Managing Director, US Consumer Risk
Location: Chicago, IL, USA
Time Type: Full time
Posted On: Posted 2 Days Ago
Application Deadline: 09/12/2024
Address: 320 S Canal Street
Job Family Group: Audit, Risk & Compliance
The U.S. Consumer business at Bank of Montreal has been transformed with the recent acquisition of Bank of the West. We are now on a multi-year journey to modernize and scale the US Consumer business with an aspiration to significantly grow over the next few years. Currently, we offer multiple products including Mortgage, Home Equity, Indirect RV/Marine, Credit Card, Other Direct, Business Banking and Deposits.
We are seeking a Managing Director to join the U.S. Consumer Risk team. This is a people leadership position within the 2nd line of defense, which will report into the Head of U.S. Consumer Risk and will be responsible for providing independent risk oversight over the various lines of businesses. The incumbent should be a strategic thinker with sound business acumen and a passion for using advanced data and analytics to make business decisions. This is a fantastic opportunity for someone to continue evolving the risk management framework, 2nd line control and oversight processes and discipline around consumer lending as BMO pivots towards a Category 3 bank in the US. The incumbent will work closely with heads of the businesses and staff groups to fulfill the growth vision and ensure adequate controls are in place to meet the risk appetite for the business. This is a highly visible role with substantial interaction with multiple stakeholders including senior management and regulators.
Specific Responsibilities Include:
- Provides independent risk oversight of the consumer lending businesses in U.S. P&BB, ensuring credit risks are appropriately and prudently managed within the risk tolerance for this business.
- Ensures the quality, performance, and credit risk profile of the U.S. P&BB retail portfolio are monitored and reported to Senior Executive, management committees, and RMC on a timely basis.
- Provides transparency and insight into the bank’s risk appetite to enable the business unit to understand and optimize risk return trade-offs within enterprise risk tolerances, while reinforcing the principle that business units are accountable for all their risks.
- Presents value-added risk context, oversight of credit risk systems, models, scorecards, credit exception underwriting, return on capital risk assessments to support strategic business planning and new product development risk assessment.
- Acts as the risk stripe owner for consumer credit risk in the U.S. and provides the required leadership and strategic direction.
- Ensures Bank’s credit risk taking policies, authority structures, procedures and processes are adhered to through direct involvement in credit transaction authorizations and portfolio management processes.
- Directs the development and implementation of proper quantitative reporting and analytic tools and processes across all U.S. Consumer loan portfolios.
- Works with key executives within ERPM, and the U.S. P&BB Consumer/Wealth Management line of business, to direct the quality, performance, and respective credit risk profile of this significant business segment.
- Ensures the documentation and delivery of accurate, concise reporting of levels and trends in material risks, emerging risks, asset quality, Key Risk Indicators (KRIs) and risk limits.
Additional Accountabilities:
- Provides independent oversight on the performance of U.S. Consumer credit risk strategies, monitor trends, and identify risks and opportunities.
- Leads the execution of in-depth statistical analysis of portfolio data to support recommendations to enhance the portfolio risk-return profile.
- Maintains an understanding of current applicable regulatory requirements for consumer loans.
- Identifies risk and opportunities from current portfolio trends.
- Establishes and maintains appropriate scorecards, KRI metrics, and portfolio caps.
- Monitors portfolios in aggregate and within key segments.
- Drives proactive improvements in Risk Appetite processes.
- Develops forward looking forecasts of portfolio trends and performance.
- Oversees the development and execution of policies and procedures for portfolio monitoring.
- Provides consumer loan portfolio governance and oversight to LOB management.
- Collaborates with LOB personnel to support the effective introduction and communication of new strategies and products.
- Provides independent, timely, objective credit adjudication decisions on Consumer and Small Commercial transactions.
- Provides leadership and guidance to a team of highly technical Portfolio Risk Management and Consumer Credit personnel.
Qualifications:
- MBA or Masters/PhD level quantitative degree (i.e., statistics, mathematics, economics, finance, operations research, engineering or other related field).
- 15+ years of Consumer risk and portfolio management experience.
- 10+ years of experience in line relationship/transactional credit and consumer underwriting experience.
- 10+ years of managing a team of highly analytical, quantitative and technical resources.
- Credit qualified.
- Advanced knowledge of Consumer Basel and the necessary elements of maintaining regulatory compliance.
- Strong, proven leadership agility and highly developed Consumer portfolio management skills.
Please note the target base salary range for this specific position is noted as a range from $214,000 USD to $250,000 USD.
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At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people.
BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. BMO is an equal opportunity/affirmative action employer.
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