Job Title: Collections Manager
Overview: The Collections Manager leads the collections department, driving efficient and timely recovery of outstanding accounts while fostering positive customer relationships. This role involves developing and executing collection strategies, managing team performance, ensuring regulatory compliance, and optimizing collection processes.
Responsibilities:
Team Leadership & Development:
- Lead, mentor, and develop the collections team to achieve and exceed departmental goals.
- Provide comprehensive training to staff on advanced collection techniques, evolving policies, and complex compliance regulations.
- Conduct regular performance evaluations, offer constructive coaching, and identify opportunities for professional growth within the team.
Strategic Collections & Operational Excellence:
- Formulate, implement, and refine sophisticated collection strategies to significantly reduce delinquencies and minimize bad debt.
- Proactively monitor the overall portfolio of outstanding accounts, strategically prioritize collection efforts based on risk and potential recovery, and adjust strategies as needed.
- Ensure strict adherence to company policies, all applicable state and federal regulations (e.g., FDCPA, TCPA), and leading industry best practices in collections.
Customer & Stakeholder Management:
- Expertly handle escalated and complex collection disputes, employing advanced negotiation skills to establish mutually acceptable payment arrangements while preserving customer goodwill.
- Cultivate and maintain professional, solution-oriented communication with customers, ensuring timely and effective debt recovery.
- Collaborate strategically with sales, customer service, legal, and finance teams to proactively resolve intricate account issues and improve overall customer experience.
Performance Analytics & Reporting:
- Establish key performance indicators (KPIs) and rigorously track critical collection metrics (e.g., DSO, aging analysis, recovery rates, cost-to-collect) to provide insightful reports to senior management.
- Conduct in-depth analysis of collection data to identify emerging trends, potential risks, and strategic opportunities for continuous improvement in collections performance and efficiency.
Compliance, Governance, & Risk Mitigation:
- Establish and enforce robust processes to ensure all collection activities are fully compliant with the latest legal and regulatory standards, minimizing potential risks and liabilities.
- Oversee the maintenance of accurate and comprehensive records of all collection activities, customer interactions, and payment arrangements, ensuring auditability and data integrity.
- Develop and implement internal controls and audit procedures to guarantee adherence to compliance guidelines and company policies.
Process Optimization & Technology Advancement:
- Continuously identify critical areas for process re-engineering and implement innovative best practices to enhance collection efficiency and effectiveness.
- Collaborate closely with IT and finance teams to strategically evaluate, implement, and optimize collection systems, automation tools (e.g., dialers, payment portals), and reporting capabilities.
Qualifications:
- Bachelor's degree in Finance, Business Administration, Accounting, or a closely related field (Master's degree preferred).
- 5+ years of progressive experience in collections, with a minimum of 3 years in a management role demonstrating increasing responsibility and strategic impact.
- Expert-level knowledge of federal, state, and local collections regulations (e.g., FDCPA, TCPA, CFPB guidelines) and the ability to interpret and implement regulatory changes.
- Advanced proficiency in utilizing and optimizing collections software, Customer Relationship Management (CRM) systems, and Enterprise Resource Planning (ERP) systems (e.g., SAP, Oracle, Salesforce Financial Cloud, or industry-specific platforms).
- Exceptional leadership, strategic negotiation, persuasive communication, and interpersonal skills with the ability to influence and build consensus across different levels of the organization.
- Proven ability to conduct sophisticated data analysis, develop data-driven collection strategies, and implement measurable improvements in key performance indicators.
