Job Description

Overview

The Chief Risk Officer (CRO) is responsible for developing, implementing, and overseeing the credit union's enterprise risk management (ERM) framework. The CRO identifies, assesses, and mitigates potential risks that could impact the credit union’s operations, financial stability, and reputation. This role ensures compliance with regulatory requirements while promoting a culture of risk awareness and accountability across the organization. This position is responsible for providing oversight of Internal Audit, Compliance, Risk Management, Vendor Management, Fraud, and Quality Control. The CRO is accountable for ensuring the ongoing confidence among senior leadership, board of directors, and regulators in the safety and soundness of controls which demonstrate compliance to applicable rules/regulations and mitigation of undesired risks, protecting the Credit Union from exposure to financial losses and/or reputational risk. At the core, the CRO works closely with other executives to deliver outstanding service and support while being a critical thought partner in driving the strategic plan.

This position is responsible for ensuring that the activities of the credit union comply with lending, BSA/AML and other consumer protection laws, regulations, and statements of policy as well as internally-developed policies and procedures.

About Frontwave Credit Union : Frontwave Credit Union is a member-owned not-for-profit financial institution serving San Diego, Riverside, and San Bernardino counties. Founded in 1952, we have grown to 13 branches with 120,000 members and manage over a billion in assets. At Frontwave Credit Union, we are focused on creating consumer solutions to provide our members and the communities we serve with products and services that enhance the quality of life for our members through exceptional service and the progressive application of technology.

What’s In It For You: Competitive pay, 401k matching, mortgage and auto discounts. 9-27 days of PTO per year (based on tenure) and 10 paid holidays. Affordable medical, dental, vision health plans, and Flexible Spending Account. Employee Assistance Program with a variety of services. Career development, training, and coaching, mentoring; tuition reimbursement up to $4,000/year. Culture of excellence and continuous improvement. We strive to be the best place you’ve ever worked!

Responsibilities

Essential Duties and Responsibilities:

Includes the following non-inclusive list. Other duties may be assigned. All duties are to be performed in compliance with applicable laws, regulations and Credit Union policies and procedures.

• Ensure compliance with applicable federal, state, and local regulations, including NCUA, DFPI, CFPB, and other relevant regulatory bodies.
• Monitor changes in laws, regulations, and industry guidelines, updating policies and procedures as needed.
• Collaborate with internal audit and compliance teams to maintain effective governance, risk, and compliance (GRC) practices. Develop, implement, and maintain a comprehensive ERM framework to identify, assess, monitor, and mitigate risks across all business functions.
• Establish risk management policies, processes, and controls aligned with regulatory requirements and industry best practices.
• Oversee risk assessments and analyze emerging threats, vulnerabilities, and trends that may impact the credit union’s operations or reputation.
• Oversee the selection, retention, management and evaluation of all outside counsel, when necessary.
• Participate in the definition and development of credit union policies, procedures and programs and provide continuing counsel and guidance on legal matters and on legal implications of all matters.
• Work with all departments to draft and update legal policies, notices, and terms of use for all product offerings, as applicable.
• Prepare, review and negotiate contracts, proposals, and agreements on behalf of the company for various corporate initiatives unrelated to outside vendors.
• Participate in various committees and provide guidance and expert advice to the Board of Directors, Supervisory Committee, senior management, and credit union personnel on current and emerging legal topics, including trends and issues.
• Develop and administer the credit union’s regulatory compliance program and evaluate its effectiveness which encompasses a review of internal controls and adherence to lending, BSA/AML and consumer laws and regulations.
• Manage daily operations of the Compliance, Fraud, Risk, and Internal Audit departments.
• Analyze and interpret new regulatory requirements to ensure the credit union’s compliance program remains effective and accurate.
• Serve as a subject matter expert on compliance and enterprise risk related matters as credit union projects and initiatives are introduced, implemented and revised.
• Update and maintain internal compliance training programs.
• Manage Member complaints and escalations from DFPI and NCUA.
• Act as the primary coordinator for regulatory examinations including document gathering, meeting coordination, and escalations. Responsible for maintaining accurate and effective tracking reports and ensure established deadlines are met.
• Assist in updating and reviewing credit union policies and procedures based on regulatory changes, internal audits, and examinations by regulatory agencies.
• Develop effective centralized internal controls to consistently protect the credit union.
• Ensure that credit union disclosures are in compliance with regulations and submit suggested changes to management.
• Keep abreast on any legal issues affecting the credit union; provide legal analyses and summaries of relevant rulemaking in a timely manner.
• Keep abreast of changes in lending, BSA/AML, consumer and credit union regulations to maintain compliance and communicate as appropriate.
• Ensure that credit union members receive the appropriate privacy notifications.
• Supervise the AML/BSA, OFAC, and FinCEN responsibilities and AML/BSA/OFAC Officer.
• Represent the Credit Union in appropriate professional forums on Legal, Risk, Compliance and ERM issues and idea exchanges.
• Maintain stellar risk management policies/practices and provide ongoing presentations to executives, board members, and operational areas within the Credit Union on compliance to applicable statutes and regulations, adherence to sound risk management practices and ERM.
• Other essential duties may be assigned.

SUPERVISES, GUIDES, AND DIRECTS THE EMPLOYMENT AND DEVELOPMENT OF THE COMPLIANCE AND RISK MANAGEMENT FUNCTIONS

• Monitor the effectiveness of each manager relative to their department’s overall results.
• Regularly conduct meetings or trainings with staff.
• Prepare and conduct performance evaluations for staff.
• Direct management staff in planning, direction, and developing their assigned staff.
• Establish appropriate limits of authority for all assigned personnel and ensure adequate understanding of credit union’s procedures and policies.
• Promote team participation on departmental and organizational levels.
• Provide leadership and direction to staff and drive the completion of projects.

Qualifications

EDUCATION AND/OR EXPERIENCE:

• Bachelor’s degree in Finance, Business Administration, Risk Management, or a related field (required).
• Master’s degree or professional certifications such as CRCM, CERP, FRM, or CPA (preferred). Minimum of 7-10 years of experience in enterprise risk management, compliance, or internal audit within the financial services industry.
• Strong understanding of credit union operations, regulatory requirements, and risk management best practices.
• Demonstrated experience working with executive leadership and Boards of Directors.
• Credit union experience preferred.
• Strong working knowledge of the credit union and/or banking industry.
• Demonstrated ability to produce documents, spreadsheets, databases, etc. with Windows-based software.
• Excellent communication skills, both written and verbal.
• Excellent presentation skills; ability to conduct presentations to individuals and groups.
• Ability to manage and prioritize multiple projects under heavy deadlines.
• Strong interpersonal skills to effectively communicate with members as well as staff and management.
• Excellent organizational skills.
• Ability to travel as required.

Salary Range: $202,614.18- $337,690.31

Service Excellence Standards

When joining Frontwave Credit Union, you can expect to be a part of a workforce committed to the following Service Excellence standards:

• We see it. We own it. We get it done.
• We ignite positive experiences.
• We do things right every time.
• We are collaborators - united, cohesive and engaged.
• We innovate and evolve.
• We create memorable experiences for life.
• We start with me.

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