## Description
**_Commercial Lending Product Manager_**
The Commercial Lending Product Manager is accountable to align/develop new and existing lending products to meet the needs of a product-specific customer group and adhere to all regulatory requirements for the identified suite of products and ensue that products are straightforward for the sales force to sell, fulfill and service. The role is accountable to manage operational, market and credit risk (as applicable) and to identify strategies to size and mitigate potential exposures, in conjunction with other Bank resources as required. The role will support the development and maintenance of policy, documentation, delivery system infrastructure, training materials, marketing materials, compliance standards, security, collateral standards for specified product(s) and other requirements. The role may also include third party relationship management.
The Product Manager is accountable for the development, enhancement, delivery and management of the assigned product portfolio in order to maximize overall profit contribution to the Enterprise. This role will contribute to: 1) optimizing the financial performance and customer value of the product portfolio through management of balance, mix, spread and non interest revenue; and 2) increasing market share, share of wallet, customer retention, and product and customer profitability.
**KEY AREAS OF ACCOUNTABILITY******
A. Product Management and Documentation
B. Product Policies and Procedures
C. Product Assessment
D. Risk Management and Regulatory Compliance
E. Product Advice
F. Relationship Building
ACCOUNTABILITIES
**NOTE: In addition to the core accountabilities listed, the successful candidate will also provide system support to Automotive Finance as a subject matter expert for E-Drive and ESE Upload.****
A. Product Management and Documentation
Recommend, implement and provide ongoing support on amendments/ enhancements/ solutions to existing product(s)/product offering groupings for specific market opportunities and/or introduction of new products/ features in alignment with P&C; strategy to achieve market share and profitability goals and ensure products meet the needs of customers and are simple for customers to use, and are straightforward for sales force to sell, fulfill and service, maximizing penetration by channel and speed to market.
* This includes but is not limited to the identification of new product/ features/ enhancements, concept/ opportunity evaluation and consideration of new market entries, development of concept screens, product/ feature feasibility assessments (e.g., economic, market and technical feasibility), business case preparation and overall product definition.).
* Lead product enhancements or new product initiatives by working with assigned resources within P&C; Canada to develop and implement the change.
Recommend the pricing structure for the product, particularly regarding feature/price trade-offs, based on a thorough understanding of competitor/substitute products, product performance and deep customer knowledge/insights.
Recommend amendments to product/processes to support specific channel needs to meet business goals.
Define and manage the product specific (i) legal forms, documents, (ii) security, title/collateral policies and processes across specified product(s) and customer segments (if applicable), and (iii) product specific title insurance strategies for products where appropriate (if applicable).
Consider the competitive environment; assess operations, profitability, technical feasibility, policy/ credit requirements and directives to assist in the preparation of business cases.
Monitor operations to ensure effective relevant product systems are maintained and continuously improved, making appropriate amendments to specific channels as required. As appropriate, enhance the product delivery system infrastructure, including providing input into business requirements for technology changes and making any necessary system updates/table changes as required (if applicable).
B. Product Policies and Procedures
Develop, implement and manage all product specific policies and supporting documentation and processes for Senior Manager review, including all internal/ external documentation, templates, agreements, legal forms, requirements to ensure documents accurately reflect product and systems functionality and features (and vice versa), and comprehensively describe both Bank and customer obligations and privileges in order to ensure the Bank provides sufficient information and disclosure to the customer, as clearly, efficiently, effectively and accurately as possible.
Develop industry specific rules, regulations, policies and procedures (within the regulatory environment) to enable the sales force to easily sell to customers.
Develop, manage or provide input to all non-product specific requirements, processes, standards and policies owned by or impacting the Product group.
Support the design, development and maintenance of effective processes to monitor product effectiveness, resolve issues (or provide detailed recommendations) and to integrate applicable control frameworks to mitigate operational risk ensuring the effective and efficient delivery of market relevant products that meet the needs of the targeted customer.
C. Product Assessment
Regularly monitor customer and competitive environments to ensure product offers remain relevant to customer needs, achieve the desired competitive positioning and identify opportunities for product offering.
Develop extensive product related expertise in a designated industry and intimately understand all aspects of product performance, customer needs, industry and regulatory requirements, as well as the competitive landscape in order to package existing products to meet the needs of customers and industry specific requirements and to provide expertise on any identified projects or programs within BMO Financial Group.
Develop a suite of key performance indicators for understanding product(s) performance and communicate internally as required.
D. Risk Management and Regulatory Compliance
Act as subject matter expert and liaise with other Product groups, internal Bank groups and external groups on operational, market and credit risk issues, proactively exploring existing and potential risks and sources of risk, taking specific actions to more accurately identify and manage various forms of risk in the specified product environment.
Actively manage compliance and regulatory standards, issues and gaps across the product suite. Work with Legal and external parties, as appropriate, to manage third party risk including class action lawsuits brought against the Bank.
Provide input to the business owner of security lending and realization value, and non-product specific compliance activities such as RCSA. (As appropriate to specific product areas.)
Role Profile
E. Product Advice
Act as product expert within the Product group, other internal Bank groups and external groups, as required.
Provide input to training and marketing materials to ensure clarity and accuracy of information.
F. Relationship Building
Act as business owner for sector specific product expertise and compliance activities relating to the product suite in Personal & Commercial Banking.
Manage internal partnerships and external vendors as required.
## Qualifications
a) Knowledge:
* Commercial credit experience
* Product fundamentals; including understanding the design and how the product works (policies & procedures), knowledge of delivery infrastructure systems and the system linkages underlying products
* Environmental awareness/understanding (In-depth)
* Risk management (In-depth)
* Process coordination and management (Working)
* Working knowledge of Automotive Finance systems. In particular ESE Upload and E- Drive systems.
Product Management (Working)
* Industry and regulatory requirements understanding
* Product Management (Working)
b) Skills:
* Analytical thinking (Working)
* Problem-solving (Working)
* Influence (In-depth)
At our company, we have been helping our customers and communities for over 195 years. Working with us means being part of a team of talented and passionate individuals with a shared focus on working together to deliver great customer experiences. We stand behind your success with the support you need to turn your potential into performance.
To find out more visit our website at www.bmo.com/careers.
BMO Financial Group is committed to an inclusive, equitable and accessible workplace. By embracing diversity, we gain strength through our people and our perspectives.
*Job:* Product Management
*Primary Location:* Canada-Ontario-Toronto
*Organisation:* Canadian Commercial Banking-X000905
*Schedule:* Full-time
*Job Posting:* 05/26/14
*Unposting Date:* 06/09/14
*Req ID:* 1400013082