Job Purpose
To develop and implement strategic initiatives for the Collections and Recovery Unit, ensuring compliance with internal policies and regulatory requirements, and driving operational efficiency.
Principal Accountabilities
- Develop and oversee the implementation of a comprehensive collections and recovery strategy encompassing all recovery-related activities in the bank.
- Ensure processes are aligned with operational policies, regulatory frameworks, and Consumer Protection Regulations (CPR).
- Devise Champion Challenger programs showing Cost Vs Benefit analysis driving higher resolution rates across products and buckets.
- Analyze portfolio performance, including Accounts Coverage Ratios (ACR) and recovery metrics, to enhance collection efficiency. Break down the Loss forecasts into collections roll rates and recovery rates.
- Conduct cost-benefit analysis and risk assessments to identify areas of improvement and mitigate operational risks.
- Work closely with Finance and Collections, to provide risk input on annual collections capacity requirements and budgets (FTE / Incentive budgets).
- Apprise senior management with Portfolio performance and recommend areas of concern or scope.
- Highlight key portfolio trends and recommend corrective actions to improve recovery rates.
- Maintain audit-ready processes by implementing robust controls and ensuring documentation meets internal and external standards.
- Address audit findings promptly and collaborate with stakeholders to resolve compliance issues.
- Adhere to risk management policies and escalation procedures, ensuring timely resolution of concerns.
- Manage external recovery agencies to ensure adherence to compliance, regulatory requirements, service-level agreements (SLAs) and alignment with the bank's strategy.
- Evaluate agency performance regularly and take corrective measures to optimize recovery outcomes.
- Collaborate with legal teams to manage accounts with ongoing or pending legal action.
- Address high-risk accounts by implementing appropriate actions and controls to minimize exposure.
- Ensure adherence to the bank's operational risk management framework and Consumer Protection Regulations.
- Streamline processes, automate workflows, and implement innovative solutions to enhance collections performance.
- Optimize resource allocation and maintain adherence to turnaround time (TAT) standards for collections activities.
- Lead and guide collections teams, providing training and development opportunities to enhance performance.
- Set individual and team performance targets and ensure adherence to key performance indicators (KPIs).
- Foster a culture of compliance, accountability, and continuous improvement (Internal or external environment in which the job operates)
- Responsible for overseeing all aspects of collections and recovery activities, focusing on optimizing recoveries while minimizing operational risks.
- Maintains audit readiness through robust processes, documentation, and adherence to internal policies and external regulatory frameworks.
- Risk management is a critical component, involving the identification and mitigation of potential operational, financial, and reputational risks within the collections
- Collaboration with internal stakeholders (Legal, Risk, Finance) and external agencies is vital to ensure alignment with collection strategies and compliance standards.
- Balances achieving recovery targets with maintaining budget, standards of service delivery, operational efficiency, and compliance.
Requirements:
Qualifications & Skills
- Total 6+ years of experience in Collections function at various levels probably across banks.
- Should have managed Collections portfolio, Portfolio Analysis & MIS
- Strong understanding of Banking Operations, policies & procedures, External economic/market environment including UAE Central Bank and other statutory guidelines.
