Export Development Canada

Ottawa, Ontario
This job is no longer available.

Covenant Officer Level 2, Credit Risk Services (permanent opportunity)

Oct 23, 2020
Ottawa, Ontario
Early Career


Covenant Officer, Credit Risk Services (permanent opportunity)-0002WJ
EDC is Canada’s export credit agency, offering information, knowledge and innovative commercial solutions to help Canadian exporters and investors expand their international business. We take on risk so Canadian businesses can take on the world.
When you join our team, you’ll be helping Canadian companies bring their vision, passion and innovation to the global marketplace. Your knowledge and expertise will support more than 13,000 Canadian companies and their customers in as many as 200 markets worldwide. You’ll work shoulder-to-shoulder with the best and brightest in an inclusive, collaborative environment that fosters professional development and success. And you’ll know that you’re making a difference every day—for companies, for Canada and for the people you work with.
Year after year, EDC has been recognized as a Top 100 and Top Family-Friendly Employer.
The Credit Risk Services Team plays the lead role in the determination of Probability of Default (PD) ratings through performance of a Qualitative and Quantitative assessment of EDC’s loan counterparties (obligors, guarantors, etc.), effectively capturing all relevant risks. Moreover, the team also performs the monitoring of reporting & financial covenants, insurance certificates and security registrations for EDC’s portfolio of commercial loans and guarantees. 
The Covenant Officer is the primary point of contact for the post-signing servicing of covenants. S/he is responsible for covenant administration from the time a loan is signed to its final repayment. 
In consultation with other members from the team, s/he provides in-depth input into the development of strategies, processes and procedures for the tracking, reporting, monitoring and resolution of overdue covenants. 
We are looking for a dynamic and seasoned professional who will actively participate in the attainment of the team's objectives to ensure effective and timely management of loan covenants.
  • Interprets loan documents relating to loan covenants and security registrations
  • Reviews financing agreements and amendments to ensure accurate and timely input of the relevant reporting (including security concepts i.e. PPSA, UCCs and insurance certificates) and financial covenant information into various operational systems
  • Develops and maintains working relationships with representatives of financial intermediaries to ensure timely receipt of covenant reporting
  • Monitors and reports on overdue covenants and assists in collection efforts as required
  • Independently monitors and collects reporting covenants from deal sites and other sources for all financing agreements and updates systems accordingly
  • Proactively follows-up with customers and EDC Legal on all outstanding and overdue reporting covenants and PPSA registrations in accordance with established service standards
  • May lead, in consultation with Asset Owners, a strategy for the resolution of overdue covenants and security non-compliance
  • Tracks financial covenants in FACT to make sure obligors remain in compliance, and communicate any breach to Asset Owners
  • Partners with internal and external stakeholders (e.g. business teams, Loan Services Risk Management Office, Legal, commercial banks, borrowers) to provide expertise, technical advice, solutions and the highest level of timely and quality service on loan covenant issues
  • Proactive engagement in problem solving to improve existing standards and procedures through identifying opportunities for improvements and developing tools and resources to enable internal stakeholders to effectively meet customer/client needs
  • Provides on the job training to others (as needed) in covenants and security compliance
  • Supports enhancements to the operational system by identifying and documenting required changes and participating in the development, testing and implementation of new or enhanced system changes
Screening Criteria
  • Bachelor of Commerce, Administration or Legal and relevant work experience
  • Knowledge of banking, cash flow management and/or servicing loans
  • Solid knowledge of and ability to apply covenants and security concepts (e.g. PPSA, UCCs)
  • Solid understanding of practices in the banking and financial industry
  • Proficiency in Microsoft Outlook, Word, Excel
Salary Range
  • Level 2: $53,400 - $80,200 + performance-based incentive
  • Level 3: $62,800 - $94,200 + performance-based incentive
**Please note that we will consider candidates at levels 2 - 3 depending on the incumbent’s qualifications*
How to apply
Only candidates selected for an interview will be contacted.
Application deadline: Friday, October 23, 2020, 11:59 p.m. EST on www.edc.ca/careers
EDC is committed to employment equity and actively encourages applications from women, Aboriginal people, persons with disabilities and visible minorities. If selected for an interview, please advise us if you require special accommodation.
Candidates must meet the requisite government security screening requirements.
Primary Location: Canada-Ottawa
Schedule: Full-time
Job Type: Permanent