Michael M. Albanese

Vice President of Operations, Cost Reduction Solutions

40 Under 40 Category: Operations

Biography:

Michael M. Albanese is the vice president of operations for Cost Reduction Solutions (CRS), an international due diligence and collateral field examination firm, headquartered in Northern, NJ. Michael graduated from the Pennsylvania State University in 2008. After working at Major League Baseball’s Player’s Association in the Licensing and Marketing/Communication Departments, he joined CRS in 2010. He manages all company projects including more than 200 active projects. Michael is a founding member of the New York Banking & Finance networking organizations geared to mid-level professionals, a committee member of the TMANJ Next Gen and sits on the board of the Secured Finance Network NJ as the acting secretary.  Michael is also on the Board of Directors of Paulie & Pals, a charity set up to provide supplemental funding to families with a child afflicted with autism for the purpose of sending them to summer camp.

What is the best professional advice you have been given and how have you implemented it?

Always deal in the truth and, if you say, you are going to complete something follow through or ask for help if you can’t accomplish it.  Dealing in the truth may seem obvious but it is our company’s number one principle.  Following these core values has helped shape my career by being able to attack tasks without fear.  In a relationship-driven industry having trust with the people that you work with — colleagues, vendors or customers — is paramount in accomplishing both critical and or daily tasks.  There are times where things may not go to plan, but if you can deal with them openly, honestly and with the intentions of seeing them through no matter the circumstances, you can accomplish whatever you put your mind to.   

How would you define what a good leader is, and what can you do to reflect those characteristics as you progress in your career?

A “good leader” can be defined as someone who exhibits integrity, transparency, who provides positive reinforcement and can lead by either example or quality direction.  I think it is important, as you progress in your career, to remember what it takes to accomplish tasks that you once performed, but may now manage from afar.  A common issue I hear from young professionals is “my manager doesn’t understand what it takes to accomplish this task!”  A leader cannot lose sight of realistic expectations; but, at the same time, if they are transparent with what is expected and why, their infrastructure can identify what shortcomings may exist while working to accomplish the tasks at hand.

What advice do you normally give to the junior talent you mentor/what advice would you give to forthcoming generation of talent aspiring to win this award?

The message I give to our junior talent looking to maximize their career development is simple; “Get involved!”  It takes drive and motivation to assert oneself into the “mix”.  Networks, relationships and business opportunities do not develop overnight.  The aforementioned trust component is built over time, experience and exposure.  You can’t cultivate these important relationship components without putting in the work to grow them.  This doesn’t mean lavish lunches, exotic conferences or exclusive outings.  Meaningful and thought-provoking communication is just as impactful. Finally, you should also be willing to either help or involve yourself into a situation without expecting anything in return.  The payoff may come when you least expect it. 

When interviewing junior talent, what do you say to pique their interest on why they should accept a position in this industry?

This industry has so much to offer that isn’t taught or ever discussed in a classroom.  The work is challenging, which makes it both intellectually and financially rewarding; but, more importantly, the quality of people within the industry are of high integrity and quality.  The opportunities that exist to grow your career and professional network by meeting people from around the country and the world, especially through Secured Finance Network programs and events, are endless.  These same people that you connect with end up becoming not only esteemed business associates but valued friends.