Company Description

Be a part of something different

We may offer the same products and services as a big bank, but we couldn’t be more different. We’re rooted in purpose and we’re on a mission to improve lives and strengthen communities. We support nearly 20,000 members and businesses digitally, over the telephone, and in-person across a network of six branches across Niagara and Haldimand.

At PenFinancial, our people are our greatest asset and our values speak for themselves: accountability, inclusivity, integrity, and respect. More than a poster on the wall, our values guide everything we do. They’re values we live every single day – where everyone has a voice and where we listen. Just ask someone who works here to see what they think, and check out our latest annual report to see what we’ve been up to.

We provide all of our employees with a generous benefits package that includes a Living Wage salary, defined contribution pension plan and performance-based success sharing. Combine that with our commitment to contributing to the wellbeing of our employees through competitive benefits programs, wellness days and allowances for education, and it’s no surprise that our employee engagement scores are consistently so strong.

Our commitment to community

We live our brand from the inside out, and our Truly Local Commitment starts with our employees. We support an inclusive, diverse, and caring internal culture. We encourage our employees to give back to the causes that are meaningful to them and their families by providing opportunities to volunteer and represent our truly local credit union through our Truly Local Ambassador program. And, we also commit to investing a portion of our profits directly back into our local communities.

We are a proud Certified B Corporation committed to doing business for good, and we choose 100% renewable energy with Bullfrog Power to support environmental sustainability.

Job Description

The Director, Risk and Compliance heads the Credit Union’s risk oversight function and ensures that the Credit Union’s business and strategic execution aligns with the Board approved risk appetite and risk management frameworks, policies, practices, and procedures through its independent oversight as the second line of defense. This role leads the operations of the risk and compliance functions for the Credit Union by ensuring that risks are identified, measured, controlled, monitored, and reported relative to alignment with Enterprise Risk Management practices, Board determined risk appetite, and meeting all regulatory risk requirements and expectations. Oversees the development and implementation of managing risk policies.

Differentiating Accountabilities**:**

• Leadership responsibilities

  • Provides leadership to the Risk & Compliance team.
  • Proactively coaches to support the personal growth and development of direct reports including coaching and performance management, career planning and develop a highly engaged, diverse and capable team to execute departmental plans/strategies and build strong relationships with others/members.
  • Works with the CEO, the Audit and Risk Committee of the Board, the Board of Directors, and the Senior Leadership team (SLT) to establish policies, standards, and limits that align with PenFinancial’s Board-approved risk appetite and monitors and reports on existing and emerging risks and compliance within this risk appetite.

• Compliance

  • Serves as Chief Anti-Money Laundering Officer (CAMLO) and point of contact for FINTRAC.
  • Develops and maintains Board-approved AML policies that meet changing regulatory requirements.
  • Co-ordinates fulfilment of data required in the course of periodic reviews by FSRA and FINTRAC.
  • Supports the preparation, completion and reporting of action plans in response to regulatory audit results.

• Enterprise risk management.

  • Owns the Enterprise Risk Management Framework which sets the direction for how the Credit Union will manage enterprise risk.
  • Manages major risks (Strategic, Credit, Financial, Operational, Governance, and Compliance) through the following:
    • Risk Identification and Assessment: Recognizes and understands existing risks, risks that may arise from new or evolving business initiatives, and emerging risks from the changing environment.
    • Risk Measurement: Assesses the likelihood and potential impact of risks and ensures accurate and timely reporting of risks. This includes both quantitative and qualitative measures as well as stress testing.
    • Risk Control: Controls risk through processes, policies, guidelines, procedures, control limits, and delegated authorities which reflect PenFinancial’s risk appetite and risk tolerances.
    • Risk Monitoring and Reporting: Monitors risk levels against the Credit Union’s risk appetite and reports risk levels to the SLT, Audit & Risk Committee, and the Board.
  • Tracks risks beyond tolerance and uncovers emerging risks and industry trends.
  • Maintains and ensures compliance with the model risk management framework.
  • Meets all regulatory risk requirements and expectations.
  • Ensures all action plans for risks beyond tolerance are executed in a timely fashion.
  • Oversees the risk review process and identifies key KRIs and risk controls.
  • Support the CEO and Audit Committee with all internal controls as it pertains to industry best practice risk management.
  • Serves as a member of the Enterprise Risk Management Committee (ERMCO).
  • Serves as a non-voting member of the Management Credit Committee but holds veto power over credit adjudications.
  • Works with risk owners across organization to update risk conditions and ERM model inputs.

• Capital, liquidity and regulatory planning.

  • Serves as a member of the Asset-Liability Committee (ALCO).
  • Maintains, updates and operationalizes regulatory-mandated recovery planning process and related documents.

• Internal Audit

  • Serves as secondary administrative liaison with internal audit provider, after the CEO
  • Co-ordinates distribution of internal audit reports and collection of responses from management for inclusion in appropriate Board meeting packages.
  • Creates, maintains and reports on a log of action items arising from significant findings identified in any internal, external or regulatory audit.
  • Recommends opportunities for improvements in policies and procedures to the appropriate owner for consideration.

Perform other assigned responsibilities.

Qualifications

• • University degree or equivalent experience in a business/finance environment
  • Chartered Professional Accountant (CPA Designation) or Financial Risk Manager (FRM) designation preferred
  • 10+ years of business-related experience in financial services, preferably banking
  • 7+ years of accounting/finance experience in a leadership role
  • 7+ years of risk management/compliance experience in a leadership role, with a deep understanding of liquidity, capital, credit, and operational risk
  • Experience in enterprise risk management, risk appetite, risk methodologies, and capital models.
  • Experience interacting with regulators, the Board, CEO, and Senior Management
  • Expert knowledge of and experience with best practices in operational risk management and governance frameworks, methodologies, and processes
  • Strong leader with motivational skills to influence change
  • Strong relationship management skills and the ability to effectively partner with vendors, industry associations, and other key stakeholders
  • Strong critical thinking, analytical, and problem-solving skills with the ability to break down complex situations into manageable parts in a systematic manner
  • Experience in regulatory requirements with the ability to stay current with rapidly evolving regulatory guidance and industry best practices

Salary will be determined based on skills, experience, education and other qualifications relevant to this position

Additional Information

To learn more visit https://www.penfinancial.com/careers

While we welcome all applications, only those who are selected for an interview will be contacted.

Accessibility accommodations will be made for job candidates upon request.