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Director, Strategic Pricing

Toronto, ON
Full Time
55 Bloor Street West

Job Family Group:
Customer Solutions

The Director Strategic Pricing will drive the strategic thinking for the customer-level pricing of Home Financing and Personal Lending products and lead the advancement of customer-level pricing, risk/reward optimization strategies for personal banking products, including the development of key capabilities necessary to be industry-leading. The Director Strategic Pricing will help define and shape overall strategic pricing capabilities, establish the overall Personal Banking strategic and relationship pricing framework and lead the customer-level pricing process for the most complex and important pricing initiatives.

This position will serve as an effective liaison with senior leadership, marketing, legal, finance, sales, and IT, and manage a team of professionals to develop, oversee, execute and maintain customer pricing strategies that will optimize the profitability of BMO Home Financing and Personal Lending portfolios, delivering the desired customer experience, and in alignment to the brand. The role is required to anticipate and respond with customer-level pricing strategy and tactics for all Home Financing and Personal Lending products appropriate for changing market conditions, customer expectations, and regulatory requirements. The Director Strategic Pricing is accountable for operational excellence through the design and execution of strategic and tactical pricing plans that are aligned to the business objectives for the broader line of business. The role needs to ensure that all significant risks have been identified, assessed and appropriately managed or mitigated.

A significant portion of the role involves not only the setting of rate strategy, but also the operational execution to deliver those rates, including governing how/when exceptions are granted and ensuring there is adequate oversight of the exception process.

One key part of the role will be to oversee and integrate an advanced level view of how Home Financing and Personal Lending products can be optimized using leading industry specific treasury processes. These include optimizing for securitization dimensions, liquidity benefits, and FTP curve specific opportunities. Experience working with Treasury specific processes and managing the integration of Treasury knowledge with Retail products is required.

Key Accountabilities

A. Development of strategic pricing capabilities:

•Achieve profitability, productivity, and service levels by developing, implementing and managing a comprehensive customer-level pricing strategy to maximize shareholder value across all channels of distribution, across all segments and over the life of individual personal banking products and product lines

•Identify, execute and manage specific initiatives to further the company's ability to effectively design and price products. Examples of such initiatives include: Improve the understanding of price elasticity of demand, review corporate margin requirements in the context of competitive and market constraints and Incorporating innovative pricing models

•Work effectively across corporate functions including finance, marketing, product management, operations, sales and commercial operations to design and implement new or enhance existing pricing processes, systems and tools.

•Integrate industry leading treasury practices into the optimization of all Home Financing and Personal Lending products

B. Development of Strategic Pricing Recommendations:

•Combine business logic, rigorous analysis, and strategic perspective to develop pricing recommendations for all personal banking products

•Demonstrate mastery of BMO's internal financial and operational data sources across all functions, and interpret this data correctly to drive financial projections

•Exercise solid, logical business judgment in the development of assumptions to inform the costs, revenues, and other operational inputs for the pricing of new products or the application of existing products to clients and channel partners

•Demonstrate knowledge of customer deal economics, financial modeling techniques and related pricing strategies.

•Apply external market knowledge, internal and external client context and history as a key lens to inform pricing decisions.

C. Management of the pricing process:

•Scope and specify the organizational information required for effective customer-level pricing across all personal banking products

•Coordinate the collection and validation of relevant information from across the organization, including peers in senior leaders in the finance, product, marketing, and sales organization

•Combine business logic, rigorous analysis, and strategic perspective to develop pricing recommendations

•Synthesize analysis and present recommendations to senior management in an effective way to aid executives in making investment decisions

•Identify and oversee the design and execution of ongoing pricing programs designed to enhancing pricing margin, leveraging deep market, competitive, and systems capabilities insights, that are directed toward both new and existing customers to support the achievement of short and long term business objectives

•Accumulate pricing knowledge over time to drive increasingly valuable business insights.

•Develop strategy and governance framework for Mortgage Specialist compensation & incentive programs

•Guide the setting and management of customer-level pricing policy for the product suite, including pricing discretion and exception management, in order to manage spreads and optimize growth and profitability in both the short and long term

•Guide the setting and management of customer-level pricing policy for the product suite, including pricing discretion and exception management, in order to manage spreads and optimize growth and profitability in both the short and long term

•Management of retail lending pricing desk

D. Stakeholder Management

•Develop and maintain strong cross functional partnerships with internal Personal Banking functions to ensure organizational support of pricing decisions. Adeptly manage internal conflicts

•Be seen as a trusted business advisor by the leadership of the client and product teams

E. Managerial Leadership

•Set appropriate context and establish prescribed limits for direct reports, including setting an effective framework of policies and procedures for the work in the group.

•Establish a working relationship with direct reports to solicit their views on the working environment, potential changes affecting their work, continuous improvement opportunities, and revisions to the plan.

•Build and sustain a team of direct reports who are capable of delivering the performance required for Pricing and Analytics Strategies. This includes coaching and the creation and implementation of training and development plans.

•Establish and optimize team integration by articulating the linkages between the accountabilities and authorities of different roles across the group and by establishing the context in which they will work collaboratively with one another.

•Apply the Bank's performance management system to direct reports, including establishing goals and objectives, assessing skilled knowledge gaps, allocating resources to achieve objectives and close gaps, assessing personal effectiveness, and reviewing and recommending base and variable pay.

•Ensure the effective implementation of Bank initiatives and programs through the establishment of appropriate context and setting of direction for direct reports by providing relevant information, establishing goals, and setting limits with the context and prescribed limits of the Product Group.

Cross Functional Relationships

•Strategy Execution - Divisions, Channels, Personal and Commercial Segments, Technology & Operations, Corporate Areas

•Customer Experience - Divisions, Segments, Channels, Corp. Marketing

•Risk Management - ERPM, Divisions, Technology & Operations, Audit, Fraud

•Credit Card Acquisition and Product Management

Knowledge & Skills
  • Bachelor's degree required -(MBA in engineering, computer science, finance, mathematics) strongly preferred.
  • 8-10 years of business experience or three to five years of experience after the completion of graduate business school
  • Business experience working in an analytic capacity in fields such as management consulting, risk management, marketing analytics, or financial analysis
  • Excellent knowledge of MS Excel
  • Ability to interact with senior management; strong communication and presentation skills. Ability to synthesize information into key messages appropriate for the audience
  • Intellectual curiosity and interest in using data to drive decisions.
  • High aptitude to learn quickly, and integrate into new teams and projects
  • Excellent analytical skills a must; ability to create detailed models and to synthesize large amounts of data into actionable business insight
  • CFA Charter or Accounting designation will be valuable

We're here to help

At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.

As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one - for yourself and our customers. We'll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we'll help you gain valuable experience, and broaden your skillset.

To find out more visit us at .

BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other's differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.
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