Royal Bank of Canada
Job title:
Director, Collateral Management
Company
Royal Bank of Canada
Job description
Job Summary
Job Description
What is the opportunity?
For most of our clients, buying and owning a home is one of the most significant financial decisions they will make over the course of their life, where the advice and service they receive from RBC has an outsized impact on their relationship with us. Home Equity Financing (HEF) is a strategically important business for RBC, with over $400Bn in residential mortgage and other secured balances, which are among the largest and most-regulated asset classes on our balance sheet.
As Director, Collateral Management, you will be responsible for the development and implementation of strategies that improve client and advisor experience, optimize costs, and prudently manage collateral risk. You will collaborate closely with colleagues across the business and with cross-functional partners in risk, operations, technology, and sales, to drive key P&L and business risk management outcomes.
What will you do?
Own HEF’s risk-based Property Valuation Strategy, which determines eligible appraisal method and variance for property valuation based on client and collateral attributes. Own HEF’s property valuation policy and ensure ongoing compliance with principles of OSFI Guideline B-20 and other regulatory requirements
Own P&L segment relating to HEF property valuation costs, with accountability to reduce costs through business rules, capabilities, and end-to-end processes
Leverage knowledge of credit strategy, property risk, and NAL/PCL drivers to conduct analysis of PV performance and identify opportunities to expand model appraisal usage and lower costs while managing risk. Implement changes to strategy and business rules end-to-end, including robust analysis, socialization of recommendations to executives, risk assessment and documentation, implementation of new rules and post-implementation monitoring of strategy changes
Maintain knowledge of industry innovations in property valuation. Maintain assessments of value and present recommendations and rationale for implementing new PV capabilities. Lead the implementation of new PV capabilities into the strategy, in collaboration with business, technology and risk partners
Own Automated Valuation Model (AVM) cascade rules to optimize for successful AVM outcomes while managing for cost
Lead QA and performance testing of PV models to ensure ongoing quality and model integrity, and act accordingly to mitigate any identified risks
Lead annual risk assessment and updates to HEF Loan-to-Value (LTV) Tiering policy. Using housing and economic indicators and forecasts to make sound recommendations on tiering changes to HEF leadership, in collaboration with peers across HEF policy, product, and risk teams
Lead the production of collateral management reporting with thoughtful commentary and guidance to drive and proliferate knowledge of PV strategy performance, model quality, costs, fee recovery, Housing Price Index (HPI) trends, LTV metrics, and other key business risks to HEF executives and senior leaders
Lead the identification and mitigation of various risk resulting from or impacting the PV process, including data risk, client privacy, operational, and third party/supplier risk, collaborating closely with business and functional risk partners
What do you need to succeed?
Must-have:
5+ years of experience in risk management and/or product management roles
Strong quantitative skills and analytics experience, with exposure to credit risk, portfolio management or product P/L management
Strategic mindset and critical thinker, with an ability to constructively challenge and affect change
Experience leading execution of initiatives end-to-end, with extensive cross-functional collaboration and stakeholder management (i.e. product, policy, risk, operations, technology, etc.)
Exceptional risk and business acumen, along with written and verbal communication skills
Exceptional collaboration skills and ability to navigate and influence within a matrix organization
A growth mindset and innate curiosity toward data, technology, industry innovation and transformation
Undergraduate degree
Nice to have:
Credit risk, portfolio management and modelling experience
Home Equity Financing and regulatory landscape knowledge (i.e. OSFI Guideline B-20)
MBA or Graduate Degree
What’s in it for you?
We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.
Ability to make a difference and lasting impact
Work in a dynamic, collaborative, progressive, and high-performing team
Opportunities to do challenging work
Job Skills Adaptability, Communication, Decision Making, Leadership, Problem Solving, Quantitative Analytics, Risk Management, Strategic Planning, Strategic Thinking
Additional Job Details
Address: RBC WATERPARK PLACE, 88 QUEENS QUAY W:TORONTO
City: TORONTO
Country: Canada
Work hours/week: 37.5
Employment Type: Full time
Platform: Personal and Commercial Banking
Job Type: Regular
Pay Type: Salaried
Posted Date: 2024-01-12
Application Deadline: 2024-01-27
Inclusion and Equal Opportunity Employment
At RBC, we embrace diversity and inclusion for innovation and growth. We are committed to building inclusive teams and an equitable workplace for our employees to bring their true selves to work. We are taking actions to tackle issues of inequity and systemic bias to support our diverse talent, clients and communities.
We also strive to provide an accessible candidate experience for our prospective employees with different abilities. Please let us know if you need any accommodations during the recruitment process.
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Expected salary
Location
Toronto, ON
Job date
Sun, 14 Jan 2024 05:35:07 GMT
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