Chris Heffernan

Senior Vice President & Chief Credit Officer @Somerset Regal Bank

Livingston, NJ, US

Spearheaded the Bank’s process for converting to the CECL accounting standard and oversee the ongoing CECL calculation including maintaining related policies and procedures • Manage all aspects of the credit risk management function including design, execution, and communication of policy, approval process, administration, and portfolio analysis; effectively, ensure the quality of the bank’s lending portfolio.• Ensure that appropriate policies, procedures, and systems are developed, implemented, and maintained to identify, measure, monitor, and control credit risks in accordance with bank policies, standards, and applicable regulatory guidelines.• Oversee the credit approval process as well as portfolio monitoring systems for all current and future credit products.• Ensure that loan loss reserve and charge-off processes and procedures are consistent with industry best practices and meet current and anticipated regulatory guidelines.• Act as principal credit liaison to all regulatory agencies, outside accountants, consultants, and others as required. • Ensure that all loan systems and tracking techniques provide the appropriate amounts of information to bankers, executive management, and the Board of Directors, to allow for accurate assessment of loan quality and risk management.• Manage commercial appraisal function and ensure compliance with USPAP, FIRREA, and other regulations as appropriate.• Provide overall loan portfolio management oversight to ensure that the bank’s asset quality meets stated objectives and that the emphasis of the bank’s overall credit relationship management is consistent with the bank’s underwriting standards. • Identify potential problem credits, coupled with appropriate intervention, to minimize losses. Exercise oversight of troubled relationships to find mutually beneficial outcomes for the borrower and bank while coordinating collection activities with outside counsel as needed.

Rutgers Business School

Master's degree, Accounting

Rutgers University

Bachelor of Arts, Economics