Job Description
Join a Challenger
Being a traditional bank just isn’t our thing, so we challenge ourselves to get creative in providing innovative banking solutions for Canadians.
How do we get there? With a talented team of inquisitive and agile challengers that break through the status quo. So, if you’re passionate about redefining the future of banking—while having fun—this could be your next big opportunity.
Our company continues to grow, and today we serve more than 780,000 customers across Canada through Equitable Bank, Canada’s Challenger Bank™, and have been around for more than 50 years. Equitable Bank’s wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than six million members. Together we have over $138 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people’s lives. Our customers have named our EQ Bank digital platform (eqbank.ca) one of the top banks in Canada on the Forbes World’s Best Banks list since 2021.
The Work
The VP, Special Accounts Management Unit (“SAMU”) is the executive lead responsible for driving the Bank’s national strategy for managing higher risk, nonperforming, and distressed commercial credit exposures. This role oversees all Special Accounts activities, including arrears management, complex workouts, restructurings, insolvency matters, enforcement, and asset recovery. The VP ensures loss mitigation, maximized recoveries, and strong governance across the lending portfolios.
The incumbent is responsible for ensuring that practices align with OSFI and other regulatory requirements concerning impaired loans, workouts, and risk governance. They also develop high-performing teams by setting strategic direction and act as the final escalation point for complex credit issues, considering prevailing market conditions. In close collaboration with the SVP, Chief Credit Officer, and senior leaders in Risk, Legal, Finance, and Commercial, the Vice President offers insights, guidance, and decision support regarding trends within the SAMU portfolio.
Strategic Leadership & Governance
- Lead the overall direction, priorities, and strategic execution of SAMU nationwide, ensuring alignment with the Bank’s credit risk appetite, policies, and regulatory expectations.
- Develop and execute proactive monitoring, workout, restructuring, and enforcement strategies to mitigate risk, reduce losses, and enhance recoveries.
- Serve as the senior decision‑maker on complex workout situations, enforcement actions, restructurings, insolvency processes, and borrower negotiations.
- Provide strategic recommendations to the SVP and Executive Leadership on distressed portfolio trends, systemic risks, and opportunities for portfolio optimization.
Portfolio Oversight & Risk Management
- Oversee all high risk and nonperforming commercial loans, ensuring accurate risk ratings, timely action plans, and disciplined execution of workout strategies.
- Review and approve complex credit submissions, including restructures, forbearance agreements, settlements, enforcement actions, and impairment assessments.
- Ensure compliance with internal policies, legal requirements, insolvency legislation, and expectations from regulatory bodies.
- Monitor Watchlist/Arrears reports and ensure timely escalation of deteriorating accounts.
Operational Excellence & Reporting
- Lead preparation of reporting packages for Executive Committees, Board presentations, audits, regulators, and risk management functions.
- Oversee monthly, quarterly, and annual reporting of arrears, recoveries, impairments, and enforcement activity.
- Strengthen and streamline SAMU processes, controls, documentation standards, and governance frameworks.
Internal & External Relationship Management
- Serve as the primary executive liaison for external law firms, insolvency professionals, receivers, appraisers, brokers, and other third party experts.
- Partner with Credit Risk and Commercial Lending teams to support early stage intervention, risk identification, and credit deterioration mitigation.
- Collaborate with Legal Services to assess enforcement pathways, legal remedies, and strategic case direction.
- Represent the Bank at industry events related to distressed asset management and insolvency.
Leadership & Talent Development
- Mentor, develop, train and lead a team managing higher risk and distressed credits while fostering a culture of accountability, analytical rigor, and collaboration.
- Identify and nurture high potential talent and ensure development plans support succession and team capability growth.
- Promote a culture of inclusiveness, integrity, disciplined execution, and continuous improvement.
Let’s Talk About You!
- 15+ years of progressive experience in commercial lending, with a minimum of 8–10 years in Special Loans, distressed debt management, or workout environments.
- Post‑secondary degree in finance, business, law, accounting, economics, or related field; CPA, CIRP, LLM or equivalent designations an asset.
- Extensive experience in workout strategies, distressed loan management, forbearance, restructuring, enforcement, litigation, and collateral liquidation.
- Advanced understanding of insolvency legislation, foreclosure processes, commercial real estate markets, and secured lending practices across Canada.
- Strong financial acumen including credit analysis, financial statement interpretation, cash‑flow modeling, collateral valuation, impairment analysis, and recovery forecasting.
- Proven track record leading high performing teams in complex credit environments.
- Exceptional negotiation, communication, and stakeholder management skills, including experience negotiating with borrowers, third parties, guarantors, and legal counsel.
- Strong ability to operate under pressure and make sound, time sensitive decisions using professional judgment and limited information.
- Proficiency with MS Office and credit/loan management systems.
What we offer [For full-time permanent roles]
💰 Competitive discretionary bonus
✨ Market leading RRSP match program
🩺 Medical, dental, vision, life, and disability benefits
📝 Employee Share Purchase Plan
👶🏽 Maternity/Parental top-up while you care for your little one
🏝 Generous vacation policy and personal days
🖥 Virtual events to connect with your fellow colleagues
🎓 Professional development and comprehensive Career Development program
💛 A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience
The incumbent will be working hybrid and in office time will be spent working from Equitable Bank’s additional office space located at 2200-25 Ontario Street, Toronto, ON.
Equitable Bank is deeply committed to inclusion. Our organization is stronger and our employees thrive when we honour and celebrate everyone’s diverse experiences and perspectives. In tandem with that commitment, we support and encourage our staff to grow not just in their career path, but personally as well.
We commit to providing a barrier-free recruitment process and work environment for all applicants. Please let us know of any accommodations needed so that you can bring your best self to the application process and beyond. All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying, an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position.
We can’t wait to get to know you!
