Group Product Manager Portfolio & Account Management - Unsecured Lending

BMO Financial Group - Toronto, ON (30+ days ago)

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Address:
55 Bloor Street West

Job Family Group:
Customer Solutions

Thank you for your interest in BMO Financial Group. We are currently working towards providing a better candidate experience by including all of our job descriptions in both English and French. In the meantime, if this role is located in Quebec and/or New Brunswick please reference the French job description available below the English version. Otherwise please see the job description below in English as per federal language requirements.

Nous vous remercions pour votre intérêt à l'égard de BMO Groupe financier. Nous travaillons actuellement à offrir une meilleure expérience aux candidats en publiant toutes nos descriptions de poste en français et en anglais. Entre-temps, si ce poste est affiché au Québec ou au Nouveau-Brunswick, veuillez consulter la description de poste en français disponible sous la version anglaise. Autrement, veuillez consulter la description de poste ci-dessous en anglais, conformément aux exigences fédérales en matière de langues.

The Group Product Manager reporting to Managing Director will be accountable for day to day management of the overall unsecured lending portfolio management and account management strategies. Youll assist in managing the products, limits and pricing analytics and strategies for the Unsecured Lending Portfolio and in the execution of activities to maximize balance growth, revenue and profit while maintaining losses and attrition rates.

Support the management of unsecured lending pricing strategies, manage the day to day activities of unsecured lending portfolio and work with various partners to implement any changes required to unsecured lending portfolio.

Assist in the development roadmap for Unsecured Lending, ensuring the integration of pricing/revenue enhancements, portfolio management, account management and customer marketing contact strategies, and client satisfaction improvements. Assist in the development of strategies to increase product penetration, deepen customer relationships and increase customer share of lending wallet.

Maintains an external focus to understand competitive, environment and technology changes that will impact product portfolio and recommend plans & strategies to capitalize on any change to meet overall business objectives.

Ensures an optimal channel strategy, initiates developments to our channel strategy, and to actively manage the channel as required.

Integrates product pricing strategies creating and applying new tools, processes and methods that support stable and predictable performance and provide strategic differentiation and competitive advantage relative to industry peers.

Optimizes fee pricing across the product suite to facilitate profitable, quality growth and a stable, predictable stream of non-interest revenue.

Works closely with Consumer Credit Risk to ensure optimal Risk/Return on the portfolio, and that the portfolio operates within the Banks Risk appetite and within the applicable Risk Appetite Dashboard metrics.

Optimizes the financial performance of the product portfolio through the management of customer experience, balance, mix, spread and non-interest revenue; increasing market share, share of wallet, and customer retention; and, product and customer profitability.

Improves operational effectiveness through the design and delivery of credit and pricing decision processes, technology, and control systems that are aligned to target market segments, while operational excellence in pricing and decision environments will be achieved by ensuring all significant risks have been identified, assessed and appropriately managed or mitigated.

Managing pricing policy, posted rates, pricing discretion and exception policy to drive profitable quality growth, optimizing the risk/return equation within products authorized risk profile.

Develops and maintains directives, standards and policies for existing and new products including functionality.

Key Accountabilities

Management Leadership

Ensure the effective implementation of initiatives and programs through the establishment of appropriate context and setting of direction for team by providing relevant information, establishing goals, and setting limits with the context and prescribed limits of the group Managing Director.

Establish a working relationship with personal lending team to solicit their views on the working environment, potential changes affecting their work, continuous improvement opportunities and revisions to the plan.

Establish and optimize team integration by articulating the linkages between the accountabilities and authorities of different roles across the group and by establishing the context in which they will work collaboratively with one another.

Product Management and Development

Develop extensive product expertise and intimately understand all aspects of product performance and drivers (market, financial, business) to inform product features and benefits and provide advice and recommendations to the Managing Director.

Design, implement and manage:
Amendments, enhancements and additions to the existing product portfolio to achieve market share and profitability goals, and ensure products are simple for customers to use and straightforward for sales force to sell, fulfill and service.

Profitable new products and features to meet customer, sales force and market needs, and leverage performance drivers. (New product/ feature planning requires identification of new product/ features/ enhancements, concept/ opportunity evaluation, and consideration of new market entries. Includes concept screens, product/ feature feasibility assessments (e.g., economic, market and technical feasibility), business case preparation and overall product definition.

Monitor operations to ensure product systems are maintained and continuously improved. As appropriate, enhance the product delivery system infrastructure, including improvement of existing product systems, processes and documentation in support of product introductions, changes/ enhancements and operations, in order to meet customer needs and facilitate ease of sales, fulfillment and servicing.

Regularly monitor customer and competitive environments to ensure product offers remain relevant to customer needs and achieve the desired competitive positioning.

Provide input into product pricing structure, particularly regarding feature/ price trade-offs, based on a thorough understanding of competitor/ substitute products, product performance and deep customer knowledge/ insights.

Monitor product and system performance, acting as subject matter expert to systems development and implementation functions to ensure effectiveness, efficiency and achievement of results across Personal & Commercial.

Where appropriate, evolve our risk-based pricing capabilities for Commercial/Retail Lending portfolios, ensuring return is commensurate with risk at the transactional, customer and portfolio levels.

Develop and maintain robust customer/relationship pricing decision support tools for use by the Sales Force to enable them to make sound pricing decisions.

Governance and Risk Management

Proactively explore existing and potential risks and sources of risk, taking specific actions to more accurately and effectively identify and manage various forms of risk, escalating probable issues of materiality to the Director. Develop new analytical approaches and strategies to identify, measure, mitigate and manage product level risk and collaborate effectively with process simplification & technology on operational risk.

Lead compliance activities specific to portfolio, understanding the external regulatory and legal environment and mitigating risks to an acceptable level.

Where applicable, manage and maintain a full risk-based pricing capability, incorporating credit risk, market risk, drivers to enable pricing at the margin and push the risk/return envelope.

Provide the leadership team with expert advice on the impact of various product decisions on investment, liquidity, capital and transfer prices.

Develop and manage the governance and compliance oversight framework for the Product function to support executive attestations and accountabilities.

Channel Management

Ensure that the set of channels through which the product is distributed is optimal, and, in collaboration with other parts of the Bank develop a concise channel strategy, and ensure execution on the strategy

In some cases, actively manage one or several channels

Product Policies (including Credit)

Develop, implement and manage all product specific policies for the product portfolio to ensure they are effective and aligned with the internal and external requirements.

Manage the credit policies for the assigned product portfolio.

Planning

Develop, implement, review and revise a 2 year plan including: vision, mission, values, operational and resource plans.

Establish goals, plans and assignments for team to achieve the plan.

Review progress to plan, and develop, communicate, delegate and actively participate in the implementation of actions necessary to correct internal and external issues. Escalate significant issues to the Director.

Determine and deploy processes and human resources, and optimize the allocation of resources within the team.

Develop, implement and review a plan to complete all assigned tasks in a timely manner to acceptable quality standards.

Knowledge & Skills

Knowledge

7 10 years product management experience, with at least 5 years of people management experience

Financial services industry knowledge

Education

Minimum University Undergraduate degree preferably in Business, Economics, Math, or Engineering

Preferred a graduate degree (MBA, Masters in Economics, Math, Engineering)

Skills

Product Management (In-depth)

Ability to develop and drive strategy across a matrixed organization

Ability to work in white space

Analytical Thinking (In-depth)

Risk Management (In-depth)

Environmental Understanding (In-depth)

Environmental Awareness (In-depth)

Financial Understanding (In-depth)

Management Leadership (Working)

Process Management (Working)

Resource Planning (Working)

Relationship/Partner Management (Working)

We’re here to help

At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.

As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.

To find out more visit us at https://bmocareers.com .

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. To request accommodation, please contact your recruiter.