OVERVIEW OF INTEGRIS CREDIT UNION
Integris Credit Union (Integris) operates on the beautiful and unceded Dakelh and Secwepemc Territories.
With eight branches, five financial planning offices and five insurance offices, Integris is the only full service local financial institution in North Central BC serving approximately 27,000 members in the communities of Prince George, Fort St. James, Vanderhoof, Quesnel, Clinton, and Fraser Lake. Integris celebrated its 75th anniversary in 2021 and today, it has 200 employees, and approximately $1.8B of assets under administration.
Integris’s current Annual Operating Plan is driven by the credit union’s foundational pillars of Members, Staff, and Community, and its brand promise — From Here. All In. For You. Trusted advice and personalized solutions are front and centre in all that they do and this is reflected in the credit union’s Vision, Mission, and Values:
Vision– The leading financial cooperative, enriching the lives of all we serve.
Mission– As financial experts, we provide innovative solutions to our communities.
Values– Passionate; Empowered; Collaborative; Innovative; Accountable
Integris recently changed its organizational structure to support its planned growth strategy and will be executing on a significant change agenda. The credit union is seeking a highly collaborative VP Risk & Compliance who can work within the regulatory environment of BCFSA and position Integris for success from a risk and compliance standpoint.
Reporting to the Chief Executive Officer (CEO) and with a dotted line reporting relationship to the Integris Credit Union (Integris) Board of Directors (the “Board”), the Vice President (VP), Risk & Compliance is responsible, in collaboration with the Executive team, for strategic oversight of Integris’ enterprise risk management (ERM) plan at the governance and operational levels. This role is responsible for leading the second line of defense function including enterprise risk management, compliance, commercial credit adjudication, collections and credit recoveries, and loss prevention. The VP, Risk & Compliance is accountable to ensure compliance with all applicable legal and regulatory requirements, both internally and externally. The VP, Risk & Compliance has the authority and independence to oversee Integris’ risks and risk management activities with direct reporting to Integris’ Board or such Board committee(s) to which oversight of risk has been delegated.
The scope of the position includes operational, reputational and strategic risks to Integris for the effective adjudication of all risk-related financial reporting requirements (both statutory and regulatory).
VICE PRESIDENT, RISK & COMPLIANCE – POSITION PROFILE
The VP, Risk & Compliance will provide strategic leadership by engaging the Executive Management team in the development and implementation of risk management strategies and articulating these strategies and their status to the Board of Directors.
The VP, Risk & Compliance will develop and implement strategies to support the overall strategy, vision, mission, and values of Integris.
Risk Management and Compliance
§ Leads all aspects of Integris’ risk management and compliance functions in the development of corporate strategies and policies; identifies short and long-term objectives; and contributes to the design and development of policies and programs.
§ Provides ownership and overall accountability for the execution of the Risk Appetite Framework including supporting the setting of the Risk Appetite Statement.
§ Designs a suitable reporting framework to monitor risk against the Risk Appetite Statement.
o Ensures that all key risks (e.g., credit, market, operational, liquidity, financial, strategic, regulatory, and information technology) are managed within the defined risk appetite and according to compliance requirements.
o Reports to both the leadership team and the Board as set by policy and committee terms of reference.
§ Leads and evolves Integris’ enterprise risk management framework and policies including the risk inventory, risk appetite, risk governance, and the approach to risk identification, assessment, monitoring, and reporting.
§ Partners with the Executive team and other stakeholders to develop and recommend appropriate policies to govern risk.
o In accordance with the policies, reviews and provides updates to the Board, at a minimum, on an annual or biennial basis as applicable.
§ Responsible for entity-wide compliance with all federal and provincial regulatory requirements for financial institutions including anti-money laundering (AML), privacy, market conduct code, business recovery planning, BCFSA guidelines, etc.
§ Oversees the monitoring and tracking of regulatory developments to determine the impact on Integris and allow for sufficient time to implement necessary changes to policies and procedures.
§ Educates stakeholders to establish a proactive, risk-aware culture.
§ Partners with CEO and other Executives to provide strategic leadership and advice on all risk, compliance, and audit related matters utilizing expert resources as applicable.
§ Monitors metrics against risk tolerance levels and reports on increases in risk exposures accordingly as well as on the status of risk mitigation plans for these exposures.
§ Oversees the development, maintenance, and revisions of the Risk Appetite framework, Internal Capital Adequacy Assessment Process (ICAAP) and Risk Matrix.
§ Leads the ICAAP by analyzing and quantifying risk exposures, conducting stress testing, and determining the appropriate levels of capital to be held for the risks being taken.
§ Ensures the risk control framework is properly followed.
§ Focuses on enterprise risks, the risk profile and aligning strategy based on risks.
§ Responsible for policies and procedures related to outsourcing and third-party vendor risk management including assessing and overseeing risks related to outsourced functions and third-party vendors.
§ Develops and conducts risk assessments of new products and business activities to ensure alignment with Integris’ risk appetite.
§ As a member of the Executive Leadership Team (ELT), participate in the development of Integris’ strategy and annual tactical and assess the risks of proposed strategies, identify risk mitigation strategies, and ensuring informed decision making in alignment with the risk appetite.
§ Serves as the risk expert/advisor to the ELT on key business issues.
§ Establishes and maintains an enterprise incident management process to provide guidance to Integris business units for management escalation procedures relating to incidences which may adversely impact Integris.
§ Partners with key stakeholders to develop and implement action plans for any ratio or stress test outside the desired risk tolerance level.
§ Based on risk observations/trends and emerging risks, works with stakeholders and provides input to develop the Internal Audit Plan approved by the Audit Committee.
§ Oversees the overall risk of the lending portfolios including both Commercial and retail portfolio
§ Working in conjunction with the Accounting & Finance (A&F) team, assesses the adequacy of the loan provisions to reflect credit risk.
o Monitors credit risk indicators and makes reporting recommendations to the A&F team, as appropriate.
o Acts as a key resource to the A&F team on the mechanics of the loan provisions.
§ Provides oversight on recommended changes to the Investment & Lending (I&L) policy by relevant stakeholders.
§ Serves as the Privacy Officer back-up.
§ Leads and coordinates communications with regulatory bodies including responses to regulatory requests, coordination of examinations, developing responses to examination findings, and overseeing remediation activities to ensure findings are complete.
CREDIT FUNCTION ACCOUNTABILITIES
- Oversees the organization’s credit risk management activities in the development of corporate strategies and policies: identifies short and long-term objectives; and contributes to the design and development of policies and programs.
- Oversees the adjudication of commercial credit and the management of commercial credit risk.
- Oversees the management of delinquent accounts and collections activities across the retail and commercial loan portfolios.
- Reviews delinquency reports, write-off reports, the status on account collection activities, and collateral values in order to assess the adequacy of loan loss provisions.
- Leads the second line of defense credit review process assessing retail and commercial loan adjudication against lending policies and procedures and reports on findings as well as management action plans to address findings.
- Lead change as Integris continues to adapt to new ways of delivering business services while mitigating current and potential risk exposures.
- Acts as a resource for IT Governance, I&L, Conduct Review and Corporate Governance, and Audit Committees, as appropriate.
- Acts as a non-voting resource on the Management Credit Committee (MCC).
- Participates on the Asset-Liability Committee (ALCO) and reviews interest rate risk in conjunction with the Executive team.
- Participates on the management committees of Integris Financial Planning and Integris Insurance
MONITORING AND REPORTING
- Monitors the changing regulatory environment, identifies best practices, and recommends changes that are suitable given the size and complexity of Integris.
- Reports material risk events to the Board in a timely manner.
- Reports to the Board no less than quarterly on Integris’ risk profile including the trend and absolute risk exposures relative to limits and thresholds established through the risk appetite and risk mitigation plans for increased risk exposures.
- Provides Anti-Money Laundering, Privacy, and Market Conduct Code reports to the Board, as required.
- Reports on and follows up on areas of risk identified through internal audits and regulatory examinations.
- Develops, recommends, and monitors a reporting methodology that exceeds governance guidelines established by B.C. Financial Services Authority (BCFSA) and/or Stabilization Central.
- Identifies training requirements for organizational stakeholders and provides and/or oversees training as required.
- Creates and supports a motivational environment for direct reports to ensure established results are achieved, and policies and procedures are followed.
o Manages staff performance issues and human resource issues.
o Establishes an environment of direction and support ensuring the success of direct reports.
- Develops and/or contributes to a thorough and robust succession plan for direct reports.
- Responsible for overseeing and recommending relevant changes to the following policies:
o Anti-Money Laundering and Counter Terrorist Financing and Canadian (Economic) Sanctions Policy
o Capital Contingency Plan
o Liquidity Contingency Plan
o Enterprise Risk Management (ERM) Policy & Risk Appetite Framework
o Outsourcing & Vendor Risk Management Policy
o Market Conduct Code Policy
o Stress Testing Framework
o Investment & Lending (I&L) Policy
o Internal Capital Adequacy Assessment Process ICAAP)
Other Duties As Assigned
DESIRED KNOWLEDGE, SKILLS AND ATTRIBUTES
- Demonstrated expertise in Enterprise Risk Management and risk management principles
- Demonstrated understanding of regulatory requirements for financial institutions
- Ability to establish and maintain effective working relationships with Executive and Senior Management, Board of Directors, and other stakeholders
- Ability to influence management across Integris to help deliver strategic initiatives
- Strong leadership skills to lead a team with diverse skills and backgrounds
- Demonstrated ability to coach and motivate staff as well as the ability to make prompt and qualified decisions
- A thorough understanding of major business processes and their impact on financial reporting
- A proven ability to conduct environmental scanning and articulate findings
- Excellent written and verbal communication skills, and effective facilitation methods
- Demonstrated problem-solving and decision-making skills
- Strong business acumen
- Demonstrated skill partnering with stakeholders to support ongoing strategic initiatives
- Ability to interpret analytics and communicate data
- Advanced proficiency with Microsoft Office Suite (e.g., Word, Excel, PowerPoint, Outlook)
DESIRED EXPERIENCE AND EDUCATION
- Post-secondary education with a focus on Risk Management and,
- 10+ years’ experience in an internal audit function, financial risk management, compliance, or related field, with professional experience in progressive senior leadership roles; or,
- An equivalent combination of education and experience.