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VP, Credit Risk, Auto Finance

Location
Vancouver, BC
Details
Full Time
7 days ago
Canada Drives embraces an innovative, experimental, and data-driven mindset that encourages creative solutions and relentless progress. Guided by young leadership and defined by its innovative, out-of-the-box thinking, Canada Drives attracts the best talent in Vancouver by combining the electrifying energy of a start-up with the hard-earned stability of an established company. We have been recognized as the fastest-growing company in Canada by PROFIT 500 and are a three-time winner of the Deloitte Technology Fast 50 award, in the fintech category. In 2019, we received Canada's Best Managed Companies award, recognizing excellence in private Canadian-owned companies.

Our head office is in heart of downtown Vancouver, where we have more than 500 people across our sales, underwriting, technology, marketing and creative teams. Come join our market leading team!

The Opportunity - VP, Credit Risk, Auto Finance

The Canada Drives Group is significantly growing our auto lending book and loan offerings and is looking for an executive to provide ultimate oversight to our credit risk strategy. As the leading consumer facing auto finance brand in Canada, with more than 45,000 applications every month, we have launched Canada's first auto refinance product for non-prime applicants. We've experienced substantial growth in the program and are now looking for an experienced credit risk professional to lead and manage our credit risk function, owning and creating our underwriting models to allow us to profitably grow the portfolio. The successful candidate will be instrumental in the design and implementation of the credit risk framework for new and existing products, as we enter previously unchartered markets.

This position is crucial to the company's long-term growth plan and the ability to decipher and utilize both external and internal customer data to manage credit risk in our portfolio is a top priority for the position.

The VP, Credit Risk, Auto Finance will hold overall responsibility for development and maintenance of credit models, underwriting process and procedures, monitoring results and ensuring loan performance in our auto finance book. The position will collaborate with executives and senior management on creating and pricing new and existing loan products as we bring them to new customers and markets.

What you'll be doing:

  • Owning the credit risk strategy across all auto finance balance sheet lending products
  • Exercise overall management of Canada Drives' loan portfolio, loan approvals, loan concentrations and risk management using both top-down (macro) and bottom-up (micro) approaches
  • Recommend and assign credit approval authorities in conformity with Board approved policies and maintain ongoing control over the credit risk rating system
  • Organizing and leveraging internal data (structured and unstructured) for the purpose of building credit models and establishing risk appetite
  • Plan and coordinate the execution of new, and changes to, various customer adjudication and credit monitoring policies like new loan approvals, increases, refinances and workout situations
  • Drive the credit culture and ensure that the loan portfolio reflects the organization's appetite as outlined by the Board
  • Work with external parties such as TransUnion, Equifax and various Ratings Agencies to acquire further data on our existing/potential customer base and remain current with insights and trends in consumer loan portfolio performance across Canada
  • Take a key role in the development of new credit products, working with and alongside the executive team
  • Work closely with the loan underwriters to ensure that credit decisions are made promptly, and credit policy is clearly communicated to facilitate outstanding customer service
  • Plan and build credit statistical models for various credit decisions and work closely with Technology and Analytics to implement automation into the underwriting process
  • Monitoring performance of loan books and adjusting models as necessary to hit desired targets
  • Collaborate with the collections and recoveries groups to identify emerging risks and make appropriate risk adjustments
  • Build-out and execute a comprehensive portfolio monitoring and reporting process, identifying and measuring credit risk, focusing on emerging trends and key credit metrics, publishing and presenting findings in a concise and focused manner
  • Review and challenge material estimates and/or processes that provide estimates used in managing the credit portfolio, including loss forecast, stress tests, loss assumptions, and credit decision strategies
  • Growing a team of direct reports as necessary. Providing direction, vision, motivation and mentorship to your team
  • Build and develop the credit risk analytics strategy working closely with the VP of Data and Analytics
  • Participating in strategic and tactical planning with Stakeholders and presenting to the Board in matters related to Loan Quality and Portfolio Risk evaluation.


What you should already have:

  • Minimum 8 years of experience in consumer credit risk management or applicable emphasis on consumer lending products
  • Experience building and maintaining credit models with an emphasis on DCF modelling (PD/LGD/EAD estimation) and Vintage/Cohort Analysis as it relates to non-prime portfolios
  • Minimum 3 years of experience directly managing and mentoring staff
  • Strong business-oriented skills to oversee the business strategy and processes, while turning data analysis into actionable information and insights
  • Strong leadership, problem-solving, and communications skills
  • Proven ability to manage issues through to resolution; skilled at making sound judgement calls
  • Previous experience leading the development of credit dashboards, performance metrics, and portfolio performance reports


Assets

  • Experience in auto finance at a bank or financial institution is considered an asset
  • Experience with enterprise level system integration highly desirable, particularly Salesforce or equivalent CRM
  • BS/BA/MBA/CFA; advanced degree strongly preferred.


Category
Management and Executive