VP Risk Management

Company: ValleyStar Credit Union
Location: Rocky Mount
Posted on: May 28, 2023

Job Description:

The Vice President of Risk Management will report to the Chief Risk Officer. Responsible for the leadership, innovation, governance, and management necessary to identify, evaluate, mitigate, and monitor the company's operational, strategic, and systemic risk. Responsible for overseeing all aspects of risk, loss prevention, and compliance for the Credit Union. You will lead the compliance and fraud teams in the review of regulatory and internal policies, recognizing and managing internal risk, and defining and recommending strategies and objectives designed to mitigate ValleyStar's fraud and risk exposure. Formulates and suggests new programs or changes to policies and procedures to limit loss and risk exposure. Implements new strategies and educates and delivers preventative methods. Effectively communicates and enforces credit union policies and procedures. Oversees and administers Insurance Protection programs to secure the greatest protection of company assets, and limit liability, with the most cost-effective coverage packages. Oversees compliance function by providing guidance on compliance issues, conducting internal risk assessments, and providing in-house training related to compliance and risk management issues. You will provide oversite on internal, external, NCUA, and SCC audits. Provide input into the credit union enterprise risk or another committee that oversees the ERM process and ensure that it is in alignment with strategic objectives. Ensure compliance with federal and/or state regulations as they relate to the Credit Union. Offer advice on claims and complaints, providing guidance to the CRO and President/CEO regarding insurance claims including formulating effective responses, correction, and prevention plans.
Major Duties and Responsibilities
Duties and Responsibilities:

• Participate in the CU's long and short-term strategic planning.
• Drafting and review vendor contracts, company policies on legal, compliance and risk management related matters.
• Offer advice on complaints, claims, compliance and other issues, work with relevant departments in formulating effective correction/prevention plans.
• Work with external counsel on designated matters when necessary.
• Provide in-house training to employees on regulatory compliance and risk management issues and assist with development of training materials.
• In conjunction with senior management, incumbent formulates the company's risk management policies.
• Directs staff in establishing risk management procedures and standards; developing risk management analysis reports; developing approval procedures and guidelines on risk limits by type of product and/or transaction; and in establishing management and administrative procedures to ensure adherence to policies. Responsible for coordination of the company's risk management policies. Provides counsel to department managers on risk management issues.
• Prepare accurate and timely reports compiling statistics and making presentations to President/CEO, management, and Board of Directors as requested.
• Develop, recommend, and maintain risk management-related to vendor relationships and contracts.
• Works with DRM on the business continuity program operations, reporting, training, education and daily activities.
• Responsible for the management and oversight of the credit unions overdraft protection program.
• Provide coaching and training to staff (internal and external) on risk management functions and tools.
• Develop and maintain fraud control and loss prevention measures. Respond to internal and external audit exceptions with action plans to correct deficiencies in policies and procedures.
• Conducts special studies to discover the Credit Union's potential exposure to existing or pending compliance regulation and cooperates with the appropriate staff in developing an effective response to the compliance requirements.
• Oversee and maintain the organizations compliance services activities related to consumer protection regulations.
• Maintains a schedule for a cursory examination of all compliance requisites and looks for evidence of deficiencies in controls, duplication of effort, timeliness of response to compliance issue or lack of compliance with laws, government regulations and management policies or procedures.
• Assists managers in understanding and addressing all applicable laws and regulations. Develops and maintains corporate compliance policies and establishes compliance review procedures.
• Communicate and coordinate with regulatory authorities on compliance requirements and related risks.
• Responsible for the development and update of BSA/AML/OFAC training materials and forms.
• Monitor various compliance surveillance and exception reports. Conduct periodic internal account/member reviews to identify potentially suspicious activity. Completely and accurately document steps taken through the investigation process.
• Attends compliance schools and information sessions to remain knowledgeable and skilled in compliance requirements.
• Must comply with applicable laws and regulations, including but not limited to, the Bank Secrecy Act, the Patriot Act, and the Office of Foreign Assets Control.
  Knowledge and Skills Experience
  ---Assists managers in understanding and addressing all applicable laws and regulations. Develops and maintains corporate compliance policies and establishes compliance review procedures.
  ---Communicate and coordinate with regulatory authorities on compliance requirements and related risks.
  ---Responsible for the development and update of BSA/AML/OFAC training materials and forms.
  ---Monitor various compliance surveillance and exception reports. Conduct periodic internal account/member reviews to identify potentially suspicious activity. Completely and accurately document steps taken through the investigation process.
  ---Attends compliance schools and information sessions to remain knowledgeable and skilled in compliance requirements.
  ---Must comply with applicable laws and regulations, including but not limited to, the Bank Secrecy Act, the Patriot Act, and the Office of Foreign Assets Control.
  Education/ Certifications / Licenses
  Four-year degree preferred, experience might be substituted for education. To be successful, this person must be a strong communicator, skilled at multi-tasking and a proven staff mentor/leader
  Other Skills
  LANGUAGE SKILLS:
  This position requires the ability to read and comprehend simple instructions, short correspondence and memos. The ability to write simple correspondence is required. This position requires the ability to effectively present information in one-on-one and small group situations to members, potential members and other employees of the organization.
  MATHEMATICAL SKILLS:
  This position requires the ability to add, subtract, multiply and divide in all units of measure, using whole numbers, common fractions and decimals. The ability to compute rate, ratio and percentage is also required.
  REASONING ABILITY:
  This position requires the ability to apply common sense understanding to carry out instructions furnished in written, oral or diagram form. The ability to deal with problems involving several concrete variables in standardized situations is required.
  OTHER SKILLS AND ABILITIES:
  This position requires the ability to operate, among other things, a multi-line telephone system with voice mail capability, fax machine, calculator, personal computer and copy machine.
  Basic skills in Windows-based software programs including Word and Excel are required.
  ADA Requirements
  Physical Requirements
  The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of the position as required by applicable law.
  While performing the duties of this job, the employee is regularly required to use hands to finger, handle or feel, among other things, objects, tools, PC keyboard or controls; reach with hands and arms; and talk or hear. The employee frequently is required to stand, walk and sit. The employee is occasionally required to stoop, kneel, and or crouch.
  The employee will need to lift box[es] of receipt paper and other supplies that may weigh in excess of 25 pounds. Specific vision abilities required by this job include close vision, color vision, peripheral vision, depth perception and the ability to adjust focus.
  Working Conditions
  Work is performed largely in a pleasant office environment with minimal chance for personal injury and moderate noise level. There may be occasions when the work environment is stressful. Work hours will normally be from Monday through Friday and may change depending upon our needs.
  Mental and/or Emotional Requirements
  The mental characteristics necessary to competently perform this job include, but are not limited to, the need to use instructing and negotiating abilities, and imagination; to frequently use basic and complex numeric calculations, memory, and reading and writing ability; to continuously be alert, precise, resourceful, use problem solving; concentration, creativity and good judgment for any specific duration.
  ADA
  Reasonable accommodations may be made to enable qualified individuals with disabilities to perform the essential functions.
  At Will
  The above statement reflects the general details considered necessary to describe the principal function of the job identified and shall not be construed as a detailed description of all the work requirements that may be inherent in this job. Nothing in this document restricts management's right to assign duties and responsibilities to this job at any time. This document should not in any way be considered an employment contract, or take away from, alter or modify your "At will" employment status.
  EEO
  ValleyStar Credit Union is an Equal Opportunity Employer and does not discriminate against employees or applicants based on race, color, religion, sex/gender, national origin, disability, age, or any other category protected by law.

Keywords: ValleyStar Credit Union, Rocky Mount , VP Risk Management, Executive , Rocky Mount, North Carolina