Vice President, Credit
ELIGIBLE FOR REFERRAL: CRITICAL
Reports To: Chief Risk Officer
Every employee must honour the vision, mission and values of Northern Savings Credit Union.
Primary Purpose:
The VP, Credit provides leadership, oversight and coordination of business and retail lending for Northern Savings Credit Union. This leader translates business strategies into goals, objectives, and processes to effect sound and prudent credit decisions for the Credit Union.
This business unit leader is responsible the credit function including retail and business credit adjudication, overseeing the provision of exemplary member service, providing for engagement of employees, managing the operations to be efficient and effective, taking action to mitigate current and emerging risk, and contributing to the operational and financial health of the Credit Union as a whole but with a particular focus on credit risk.
The VP, Credit is to conduct their duties while demonstrating positive leadership and exemplary ethics within the Credit Union and externally in the community. The VP, Credit is to inspire and produce results in the best interest of the Credit Union.
Key Accountabilities:
Credit Risk Oversight
- Oversee and report on credit decisions
- Monitor credit risk parameters for the portfolio as a whole to ensure that the credit portfolio remains within the Credit Union’s risk appetite and risk tolerances outlined in governing and managing policies.
- Provide independent, objective review and adjudication of credit applications within credit limits and make recommendations and escalate as required.
- Implement processes to manage and mitigate risk as required.
- Monitor and report on performance of the business and retail loan portfolios.
- Ensure regulatory requirements relating to credit are being met including credit stress testing practices.
- Implement credit best practices where appropriate to do so.
- Maintain knowledge of economic factors and implications for the behaviour of credit risk.
- Identifies and escalates any emerging risks and opportunities within the credit portfolio.
Credit Products and Portfolios
- Contribute to processes for retail and business credit products and services to achieve exemplary member service.
- Oversee pricing of products to appropriately reflect risk and achieve satisfactory portfolio financial returns.
- Collaborate with Finance on competitive pricing situations.
- Maintain knowledge of credit markets with regards to services, products, rates, and fees.
- Maintain knowledge of current market activity locally and nationally in order to identify opportunities for the Credit Union.
- Develop and foster key relationships within the credit union system and with key Credit Union partners.
- Maintain awareness of competitor’s products and features in products.
- Maintain knowledge of applicable regulatory requirements and guidance.
- Advise internally on challenges in delivery of products and services.
- Maintain knowledge of changing member needs and expectations.
- Recommend changes to credit products, services and service delivery channels as needed.
- Collaborate with the Chief Operating Officer on Branch service delivery systems related to credit.
- Facilitate risk mitigation in dealings with members and borrowers under financial stress.
- Monitor the level of delinquencies and oversee actions to resolve delinquent accounts through oversight of the Special Accounts department.
Credit Administration
• Lead the business lending adjudication, retail lending adjudication, and special accounts functions.
- Ensure the business units function effectively and attain stated objectives.
- Establish and implement department budgets that support the corporate goals.
- Contribute to the setting of the Credit Union’s strategic direction.
- Set unit objectives that are aligned with the Credit Union’s strategic direction.
- Ensure alignment of policies and guidelines across the Credit Union and seek feedback to ensure effectiveness of policies and guidelines.
- Monitor productivity and ensure staffing levels are appropriate.
- Participates on board committees, management committees, member meetings, and community meetings as needed.
Employee Engagement
- Build positive, capable teams to meet the mandate of the business units.
- Create a positive work environment that motivates employees to excel and celebrates successes.
- Foster a culture consistent with the Credit Union’s values and service philosophy.
- Mentor and train employees as required within the departments or collaboratively with other departments.
- Conduct annual performance duties including completion of performance goal setting, performance appraisals, and development plans for direct reports and ensure direct reports do the same for indirect reports.
Core Effectiveness Skills:
Interpersonal/Communication
- Builds and sustains effective working relationships with staff, members, and communities
- Communicates clearly and concisely
- Strong written communication skills
- Effective listening and telephone skills
- Ability to persuade, influence, negotiate, and motivate people
- Public speaking skills
- Facilitation skills
Sustains openness and trust
Leadership
- Recognition of and respect for people’s diversity and individual differences
- Strong problem-solving abilities
- Demonstrable effective decision making
- A positive attitude toward change
- Continuous learning and development
- Effective organizational and time management skills
- Flexible and adaptable in implementing the Credit Union’s goals
Working in Teams
- Work collaboratively to accomplish common goals
- Lead team development and identification of team roles, responsibilities and goals
- Lead project teams and ensure collaborative relationships
- Understand team dynamics
- Provide focus and direction
- Recognize and celebrate team successes
- Lead in development of strategies to improve team and individual performance
- Enable team members to make decision within the scope of their position
Innovation/Creativity
- Finding and communicating new ideas for old problems
- Presenting new ideas that have productive outcomes (results in the generation of practical applications or development of new procedures)
- Pushing the limits of knowledge and ability to identify and create new ideas/solutions
- Development of new programs and policies
Strategic Thinking and Planning
- Ability to relate actions to the strategic plans of the organization
- Knowledge of the organization and the credit union system
- Recognition of global implications
- Sensitivity to organizational cultures
- Implement strategic plan and through actions, motivate others to achieve corporate direction
- Ensuring priorities are strategically based
- In cooperation with the board, establish and confirm vision and strategic direction
- Identify an organization structure and management style to meet credit union objectives
- Using strategic plan, develop, prioritize and implement organizational/department plans and strategies
Core Occupational Skills:
- Sales skills
- Human resource policy and procedure development, implementation, interpretation
- Planning/forecasting/budgeting
- Credit union product knowledge
- Knowledge of credit union philosophies and principles
- Working knowledge of credit union technology and operations
- Understanding of Credit Union Incorporation Act and Financial Institutions Act and the regulatory environment
Education & Experience
- University degree is required
- Minimum of 10 years of experience in a financial services environment
- Minimum of four years of management experience in credit
- Or an equivalent combination of education and experience.
- Expert knowledge of business and retail credit is required.
- Expert knowledge of BC regulatory requirements related to credit is required.
- Expert knowledge of credit adjudication and operational best practices
- Experience evaluating and drafting policy and procedures is preferred.
Travel is a requirement of this position.
