Senior Associate, Remedial Asset Management (ICD)- IsDB, Jeddah, KSA
Role Purpose:
To support and contribute to RAMU Division’s mandate to reduce the quantum of Non-Performing Assets by actively and effectively monitoring and analysing the assigned portfolio of Non-Performing Assets at ICD. This includes adopting the best practices to develop bespoke strategies for asset in the portfolio leading towards early recovery or work-out of the asset in the most cost-effective and timely manner with the overarching aim of ensuring optimization of value under distressed scenario for ICD.
Key Functional Accountabilities and Activities:
Remedial Assets Management & Provisioning Policy:
Apply internal standards, policies, processes and procedures
Contribute to and identify opportunities for continuous improvement of systems, processes and practices considering leading practices, improvement of business processes, cost reduction and productivity improvement
Obtain the required information on all aspects of the asset including commercial, ICD KYC and other checks, legal and statutory, market, financial projections etc.
Manage the assigned Non-Performing Assets portfolio through recovery efforts, restructuring, settlement or foreclosures
Maintain complete records in respect of the assigned portfolio of Non-Performing Assets including the hard Credit Files and soft information obtained during the handover process
Maintain complete information in respect of the latest position of the assigned portfolio of Non-Performing Assets in the ICD books
Identify risk parameters within assigned portfolios on an ongoing basis
Gather required information to assess and report the progress status of the assigned portfolio
Conduct periodical reviews of the assigned portfolio including regular site visits to project sites and clients for better monitoring of the assets
Identify and conduct the engagement process of all 3rd party consultants/advisor including legal counsel as per ICD policies and practices
Non-Performing Asset Resolution:
Lead the internal approvals of innovative strategies and action plans to resolve Non-Performing Assets by employing an array of tactics (legal actions, debt settlements/workouts, asset swaps, etc.…)
Initiate/ participate in the negotiations relating to financing / restructuring terms for Non-Performing Assets, whilst working alongside concerned internal parties (core business units, legal counsel, etc.…)
Operational Management:
Lead the handover and discharge (as applicable) for the complete transfer of all relevant information and records in respect of the assigned portfolio of Non-Performing Assets
Identify, structure, modify workout strategies and action plans for internal management approvals and implementing the same
Lead the due diligence and structuring process to recover or work-out asset
Prepare term sheets, finalize legal documents in close consultation with the legal and participate in the negotiations with clients and any other parties concerned to implement the financing / restructuring terms for Non-Performing Assets Develop/use/implement specialized restructuring techniques to minimize the losses for non-performing financing facilities
Participate in the negotiation of financing / restructuring terms for the Non-Performing Assets with external clients, government agencies and other stakeholders
Participate in formulation of the provisioning policy for ICD
Study, analyse, and propose recommendations for write-offs or provisions to the Division leadership
Ensure compliance with the ICD policies and procedures and Shariah principles in respect of the assigned assets
Monitoring & Reporting:
Periodically report progress and future action plans to the Line Manager.
Participate in preparing reporting criteria for financing performance including internal and external requirements
Provide relevant preventive feedback based upon the experience of RAMU recommending project approval metrics, policies and processes to avoid losses
Stakeholder Relationship Management:
Maintain active client engagement to ensure smooth information exchange and implementation of the approved strategy
Maintain effective liaison and coordination with the legal function / external legal counsel as well as regulators and subject experts to implement legal / turnaround strategies for classified projects
Represent ICD in bank syndicates / creditor group meetings, Steering Committees and other forums established for coordinated recovery action on
Non-Performing Assets:
Work and interact with customers, attorneys, and other third-party professionals to acquire all necessary documentation, due diligence, and market intelligence
Represent the division in the management and investment committee meetings as and when required
Manage internal communication and collaboration with other departments to ensure support functions are available to facilitate departmental work
Participate and provide inputs in various Control and Action/Advisory committees, as applicable to the role
Innovation & Knowledge Sharing
Participate in knowledge sharing activities to improve project team capabilities within the Division and with other programs of the department as required.
Effectively contribute to building organization knowledge related to remedial process and strategies
Qualifications/ Professional Experience:
▪ At least 3 years deal experience preferably in an investment banking and debt restructuring environment.
▪ Bachelor’s Degree in Finance/Banking or any relevant discipline is a must.
▪ A certificate in CFA, CMA, CPA, Islamic Finance or any other additional relevant professional qualification is a must.
▪ Strong applied understanding of Legal Documentation in Islamic Finance context
▪ High proficiency in Report Writing and Business Communication
Language Skills:
Capable of communicating in two of the working languages (Arabic, English and French) of which English is a must.
Apply here:
http://www.isdb.jobs/careers/isdb/VacancyDetail.aspx?PageID=2004&VacancyID=155247&ChannelID=2894
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