Director, Community Investments, Asset Risk Management Lead

Royal Bank of Canada • Charlotte, NC

23d

About The Position

RBC Capital Markets – RBC Community Investments (www.rbccm.com/communityinvestments), part of the Royal Bank of Canada (RBC) firm, is a leading syndicator of Low Income Housing Tax Credits (LIHTC), Workforce Housing Investments, Renewable Energy Tax Credits, Historic Tax Credits and State Tax Credits. The Asset Risk Management Lead (“ARM”) is responsible for managing the asset management team’s efforts to proactively provide well-reasoned and practical risk management plans for significantly underperforming investments to better maintain the maximum delivery of tax credits and passive losses. On higher risk-rated assets, more detailed loss mitigation strategies and management activities will be utilized to mitigate potential losses. Protect asset value and mitigate potential losses from investments by leading a team that consistently monitors key risk factors and implements action plans appropriate to identified risks. Support best-in-class customer service by identifying opportunities or alternatives that better protect asset value and result in coordinated responses satisfactory to both local operating partners and fund investor partners. Function in an advisory role to the ARM team and Stabilized Asset Management teams in their efforts to identify and continually review risk levels that could further jeopardize the viability of investments whether already assigned to the Asset Risk Management Group or within overall portfolio risk rating review process. Supervise the ARM team who are each assigned a portfolio to monitor stabilization and workout activities, disposition activities and monitor team performance and results. Facilitate proper communication channels (internally and externally) on the performance of the asset risk portfolio and relative risks and exposures. Communication channels include Community Investments management, investors, general partners, staff, and other functional groups (Originations/Sales, Originations Management, Financial Management, Fund Management, SAM and CRM). Provide team leadership and training of “workout” activities for higher risk assets. Coordinate the handoffs in and out of Asset Risk Management between DEM and SAM. Overcome potential obstacles to ensure the timely collection, proper analysis, and accurate reporting of an investment’s performance to the Fund Management team. Manage RBCCI risk rating and Watch List reporting Proactively identify operational risks / control deficiencies in the business Review and comply with Firm Policies applicable to business activities Escalate operational risk loss events, control deficiencies and risks that you identify to your line manager and the relevant risk and control functions on a timely basis. Managerial Excellence Ensure that employees understand RBC vision, as well as support and reinforce targeted behaviors that contribute to RBC goals. Provide focus and clarity in establishing individual goals, driving performance management, supporting career development and rewarding strong performance. Leverage the value in unit, department, and enterprise-wide teams to develop better solutions and achieve a cross-enterprise mindset. Accept and successfully execute change while supporting employees through the process and keeping them focused on business priorities. Understand and exemplify our people driven, client focused leadership model: driving impact, unlocking the potential of our people, adapt quickly, always learning and speaking up for the good of RBC. Contribute to an exceptional employee experience through strong people leadership practices that amplify our Collective Ambition and exemplify the Leadership Model to inspire, support and empower employees to achieve their potential. Growth mindset and a focus on always learning; promotes a values based and inclusive workplace; embraces diverse styles and perspectives; actively mitigates bias and improves diversity representation

Requirements

• Fifteen years of experience in a relevant role within LIHTC Underwriting, Credit or Asset Management field
• Thorough understanding of LIHTC program, principles of real estate finance, real estate management/problem resolution, extensive financial analysis skills
• Proficiency in MS-Outlook and MS-Office applications
• Prior experience and responsibility for assessing complex problems and making critical decisions of significant financial impact
• Prior experience managing and developing exempt-level professionals and managers, or high capability through preparation and training to function in a manager role
• Strong interpersonal skills, and excellent verbal/written communication skills

Nice To Haves

• A preference for specific experience in credit and/or real estate workouts within the LIHTC or real estate industries to aid in the development of asset-specific workout plans and correspondence with critical parties (lenders, investors, etc).

Responsibilities

• Managing the asset management team’s efforts to proactively provide well-reasoned and practical risk management plans for significantly underperforming investments to better maintain the maximum delivery of tax credits and passive losses.
• Protect asset value and mitigate potential losses from investments by leading a team that consistently monitors key risk factors and implements action plans appropriate to identified risks.
• Support best-in-class customer service by identifying opportunities or alternatives that better protect asset value and result in coordinated responses satisfactory to both local operating partners and fund investor partners.
• Function in an advisory role to the ARM team and Stabilized Asset Management teams in their efforts to identify and continually review risk levels that could further jeopardize the viability of investments whether already assigned to the Asset Risk Management Group or within overall portfolio risk rating review process.
• Supervise the ARM team who are each assigned a portfolio to monitor stabilization and workout activities, disposition activities and monitor team performance and results.
• Facilitate proper communication channels (internally and externally) on the performance of the asset risk portfolio and relative risks and exposures.
• Provide team leadership and training of “workout” activities for higher risk assets.
• Coordinate the handoffs in and out of Asset Risk Management between DEM and SAM.
• Overcome potential obstacles to ensure the timely collection, proper analysis, and accurate reporting of an investment’s performance to the Fund Management team.
• Manage RBCCI risk rating and Watch List reporting
• Proactively identify operational risks / control deficiencies in the business
• Review and comply with Firm Policies applicable to business activities
• Escalate operational risk loss events, control deficiencies and risks that you identify to your line manager and the relevant risk and control functions on a timely basis.
• Ensure that employees understand RBC vision, as well as support and reinforce targeted behaviors that contribute to RBC goals.
• Provide focus and clarity in establishing individual goals, driving performance management, supporting career development and rewarding strong performance.
• Leverage the value in unit, department, and enterprise-wide teams to develop better solutions and achieve a cross-enterprise mindset.
• Accept and successfully execute change while supporting employees through the process and keeping them focused on business priorities.
• Contribute to an exceptional employee experience through strong people leadership practices that amplify our Collective Ambition and exemplify the Leadership Model to inspire, support and empower employees to achieve their potential.
• Promotes a values based and inclusive workplace; embraces diverse styles and perspectives; actively mitigates bias and improves diversity representation

Benefits

• A comprehensive Total Rewards Program include competitive compensation and flexible benefits, such as 401(k) program with company-matching contributions, health, dental, vision, life, disability insurance, and paid-time off.
• Leaders who support your development through coaching and managing opportunities.
• Ability to make a difference and lasting impact.
• Work in a dynamic, collaborative, progressive, and high-performing team.
• Opportunities to do challenging work.
• Opportunities to build close relationships with clients.
• You have the potential to earn more through RBC’s discretionary variable compensation program which gives you an opportunity to increase your total compensation, provided the business meets its performance targets and you meet your individual goals.

What This Job Offers

• Job Type: Full-time
• Career Level: Manager
• Education Level: No Education Listed