Senior Director, Liquidity Products and Accounts Services

CIBC•Toronto, ON

4d•Hybrid

About The Position

Reporting to the Associate Vice President & Head of Product Management and Digital Solutions, the Senior Director, Liquidity Products and Accounts Services plays a pivotal role on the Senior Management Team. This position oversees the strategy, transformation, execution, performance, and daily operations of essential services, including Deposit Accounts, Virtual Account Management (VAM), Cash Concentration, Sweeping, and Pooling. As the Senior Director, Liquidity Products Accounts Services, you will also ensure that all products are client-focused, operationally efficient, and fully compliant with internal policies and regulatory requirements. This role is integral to driving the ongoing development and growth of the Transaction Banking franchise and its positive contribution to the CIBC enterprise.

Requirements

10 to 15 years of work experience in Transaction Banking, specifically in designing and deploying Virtual Account Management, Sweeping and Pooling products, and strategic planning within financial services with a proven track record of planning, coordinating and executing several initiatives simultaneously.
Expert coaching, relationship building and leadership skills and comfortable leading large effective teams in a cross-functional and development environment at a senior level of a financial services organization.
Ability to act as a change agent for Transaction Banking through innovative and creative thinking, leading change required to optimize effectiveness and achieve stated objectives.
Credibility within selected industry verticals both internal and external to CIBC. Knowledgeable of the industry and keep abreast of changes including potential impact to clients and our portfolio. Knowledgeable about competitor offerings in a variety of industry segments.
Demonstrated ability to work collaboratively with external and internal stakeholders.
Ability to work independently, often taking initiative to proactively address emerging issues and capitalize on key opportunities before receiving task-oriented instructions to do so.
Ability to apply thought leadership and complex concepts to effectively contribute to the continuous refinement of strategic objectives.
Excellent relationship building skills with the ability to influence stakeholders from varied backgrounds, differing priorities and over which you do not have direct authority.
Ability to understand complex issues and concepts related to new and evolving business needs; can get up to speed quickly with regard to new subject matters and able to deal with changing circumstances.
Strong planning skills sufficient to develop project/ work plans and coordinate the delivery of initiatives across business and organizational lines.
Proven ability to lead in a fast paced, ambiguous environment and to effectively manage multiple activities with varying complexity while under tight time frames.
Well-developed judgment and problem solving skills sufficient to analyze information and formulate responses to problems and issues.
Strong communication and interactive skills to convey factual and conceptual information on issues requiring detailed explanation/interpretation and communicate effectively at all levels in the organization.
Ability to balance a corporate and CIBC-wide perspective with specific partner and stakeholder needs and resource constraints.
Strong analytical skills to develop solutions to complex issues and provide interpretive advice to business leaders.
Strong verbal and written communication and presentation skills including excellent ability to build executive presentations.
Knowledge of business segments including Small Business (Business Banking), Commercial Banking and/or Capital Markets to participate in the design and implementation of management processes and tools.
Bring your real self to work and live our values – trust, teamwork and accountability.

Responsibilities

Designing and deploying VAM, Sweeping and Pooling products by leveraging market insights, stakeholder feedback, and performance analysis to ensure competitiveness, client relevance, and effective go-to-market execution aligned with Transaction Banking objectives.
Innovating and enhancing our existing Accounts Services portfolio to provide value added products to our clients and increase overall market share.
Leading the strategic planning, execution, and funding of initiatives related to Liquidity Products and Accounts Services portfolio to drive growth, innovation, operational effectiveness, and market competitiveness, ensuring alignment with client needs, stakeholder expectations, and CIBC's risk appetite.
End-to-end product management by owning business objectives, driving exceptional customer experiences, strategically managing performance, prioritizing enhancements, aligning cross-functional teams, and ensuring accurate financial reporting.
Ensuring our Liquidity Products and Accounts Services comply with all regulatory and internal requirements by proactively identifying gaps, coordinating remediation activities, and partnering with governance and compliance teams.
Developing and managing product pricing strategies, monitoring financial performance, ensuring competitiveness, and driving operational efficiencies to maximize profitability and client adoption.
Leading, developing, and managing teams to achieve business objectives, foster employee engagement, ensure alignment with CIBC priorities, and uphold performance, compliance, and talent management standards.
Building and managing strategic relationships and cross-functional collaborations with internal and external partners to ensure effective product distribution, industry alignment, and achievement of business growth objectives.
Lead and participate in ongoing strategic business plans and business cases to ensure Liquidity Products and Accounts Services meet our client’s needs, maximize performance, growth and overall market share, are designed to be operationally effective and are align with our bank’s overall risk appetite.
Drive execution of key business objectives, revenue, profit, and market share targets, while enhancing sales effectiveness and operational efficiency of products.
Lead and support development of a comprehensive and strategic product roadmap, including designing and development of VAM, Sweeping and Pooling products, that delivers innovation and product enhancement in alignment with segment strategies and provide CIBC with a competitive edge.
Work with internal and external stakeholders to define and execute on product roadmap factoring in people change management, infrastructure, resourcing, delivery timeline and required funding.
Lead and participate in annual enterprise funding planning to ensure product roadmap is appropriately funded to enable and deliver planned launches and enhancements.
Build out a systematic “factory like” approach to deliver process and product improvements and regulatory changes.
Build and maintain deep product experience by staying informed on key industry trends in product innovation and client experience.
Drive ongoing review and analysis of product performance and market positioning to ensure Liquidity Products and Accounts Services remain competitive and relevant.
Embed an ongoing feedback circle from our clients and key stakeholders across the value chain that will enable team to respond to ongoing market circumstances.
Identify, recommend, design and implement product enhancement opportunities that align to client and stakeholder feedback and meet Transaction Banking objectives by assessing cost-benefit, customer experience impact, performance, and impact on target segments.
Own, develop and execute on Go-To-Market plans for new products launches, including VAM, Sweeping and Pooling products, and enhancements through defining clear value prop, supporting collateral, updates for impacted processes and procedures and required training for frontline and support team.
Take full ownership of all aspects of the business, consistently striving to surpass business objectives and deliver exceptional client experience.
Maintain and communicate compelling product value propositions and strategies through product collateral, and stakeholder engagement and training.
Accountable for product performance by strategically managing and analyzing KPIs, market trends, and the competitive landscape on an ongoing basis.
Maintain and prioritize product backlog to ensure appropriate and timely product enhancements.
Ensure alignment with key support teams including Payment Products, Digital Solutions, Client Onboarding and Service, Production Support, Technology and Operations to ensure all processes and procedures are aligned to deliver optimum client onboarding and maintenance.
Support the preparation of monthly, quarterly, and annual financial forecasts, ensuring accurate and timely reporting.
Own and develop product pricing strategies to maximize profitability and drive client adoption.
Monitor financial performance of products vs defined benchmarks and relevant business cases.
Monitor and evaluate product pricing vs competition to ensure that products are competitive for our clients.
Evaluate product costs to drive operational efficiencies and enhance profitability.
Interface with Business Controls, Governance, Regulatory Affairs, Privacy, Audit and other internal partners to ensure products remain compliant with all regulatory and compliance obligations.
Participate in remediation activities stemming from risk items, deficiencies, audits and any other sources, to ensure prompt, effective and sustainable remediation of gaps.
Proactively identify, report and self-assess any gaps pertaining to product processes, procedures and controls.
Effectively manage teams by fostering strong employee commitment to the organization, the team, and their individual roles.
Lead, motivate and coach on an ongoing basis.
Identify gaps and develop action plans to achieve optimum performance results.
Apply the Bank's performance management system to employees, including establishing goals and objectives, assessing skilled knowledge gaps, allocating resources to achieve objectives and close gaps, assessing personal effectiveness, and reviewing and recommending base and variable pay.
Set clear context when assigning work, ensuring that each team member’s responsibilities align with the business unit’s priorities and CIBC’s overall objectives.
Ensure all employees are knowledgeable on products, web site and offers.
Build team and individual capabilities by offering development opportunities such as job shadowing, special projects, and targeted training.
Manage performance by delivering fair and constructive feedback, both formally and informally, and by identifying and removing barriers to success.
Ensure compliance with all policies, standards, guidelines, and controls by applying them consistently and transparently, so employees understand expectations.
Hire and place the right talent in the right roles to align individual strengths with job requirements and business unit goals.
Collaborate with the business leaders within the Transaction Banking including Cash Management Sales, Payment Products, Digital Solutions, Client Onboarding and Support, Strategy and Business Management, and Business Applications to ensure alignment for product distribution and support.
Work closely with key partners across supported partners in Small Business (Business Banking), Private Banking, Commercial Banking, and Large Corporate (Capital Markets), internal stakeholders in Production Support, Technology, Contact Centre, Legal, Finance, Compliance, Treasury, and Risk Management.
Build strong partnerships with external vendors such as payment processers, third party payment and data service providers, payment associations, credit bureaus and others.
Build sufficient industry market expertise across the team to effectively establish the role as a trusted strategic partner in the industry who is called upon by customers and industry market groups to provide advice and guidance that impacts the overall business direction, resolving issues and inquiries as necessary.
The team is to actively relationship manage key industry market influencers and leaders, both current and future.
Develop viable business strategies to assist line personnel in achieving an increased share of the strategic niche market, participating in the development of the recommendation of short and longer term marketing plans including preparation and monitoring of business acquisition objectives.