Woolworths Financial Services | Full time
Divisional HeadCape Town, South Africa | Posted on 04/09/2024
WoolworthsFinancial Services, or WFS as it is better known, is a JointVenture with Absa Bank, that supports the Woolworths retailbusiness by providing in-storecredit inthe formof the Woolworths StoreCard andoffering value-addedservices including credit cards, personal loans and short-terminsurance as well as life insurance linked to otherproducts.
Job Description Main Purpose:
To support the Credit Risk Officer in driving the WFSRisk Operations agenda, covering the Collections, Recoveries and Fraudportfolios, by defining, implementing and optimising a people, process andtechnology roadmap, to deliver against the financial targets of theorganisation.
Responsibilities include To drive and deliver the Collections,Recoveries & Fraud operational agenda into the WFS business through themanagement of an internal call centre (inbound & outbound), dialer &digital capabilities, external debt collection agencies and forensicinvestigators.
To provide thought leadership for thecontinuous improvement and commercial optimisation of operational processes andstrategies in pursuit of the best-in-class ambitions of the organisation.
To foster operational excellence in themanagement of an internal collections call centre and outsourced external debtcollections agency panel, in order to deliver against the requiredroll-rate/impairment/cost targets.
To build a future-fit collections capability,by providing expertise into the strategic decisions around technologytransformation, capital expansion and business improvement initiatives.
To effectively manage both internal andexternal stakeholders, with a specific focus on driving a partnershipphilosophy with a consolidated/specialized external debt collections agencypanel to continuously extract mutual value.
Key Responsibilities: Strategic/Thought Leadership Stay abreast of industry trends and roleplayers and ensure that the Risk Ops department and broader Credit Risk Officeare well positioned to provide competitive and industry leading services.
Set and communicate a long-term Collectionsstrategy that clearly articulates strategic targets and metrics to align thedelivery of CRO against the WFS strategic objectives and targets and broaderGroup expectations.
Benchmark Collections best-practices acrossIndustry and ABSA and produce insights and reports on possible opportunitiesand benefits.
Utilise and analyse industry knowledge andtrends as well as customer and consumer feedback to improve businessperformance.
Provide expertise into the strategicdecisions around technology, capital expansion and business improvementinitiatives in support of the Collections Transformation journey.
Participate in analysis of strategyperformance and initiatives, including major departmental initiatives to continuouslyseek improvements in business strategies, policies, systems and procedures.
Conduct financial analysis of strategyperformance to ensure alignment with overall business strategy.
Collections,Recoveries & Fraud Strategy Lead the development & implementation of internalCollections Strategies that rehabilitate early-stage, disorganized orinternally distressed customers by pro-actively showing up for them in theirtime of need, with digitally enabled, effective and dignified solutions.
Lead the development & implementation of externalRecoveries Strategies that collect as much as possible from as many as possibledebtors, through activation and consistent repayment of outstanding debt ofmid/late-stage, distressed or unwilling customers, by partnering with externalagencies with the appropriate expertise and capabilities to create sharedvalue.
Lead the development & implementation of FraudStrategies that minimize losses stemming from application- and transactionfraud, whilst upholding the customer experience.
Oversee the management of the Collections OutboundCall Centre (+/-150 employees).
Oversee the management of the Recoveries andSpecialised portfolio (+/- 230 outsourced Agents).
Deliver the impairment / roll-rate targets in the STPbudget and/or RAF targets.
Continuously review and update the performance ofcollections and recoveries activities and recommend improvement adjustments toOperations and Business to meet best-in-class ambitions.
Develop strategy and policy tests to challenge andenhance current strategies, plans and processes.
Design strategy and framework of the collectionsincentive programmes to ensure their effectiveness in motivating collectors anddriving high performance to attain budgeted targets.
OperatingSystems & Information Oversee the effective use of technology and managementof operational systems such as a dialler, a fraud management system, acollections workflow system and other non-voice communication channels.
Ensure that all systems are fit for businessrequirements and continuously improved whilst embedding changes effectively.
Ensure Management Information (MI) is in place or isdeveloped to monitor performance and effective implementation/adherence byquality checking MI teams reports.
Produce accurate and timeous reporting andpresentations of analysis on collections and impairment results and operationalactivities.
StakeholderManagement Identify internal & external stakeholders andengage all role-players and industry forums to understand changes to strategy,regulations and markets.
Engage pro-actively with internal and externalstakeholders to facilitate delivery of technical specifications on systems tooptimise operational performance and minimise business risk.
Manage the partnership philosophy with aconsolidated/specialized external debt collections agency panel to continuouslyextract mutual value.
Conduct regular interactions with ABSA's operationsunits to ensure best practice thinking and sharing are considered for thegroup.
Liaise with and provide input into other departmentsto facilitate efficient implementation and execution of Collections and Fraudpolicies.
Staff andTalent Management Build and manage an effective and dynamic team byembedding formal performance development, recognition and informal coaching.
Encourage frequent knowledge sharing between teammembers.
Ensure ESS scorecard is maintained and support organisationaltargets for Employment Equity as and when applicable.
Work with the team and other stakeholders to achievedesired results through continuous support and mentoring activities to ensureeffective delivery of changes, projects and maintenance releases.
Coach team on how to plan for and perform successfulanalysis and documentation through various techniques.
Evaluate and implement training and development needsfor team.
Facilitate the creation of an environment wherebystaff can motivate themselves and feel proud of the work they do.
Role model and reinforce the WFS values and ethics.
Requirements QUALIFICATIONS Degree or postgraduate qualification.
Postgraduate degree/Leadership Development Programwould be beneficial.
EXPERIENCE 10 year's senior management/consulting experience.
10-15 years relevant Credit, Collections or Recoveriesportfolio management experience with proven track record in the FinancialServices industry, including experience in Credit Card, Retail Store Cards andPersonal Loans.
Experience in building and deploying leading edgecollection, recoveries and fraud strategies.
Experience in managing/consulting in operations/callcentre environments ° Partner engagement and supplier management exposure.
Implementation of new technology/operatingsystems/payment networks is preferred.
Woolworths FinancialServices is a proud South African brand, who is committed to transformation.Meeting our employment equity goals will be taken into account in our recruitmentdecisions.
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