Sr. Loss Mitigation Officer
Sr. Loss Mitigation Officer
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$ 90000 - 130000
1 Vacancy
Job Description
Were building a relationship-oriented bank for the modern world. We need talented passionate professionals who are dedicated to doing whats right for our clients.
At CIBC we embrace your strengths and your ambitions so you are empowered at work. Our team members have what they need to make a meaningful impact and are truly valued for who they are and what they contribute.
To learn more about CIBC please visit
The Sr. Loss Mitigation Officer is responsible for managing and overseeing the collection systems and processes within the department. This role involves ensuring the efficient operation of collection systems maintaining data integrity and providing support to users while collaborating with various teams to enhance collection strategies.
What Youll Be Doing
- Quality Assurance: Ensure that all features and functionalities of the collection system work as intended and meet the specified requirements.
- User Acceptance Testing: Ensure that all features and functionalities of the collection system work as intended and meet the specified requirements at the initial build and future enhancements.
- Compliance and Regulatory Adherence: Ensure that the collection system complies with all relevant legal and regulatory requirements minimizing the risk of non-compliance.
- Continuous Improvement: Identify areas for improvement based on testing outcomes and user feedback facilitating ongoing enhancements to the collection system
- Work closely with Product Development & IT staff and departments to ensure seamless integration of system to ensure business requirement are met.
- Data Management: Ensure the accuracy and integrity of data within the collection systems by performing regular audits and data validation.
- Develop and maintain documentation related to data management processes and system configurations.
- Reporting and Analysis: Generate and analyze reports on collection activities performance metrics controls and system usage to identify trends and areas for improvement.
Collaborate with management to develop strategies for optimizing collection processes based on data insights.
Regulatory & Compliance Monitoring: Conduct continuously monitor changes in state and federal regulations relevant to the Collection operations climate and consumer lending in general.
Analyze new and existing regulations to assess their impact on the procedures controls and reporting.
Manage and update any Regulatory Compliance Management (RCM) obligation mapping and EGRC system
Represent Consumer Loss Mitigation for RCM RCSA and additional risk assessments
Work on establishing a profile for EGRC system
Continue with monthly communication plan to disseminate regulatory updates to relevant stakeholders.
Organize training sessions to ensure staff are informed about new regulations and compliance procedures if applicable.
Assist-manage with preparation of general compliance audit or regulatory reviews.
Training and Communication
Provide training as needed and maintain system user guide.
Ongoing Collections: Provide guidance communication and implement short term and long-term asset management strategies designed to continually achieve and exceed targeted portfolio performance related to all assets under management by anticipating and adapting to changes in market conditions legislation and new services available.
Work in conjunction with the manager to develop appropriate collection strategies for all assigned accounts with a strong focus on early intervention delinquency stages.
Support Consumer Hardship Programs and identify/support cases that need temporary or permanent modifications. Provide secondary review of accounts in deferment to ensure that OLC has all necessary cases and documentation as the system of record.
Work directly with team members in terms of understanding the workloads and product risk segments to devise the collection strategy for effective execution of activities against those accounts-cases assigned to collection.
Advises/escalates to management and influences process change or client relations issues/opportunities.
Represent the Bank and Consumer Loss Mitigation by updating the insurance reimbursement program and procedures educating bankers and branches for adherence and managing delinquent accounts related to past due real estate taxes or expired insurance to determine necessary actions. Confirming all levels of compliance with the banks standards policies and guidelines when applicable with federal state and local laws and regulations. Maintain awareness of upcoming or proposed industry regulatory actions and supervisory guidance.
Back up resource for daily monitoring of Natural Disasters / Severe Weather and report on their impact to the Consumer Portfolio as necessary. Suggest enhancements to improve the efficiency and effectiveness of the process as necessary.
You can effectively perform all work activities remotely and will only be required to be on-site on an occasional basis
How Youll Succeed
Relationship building -. Grow your network deepen existing relationships and collaborate with internal compliance governance controls and legal departments.
Leveraging technology - Become a technology expert. Share your knowledge by interpreting the technology and training our internal group.
Leadership - Youre an inspirational and authentic team member and leader who collaborates and manages relationships with executives and senior leaders.
Who You Are
You put our clients first. You engage with purpose to find the right solutions. You go the extra mile because its the right thing to do.
Youre driven to succeed. Youre motivated by accomplishing your goals and delivering your best to make an impact.
You embrace and champion change. Youre flexible and can pivot easily. Youll continuously evolve your thinking and the way you work in order to deliver your best.
Your influence makes an impact. You know that relationships and networks are essential to success. You lean in on executive guidance and you inspire outcomes by making yourself heard
California residents your privacy rights regarding your actual or prospective employment
At CIBC we offer a competitive total rewards package. This role has an expected salary range of $90000 - 130000 for the market based on experience qualifications and location of the position. The successful candidate may be eligible to participate in the relevant business units incentive compensation plan which may also include a discretionary bonus component. CIBC offers a full range of benefits and programs to meet our employees needs; including Medical Dental Vision Health Savings Account Life Insurance Disability and Other Insurance Plans Paid Time Off (including Sick Leave Parental Leave and Vacation) Holidaysand 401(k) in addition to other special perks reserved for our team members.
What CIBC Offers
At CIBC your goals are a priority. We start with your strengths and ambitions as an employee and strive to create opportunities to tap into your potential. We aspire to give you a career rather than just a paycheck.
We work to recognize you in meaningful personalized ways including a competitive salary incentive pay banking benefits a benefits program* a vacation offering wellbeing support and MomentMakers our social points-based recognition program.
Our spaces and technological toolkit will make it simple to bring together great minds to create innovative solutions that make a difference for our clients.
We cultivate a culture where you can express your ambition through initiatives like Purpose Day; a paid day off dedicated for you to use to invest in your growth and development.
*Subject to plan and program terms and conditions
What you need to know
CIBC is committed to creating an inclusive environment where all team members and clients feel like they belong. We seek applicants with a wide range of abilities and we provide an accessible candidate experience. If you need accommodation please contact
You need to be legally eligible to work at the location(s) specified above and where applicable must have a valid work or study permit.
We may ask you to complete an attribute-based assessment and other skills tests (such as simulation coding MS Office). Our goal for the application process is to get to know more about you all that you have to offer and give you the opportunity to learn more about us.
Job Location
IL-70 W Madison St 9th FlEmployment Type
RegularWeekly Hours
40Skills
Analytical Thinking Business Operations Business Partner Relations Collections Management Compliance Oversight Group Problem Solving Market Research Project Management Return on Investment (ROI) Vendor ManagementRequired Experience:
Senior IC
Employment Type
Full-Time
