Bank of Montreal (BMO) is seeking a High Value at Risk (HVAR) Collections Agent to protect the bank's value proposition by minimizing financial losses on high-value delinquent accounts. In this role, you will negotiate amicable solutions, apply collection policies and procedures, and maintain customer relations while strictly adhering to Canadian privacy and collection legislation.
What You'll Do
- Negotiate solutions using knowledge of debt collection practices and Canadian Privacy and Collection laws.
- Educate customers on their contractual obligations using a thorough understanding of BMO agreement terms.
- Act decisively and effectively when managing sensitive customer situations and escalations.
- Diffuse irate customers, identify root causes, and propose appropriate solutions to preserve loyalty.
- Determine the root cause of delinquency issues and propose options to minimize loss and mitigate risk.
- Apply advanced thinking to assess unique situations and make sound risk management decisions.
- Interview customers and update financial, demographic, and security profiles with complete documentation.
- Continuously identify and recommend improvements to operational effectiveness and processes.
- Engage customers in mutual problem-solving for non-routine situations to create unique solutions.
- Utilize highly effective analytic skills to quickly diagnose delinquency causes on individual accounts.
- Focus on loss protection while making every effort to preserve the bank's relationship with the customer.
- Identify potential financial, legal, and reputational risks and engage the management team.
- Leverage and share best practices and specialized knowledge with teammates.
- Collaborate closely with multiple lines of business to mitigate risk and improve performance.
- Comply with all applicable BMO policies, standards, guidelines, and controls.
- Maintain BMO’s professional image, Code of Conduct, confidentiality, and security standards.
- Drive decision-making 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.
- Research, gather data, analyze, and recommend solutions to management as required.
- Represent the business unit as a subject matter expert in inter-departmental policy meetings.
What We're Looking For
- Extensive knowledge of BMO Retail lending products and collections procedures.
- In-depth knowledge of Privacy Legislation and the Collection Act.
- Strong problem-solving, communication, and conflict management skills.
- Extensive understanding of secured and unsecured portfolios.
- Good working knowledge of Excel, Word, Microsoft Office, and bank systems like Strata, ECP, 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 strong skip tracing skills.
- Excellent verbal and written communication skills with a professional phone manner.
- Strong interpersonal, analytical, negotiation, and decision-making skills.
- Demonstrated ability to resolve difficult client exchanges through service-oriented interactions.
- Ability to work independently or as part of a small team in a busy, fast-paced environment.
Nice to Have
- Knowledge of all BMO-approved offers and solutions for delinquent clients.
Technical Stack
- Excel, Word, Microsoft Office
- Strata, ECP, angular tool, TSYS, Optimizer, MDIF
Team & Environment
You will report directly to the Manager, HVAR. The culture is driven by a shared Purpose to Boldly Grow the Good in business and life. It values new ideas, different perspectives, promotes teamwork, supports individual needs, and provides tools for each employee to contribute to their full potential.
Benefits & Compensation
- Compensation Range: $43,200.00 - $80,300.00
- Health insurance
- Tuition reimbursement
- Accident and life insurance
- Retirement savings plans
- Performance-based incentives and discretionary bonuses
- Other perks and rewards
Work Mode
This is a virtual position.
BMO is committed to an inclusive, equitable, and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process.
