Senior Vice President of Finance and Risk at Dover Federal Credit Union

Description

General Summary

• Reporting to the EVP, the SVPFR is directly responsible for the Credit Union’s overall Financial, Investment, Business Intelligence/Data Strategy, Asset Liability Management (ALM), Enterprise Risk (ERM) and Regulatory Compliance Departments. Along with the Board of Directors, the CEO, EVP and remaining Executives, the SVPFR participates in developing and implementing the Credit Union’s Strategic Plan and Vision. The SVPFR is responsible for the Credit Union’s annual budget and ensuring it aligns with its’ plan and vision. Through relationship development and exceptional communication, the SVPFR is responsible for collaborating cross-functionally with all organizational stakeholders and the Board of Directors ensuring continued overall success of the organization. The SVPFR is also involved in the Credit Union’s Communities including charitable organization board representation.

Essential Functions by Area of Responsibility

 Finance

• Accounting
• Analyze, interpret, review and present the monthly financial statements to the CEO and Board of Directors including the Asset and Liability Committee (ALCO) and EVP.
• Oversee the completion of all external financial reporting including, but not limited to, the NCUA and the Federal Reserve.
• Oversight of the annual external CPA firm audit and audited financials.
• Assist in preparing the Members’ Annual Meeting document including the external audited financials.
• Responsible for the oversight of a general ledger accounting system that meets regulatory requirements and generally accepted accounting principles.
• Participate in the monthly Asset-Liability Committee and Board of Directors meetings.
• Coordinate, prepare and monitor the annual budget. Prepare monthly budget variance financial reports and prepare budget tracking reports.
• Develop, implement and monitor the financial success of branches and products profitability.
• Act as department liaison, establishing and maintaining effective relationships with internal and external auditors and examiners.

• Asset Liability Management and Business Intelligence
• Collaborate with the AVP, ALM & BI to manage the activities of the ALM & Business Intelligence department and actively participate in supporting effective balance sheet management, forecasting, and capital adequacy functions. This includes a thorough understanding of the credit union’s interest rate risk, earnings at risk, change in market value and net interest income sensitivity.  
• Provide reports to strengthen the balance sheet structure of the Credit Union by means of: monitoring capital adequacy, asset quality, and liquidity; providing reports that monitor present and projected interest rate risks; and by managing investment portfolio that provides liquidity and safety, while optimizing earnings.
• Review and analyze quarterly ALM reports.
• Review and analyze financial forecasts and other various decision-making reports that have impact on the organization’s financial well-being.
• Analyze Credit Risk to help develop appropriate product pricing and ensure adequate loss reserves are established each month.
• Oversee actionable business intelligence in consultation with organizational stakeholders and business units, for use in daily and strategic decision making throughout the credit union.
• Participate in developing a data driven culture. Establish and implement strategy with the Data Strategy Committee. 
• Responsible for the day-to-day management of the investment portfolio, including monitoring and recommending possible purchases and sales, as well as planning for possible future funding needs of the credit union, and generating investment income. 
• Evaluate and establish cost effective liquidity sources. Monitor daily liquidity and liquidity forecasts.

 Risk

• Compliance
• Responsible for ensuring the Credit Union is compliant with federal and state laws and regulations set forth by regulatory agencies. This includes continuously monitoring and analyzing changes and amendments to laws and regulations that affect the credit union.
• Oversee the risk management team to ensure adequate attention is allocated to new systems, products and programs under development, to ensure proper vetting and management of associated risks, as required by regulatory guidance.
• Compliance Department oversight to ensure compliance with all regulatory programs including but not limited to the Bank Secrecy Act, Office of Foreign Asset Control Program and Customer Identification Program.
• Provide guidance to the AVP Risk and In-House Counsel for research and risk analysis on legal issues relating to contracts, key business partnerships, regulatory requirements, privacy and risk management, human resources, marketing and intellectual property, and other general corporate matters and transactions.
• Assist with managing litigation and other forms of legal claims brought against the company, which includes coordination with insurance and outside counsel as appropriate.
• Oversee the development of standards for vendor and client contracts, including general language provisions, accuracy and appropriateness.
• Track Board Policy updates, ensuring appropriate Board and Board Committee approvals.

Enterprise Risk Management (ERM)

• Overall Management of ERM Department in coordination with the AVP of ERM, including the ERM Program, Internal Audit and Vendor Management.
• Assisting the AVP of ERM in the continued development of Dover Federal’s ERM Program. 
• Provide periodic reports to the ERM Committee, Board of Directors, and management regarding the status of the CU’s ERM program.
• Aid in defining and monitoring the CU’s risk appetite and tolerance.
• Manage the coordination of risk assessments with management to identify and measure risks associated with potential and current products, services, and systems.
• Oversite of the internal audit area which performs independent appraisals on all aspects of the Credit Union’s operations and internal controls to ensure that established policies and procedures are followed, operational and financial standards are met, and resources are used economically and efficiently.  
• Assist in managing the internal audit program. Review the annual audit work plan for presentation to the Supervisory Committee and The President/CEO.
• With the assistance of the AVP of ERM provide periodic reports to the Board of Directors concerning significant changes to risk or performance problems of vendors that may impact the CU’s strategic objectives.
• Provide an annual report to the Board of Directors on the overall status of the Vendor Management program.

Requirements

Job Specifications

• Bachelor’s degree or equivalent combination of education and 7 to 10 years of related experience.
• Requires 7 to 10 years of experience in the financial industry, preferably credit unions. Specific experience in the following areas preferred: enterprise risk management, accounting/finance and/or asset liability management.  
• Expert-level understanding of Generally Accepted Accounting Principles (GAAP), theory, and application.
• Expert mathematical skills (statistics, algebra).
• Expert interpersonal skills necessary for directing the work of credit union staff and communicating information to the EVP.
• Intensive fact-finding and investigation skills required to solve major, complex problems. Ability to independently research, resolve, and support accounting transactions and account balances.
• Ability to independently make and act upon decisions that support department credit union goals, objectives, and philosophy.
• Ability to establish and maintain effective working relationships with officials, employees, examiners, auditors, members and others in relation to the credit union.
• Expert written and verbal communication skills.
• Intermediate knowledge of Microsoft Office Suite, specifically spreadsheet applications such as Excel, and simulation analysis software.

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 accommodation may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee is frequently required to sit, use hands to finger, handle or feel, reach with hands and arms, and talk or hear. The employee is occasionally required to stand, walk, bend, kneel, and reach above or at shoulder level. The employee must occasionally lift/push/pull and/or carry up to 25 pounds.