Contingent Worker/Consultant - Corp Finance Workout Officer

** This is a contingent/consultant position **
Description
The Workout Officer, as part of Problem Loan Management and reporting directly to a Workout Leader, has the overall responsibility for: 1) managing work-outs and executing restructurings for distressed clients in CIT¡¦s Corporate Finance business unit; and 2) ensuring compliance with credit policies and procedures. Once restructuring transactions are closed, the Workout Officer will lead in the monitoring of client performance. In addition, the Workout Officer will provide timely and accurate reporting on the distressed portfolio of the Corporate Finance business unit to senior risk management.

. Principal Duties & Responsibilities include, but are not limited to:

General
„X Ensure comprehensive and timely monitoring of selected Credit Surveillance Accounts in the Corporate Finance business unit.
„X Monitor Watch List accounts with the potential for down-grade to CSA status.
„X Ensure accurate PD and LGD grading at all times.
„X As accounts approach down-grade to CSA level, prepare a more refined analysis of the LGD grade.
„X Identify sources of repayment and shortfalls to ensure proper reserves are taken.
„X Assist in the flow of information between the Corporate Finance and Problem Loan Management through active participation in meetings, written and verbal communication, and timely and accurate input to management information systems.
„X Develop own network of professional contacts as a resource of information on industries and companies.
„X Provide direction and instruction to Associates and Analysts on accepted accounting principles, model designs, and financial analysis.
„X Understand CIT¡¦s financial and control procedures and policies, and ensure that actual everyday practices are in compliance with these.

Managing Work-outs & Restructurings
„X Provide the Problem Loan Managment Group with an independent assessment of selected distressed CSA's and identify candidates for work-out/restructuring.
„X Manage revised due diligence process, including the preparation of information requests and interviews, conduct interviews and site visits, review legal documentation, and complete final due diligence reports.
„X Review the analysis of historical financial statements and operating information, and identify important value determinants and risks.
„X Review operational and financial forecast computer models, including key assumptions, for accuracy and validity.
„X Identify and prioritize operating and financial risks and determine how to mitigate, monitor and manage major risks during the term of the loan using legal covenants, reporting, inquiries and site visits.
„X Estimate the impact of major risks on clients and calculate the volatility of enterprise value based on the major risks.
„X Prepare restructuring proposals for distressed clients, including capitalization profile and covenant package.
„X Recommend Restructuring Advisors and CRO¡¦s when appropriate to improve viability of borrowers.
„X Coordinate the logistics of timely negotiations among legal representatives of CIT, clients, co-lenders and other interested parties.
„X Coordinate the compliance with internal environmental and insurance policies required prior to closings.

Monitoring
„X Monitor the operating and financial performance of restructuring clients during the term of transactions.
„X Remain informed of industry trends, including the impact of macro-economic factors and changes in competitive structure.
„X Maintain on-going relationships with clients in order to remain informed on operating and financial performance, making inquiries and information requests when necessary.
„X Prepare periodic reviews of individual accounts as required by the Corporate Risk Management department.
„X Prepare Amendments, Consents, and Waivers, as required.
Other
„X Maintain the integrity of Problem Loan Management and Business Unit by conducting oneself in an honorable manner at all times.
„X Work in a positive, cooperative and supportive way with clients, coworkers and senior management.

II. Required Knowledge, Skills & Abilities:
• Strong organizational and leadership experience
• Commercial underwriting expertise
• Presentation and high level communication experience
• Thorough understanding of determining enterprise value

Hiring Policies - United States

CIT is an Equal Opportunity Employer. CIT policy prohibits discrimination of employees and applicants for employment. No aspect of employment with CIT will be influenced in any manner by race, color, religion, age, sex, national origin, marital status, disability, Vietnam veteran status, sexual orientation or any other basis prohibited by applicable law. CIT's policy applies to, but is not limited to, hiring, promotion, demotion, transfer, termination and compensation. CIT complies with applicable federal, state and local laws governing nondiscrimination in employment in every location in which CIT has offices.

Hiring Policies - Canada

CIT is committed to a workplace free from discrimination by providing equal treatment and equal opportunity to all of its employees and potential employees regardless of age, ancestry, citizenship, colour, religion, creed, ethnic origin, language, race, sex or sexual orientation, family status, marital status, physical disability/handicap, political belief or any other prohibited ground for discrimination. CIT complies with applicable federal, provincial and local laws governing nondiscrimination in every location in which CIT has offices.