Directs or governs all elements of Receivables Management including accounts receivable management, collections, recovery management and the operations to include systems, reporting, and business rule strategies. The position is responsible for ensuring that assigned WEX North American Business Units subscribe to effective receivables risk management policies and procedures. This position is responsible for the ongoing development of the company’s Collections Policy, and ensuring that all relevant parties understand and adhere to these while taking into consideration special or unique derivations of the policy based on markets served and products offered.
This position is in charge of supervising a staff of accounts receivable and collections personnel upwards of 125 employees to include establishing a recruitment strategy, training program, colleague engagement strategy, creating work schedules, and developing measurable metrics to assure the department is performing as expected to include customer satisfaction.
This role oversees several receivables risk management operational areas, including receivables management, collections, vendor management, and certain other administration functions for strategic accounts. In addition, this role must effectively interpret and align with all corporate strategic objectives, including introduction of new partners, new products and entrance into new markets. The position is accountable in the event of under-performance and/or lack of predictability for multiple high impact financial results in areas of accountability, including but not limited to bad debt expenses, and losses recorded due to deficient process controls. Position requires deep collaboration with the Director of Global Credit, WEX Bank and WEX Finance & Treasury Operations and Service Teams.
Responsible for ensuring that all strategic client relationships are implemented, managed and maintained at the highest levels of service responsiveness relative to billing, payments, disputes and overall receivables management. These services are core to the company’s value proposition and have major impacts on overall client satisfaction and retention. These duties may include facilitation and direction of adoption of new product features and technology capabilities.
Overall success in this role and across all job duties emphasizes collaborative approaches and strategies that balance sound receivables management results, targeted DSO, delinquency within pre-established appetite, overall client retention and service effectiveness, and ultimately, revenue growth and optimal profitability.
Portfolio Receivables & Recovery Management
Implement and maintain policies, operating standards, systems optimization, model optimization, and management practices designed to ensure the growth and health of assigned WEX Domestic Portfolios (“the Portfolios”). Primary measures include maintaining and enabling corporate revenue goals, while also minimizing credit losses.
The total portfolio receivables under management across all domestic fleet business units is $4B. The portfolio is comprised of a highly diverse customer mix in terms of industry, and ranges in customer size from small business to Fortune 50 corporations and Federal Government accounts. Accordingly, a wide range of experience and expertise in credit, collections, and finance risk management disciplines is required.
Continuous process improvement is critical to forecast accuracy and predictability of bad debt, delinquency patterns, and causal relationships between risk management actions and customer attrition. Drives continuous feedback loops and a vibrant learning culture in order to optimize results, and ensure agile course corrections in the face of changes to internal and external conditions.
Position requires extensive knowledge and experience across a multitude of portfolio risk management disciplines and professional skills, including account management, collections, accounting and financial controls, bankruptcy administration, compliance and industry technology trends. Provide consultative services and expertise as required in legal and contractual matters and bankruptcy proceedings.
Proactively participates in the ongoing development and refinement of the company’s receivables management strategies and policies. Communicate the effectiveness of current practices and policies, and proactively recommend or analyze potential changes to increase growth, retention and profitability. Drive increasingly scientific, data-driven approaches to management, and enhanced champion challenger and testing strategies.
Cash Management and Risk Governance
Responsible for providing leadership and direction to ensure payment processing, reconciliation and reporting are completed in a timely and accurate manner, which includes:
•Accounts Receivables processes for all payments received from fleet customers including management of exceptions from lockbox processing and all Accounts Receivable adjustments.
•Working closely with the Treasury group to coordinate lockbox activity, problem resolution and represent operations on bank or Treasury initiatives. Ensure that payments received are applied accurately and efficiently with customer postings or misapplied cash resolved in a timely manner to avoid customer disruption.
•Developing and managing effective governance and frameworks to ensure the company has visibility, transparency and effective controls for all business units domestically as relates to receivables management functions. Liaison with leadership & credit management personnel at all Fleet business units. Responds effectively to any concerns or findings by WEX Internal Audit, ERM committees, and business unit senior management as relates to receivables & risk management. Maintain timely quarterly dashboard reporting and performance KPI’s from all relevant business units. Recommends and ensures remediation steps are identified and executed in cases where collection policy definition, compliance or process controls are deemed inadequate.
Operational Management / Budget Management / Financial Controls / Leadership
Drive financial performance on departmental operating budgets. Drive increasing operating efficiency with more material step function improvements with regularity. Annual operating budget in excess of $5MM. Ensure adequate financial controls are in place through formal process engineering, re-design, and rigorous testing. Leverage internal constituencies and external expertise to confirm trouble-shooting, root cause analysis, and effective corrective measures. Prevent systemic billing and reconciliation errors that could result in uncollectible receivables. Great emphasis is placed on consistency and predictability of key operational and financial control mechanisms. Swift, judicious action must be undertaken to remedy errors and defects.
Develop and retain an increasingly talented, experienced, and engaged professional staff. Aggressively recruit and retain high performance teams with progressive industry experience. Foster a challenging and rewarding work climate while providing high degrees of personal accountability as well as career advancement opportunities.
Minimum Required Qualifications:
•Bachelor’s degree (B.A.) from four-year institution
•10+ years increasing corporate leadership experience in accounts receivables, credit risk management, operational and administrative roles
•Advanced knowledge of FDIC and FDCP regulations and bankruptcy laws
•Experience in strategic planning and ability to build and execute through strategies
•Budget planning and management
•Proven experience in process re-engineering
•Strong decision making and negotiation skills
•Presentation & Influencing Skills
•Ability to balance risk mitigation and service
•Strong interpersonal & team development skills
•Effective communication skills, both verbal & written.
•Proficient with all Microsoft Office software
•Master’s degree in Finance, Accounting or Business related field
•Experience in Financial or Payments industries
•Previous experience working in bank/financial services regulatory environment
•Advance skills with all Microsoft Office Applications
At WEX, we reward innovation, hard work and excellence.
· 401(k) Plan
· Adoption Assistance
· Bonus Plan
· Dental Insurance
· Dependent Life Insurance
· Employee Assistance Program
· Employee Referral Award Program
· Expedition - WEX’s Sabbatical Program
· Extended Parental Leave
· Flexible Spending Accounts (Medical and Dependent)
· Health Insurance
· Life Insurance/AD&D
· On Site Fitness Facility in South Portland location
· Pet Insurance
· Paid Time Off(PTO)
· Short- and Long-Term Disability Programs
· Tuition Reimbursement