Chief Risk Officer

Posting #: 25-22

Location: Corporate (Kitchener/Sault Ste. Marie/Remote)

Job Type: Regular, Full Time

Reports to: Chief Executive Officer

JOB SUMMARY:

Reporting to the Chief Executive Officer (CEO), the Chief Risk Officer (CRO) at YNCU is responsible for and oversees Enterprise Risk Management (ERM), Collections and the Commercial and Retail Credit teams. The role is responsible for operational, financial and compliance-related risks. As the leader for the Enterprise Risk Management (ERM) function, the CRO will be accountable for all aspects of risk management. The CRO is directly accountable to YNCU’s Risk Committee for all matters of risk, including developing, implementing and overseeing the organization’s risk management framework to identify, assess, manage and mitigate risks that could impact YNCU’s strategic goals and operations.

The CRO is charged with the responsibility of balancing all stakeholder needs and interests, and ensuring YNCU operates at a best practice level, consistent with the Credit Union’s Credit Risk and Enterprise Risk Management Policy.

KEY ACCOUNTABILITIES OF THE CRO ROLE

• As a member of the Executive Leadership Team, actively participate in helping to set the strategic direction of the organization.
• Develop and set the vision and strategy for the Enterprise Risk Management (ERM) function.
• Work closely with the Executive Leadership Team and the Board’s Risk Committee.
• Manage the process for developing risk policies and procedures, risk limits, and approval authorities for the organization.
• Ensure an organization-wide view, understanding and ownership of the combined risks of the business and their inter-relationships (interest rate risk, liquidity risk, operating risk, credit risk, reputational risk, regulatory risk) and embed a positive culture of confident and informed risk-taking through training, communication, and promotion of the agreed risk framework.
• Manage the corporate risk and control assessment reporting process, as well as manage and maintain infrastructure elements (e.g. management reporting, including reporting to senior management).
• Work with business leaders to develop plans to mitigate risks and monitor the progress of risk mitigation activities and manage the process for elevating control risks to more senior levels when appropriate.
• Review and provide recommendations on capital to projects based on risk.
• Design and implement an enterprise-wide risk management framework that aligns with the organization’s goals and industry’s best practices.
• Manage the development and implementation of all aspects of the risk function, including processes, tools, and systems to identify, assess, measure, manage, monitor, and report risks.
• Provide strategic leadership and guidance to all functional areas of the Credit Union related to the management of risk.
• Proactively establish and oversee appropriate risk management programs to ensure that YNCU is following all statutory and regulatory requirements.
• Develop and maintain a risk conscious culture where opportunity and risk are appropriately balanced to support long term growth and profitability, while ensuring a risk-based optimization of business changes within the Credit Union’s risk tolerance.
• Provide oversight of Risk Management reporting to measure compliance with policy, process & control objectives.
• Provide oversight of AML processes and reporting.
• Oversee the Credit Union’s property, casualty and bond insurance programs to ensure adequate, cost-effective coverage appropriate to the size, functional operations and complexity of the Credit Union.
• Provide decisive, analytical decisions to prioritize & communicate key objectives/tactics to achieve YNCU risk management objectives.
• Maintain and align all operational policies on an ongoing basis for the Credit Union, including Retail, Information Technology, Compliance and Risk Management Policies.
• Lead the credit adjudication, administration, and collection teams in the day-to-day operations of all credit related functions.
• Develop collaborative and interdependent working relationships with the Commercial & Retail Sales, Finance and Audit Teams.
• Present and report on credit activities monthly to the Board Credit Committee, including watch-list reporting.

GOVERNANCE AND COMPLIANCE

• Oversee the organization’s compliance with regulatory requirements and standards related to risk management.
• Facilitate risk discussions with executive management, audit committees, and the board, providing regular reports and updates on key risks and mitigation strategies.
• Ensure that risk management activities align with corporate governance and ethical standards.

COLLABORATION AND RELATIONSHIP MANAGEMENT

• Liaise with and influence internal and external stakeholders to ensure continuation and growth of YNCU’s risk management culture, while seeking changes to improve effectiveness and efficiencies in policy and processes.
• Ensure that YNCU strategy is aligned with the risk appetite defined by the YNCU Board.
• Determine strategic direction for YNCU’s risk management program, covering YNCU’s new and existing business, ensuring speed of delivery and quality service.
• Participate as a key decision-maker on major projects and initiatives within YNCU.
• Keep the Chief Leadership Team (CLT) and Audit Committee of the Board appropriately aware of operational program strategies and challenges on an ongoing basis.
• Identify, prioritize and influence risk management and reporting activities in all functional areas, building strong relationships with the members of the YNCU Chief Leadership Team.
• Provide guidance, ensuring appropriate measures are in place to identify and mitigate risks within Industry, Regulatory and Company standards.
• Develop and maintain a close working relationship with the Credit Union Audit Committee as a key advisor to this Committee.
• Provide support, cooperation and resources to the Risk Manager to always ensure the highest level of regulatory compliance.
• This position acts as the primary contact for all regulatory inquiries.

RISK ANALYTICS AND REPORTING

• Utilize data analytics and technology to assess, quantify, and monitor risks, ensuring data-driven decision-making.
• Develop and present risk reports, dashboards, and key risk indicators (KRIs) to stakeholders.
• Stay updated on emerging risks, industry trends, and best practices to ensure the organization remains proactive and resilient.

OPERATIONAL AND FINANCIAL RISK OVERSIGHT

• Identify, monitor, and mitigate risks associated with business operations, including financial stability, and reputational risks.
• Collaborate with financial teams to assess liquidity, credit, and market risks.
• Lead crisis management and business continuity planning efforts to minimize operational disruptions during risk events.

KEY CHALLENGES

• Develop and maintain a centralized Risk Management function that operates effectively and collaboratively with all departments, to deliver to all internal, competitive, regulator and statutory requirements.
• Remain current on regulatory, legislative, operational and financial risk management issues, in a fast paced and demanding environment.
• Develop risk management frameworks that complement a rapidly growing business.
• Lead the organization to integrate YNCU’s risk management practices and controls into the YNCU business practices and policies.

QUALIFICATIONS

• Bachelor’s degree in Finance, Business Administration, Risk Management, or a related field (required).
• 10+ years risk management, compliance, governance, insurance or related fields, including leading a team of Risk professionals.
• Extensive knowledge of banking and issues related to the operation of a Credit Union in Canada.
• Experience in risk management techniques in the areas of Credit, Market, Liquidity and Operational Risk, with a good working knowledge of Strategic risk issues.
• An understanding of quantitative analytics and modeling techniques, is an advantage.
• Sound knowledge of the Credit Unions and Caisses Populaires Act, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the Insurance Act.
• Demonstrated strategic, tactical and analytical skills with the ability to link specific and emerging needs to the short- and long-term goals of YNCU.
• Experience working in a financial institution with working knowledge of banking systems is an asset.
• Ability to travel to all YNCU locations.
• Must be bondable.

YNCU strives to be a diverse workplace reflective of the communities that we live in. We are committed to a diverse workforce and invite everyone to apply. YNCU makes hiring decisions solely on qualifications, merit, and business needs at the time.

YNCU is an equal opportunity employer that is committed to diversity and inclusion in the workplace. We prohibit discrimination and harassment of any kind based on race, colour, sex, gender, religion, sexual orientation, national origin, disability, pregnancy, or any other protected characteristic as outlined by national, provincial, or municipal laws. This applies to all employment practices within our organization, including hiring, recruiting, promotion, termination, layoff, recall, leave of absence, compensation, benefits, and training.

Your Neighbourhood Credit Union will provide accommodations for persons with disabilities, where needed, to support their participation in our recruitment process. Please contact Human Resources at hrjobs@yncu.com.