Workout Officer

Permanent contract|New York|Risks

Workout Officer

New York, United States Permanent contract Risks

Responsibilities

  • Maximize recoveries and minimize losses on problem assets in accordance with bank policy. The workout activities cover both  debtor risk and counterparty credit risk .

  • Work with counsel to manage litigation risks with a goal of minimizing the reputational and financial impact to SG.

  • Manage problem asset strategies, workout negotiations, and restructuring and exit strategies including regular evaluation of the intrinsic values of problem  asset collatetal, enterprise valuations and monitoring of secondary distressed debt markets.

  • Work in partnership with First Line of Defense to provide advice on strategy and methods for achieving the optimum results on recovery and/or restructuring of exposures.

  • Manage, in parterniship with First Line of Defense, bilateral and participation files to further SG’s strategy to maximize recoveries and lead coalescence around a strategy.

  • Work with Senior Workout Officers on agented transactions and more intricate counterparty situations.

  • Coordinate with counsel (internal or external), financial advisors, technical advisors and  creditors to develop cohesive strategies 

  • Ensure that appropriate diligence and sound judgment is exercised. Ensure that the appropriate processes, procedures and controls consistent with the SG US Credit Risk Policy, the SG US Default Management Policy/Procedure and all regulatory requirements are initiated to effectively manage the workout activities.

  • Analyze and evaluate the need for provisions on all assigned counterparties at least once a year. Propose and substantiate recovery analysis to feed SG systems that calculate provisions. Perform valuation analysis to assess recovery expectation in line with internal guidance.

  • Ensure LGDs, ratings and classifications are accurate and reflect the current risk profile on each relationship in accordance with regulatory and bank policies.

  • Keep Head of Asset Restructuring & Recovery Management informed of all substantial developments.

  • Effectively communicate externally with agents, participants, counsels and clients and internally with peers and senior management.

  •  Ensure that material information is communicated in a timely fashion and workout activities are coordinated internally.

  • Perform as part of an integrated team by backing up and supporting fellow team members.

  • Participate, as requested, with the Head of ARM and other responsible groups within the divisions on the development of default management and credit policies and procedures, documentation and reporting standards, systems requirements and training programs.  Continuous review of processes for automation, machine learning, or other methods of  streamlining.

  • Participate in Default Management Committee process, including as Secretary of the Committee.

  • Respond to requests for information from ARM Group Head, senior management, head office, regulators, and internal and external auditors

  • Elevate compliance-related issues as soon as identified 

  • Maintain a working knowledge of industry developments and best practices through external research, contacts and industry group participation.

  • Prepare closing memos with  “lessons learned” when workouts are completed.

  • Act as a center of excellence and an advisory resource to SG  on all problem asset  issues, including the advisory work with Watch List names.

  • Participate in SG Committees, as required by the ARM Group Head

  • Work on special projects, as assigned

Profile required

Competencies:

  • Strong credit skills

  • Experience with loan documentation

  • Background in negotiating workouts and/or credit agreements

  • Knowledge of US GAAP related to impaired assets

  • Strong working knowledge of financial markets products

  • Deliver as a team player in a fast-paced environment

  • Strong communication skills (written and oral)

  • Ability to communicate messages effectively and succinctly to senior audiences

  • Strong working knowledge of the US Bankruptcy Code

  • Strong working knowledge of US regulatory guidelines and internal policies

  • Experience managing distressed assets, including, but not limited to, the following risks: debtor, counterparty credit, and clearing Experience leading steering committees

  • Experience working with debtors, lenders, and other creditors in bankruptcy, restructuring,and foreclosure

  • Familiarity and proficiency on FRB regulations including those related to criticized and classified assets; leveraged lending; and best practices in problem asset management.

A Plus:

  • Knowledge of European Central Bank regulations for problem assets.

  • Familiarity and proficiency managing commodity borrowing base transactions and clearing exposures.

  • Working knowledge of International Accounting Standard related to impaired assets.

PRIOR WORK EXPERIENCE

Required:

  • 10 + years of experience working for a major US or international bank

  • 5+  years of experience performing credit analysis;

  • 5 + years of experience working with clients and bank groups; and

  • 3-5 years of workout/restructuring experience including working with counterparties and creditors on negotiating/enforcing of loan and trading product.

EDUCATION

Required:

  • BA or BS

Desired/Plus:

  • CFA, MBA, or JD

  • Formal Bank Credit Training Program

LANGUAGE

Required:

  • English

Desired/Plus:

  • French

  • Spanish

  • Portuguese

Business insight

Independent from the Business Lines, the Risk Management (RISQ) Division's mission is to contribute to the development of the SG Group's activity by facilitating the objectives of the Business Lines while maintaining independent oversight through risk evaluation and monitoring. The RISQ Division in the US supports all the activities in the Americas Region (US, Canada and Latin America), which is almost exclusively corporate and investment banking (GBIS) oriented.

The Asset Restructuring & Recovery Management Group is SG’s “workout group”, managing all defaulted and sensitive exposures.  The team works in concert with SG’s client-facing teams to develop and execute optimum recovery strategies on all problem assets in the Americas.  The team is responsible for developing valuation analysis and determining all regulatory classifications for impaired assets.

Employees should understand the institution’s approach to risk management and their respective roles in supporting a strong risk culture, as outlined in the SGUS Operations Enterprise Risk Management Framework. At Societe Generale, we live by our 4 core values of commitment, responsibility, team spirit, innovation. These four values are centered around our clients. We are engaged and demonstrate consideration for others. We act ethically and with courage. We focus our talent and energy on collective success. And we work to increase our impact on clients.

We are an equal opportunities employer and we are proud to make diversity a strength for our company. Societe Generale is committed to recognizing and promoting all talents, regardless of their beliefs, age, disability, parental status, ethnic origin, nationality, gender identity, sexual orientation, membership of a political, religious, trade union or minority organisation, or any other characteristic that could be subject to discrimination.

Reference: 220001AW
Entity: SG AMERICAS OPERATIONAL SECURITIES
Starting date: 2022/09/19
Publication date: 2022/08/05
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