Collections Agent – High Value At Risk (HVAR)

BMO•VIRTUAL(R)59 - REMOTE/TELETRAVAIL - ON - BMO, ON

3d•CA$43,200 - CA$80,300•Remote

About The Position

A High Value at Risk (HVAR) Collection agent is responsible for protecting our value proposition, reducing our assignments to third parties, and maximizing liquidation of the portfolios worked by the team. To be successful in their role, the individual requires extensive knowledge of BMO Retail lending products and procedures related to collections as well as in depth knowledge of Privacy Legislation and the Collection Act in order to successfully assess and mitigate issues that could potentially lead to Privacy, Legal and or Reputational Risk to the Bank. The agent must also possess strong problem solving, communication and conflict management skills in order to successfully offer customers the highest quality service when applying appropriate solutions. Knowledge of all the BMO approved offers and solutions for delinquent clients would be beneficial. Reporting to the Manager, HVAR, the collection agent will work primarily on high value at risk accounts. Through effective utilization of collection policies and procedures, the HVAR agent will minimize financial losses and strive to maintain good customer relations. In addition to advising customers on payment options. Customer interactions are non-routine and may require research, interpretation of information and the application of diverse collection principles.

Requirements

Extensive understanding of secured and unsecured portfolios
Good working knowledge of Bank supported or other software ie: Excel, Word, Microsoft Office etc.
Good working knowledge of Bank Systems ie: Strata, ECP, angular tool, TSYS, Optimizer, MDIF
Good working knowledge of Financial Statements, Bank OFSI standards and Business Recovery Planning.
Good practical knowledge of Business Computer Systems
Excellent knowledge of Collection Processes and Procedures
Knowledge of skip tracing techniques and good skip tracing skills.
Excellent verbal and written communication skills.
Professional and courteous phone manner in order to deal effectively with customers and sensitive situations.
Strong interpersonal, analytical, negotiation and decision making skills.
Demonstrated ability to resolve difficult client exchanges through high quality, service oriented interactions.
Ability to work independently or part of a small team (pairing) in a busy, fast paced environment.

Nice To Haves

Knowledge of all the BMO approved offers and solutions for delinquent clients would be beneficial.

Responsibilities

Negotiate amicable solutions by utilizing knowledge of debt collection practices, Canadian Privacy and Collection laws and processes.
Utilize sound knowledge and understanding of the terms and conditions of BMO agreements in order to effectively educate customers on their obligations of said contracts.
Act decisively and effectively when dealing with sensitive customer situations
Acknowledge and respond to customer inquiries and escalations and, where appropriate, arrange to provide additional information either through branch, telephone or written correspondence to achieve mutually satisfactory arrangements.
Diffuse irate customers and maintain poise and perseverance in order to effectively manage customer interactions and successfully identify the root cause of issues and provide appropriate solutions.
Determine the root cause of issues and propose appropriate options in order to minimize loss, mitigate overall risk to BMO and preserve customer loyalty, where possible.
Apply advanced thinking in assessing the uniqueness of each situation in making sound decisions that balance the organizations need to minimize risk and losses.
Interview customers and update financial, demographic profiles and security status ensuring documentation is complete and accurate.
Continuously identify and recommend improvements to job operational effectiveness and advise manager of opportunities to improve processes and procedures
Engage the customer in mutual problem solving when dealing with non-routine situational factors to create personal, unique solutions.
Maintain poise and perseverance when dealing with dissatisfied or difficult customers.
Utilize highly effective analytic skills to quickly determine the root cause of delinquency and propose appropriate options on individual accounts to minimize loss, mitigate overall risk to BMO and preserve customer loyalty, where possible.
Focus at all times on loss protection to the bank and ensure that every effort is made to preserve the bank's relationship with the customer for this and future transactions, products and services.
Performs other duties and special projects as required.
Identify potential financial, legal, reputational risks and engage management team
Leverage and share best practices and specialized knowledge with teammates and collections organization
Collaborate closely with multiple lines of business within the organization to mitigate risk and improve performance and compliance.
Comply with all applicable BMO and Line of Business policies, standards, guidelines and controls.
Maintain BMO’s professional image and Code of Conduct.
Maintain confidentiality and security standards.
Drive the decision making process based on gathered facts, data, observation, and analysis
Communicate and present information to various management levels within BMO.
Leverage networks and improve knowledge of collection, governance, audit and compliance practices to effectively adapt collections strategies in response to findings, changes in market conditions and/or legislations.
Research, gather data, analyze, lead and/or provide support, as required and recommend solutions to management.
Represent the business unit as a subject matter expert in inter-departmental policy and procedures implementation and meetings