Director of Loss Prevention (Collections - Financial Industry)

Title: Director of Loss Prevention

Reports to: Chief Credit Officer

Supervises: Loss Prevention Manager

Status: Exempt

Objective

The Director of Loss Prevention delivers on KEMBA's Service Promises and Core Values to engage in behaviors that create member loyalty. They are focused on developing and implementing strategies to minimize loss and enhance collections within the Credit Union. They lead a team of loss prevention specialists and work collaboratively with cross-functional teams to identify potential risks and develop proactive measures. They demonstrate a strategic mindset, strong leadership abilities, and expertise in loss prevention practices that are crucial in safeguarding our assets and ensuring optimum revenue recovery.

Duties and Responsibilities

• Collaborates and maintains effective working relationships with cross-functional internal teams and external partners to identify potential risks, establish efficient collections processes, and implement prevention measures enhancing overall recovery efforts
• Develops and executes comprehensive strategies for loss prevention and collections, aimed at reducing losses and maximizing revenue recovery by leveraging data analysis and forecasting to identify trends, patterns, and potential areas of improvement
• Leads and mentors a team of loss prevention specialists, providing guidance and support in implementing loss prevention initiatives
• Conducts regular audits and investigations to identify and resolve instances of loss, fraud, or non-compliance, ensuring adherence to company policies and procedures
• Proactively manages and resolves escalated collection cases, applying sound judgment and principles of fairness and ethics
• Effectively manages systems for optimal efficiency to enhance productivity and stay updated on industry trends and emerging technologies, in order to continuously enhance loss prevention and collections practices
• Leads the development of short and long-term goals and plans to include (but not all inclusive): department operational budget, allowance for loan loss, process improvements, and delinquency forecast by product category
• Manages the recovery process of all previously charged off loans assigned to collection agencies or attorneys. Coordinate and approve action deemed appropriate on problem accounts such as attorney referral, repossession/foreclosure, charge-off, etc.
• Conducts evaluations of collateral security and arranges for the disposition of same
• Prepares the required periodic reports on collection activities plus any additional reports and analysis required by management
• Adheres to all repossession, collection laws and all other applicable state and federal laws in regard to credit union, collection, and compliance activity
• Assumes responsibility for the development and implementation of Account Resolution Department policies, procedures, and planning
• Develops and presents recommendations for modification to credit policy that assist management in appropriately and effectively managing risk including delinquency and losses including those that grow and effectively manage existing business
• Prepares monthly board reporting on collections, charge off, fraud, bankruptcy, foreclosure, loan modification, credit union owned real estate, and other key risk performance statistics
• Executes established operational goals and ensures that corporate-wide plans are complemented and supported
• Effectively oversees assigned personnel, ensuring optimal performance:

• Monitors and reports on departmental performance against operational goals and objectives
• Works with Executive Management to develop strategy and business plans
• Ensures that personnel are well trained, effective, and optimally used; instructs personnel regarding policy, procedure, and program changes and ensures that they are well informed on all applicable legal and regulatory developments
• Recommends promotions, transfers, terminations and/or other changes of status of loss prevention staff
• Executes performance management including performance appraisal, goal setting, regular coaching, and disciplinary action as appropriate
• Promotes culture of personal and professional development and learning for associates

• Assumes responsibility for ensuring that professional business relations exist with Members, vendors, and trade professionals:

• Acts as a resource to answer difficult questions and solve complex problems for members and associates
• Follows up on details to resolve matters to the satisfaction of all parties
• Maintains superior service levels to Members, associates, and business partners
• Represents the Credit Union in contacts with Members, vendors, and trade professionals
• Stays informed regarding developments and changes in the credit field by regularly reading periodicals and other credit union related material
• Completes vendor due diligence risk assessments

• Assumes responsibility for related duties as required or assigned:

• Performs other duties and special project assignments as required by Credit Union management
• Develops an understanding of Credit Union history, philosophy, organization, policies, and operational procedures
• On a self-directed basis, continues to improve individual level of competency through training and certification on established educational programs

Required Qualifications

• Bachelor's degree or equivalent education and experience
• 5+ Years experience in Loss Prevention, Asset Protection or Collections Management
• In-depth knowledge of loss prevention practices, collections strategies, recovery techniques, and relevant laws and regulations.
• Exceptional communication and interpersonal skills, enabling the development of positive relationships with stakeholders at all levels
• Strong analytical skills to identify potential risks, trends, and areas for improvement in collections strategies.
• Excellent leadership abilities, with a track record of motivating and inspiring teams to achieve goals and drive results.
• Strong organizational skills and attention to detail
• Professional demeanor
• Exceptional oral and written communication skills
• Assertive problem-solving skills

Physical Demands

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of the job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of the job, the employee is regularly required to sit; use hands to manipulate, handle, feel, and talk or hear. The employee is frequently required to reach with hands and arms. The employee is occasionally required to stand and walk. The employee must occasionally lift and/or move up to 15 pounds. Specific vision abilities required by this job include close vision, distance vision and ability to adjust focus.

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