Risk Management

POSITION TITLE: Risk Management Manager

DEPARTMENT: Finance

CLASSIFICATION: Exempt

APPROVED BY: CEO

WAGE GRADE: 15

REPORTING RELATIONSHIPS

POSITION REPORTS TO: Chief Financial Officer

POSITIONS SUPERVISED: Risk Management Specialist I, Risk Management Specialist II, Compliance Officer(s)

POSITION PURPOSE

The Risk Management Manager is responsible for leading and managing 4Front Credit Union's comprehensive risk management program, including fraud prevention, compliance oversight, audit coordination, vendor management, and consumer compliance. This role ensures the organization identifies, mitigates, and monitors risks related to legal, reputational, financial, operational, safety, and regulatory areas. The position emphasizes compliance with consumer protection laws, including the Bank Secrecy Act (BSA), Anti-Money Laundering (AML) regulations, and other consumer compliance standards, while ensuring the credit union operates within regulatory frameworks.

ESSENTIAL FUNCTIONS AND BASIC DUTIES

Leadership and Oversight of Risk Management

• Fraud Prevention and Detection: Direct fraud prevention efforts, including implementing internal controls, educating team members, and monitoring activities to detect and mitigate fraudulent behavior.
• Compliance Oversight: Ensure ongoing compliance with all federal and state regulations, identifying and addressing compliance risks proactively.
• Vendor Management: Oversee and manage the credit union's Vendor Management Program to ensure vendor relationships align with regulatory requirements and organizational standards.
• Team Development: Develop, coach, and lead a high-performing risk management team, fostering a culture of accountability and continuous improvement.
• Operational Excellence: Identify opportunities to enhance operational efficiency, close performance gaps, and meet risk management goals.

Compliance and Regulatory Management

• Consumer Compliance Oversight: Ensure compliance with consumer protection laws. Develop and maintain processes for ongoing adherence to the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations, including monitoring, reporting, and training programs.
• Regulatory Reporting: Ensure all regulatory reporting, including BSA/AML-related reports such as Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs), are accurate and timely.
• Compliance Calendar: Oversee the Compliance Calendar, ensuring adherence to all regulatory deadlines and requirements.
• Risk Assessment: Conduct regular risk assessments and implement strategies to address identified vulnerabilities.

Vendor and Contract Management

• Vendor Oversight: Manage vendor relationships to ensure compliance with regulatory standards and mitigate potential risks.
• Vendor Education: Provide guidance and training to internal stakeholders on vendor risk management practices.
• Annual Review Process: Ensure annual reviews and ongoing monitoring of vendor performance, contracts, and adherence to agreed-upon standards.
• Escalation Management: Escalate vendor-related risks or issues as necessary, working with leadership to implement corrective actions.

Fraud Investigation and Audit Coordination

• Fraud Investigations: Act as the primary point of contact for fraud cases, managing incident reports and liaising with law enforcement.
• Audit Management: Coordinate internal and external audits, ensuring readiness and compliance with audit requirements.
• Internal Controls: Recommend and implement operational controls to safeguard the credit union's assets and ensure audit integrity.

Insurance and Risk Coverage Management

• Insurance Oversight: Analyze and manage corporate insurance and bond coverage needs, securing competitive bids for policies.
• Risk Analysis: Review and recommend insurance policies that adequately protect the credit union's assets and interests.

Stakeholder Communication and Collaboration

• Internal Liaison: Work with credit union leadership to identify and mitigate compliance risks associated with new products and services.
• External Representation: Act as the credit union's representative with industry associations, examiners, auditors, and other stakeholders.
• Corrective Action Management: Oversee corrective actions to resolve compliance deficiencies or violations, keeping senior management informed of progress and risks.

Continuous Improvement and Knowledge Management

• Regulatory Awareness: Stay informed of industry trends, regulatory changes, and best practices in fraud prevention, compliance (including consumer compliance and BSA/AML), audit, and vendor management.
• Training and Education: Provide ongoing education to credit union employees on compliance requirements, including consumer protection laws and BSA/AML regulations.

PERFORMANCE MEASUREMENTS

Operations auditing and process review are accurately and effectively performed in accordance with credit union policies, procedures, and legal requirements. Discrepancies, errors, and inconsistencies are promptly identified and reported.

Operational procedures and policies are appropriately assessed and suggestions for improved systems and controls are made.

Good working relations exist with departments.

Effective working relations exist with personnel. Assistance and support are provided as needed.

Management is appropriately informed of area activities and of any significant problems.

Required reports are accurate, timely, and informative.

Good working relationships, DEI and collaborative initiatives exist with credit union personnel.

QUALIFICATIONS

EDUCATION/CERTIFICATION:

• Bachelor's degree in business related field
• Other industry certification may be required.

REQUIRED KNOWLEDGE :

• Thorough understanding of legal and regulatory requirements
• Comprehensive knowledge of financial service products, operations and procedures
• Experience in risk management, compliance (including BSA/AML), fraud prevention, vendor management, or audit within the financial services industry.

EXPERIENCE PREFERRED:

• Five to eight years of experience in risk management with a proven leadership record of accomplishment
• PC Skills: Word, Excel, Microsoft office

SKILLS/ABILITIES:

• Strong knowledge of state and federal regulations impacting credit unions, including consumer compliance laws and BSA/AML requirements.
• Proven leadership skills with the ability to coach and develop teams.
• Exceptional analytical and problem-solving abilities.
• Excellent verbal and written communication skills, with experience in reporting to senior management.
• Familiarity with risk management, compliance, and vendor management software and tools is preferred.

PHYSICAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION

FINGER DEXTERITY: Using primarily just the fingers to make small movements such as typing, picking up small objects, or pinching fingers together.

TALKING: Especially where one must frequently convey detailed or important instructions or ideas accurately, loudly, or quickly.

AVERAGE HEARING: Able to hear average or normal conversations and receive ordinary information.

REPETITIVE MOTIONS: Movements frequently and regularly required using the wrists, hands, and/or fingers.

AVERAGE VISUAL ABILITIES: Average, ordinary, visual acuity necessary to prepare or inspect documents or products, or operate machinery.

PHYSICAL STRENGTH: Sedentary work; sitting most of the time. Exerts up to 50 lbs. of force occasionally. (Almost all office jobs.)

WORKING CONDITIONS

NONE: No hazardous or significantly unpleasant conditions (such as in a typical office).

TRAVEL: Travel may be required within and outside of branch network.

MENTAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION

REASONING ABILITY:

• Ability to apply logical or scientific thinking to define problems, collect data, establish facts, and draw conclusions.
• Able to interpret a variety of technical instructions and can deal with multiple variables.

MATHEMATICS ABILITY:

• Ability to compute discount, interest, profit, and loss; commission markup and selling price; and ratio, proportion, and percentage.
• Able to perform very simple algebra.

LANGUAGE ABILITY:

• Ability to read a variety of books, magazines, instruction manuals, atlases, and encyclopedias.
• Ability to prepare memos, reports, and essays using proper punctuation, spelling, and grammar.
• Ability to communicate distinctly with appropriate pauses and emphasis, correct pronunciation (or sign equivalent), and variation in word order using present, perfect, and future tenses.

INTENT AND FUNCTION OF JOB DESCRIPTIONS

Job descriptions assist organizations in ensuring that the hiring process is fairly administered and that qualified employees are selected. They are also essential to an effective appraisal system and related promotion, transfer, layoff, and termination decisions. Well constructed job descriptions are an integral part of any effective compensation system.

All descriptions have been reviewed to ensure that only essential functions and basic duties have been included. Peripheral tasks, only incidentally related to each position, have been excluded. Requirements, skills, and abilities included have been determined to be the minimal standards required to successfully perform the positions. In no instance, however, should the duties, responsibilities, and requirements delineated be interpreted as all-inclusive. Additional functions and requirements may be assigned by supervisors as deemed appropriate.

In accordance with the Americans with Disabilities Act, it is possible that requirements may be modified to reasonably accommodate disabled individuals. However, no accommodations will be made which may pose serious health or safety risks to the employee or others or which impose undue hardships on the organization.

Job descriptions are not intended as and do not create employment contracts. The organization maintains its status as an at-will employer. Employees can be terminated for any reason not prohibited by law.

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