Job: Chief Risk Officer

CHIEF RISK OFFICER  – OVERVIEW OF ROLE

The Chief Risk Officer reports to the Chief Executive Officer (CEO).

The Chief Risk Officer (CRO) is a member of the Senior Leadership Team who provides leadership, oversight and coordination of Risk Management for our Credit Union.

This leader translates business strategies into goals and objectives, managing the control, reporting, monitoring and awareness of financial risk management, loss prevention and security controls of the Credit Union to ensure exemplary member service and organizational success.

This business unit leader is responsible for overseeing the provision of exemplary member service, providing for engagement of employees, managing the operations to be efficient and effective, taking action to mitigate current and emerging risk, and providing for the financial health of the unit while contributing to the operational and financial health of the Credit Union as a whole.

The CRO is to conduct their duties while demonstrating positive leadership within the Credit Union and externally in the community. The CRO is to inspire the employees of the business unit to achieve their maximum potential and produce results in the best interest of the credit union while respecting members’ needs.

KEY ACCOUNTABILITIES

Enterprise Risk Management

Develop specific short- and long-term strategy and objectives to establish and maintain effective compliance risk mitigation related to the functional areas of: Anti-money laundering & terrorist financing (Proceeds of Crime (Money Laundering) and Terrorist Financing Act; Fraud; Privacy (Personal Information Protection Act); Member tax residency compliance (Foreign Account Tax Compliance Act and Common Reporting Standard).

Risk Administration

• Overall leadership and coordination of the Risk Services department.
• Provides direction and monitor the operations of the Risk Services department to ensure the department is providing the products and services required by the members and branches.
• Provide reporting to the CEO as required and follow up on initiatives of the department.
• Provides for effective functioning of the business line and attaining stated objectives.

Anti-Money Laundering

• Oversee the anti-money laundering program and ensure the program is up to date with FINTRAC
• regulatory guidance.
• Coordinate effective Anti-Money Laundering training to benefit members and the organization.
• Formally act as the Chief Anti-Money Laundering Officer (CAMLO) ensuring that the necessary structures, management systems, programs, policies and procedures are in place to comply with legislation, regulations and directive.

Credit Risk Management and Oversight

• Oversees and approves development, implementation, and maintenance of credit risk
• management policies and procedures to address potential issues and mitigate risks.
• Ensures the credit union’s credit risk management framework aligns with regulatory requirements and industry best practices.

Privacy Officer

• Maintain knowledge of privacy legislation and regulations; ensure all credit union operations comply with these standards.

Corporate Insurance Administration

• Maintains credit unions’ four corporate insurance programs: Master Bond Program, Cyber Security Insurance, Professional Liability Insurance Program, and the Master Property Insurance Program

Employee Engagement

• Build positive capable teams to meet the mandate of the business units.
• Build a positive work environment that is motivating to employees.

Credit Union Support

• Participates as member of the Asset and Liability Committee (ALCO)
• Is a key resource to the Audit and Operational Risk Committee (AOR)
• Is a key resource to the Credit & Market Risk Committee (CMR)

REQUIREMENTS

Requirements:  Core Effectiveness Skills

Interpersonal and Communication skills

• Builds and sustains effective working relationships between staff, members, and community
• Communicates clearly and concisely
• Strong written communication skills
• Effective listening and telephone skills
• Ability to support effective interaction between and among people and groups of people
• Deals with conflict positively and supports others to resolve differences
• Ability to mediate differences between individuals and groups of people
• Ability to persuade, influence, negotiate, motivate people and events
• Public speaking skills/facilitation skills
• Ability to sustain openness and trust, provide emotional support and effectively handle expression of strong feelings

Leadership

• Recognition of and respect for people’s diversity and individual differences
• Coach, mentor, develop and motivate employees, board, members, community, external groups
• Facilitate interaction among people
• Develop strategies to improve team, individual and credit union performance
• Instils commitment to values and vision
• Provide an environment that supports skill development
• Take responsibility for personal actions and the actions of others

Managing Change

• Maintains a positive attitude toward change
• Demonstrates continuous learning and development
• Possesses ability to balance work and home responsibilities
• Manages stress
• Employs effective organizational and time management skills
• Understands the change management process; leads changes as they relate to credit union
• strategic direction
• Demonstrated ability to diagnose organization’s readiness for change
• Possesses ability to forecast change and understand its impact on organizational effectiveness and direction
• Can plan change and drives change as it relates to the strategic plan
• Monitors and evaluate the effects of change
• Is flexible and adaptable in implementing the credit union’s goals

 

Problem Solving and Decision Making

Problem Solving

• conclusions, evaluate action in relation to organizational development/department operations
• Ability to recognize when a problem requires referral to General Manager or Board
• Identifying opportunities based on an in-depth analysis of complex issues and act

Decision Making

• Ability to make sound decisions based on policies, procedures and experience
• Setting objectives, determining strategy and implementing a plan
• Decisions that support achieving strategic direction

Working in Teams

• Work collaboratively to accomplish common goals
• Lead in team development and in identification of team roles, responsibilities and goals
• Lead project teams and ensure collaborative relationships
• Understand team dynamics
• Provide focus and direction
• Recognize and celebrate team successes
• Lead in development of strategies to improve team and individual performance
• Enable team members to make decision within the scope of their position

Innovation/Creativity

• Identify problems, discover plans or patterns, link information to strategic direction, reach
• Finding and communicating new ideas for old problems
• Presenting new ideas that have productive outcomes (results in the generation of practical applications or development of new procedures)
• Pushing the limits of knowledge and ability to identify and create new ideas/solutions
• Development of new programs and policies

Strategic Thinking and Planning

• Ability to relate actions to the strategic plans of the organization
• Knowledge of the organization and the credit union system
• Recognition of global implications
• Sensitivity to organizational cultures
• Implement strategic plan and through actions, motivate others to achieve corporate direction
• Ensuring priorities are strategically based
• In cooperation with the board, establish and confirm vision and strategic direction
• Identify an organization structure and management style to meet credit union objectives
• Using strategic plan, develop, prioritize and implement organizational/department plans and strategies

Requirements:  Core Occupational Skills

• Sales skills
• Knowledge of Credit Union philosophies and principles
• Understanding of Credit Union Act and regulations; policies and procedures; credit union technology and operations.
• Recognizes financial terminology
• General understanding of industry conditions
• General knowledge of competitors products and services
• General knowledge of the features and benefits of credit union products
• Human Resource management (Employee Engagement)
• Understands Compensation and benefits
• Recruitment experience
• Performance management, conflict resolution
• Compliance and labour standards, human rights legislation
• Human resource policy and procedure development, implementation, interpretation
• Planning/forecasting/budgeting

Requirements:  Education and Professional Experience

• University degree is required
• Six to ten years of related senior management experience
• Or an equivalent combination of education and experience.
• Extensive financial services experience is required.
• Expert knowledge of Enterprise Risk Management and the regulatory requirements is required.
• Experience evaluating and drafting policy and procedures is preferred.
• Extensive experience in evaluating all aspects of risk at a corporate level is require