Functional Role of a Recovery Manager is managing the recovery of the money, assets of a bank. Duties of Recovery Manager include account collection, formulating debt recovery strategies, mentor ship of the staff, fixing parameters for agencies collection executives etc. Recovery Managers are also called Collection Managers.
Do you want to know in detail what a Recovery Manager does? What you should look for in a Recovery Manager Resume? What are the points you should include in your Recovery Manager CV? Please read below.
Responsibilities of Recovery Manager| Collection Manager:
- Managing Delinquent account collection and establishing terms of payment as well contacting people by phone & field visit to inform them of unpaid account
- Monitoring accounts & developing reports to ensure compliance with legal statutes & initiating strong legal action in case of continuous payment default
- Developing and implementing need-based plans / strategies for maximizing profitability & revenue generation for channel partner & realize organizational goals.
- Implementing competent business strategies for widening market, conducting promotional activities and increasing organizational revenue and profitability.
- Establishing new channel partners (franchisees and agencies), formulating debt recovery strategies & targets and conducting need-based training.
- Monitoring subscriber’s accounts & developing reports to ensure compliance with legal statutes & initiating strong legal action in case of continuous payment default.
- Conducting audits on acquisition documentation / account creation and address/credit verification analysis.
- Generating various MIS report on Customer Retention and Collection performance for apprising the Top Management on the progress.
- Leading, managing & monitoring the performance of team members and subscribers to ensure efficiency in operations and meeting of individual & group targets.
- Determining training needs of field executives; developing strategies for improving collections to enhance their operational efficiency leading to increased productivity.
- Ensure to achieve the assigned collection target by meeting each buckets efficiencies and effectiveness norms
- Ensure to Manage and Deliver performance in terms of resolution, roll backs, recovery rates, values as per target set for the assigned portfolio
- Ensuring Timely allocation of the Vendor and field follow-ups.
- Design and review logics of field follow-up for the portfolio managed towards achievement of target set
- Inventory control for reducing opening balance of portfolio using the roll back & normalization concepts.
- Ensure to Manage the productivity by fixing parameters for agencies collection executives and monitoring performance against set parameters and conducted daily review
- Optimum utilization of field resources to increase the efficiencies for the assigned portfolio
- Ensure that adequate feet on street availability area wise bucket wise.
- Monitor and review the agency and field executive performance periodically
- Ensure that the agency resources are optimally the number of visits, contacts, PTP conversion ratios
- Ensure 100% usage of collection system and receipt mobility.
- Ensure all vendor bills are processed within 30 days
- Ensure to achieve the money collection under principal,fees & charges as per target
- Ensure to Trace the customer and Repo the vehicle, Issue Repo kits to vendors, Sale of Vehicles RC Book Updation
- Regular Visit to Yard and reporting the discrepancies and prepare the visit report
- Ensure to Cash deposit within TAT and monitoring the agencies to deposited the money collected in bank.
- Ensure to process the Correct Settlement Pre & Post validation from customers.
- Manage Escalation and ensure the proper resolution of the assigned cases
- Ensure to conduct the Training Program at agency/FOS level time to time
- Relationship Management with Field and Vendors
- Liaison with other function and other department viz Sales, Credit, Operations, RIC
- Ensure to Adhere the bank process and RBI Guidelines
How to become a Recovery Manager| Collection Manager:
Educational Qualification requirement for a Recovery Manager is Graduate or Bachelor degree from any of college/university Commerce or Science or engineering. To be a Recovery manager you may clear the Bank exams like IBPS PO, IBPS Clerk, IBPS RRB, SBI PO, RBI Grade etc.
Technical Skills Required for Recovery Manager| Collection Manager:
- Strategic Planning & Leadership
- MIS and Data Analysis
- Bad Debts Management
- Data Analytical Skill
- Handle large quantitative data
Software skills Required for Recovery Manager| Collection Manager:
MS-Word, MS-Excel, MS-Power Point
Soft skills Required for Recovery Manager| Collection Manager:
- Excellent Verbal communication skills, both written and oral.
- Strong communicative and interpersonal skills essential for managing people.
- Self-motivated, hardworking. Always keen on constant improvement.
- Goal Oriented mind set.
What is the Job Opportunity of Recovery Manager or Collection Manager in the industry?
Collection Manager are required and hired in Banks, NBFC (Non-Banking Financial Company) Companies, Insurance companies, Venture Capital companies, Financial Services companies, Mutual fund Companies etc. So, there is always a huge demand of Collection Manager.
Salary of Fund Manager (in India):
Average Salary of Recovery Manager in India starts from 4 Lacs Rupees to 15 Lakhs Rupees per annum. depending upon the Experience, Expertise, Industry, Business volume etc.
Yes, he/she needs to be a Graduate and work in bank’s collection department
There are very low demands Recovery Managers abroad