Eden Park Inc. (“EdenPark”) is a dynamic automobile finance brand committed to enabling our dealer partners to sell more cars. Since 2012, EdenPark has serviced a wide network of automobile dealers and tens of thousands of consumers from coast to coast. EdenPark is a wholly owned subsidiary of Fairstone Financial Inc., which is a subsidiary of Fairstone Bank of Canada (“Fairstone Bank”). Learn more at EdenParkCanada.com.
Come join Fairstone Financial as a Senior Manager, Credit Strategy.
Reporting directly to the Vice President, Operations, the Senior Manager of Credit Strategy plays a pivotal role collaborating with Risk and Credit Operations teams to develop, implement and monitor Credit Risk Strategies in order to meet overall objectives. The mandate includes setting strategies to optimize booked volume and profitability, based on the spread between APR and vintage loss rates by Risk Tier for the auto loan portfolio. Trends will be closely monitored through data analysis and account audits, and further deep dives will be initiated working with the data, risk and loan originations teams, leading to recommendations to senior management.
Responsibilities:
Monthly portfolio performance review:
- Review monthly vintage performance for delinquency and losses by risk tier and by region and identify potential discrepancies in forecast vs target performance
- Review regional performance and identify discrepancies in forecasts vs target performance
- Review and categorize dealer loan loss performance
- Review monthly recovery trends including vintage recovery trends vs expectations
- Periodically review scorecard performance with modelling team and overall risk tier rank-ordering of credit strategy
- Initiate further investigation and analysis when issues are identified and recommend policy changes where appropriate
Originations Trends Oversight:
- Review high risk trends within newly booked originations
- Complete deep dive reviews/audits of samples of deals experiencing early delinquency issues
- Provide Monthly KPI summary and commentary on trends, high risk areas of focus, and results from completed deal reviews.
- Review Fraud instances with Originations and Customer Accounts management and present summary findings
- Make recommendations for credit policy changes where appropriate
Credit Policy Reviews:
- Review and monitor existing credit policies and decision-trees, including score override rules to assess effectiveness and recommend refinement and further analysis where required.
- Work with Risk team to provide insights of findings, request data to be reviewed, and provide recommendations to Risk for potential strategy adjustments.
Escalation Trend Reviews:
- Review of monthly trends for escalations from Sales to Originations.
- Perform audits of samples of deals based on findings.
- Provide feedback to Originations and Sales Management team where appropriate.
- Recommend process/policy adjustments to management team as required.
Won/Lost deal Analysis:
- Review monthly Won/Lost deal reports and identify key areas of competitiveness or lack of competitiveness on approvals
- Identify and recommend areas for potential rule or pricing adjustments to meet overall objectives
Auto Risk Committee:
- Host monthly Credit Risk meeting:
- Convene Risk, and Operations Teams and present summary findings and trends from previous month
- Provide insights and results from previous deep dives and recommend areas for potential policy review or adjustments.
- Present recommendations for policy changes
Decision Engine Optimization:
- Work with Risk and Data Analytics to monitor discrepancies between recommended decision from FICO decision engine to actual decisions and work with Credit Management to uncover reasons for discrepancies
- Recommend adjustments to decision-engine rules, and clarification of policies for manual underwriting processes based on findings
- Recommend further automation within decision engine with the aim of improving dealer SLAs and booking while maintaining or enhancing Risk protocols
- Join project team in rollout of decision-engine changes
We offer comprehensive training to ensure you maintain a thorough understanding of our policies and procedures to ensure you can handle customers' enquiries.
Why join us?
Because we care about our employees and offer a variety of benefits such as:
- Time Off: Minimum 15days vacation and additional wellness days, plus statutory holidays.
- Work-Life Balance: Our 37.5-hour workweek and hybrid model (3 days in-office) promote a healthy balance.
- Comprehensive Benefits Package: Adjustable to your needs (with access to virtual healthcare).
- Pension Contribution: Fairstone automatically matches a certain percentage to contribute to your savings.
- Wellness: Tailored well-being solutions available 24/7.
- Competitive Base Salary: With multiple incentive programs to increase your overall compensation.
- Reward Program: Collect points for travel or merchandise.
- Employee Referral Program: Earn a bonus when referring a friend.
- Employee Discounts: We offer numerous discounts at various retailers.
- Professional Development: Comprehensive paid online learning courses (Fairstone Academy), opportunities to develop multiple skill sets.
- Supportive Culture: Join a supportive and collaborative work environment where your contributions are valued and recognized.
**This role is vacant**
Must-haves:
- 5+ years working in auto lending credit underwriting or risk and 3+ years working in Credit Strategy, Risk or Product for sub-prime auto lending
- University degree or college diploma
- Working knowledge of vintage loss concepts and credit strategy creation
- Working knowledge of credit scorecard development preferred
- Technical proficiency working with Data
- Strong Excel skills
- Technical knowledge working with decision-engine software preferred
- Excellent verbal and written communication skills, with the ability to make effective presentations and influence decision-making.
- Preferred knowledge of the automotive finance life cycle, including industry regulations and best practices.
- Detailed oriented and proven ability to multitask, prioritize workload and meet deadlines in a fast-paced environment.
- Ability to promote a culture of collaboration and teamwork across functional and organizational boundaries.
- Capable of devising strategies and translating strategic objectives into tactical execution plan
- Strong leadership and influence capabilities, with a proven track record of driving decision-making to achieve end objectives.
WE ARE PROUD TO BE: Montreal's Top Employers 2024 by Canada’s Top 100 Employers!
Learn more: https://www.fairstone.ca/en/about/canadian-lender
Follow us on LinkedIn: https://www.linkedin.com/company/fairstone/mycompany/
If you have a preferred language for communication, please kindly inform us whether you prefer French or English on your application.
Fairstone is an equal opportunity employer. Accordingly, we will make reasonable accommodations to respond to the needs of people with disabilities. Individuals who view themselves as Aboriginals, members of visible minorities, and disabled are encouraged to apply in confidence.
Time Type:
Full time
Job Type:Permanent
What We Do
At Fairstone Bank, we do things differently. We’re committed to strengthening how businesses connect with their customers, offering value-driven financial products and services that drive business success and deliver the right customer experience. We do this by building adaptable, innovative financial services, so clients can take full advantage of every opportunity that comes their way.
Fairstone Bank and its subsidiary, Fairstone Financial Inc. (“Fairstone”), form a leading consumer lending group, offering a complement of financial services designed to enhance customer loyalty and deliver confident borrowing experiences. From credit card issuance and program management to point-of-sale financing programs, automobile financing, broker deposits and direct-to-consumer lending, Fairstone Bank and Fairstone provide financial solutions that enable consumers and businesses to achieve their goals.
With a long-established Canadian history, the company is committed to improving the lives of Canadians with value-driven and accessible financial solutions. Fairstone Bank and Fairstone are powered by a diverse workforce located in three corporate offices and in over 240 Fairstone branches coast to coast.
In 2022, Fairstone was proud to receive the Parity Certification by Women in Governance for the third year in a row, and to be nominated for the second year in a row as a Montreal Top Employer. As an organization, Fairstone Bank of Canada is committed to supporting and empowering a workplace focused on diversity, equity and inclusion.
If you’re looking to join a corporate culture built on strong values, with managers who appreciate your contributions and inspire you to do your best every day, join our team!
For employment opportunities: https://fairstone.wd3.myworkdayjobs.com/FairstoneCareers
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