Senior Associate-IC Collections III

Bank of Montreal

Job Overview

Location

Virtual, WI, USA

Job Type

Full-time

Full Job Description

📋 Description

• The Senior Associate-IC Collections III role at Bank of Montreal (BMO) is a critical position within the Customer Shared Services team, focused on managing delinquent, high-risk, or written-off accounts to identify and pursue collections opportunities while maintaining strong customer relationships and upholding the bank’s risk management standards. This role directly contributes to BMO’s financial health by minimizing losses through effective loss mitigation strategies and supporting customers in resolving financial challenges with empathy and expertise.
• Day-to-day responsibilities include delivering exceptional customer service that builds trust through expertise and responsiveness; developing rapport and credibility with clients to foster long-term, profitable relationships; contacting customers to gather necessary information and keep them informed about payment statuses and outcomes; executing established loss mitigation processes for non-performing and high-risk accounts, including exploring loan modifications or liquidation alternatives to minimize losses; handling incoming calls professionally and efficiently; probing to understand customer needs and advising on payment strategies and collections solutions in the customer’s best interest; sending client communications, processing transactions, and coordinating with internal stakeholders to ensure needs are met; integrating marketing promotions into conversations when appropriate; establishing expertise as a key support resource for Consumer Collections personnel by coaching, training, and assisting teams in achieving goals; analyzing data and information to generate insights and recommendations for process improvement; managing transactions related to customer calls or escalating to appropriate internal groups; documenting all interactions accurately and completely; organizing work to ensure precision and follow-through; collaborating in the efficient functioning of the collections lifecycle, including participation in loss mitigation solution execution; following documented policies and procedures rigorously; staying current on collections strategies, practices, trends, and regulatory requirements; maintaining strict confidentiality of customer and bank information; supporting continuous improvement by identifying and implementing process enhancements; developing awareness of industry best practices and regulatory changes; completing complex, diverse tasks within established guidelines, including handling escalations; analyzing issues to determine appropriate next steps; taking measured risks while protecting the bank by applying BMO’s Risk Management Framework, adhering to risk culture, appetite, and all applicable policies, laws, and regulations; and being open to broader accountabilities as assigned.
• The Customer Shared Services team at BMO operates as a vital support function that enables seamless customer experiences across financial products and services, with a strong emphasis on ethical collections practices, customer empowerment, and financial wellness. This team works collaboratively to ensure compliance, drive operational excellence, and uphold BMO’s Purpose of ‘Boldly Grow the Good’ by turning challenging financial situations into opportunities for recovery, education, and long-term customer loyalty.
• In this role, you will develop deep expertise in consumer collections, risk management, and regulatory compliance while honing advanced communication, negotiation, and analytical skills. You will gain experience in loss mitigation strategies, customer relationship management, and cross-functional collaboration, positioning you for advancement into senior collections, risk, or customer service leadership roles within BMO. You will also cultivate a strong understanding of how ethical, empathetic collections practices contribute to both customer outcomes and institutional resilience.

🎯 Requirements

• Typically 2-3 years of relevant experience in collections, customer service, financial services, or a related field, or an equivalent combination of education and experience.
• Post-secondary degree in a related field of study (e.g., finance, business, economics, or criminal justice) is desirable.
• Good knowledge of federal, state/provincial, and local laws pertaining to Consumer Collections and the functional area.
• Good knowledge of BMO products and services, as well as awareness of competitive marketplace trends in product offerings.
• Good verbal and written communication skills.
• Good organization, collaboration and team, and analytical and problem-solving skills.

🏖️ Benefits

• Competitive salary range of $41,714.00 to $65,000.00 annually, salaried, with potential for commission-based earnings based on performance.
• Comprehensive total compensation package including performance-based incentives, discretionary bonuses, health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans.
• Access to BMO’s Total Rewards program, offering additional perks and rewards designed to support employee well-being and professional growth.
• Opportunity to work in a purpose-driven organization committed to equity, inclusion, and reasonable accommodations for individuals with disabilities.
• Access to in-depth training, coaching, manager support, and network-building opportunities to develop skills and reach career milestones.
• Employer commitment to ethical hiring practices, including consideration of applicants with criminal histories consistent with applicable laws.

Skills & Technologies

Senior

Onsite

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Bank of Montreal

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About Bank of Montreal

Bank of Montreal, founded in 1817, is one of North America’s largest diversified financial services providers. It offers personal, commercial, corporate, and investment banking, wealth management, and capital markets services across Canada, the United States, and select global markets. The bank serves over 13 million customers through a network of branches, digital platforms, and specialized subsidiaries. BMO is traded on the Toronto and New York stock exchanges and is recognized for its commitment to sustainable finance and community investment.

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