objective and informed insights.
Develop and implement strategies to return high risk accounts to performing status wherever possible and maximize recovery in situations where there has been a business failure.
Engage various 3rd party professionals where appropriate to evaluate, manage and sell various types of assets.
Apply consistent methodology to loan loss provisions. Provide informed insights to LLP modelling activities and ensure all necessary reporting for Senior Leadership is completed monthly.
Guide the Business Credit portfolio toward implementation of target risk profile, identifying opportunities for portfolio diversification.
Identify new opportunities for growth within an appropriate risk framework. Provide support and insights to the assessment of new products or service offerings under consideration.
Leverage technology and enhance reporting for continual improvements in portfolio management and monitoring borrower default risk.
Policies & Reporting:
Create and maintain industry analysis and lending guidelines for all relevant industries.
Continually update credit policies and forms, with regular updates to Business Banking.
Provide prompt reporting to Senior Leadership regarding compliance with all Board credit policy and internal operating limits relative to portfolio composition, industry segments, risk profile, and various concentration measures.
Ensure that commercial delinquency is minimized through proactive means and collection techniques including appropriate and timely recognition of actual loan impairment and appropriate loss provision.
Continually update the risk rating model, integrating economic and industry insights to appropriately measure risk of default and loss given default.
Achieve satisfactory audit results on external and internal audit reviews, taking action on audit recommendations for necessary enhancements.
What you will bring:
Knowledge, Skills and Experience:
Minimum 15 years of experience in Commercial Credit underwriting and risk management, including in a financial services environment, combined with relevant post-secondary education with an emphasis on business and finance.
5 years in a leadership role within the experience.
Thorough understanding of commercial business structures and financing options / techniques.
Sound knowledge and understanding of business financial statements, business case and cash flow analysis.
Thorough knowledge of commercial account operating procedures and banking services.
Sound understanding of commercial lending security documentation, including collection / work out techniques and remedies.
Excellent communication skills and computer competency (word processing / spreadsheet).
Strong communication and particularly negotiation skills.
Ability to develop and administer portfolio analysis techniques/ processes to ensure those guidelines are maintained and enhanced on an ongoing basis.
Experience the Difference!
Meridian committed to promoting an inclusive, accessible environment, where all employees and customers feel valued, respected and supported. We are dedicated to employing a workforce that reflects the diversity of our communities and Members in which we live and serve.
Qualified applicants will receive consideration without regard to race, color, religion, sex, national origin, age, sexual orientation, gender identity, gender expression, or disability.
Please note that due to the volume of applications, only those under consideration will be contacted for an interview.
Thank you for your interest in Meridian Credit Union.
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About the Company
Company: Meridian Credit Union –
Company Location: St. Catharines, ON