VP, Risk Management (Durham)

Description

The VP of Risk Management is a key leader responsible for supervising the risk management staff and overseeing the enterprise risk functions, processes, and activities associated with their duties. This is a management function that independently leads organizational resources to ensure risk is being identified and mitigated, and that controls are implemented and aligned with strategic objectives. This role requires a strategic and operationally focused leader capable of balancing day-to-day risk management activities with long-term strategic initiatives and will play a pivotal role in enhancing the organization’s risk management practices to address new challenges and opportunities. This position must maintain a thorough understanding and high-level knowledge of all aspects of enterprise risk management, governance, compliance, legal, regulatory, and political matters both within the organization and externally. The position is responsible for examining and evaluating the adequacy and effectiveness of member service delivery operations, controls, and their related activities while also providing reasonable assurance that the organization has designed and implemented practices to effectively control risk throughout the organization.

Essential Duties and Responsibilities:

• Assess the adequacy of internal controls, policies, procedures, and processes for LCCU.
• Supports the risk assessment process within the risk framework and in collaboration with the business lines.
• Measure the risk within compliance with applicable laws, regulations, policies, and procedures.
• Develop and manage a scalable enterprise risk management (ERM) framework that aligns with industry best practices and the credit union’s overall business and risk strategy.
• Identify, measure, monitor, and manage enterprise risk in compliance with regulatory expectations and industry standards.
• Assess material risks and threats on an ongoing basis by performing periodic operational risk assessments.
• Build a culture of risk management that ensures control and mitigation within the business processes.
• Interview, hire, and train employees, plan and direct work, and employee evaluations.
• Anticipate risk and opportunities before they fully emerge, and be effective at articulating those risks and concerns to others.
• Perform regular and ad hoc compliance risk assessments, including assessing the risk inherent to the various business activities, analyzing LCCU’s control environment, and delivering recommendations regarding potential remediation.
• Lead a cross-collaborative team to work with other groups and teams in audit, compliance, and information management.
• Leverage data and reporting to identify trends, themes, and areas for increasing risk.
• Design or update related policies, procedures, and training, and draft related communications.to develop and mature the ERM program.
• Develop and maintain risk reporting metrics for the Board and Senior Management.
• Assist the CEO and Board in monitoring risk appetites and critical risks.
• Conduct and coordinate the resolution of employee investigations, ethics violations, and conflicts of interest.
• Oversee functional areas of risk, including vendor management, fraud mitigation, and business continuity.
• Maintain written plans for each program within enterprise risk management.
• Ensure complete documentation of activities for review by external auditors and examiners.
• Develop and oversee the implementation of risk mitigation strategies and ensure effective risk controls are in place.
• Oversee training and awareness programs on fraud prevention.
• Collaborate with law enforcement and regulatory agencies on fraud-related matters.
• Lead the development and implementation of fraud detection and mitigation strategies with the fraud team.
• Communicate to Executive Management, Supervisory Committee, and Board.
• Evaluate risks within the internal control system and suggest process improvements to mitigate or avoid financial losses.
• Leverage reporting to identify trends, themes, and areas requiring improved controls.
• Develop and maintain the business continuity program, business impact activities, and department business continuity planning.
• Participate in special projects, as requested by senior management, as well as a variety of organizational wide high-level initiatives.
• Gain a deep understanding of the business to become a trusted advisor and partner for business units.
• Attend and inform the Supervisory Committee quarterly.
• Ensure staff are actively participating in external professional organizations.
• Functional Areas of Responsibility: Enterprise Risk Management, Vendor Management, Fraud Miti