Job Function:
The Director Enterprise Risk Management (ERM) will develop and manage a framework to identify, assess, mitigate, and monitor business risks across the organization. This position will manage, monitor, and maintain the overall ERM framework and reporting through the application of effective risk identification methods along with oversight and coordination of mitigation strategies throughout the credit union. The primary functions are related to member information security, business continuity and recovery, critical & non-critical third-party relationships, anti-money laundering compliance and both current and pending regulatory requirements as related to the management of the Enterprise Risk Program. Secondary functions include monitoring of any new procedures by other departments, litigation matters, insurance, information and coordination of compliance/regulatory audits.
The Director ERM will be responsible for ensuring Mainstreet’s operations and procedures comply with legal regulations and internal policies. Duties will include evaluating all current and new compliance regulations, reviewing credit union processes, and assist with implementation of changes, if required. He/she will be a resource for compliance issues that arise at the credit union. This will involve being the facilitator to outside resources for more complex compliance matters.
Due to the nature of the oversight responsibilities associated with this position, strong skills in partnering and coordinating with executive and other director level positions throughout the credit union to facilitate the assessment of appropriate risk, mitigation procedures and resolution strategies cross-functionally is critical in the effective management of this program. This position supports the culture of informed risk-taking, heightening awareness and use of appropriate risk management practices through educational programs, training process and mentoring employees.
Duties and Responsibilities:
Risk
- Establish and maintain a detailed ERM program plan using internal and external resources to support the development of a framework to properly identify all risks to the organization, assess exposure, develop, and implement mitigation procedures with monitoring and follow-up established.
- Develop a reporting process and scorecard of key performance indicators to monitor / audit compliance and timely implementation of risk mitigation strategies and procedures along with effective and timely reporting standard for both executive leadership and the Board of Directors.
- Review and address the findings of the auditors and regulators as they apply to exposures in managing risks (market, credit, operational, structural, liquidity, strategic) with direct access to the Chair of the Audit & Risk committee.
- Develop and review risk policies to ensure consistency with the internal control systems and control framework.
- Ensure reporting for Capital Management, Liquidity Risk, Market Risk and Credit Risk are performed regularly, applied to items in the risk inventory and present recommendations made to the Audit & Risk Committee for risk mitigation.
- Develop and administer the Business Continuity, Disaster Recovery and Pandemic plans along with test schedules.
- Review all Credit Union contracts to ensure risk is controlled.
Review, administer and maintain all Credit Union insurance (CUPAC & Credit Union Bonding) - Work with all levels of management throughout the Credit Union to ensure and enhance the security of member information
- Monitor areas where risk exposure has been identified through either internal or external reviews to ensure the implementation of mitigation strategies as recommended.
- Oversee internal audit regime and regularly review internal auditors.
- Make recommendations and presentations to the board and senior management as required.
Compliance
- Lead the implementation and monitoring of effective risk management practices and ensure operating policies are complied with throughout the organization.
- Monitor and report on internal controls to address policy breaches and recommend effective improvements.
- Collaborating with multiple departments, consultants, and industry peers on compliance matters.
- Performing periodic audits/reviews on policy, procedures, and regulations.
- Oversee audits with FSRA, FINTRAC, or other regulators.
- Review all credit Union contracts to ensure risk is controlled.
Review, administer and maintain all credit Union insurance (CUPAC & Credit Union Bonding) - Fulfil the role of Chief Anti – Money Laundering Officer, Privacy Officer and Chief Compliance Officer
- Work on special projects as required.
Qualifications:
- At least 7 years of ERM/Compliance, Management or Audit experience in financial services.
- Bachelor’s Degree in Business, Accounting / Audit or related area or equivalent experience. Postgraduate qualification and professional risk qualification will be an added advantage.
- Auditing/lending experience/background; BSA/AML Program knowledge/experience
- Specific Studies: Risk Management Designation with continuing education requirements, Anti-Money Laundering Compliance and Privacy Officer training
Knowledge and Skills:
Credit union internal audit cycle, credit union internal control systems, policies & operational procedures, statutory requirements of credit unions, Credit Union Act and Regulations, credit union computer systems, policies and procedures specific to Risk Management and Money Laundering, credit union philosophies and principles.
Credit union integrated banking systems, computer software (spreadsheet and graphics), reporting and analysis, analytical problem solving and decision making, goal setting, interpersonal skills, verbal and written communication skills, organization and planning, time management and ability to prioritize.
Working Conditions:
Travel to Branches and Administration offices may be required.
Mainstreet Credit Union welcomes diversity in applicants. Accommodations are available upon request for candidates taking part in all aspects of the selection process.