Salal Credit Union is looking to add a new Vice President of Risk and Compliance to its leadership team. This position will manage a majority of the Credit Union's Enterprise Risk Management and compliance programs. The VP of Risk and Compliance is also responsible for providing operational and advisory support in these areas, viewing the effective management of risk as a competitive advantage. This role also is responsible for continued development and oversight of Enterprise Risk Management (ERM) and compliance programs, including: formalized compliance controls and processes; ensuring overall compliance with laws and regulations, internal policies and procedures, and industry best practices; conducting risk assessments and monitoring risk mitigation processes to effectively manage the Credit Union's overall risk profile. Serving as an internal consultant, this position will act as the risk and compliance subject matter expert to ensure policies, procedures, and implemented practices comply with regulatory requirements and internal policies, as well as present a balanced level of risk and opportunity consideration.
This role will directly supervise the credit union's Compliance Officer and the ERM Specialist.
Salal Credit Union strives to maintain a work environment free from discrimination where employees are treated with dignity and respect. All employees contribute to the Credit Union's commitment to equal employment opportunity. Salal Credit Union does not discriminate on the basis of race, sex, gender identity, religion/creed, pregnancy, age, physical or mental disability, size or shape, marital status, national origin, genetics/genetic markers, military or veteran status, sexual orientation or any other characteristic protected by applicable laws. We adhere to these principles in all aspects of employment, including recruitment, hiring, placement, compensation, benefits, promotion, and discipline. We believe that by adhering to these policies we can cultivate a welcoming environment by embracing each individual's identities and abilities.
The salary range for this role is $134,000-$187,000 annually depending on experience. Due to COVID restrictions, this role will work remotely with the option for some flexibility for remote work after our headquarters office reopens at more capacity.
Successful candidates will bring the following experience to this role:
- 5+ years of experience in a complex financial institution or regulatory agency
- 5+ years of experience in management
- Bachelor's degree in Business Administration, Accounting, Finance, or other quantitative fields or equivalent work experience.
- Strong experience in Bank Secrecy Act (BSA) regulations
- Excellent analytical skills
- Knowledge of credit union lending and deposit laws and regulations
Responsibilities of this role will include:
Enterprise Risk Management (ERM) Functions
- Develop, implement and facilitate the ERM process, including conducting Risk Management assurance activities to provide management with the required assurances that Risk Management activities are effective and appropriate.
- Create and maintain an ERM process encompassing all areas of organizational exposure to risk
- Develop and maintain the risk governance arrangements, including governance documentation, risk tolerance and appetite approach, and risk assessments.
- Assist senior leadership, the Risk Committee, and the Board of Directors in setting appropriate risk tolerances, developing methodologies to assess, rank, and validate risk controls.
- Oversee the Vendor Management Program, Business Continuity Program and evaluate and assess Bond and Insurance requirements of the organization.
- Communicate the credit union's report assessment and reporting methodology to State and Federal regulatory authorities and work with them to enhance programs and areas of exposure.
- Develop compliance organizational strategies by consulting with external business partners and internal business owners, analyze needs and make recommendations to strategic thinking and direction; establishing functional objectives in line with organizational objectives.
- Establish compliance operational strategies by evaluating trends; establishing critical measurements; assisting business owners with member-service strategies; designing systems; accumulating resources; resolving problems; implementing change.
- Administer and maintain the BSA/AML and OFAC compliance program in accordance with the industry best practices, regulatory guidance, and requirements.
- Avoid legal challenges by understanding current and proposed legislation; enforcing regulations; recommending new procedures; complying with legal requirements.
Other Essential Functions:
- Oversee the day to day operations of the Enterprise Risk Management (ERM) program in conjunction with the Board's Risk Committee and compliance functions.
- Partner with business owners to build and sustain a robust program that includes the identification, measurement, monitoring, reporting and mitigation of risks within Board of Director approved risk appetite and operational limits.
- Oversee the compliance (including extensive AML and BSA monitoring and reporting) functions by coordinating with outside business partners, internal operations groups, independent auditors, and examiners.
- Provide regular reporting to leadership team, the Supervisory Committee and Board of Directors to communicate status of risk reviews, and examinations.
- Develop analytical processes to support risk measurement by aggregating risk information across all risk types, designing and delivering risk management and compliance reporting appropriate to the scale and complexity of the Credit Union.
Salal Credit Union provides our employees with great benefits including:
- Competitive pay & incentive plans
- Generous 401k contributions
- Charitable contribution matching of $500 per year
- Healthcare plans including options with pre-funded HSA and $0 premiums
- Transportation benefits of $100 per month
- Paid vacation, sick leave, & bank holidays
- Educational support including up to $7500 per year in tuition reimbursement