Collections Manager

BLACK HILLS FEDERAL CREDIT UNION•Rapid City, SD

About The Position

The Collections Manager is responsible for providing oversight of the overall operation and supervision of the Collections Department. This role ensures alignment with the organization’s business goals, collaborates with leadership, manages and mitigates various risks, and ensures regulatory compliance to maintain the financial health and stability of the organization.

Requirements

Strong knowledge of regulatory requirements and compliance.
Excellent leadership, communication, and analytical skills.
Ability to work collaboratively with leadership and cross-functional teams.
Expert knowledge of laws and regulations affecting lending and collections.
Strong written and verbal communication skills, with an expert knowledge of conflict resolution.
Advanced knowledge of organization's policies/procedures and Credit Union's service philosophy.
Advanced knowledge of the Credit Union's products and services.
Expert knowledge of repossessions, bankrupt and credit counseling accounts. Be able to counsel members and determine workable payment arrangements.
Knowledge of the legal, insurance, regulatory, economic, competitive, and technology environments that may affect the collections operation function.
A sighted person to read and interpret financial data.
Ability to communicate verbally and in writing with staff, members and vendors.
Ability to perform necessary computer-related input.
Limited mobility required. Requires the ability to work flexible hours.
Ability to understand and follow complex written and oral instructions.
Ability to prepare and maintain confidential records and reports.
Ability to analyze statistics and financial data.
Ability to communicate with all levels of staff and management in a clear, concise, and professional manner.
Ability to convey information clearly, demonstrate active listening and facilitate an open dialog.
Ability to accept and communicate the change process through organizational growth and directional movements.
Ability to manage challenging performance behaviors with a calm and measured approach to a resolution.
Ability to accept feedback in a professional and productive manner and implement any necessary adjustments.
Ability to develop and write effective and clear procedures.
Demonstrated ability in leadership role coaching, developing and training staff.
Ability to manage multiple projects in a high paced and demanding environment.
Ability to analyze data and situations to identify problems, and implement solutions with attention to detail, professionalism and accuracy.
Minimum five years of experience in a collections role, or more than five years of relevant experience in a related field provided candidate has held equivalent responsibilities. Formal training should be complemented by ongoing professional development. Advanced ability for high-conflict conversations with members and vendors.

Nice To Haves

Bachelor’s degree in Finance, Business Administration, or related field preferred, but not required.

Responsibilities

Supervise day to day operations of the Collection Department, ensuring efficient and effective operations.
Develop and implement collection strategies to minimize delinquency rates and recover outstanding debts.
Lead the collections team by setting clear expectations, fostering a collaborative environment, and ensuring alignment with the department's strategic goals.
Implement and monitor processes to maximize team productivity, ensuring that all team members are meeting or exceeding performance standards.
Regularly review and assess both department and individual performance metrics, identifying areas for improvement and recognizing achievements.
Conduct regular observations of team members' work, providing constructive feedback and coaching to support their professional development and enhance overall team performance.
Monitor collection activities and performance metrics, providing regular reports to executive leadership.
Ensure compliance with all relevant regulations and policies.
Work with third parties, including legal, to ensure alignment and effective recovery strategies and mitigation.
Recommend accounts to be charged-off to the Asset Management Committee/ALCO as well as provide recommendations for at-risk loans that need to be monitored or appropriately prepared for.
Prepare monthly charged-off loan payment report for Management and Board of Directors.
Ensure all collection activities comply with legal and regulatory requirements.
Conduct regular audits and reviews to ensure compliance.
Prepare and present regular reports on collections performance to executive leadership.
Analyze data to identify trends, risks, and opportunities for improvement.
Utilize data-driven insights to refine strategies and improve outcomes.
Responsible for the development of department budget consistent with the strategic plan and overall budget.
Review and update policies to ensure best practices, regulatory compliance, and appropriate risk tolerance levels, as appropriate.
Evaluate vendor performance and the deliveries of their services, maintaining strong relationships. Collaborate with internal and external teams regarding system integration to ensure seamless operations and alignment with organizational goals.
Stay updated on changes in regulations and adjust strategies accordingly.
Other duties as assigned.