VersaBank is an inclusive, entrepreneurial, Schedule 1 Chartered Bank with over $4.3 billion in assets and growing. Currently operating in Canada as the most innovative bank, VersaBank operates as a branchless financial institution that obtains its deposits and provides most of its loans and leases electronically, with innovative deposit and lending solutions for financial intermediaries that allow them to excel in their core businesses. VersaBank USA has received its final federal approvals and will soon begin operations in the US offering customers our unique Receivable Purchase Program (RPP).

VersaBank’s Common Shares trade on the Toronto Stock Exchange (“TSX”) and Nasdaq under the symbol VBNK. Our Series 1 Preferred Shares trade on the TSX under the symbol VBNK.PR.A. Our head office is in London, Ontario, with various offices located across Canada. For more information on VersaBank, please visit our website at www.versabank.com.

VersaBank USA is looking to add a Director, Credit Risk Management to our US Credit team. This will be a fully remote role, located in the state of Florida.

Job Description

As the Director, Credit Risk Management, you will be one of the first on the ground team members responsible to manage the day-to-day activities of the credit department for VersaBank USA. This role will have a strong focus on assessing and managing credit risk for the Receivable Purchase Program (RPP), through credit approvals, renewals, related controls, reporting requirements and establishment of procedures. This role will work closely with the Executive team, and other Credit stakeholders ensuring that potential risks are identified, measured, mitigated, and reported as per regulatory requirements and internal protocols.

With strong analytical skills and strategic insights, this role will be a main contributor to the financial health and stability of the Bank.

Minimum Requirements

• Bachelor’s degree in business, Finance, Accounting or related field or equivalent work experience.
• 10 years of experience with progressive responsibility in credit, risk management and lending positions with particular focus on leasing and consumer financing.
• MBA would be considered asset.
• Experience in financial statement, credit and collateral analysis across various debt asset classes.
• Demonstrated expertise in credit and financial risk analysis as well as a strong understanding of lease financing and documentation
• Strong working knowledge of Microsoft applications with emphasis on using Excel for data mining and modeling.
• Advanced experience in lease vendor relationships and assignment agreements.
• Excellent communication skills with the ability to develop concise summaries of complex analyses and data appropriate for various levels of consumption across the Bank
• Superior analytical and problem-solving skills, with the ability to prioritize and resolve issues as they arise
• Highly focused attention to detail and a drive to deliver high-quality results
• Ability to bring sound business judgement to decisions and evaluations
• Responsive to the needs of stakeholders supported by an acute awareness of the impact of actions

Primary Responsibilities Include:

• Credit Underwriting and Funding Supervision:
  
  
  • Provide constructive feedback to lenders on new lending opportunities.
  • Provide advice and/or observations on all credit submissions and related documentation, primarily from the standpoint of credit risk.
  • Provide approval of acceptable lending requests in line with delegated authorities under the Credit and Portfolio Management Policy.
  • Ensure that credit decisions are adequately documented in credit files.
  • Review funding submissions and portfolios to ensure approved credit criteria are met and that required security is in place.
  • Generate and review monthly compliance dashboard reports to identify trends resulting in increased risk and confirm that an action plan is in place to address same if applicable.
  • Monitor action plans with respect to underperforming loan assets.
  • Follow-up with account management and institute action as appropriate, after consulting the overdue review report for annual and interim reviews, delinquency report and security report.
  • Responsible for the sign-off of all loan advances to ensure credit has been approved, security is in place and all conditions have been satisfied.
    
    
• Credit Policies and Procedures:
  
  
  • Maintain and amend as necessary the Credit and Portfolio Management Policy.
  • Undertake review, at least annually of the Credit and Portfolio Management Policies, providing recommendations of area deemed appropriate for upgrading (risk or regulatory changes) and then implement the changes.
  • Provide constructive input as to changes being considered in policy regarding concentration levels (i.e. Large Exposure Policy, Asset Concentration Policy, Industry Limit Policy)
    
    
• Reporting & Audits:
  
  
  • Prepare and present materials for Credit Committee and Risk Oversight Committee meetings.
  • Develop and maintain a reporting structure to keep the senior management and Board abreast of trends and risks in the loan portfolio
  • Act as the primary contact with the internal auditor, external auditors, and regulatory bodies on credit related matters associated with the loan portfolio.
    
    
• Other Responsibilities:
  
  
  • Assist with the calculation and supporting rationale of the allowance for credit losses.
  • Responsibility for departmental reporting and compliance requirements.
    
    
  • Preparation and presentation of material to Board and Management committees as necessary.

Please note this list is not designed to cover or contain a comprehensive list of activities, duties, or responsibilities that are required for this job. Duties, responsibilities, and activities may change at any time with or without notice.

Location

This position will be fully remote, in the State of Florida. You will perform your work at a non-office location and will not have an office or workstation at VersaBank USA’s worksite.

Benefits

We offer excellent career advancement opportunities, an informal, positive work environment, and a very competitive compensation package including vision and dental coverage, and life, AD&D and disability insurance. VersaBank USA employees also enjoy participation in a 401(k) plan, and time off policies as well as annual incentive awards.

Contact Information

For all communications regarding this position, use the contact information below.

• Contact Email: [email protected]

Compensation

VersaBank USA is looking for a talented Director, Credit Risk Management to join the team full-time. Because this position has room for advancement and VersaBank USA is prepared to employ applicants with less experience, compensation may vary and will be determined at a later stage in the hiring process.

Disclaimer

Applicants may be subject to a background check. Employees in this position must be able to satisfactorily perform the essential functions of the position. If requested, VersaBank USA will make every effort to provide reasonable accommodations to enable employees with disabilities to perform the position’s essential job duties. As markets change and the Company grows, job descriptions may change over time as requirements and employee skill levels evolve. With this understanding, VersaBank USA retains the right to change or assign other duties to this Director, Credit Risk Management position.

Application Deadline

VersaBank USA accepts applications on a rolling basis.

Even if your qualifications don’t match our criteria exactly, we welcome you to apply if you have an interest and feel you would be able to succeed in this position. We have found that people with a diversity of backgrounds and variety of experiences in our workforce creates a more rewarding, dynamic, and effective work life.