Manager, Allowance & Loss Forecasting

Momentum Financial Services Group


Date: Sep 23, 2022
City: Malvern, PA
Contract type: Full time
Momentum Financial Services Group

Company Description

Momentum Financial Services Group, formerly Money Mart Financial Services is a leading provider of financial services in North America. For 40 years we've been committed to providing financial solutions that meet the evolving needs of consumers and business owners. Backed by a retail network of over 500 locations and robust digital and mobile platforms, we provide access to cash and related products to help our customers achieve their goals. We operate retail locations in local communities and cities across Canada under the Money Mart brand and in Quebec as Insta Cheques and in United States as Money Mart and The Check Cashing Store.

Our highly skilled workforce puts customers first in everything we do.  We serve millions of people annually with diverse and innovative financial products and services.  Through this ever-evolving suite of services, we empower customers to manage their finances and improve their lives. Wherever customers are on their financial journey, Momentum Financial Services Group provides solutions. 

We believe in giving back to the communities where we live and work. With the generous support of our customers and staff, we proudly contribute over two hundred & fifty thousand dollars annually to charities and non-profit organizations, along with using our time and talent to serve in local communities throughout Canada and the United States. We are looking for aspiring, passionate people who are dedicated to understanding and providing our customers with the right financial solutions utilizing a growing menu of products and services.  We embrace diversity and offer a fast-paced work environment. 

Job Description

GENERAL FUNCTION

The Manager, Allowance & Loss Forecasting is responsible for the allowance/provision loss forecast methodology and aggregation of analytics to establish an accurate reserve that adequately covers the business credit risk exposure.

DUTIES/RESPONSIBILITIES

  • Responsible for the Allowance / Provision Loss Forecast methodology and aggregation of analytics to establish an accurate reserve that adequately covers the business credit risk exposure
  • Automate daily, weekly, and monthly Allowance / Provision snapshots in order to provide the leadership team and business partners with data necessary to make informed decisions
  • Become an expert in the Allowance / Provision Loss Forecast process; stand ready to explain results and provide supporting insights to the leadership team as needed
  • Assist in Ad hoc provision, liquidity, and securitization analysis
  • Ability to work on multiple projects with limited guidance 
  • Manage interactions and communication with Finance, Collections, Credit, and leadership team to ensure consistency of the loss forecast 
  • Ability to present findings in a cohesive, clear, and actionable format to the upper management
  • Conducts research of current risk frameworks/methodologies and industry developments and active application of the findings in risk modeling and analysis.
  • Ensures proper documentation necessary to fulfill audit and compliance requirements
  • Mentor and coach analysts as part of overseeing the Allowance / Loss Forecast processes 

Qualifications

EDUCATION

  • A minimum Bachelor’s degree is required in a quantitative field; Majors in Statistics, Mathematics, or Economics are preferred; Master’s degree preferred.

EXPERIENCE

  • 5+ years of experience in risk management or related functions
  • Experience with advanced credit risk management techniques such as parameter estimation, stress testing, model development and validation, model risk management, capital planning, and evolving supervisory policy issues.
  • Hands-on experience in the following areas are preferred:
  • Loss forecasting
  • Allowance / loan loss reserves
  • Producing sophisticated complex management packages
  • Solid writing skillset on reserve related memo and committee presentations

SKILLS

  • Strong understanding of software applications such as SQL, SAS/Python, R, and Microsoft Excel

Additional Information

BENEFITS

  • Medical / Dental/ Vision benefits available 
  • Company paid life insurance
  • Paid holidays
  • PTO / 401K / Tuition Reimbursement
  • All your information will be kept confidential according to EEO guidelines.

We invest in our employees, and offer extensive training, and development programs to set you up for future success. If we sound like a fit and you’re ready to start an exciting career with an organization that encourages employee growth, apply today! We look for bright, energetic, motivated individuals who are interested in learning and developing their career.

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