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Senior Credit Manager - Loss and Allowance Forecasting

Toronto, Canada

Momentum Financial Services is a leading provider of financial services in North America. For 40 years, we've been committed to providing financial solutions that meet the evolving needs of consumers and business owners. Through our retail network of over 400 locations, known as Moneymart, Insta Cheques and the Cheque Cashing store, we provide access to cash and related products to help our customers achieve their goals.

Our highly skilled workforce puts customers first in everything we do. We serve 2 million people annually with diverse and innovative financial products such as loans, cheque cashing, money transfer and prepaid cards. Through this ever-evolving suite of services, we empower customers to manage their finances and improve their lives. Wherever customers are on their financial journey, Momentum Financial Services Group provides solutions.

Job Description

GENERAL FUNCTION

The Senior Credit Manager - Loss & Allowance Forecasting builds and manages the best-in-class loss forecast and reserve models based on internal portfolio health, credit performance trends as well as macro-economic factors. Establishes the loss forecast and outlook review, update, and communication cadence.

DUTIES/RESPONSIBILITIES

  • Partner with Finance, Accounting, Product, Credit and Collection teams to create proper model inputs
  • Ensure and demonstrate reasonability of input assumptions for loss forecasting in the new models and analyze resulting forecast outcomes during each forecast cycle for appropriateness
  • Partner with data and analytics teams to create and update KPI and Dashboard at the Portfolio level to help drive improved loss forecasting and loan book health assessment
  • Develop and execute sophisticated credit loss forecasting models across multiple use cases in periodic forecast assessments, capital planning and stress testing scenarios; proven track record in developing and deploying IFRS or CECL reserve models
  • Strategic business planning and analysis for other what-if-sensitivity analysis
  • Analyze outcomes from the new models alongside existing models to formulate ranges and understand varying dynamics
  • Collaborate with Credit Strategy, Collections, Finance, Accounting and Product teams to incorporate changes in underwriting, as well as other business dynamics within the overall forecast
  • Assess externally sourced Macro economic forecasts for use within the model suite as well as present to internal stakeholders across all stakeholders
  • Manage a team (1-2) of analysts.
  • Significant interaction with a wide range of management colleagues up to CEO and his Directs, as well as external stakeholders such as regulators/auditors; methodical, detail-oriented and storytelling in presenting results

Qualifications

EDUCATION

  • Degree in quantitative discipline such as math, computer science, physics, economics, statistics, etc.
  • Strong quantitative skills: ability to work with mathematical concepts such as probability and statistical inference

EXPERIENCE

  • Min 5 years of experience in a lending or financial institution with hands on experience in portfolio analytics, loss forecasting, allowance (IFRS/CECL) modeling and reserve/provision 

SKILLS

  • Must have knowledge of analytic techniques such as regression analysis, segmentation techniques, time series analysis and also familiarity with SQL and Tableau
  • Ability to monitor and analyze changes in the consumer lending marketplace and develop insightful root-cause analysis
  • Experience working as a business partner to Finance, Accounting, Product, Credit and Collections functions
  • Experience working in a highly regulated financial services environment
  • Experience creating lifetime customer value and loss forecasting methodologies
  • Ability to work cross-functionally, and create actionable analysis/reporting

Additional Information

All your information will be kept confidential according to EEO guidelines.

*Notice to Ontario Applicants – Momentum Financial Services Group is committed to accommodating applicants with disabilities up to the point of undue hardship during the recruitment, assessment, and selection process. If you are selected for an interview, please notify Momentum Financial Services Group if you require accommodation in respect of the materials or procedures used at any time during this process. If you require accommodation, we will work with you to determine how to meet your needs.

Note to Internal Applicants: All internal applicants are required to notify current manager regarding interest in applying for this role.

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Employment and Verification Information:

  • Money Mart will review all submissions, and interview the most qualified candidates based on their knowledge, skills, abilities, and other competencies.
  • Candidates who do not meet the requirements, in the recruitment process, for employment will remain classified as applicants and may re-apply for any future job posting and shall receive equal consideration.
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