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Job description

The primary focus for a Risk & Compliance Officer needs to be the identification and elimination of any risks that may result in financial loss, injury, or legal liability. The purpose of risk management is to safeguard the credit union, its members, reputation, assets and the interests of stakeholders by identifying, assessing, managing and mitigating all threats to the achievement of its business objectives. Risk Officers work to identify and lessen threats, working to produce and implement strategies and plans to avoid future risks and to design contingency plans if things go wrong, deciding how to avoid, reduce or transfer risks. Types of risk include credit, health and safety, insurance, fraud, market (e.g. risks arising from interest rate fluctuations), liquidity (e.g. whether the credit union has sufficient cash flow) and operational (e.g. risk of processes breaking down). This officer will provide assurance to the Boards of Directors and the Regulators that W.B.R. and Kilkeel Credit Unions are operating within the letter and spirit of the legal and regulatory framework laid down within the UK law, and in particular the regulatory and supervisory framework required by the regulators and other statutory and professional bodies..

Responsibilities

• Compliance Duties: To maintain the compliance system to ensure that all elements of relevant products and services offered to members by the CU are being carried out in accordance with relevant laws, regulations, policies and industry best practice
• Identifying all statutory and regulatory obligations applicable to the credit union
• To ensure the requirements of the compliance system are implemented and adhered to on an on-going basis, and to ensure relevant issues are effectively reported
• Advising the credit union board, management and staff on compliance laws, rules and standards and provide appropriate management information on a regular basis or as required.
• To ensure appropriate compliance training modules are completed by the credit unions directors, supervisors, committee members, employees and volunteers as required.
• To monitor changes to legal, regulatory and industry environments on an on-going basis and assess impact on the business and provide advice and appropriate documentation for the credit union to ensure compliance.
• Ensure all audit or regulatory corrective actions and recommendations are implemented, where applicable, within agreed deadlines.
• Prepare and present compliance reports to the board of directors regularly.
• To investigate cases of non-compliance within the credit union.
• To ensure adequate records are kept and maintained around compliance
• Ensuring that any Service Level Agreements take compliance and regulatory considerations into account.
• Liaise closely with the Supervisory Committee to ensure that adherence to Compliance Requirements is sufficiently addressed across both the compliance and supervisory workstreams.
• Keep abreast of all relevant changes to Compliance Requirements to ensure the credit union implements all necessary policies, procedures or other controls in a timely and effective manner.
• Act as the Data Protection Representative
• Ensuring that all necessary regulatory filings are submitted accurately and on time.
• Risk Related Duties: Maintain an appropriate risk management framework, policies and procedures for the credit union.
• Maintain an accurate risk register.
• Complete regular risk assessments to identify and measure the risks affecting the business.
• Advise the board of directors and the credit union staff on the measures required to mitigate those risks in line with the risk appetite of the credit union.
• Ensure all risk mitigations plans are implemented, where applicable, within the agreed deadlines.
• Liaise closely with the Supervisory Committee and Risk Owners to ensure that supervisory reviews are suitably designed to address the risks identified.
• Prepare and present risk reports to the board of directors regularly.
• General: Attend seminars, workshops and industry events as may be required.
• Ensuring that the credit unions service arrangements, agreements and key documentation take all relevant compliance and regulatory considerations into account.
• Actively participate in Risk Management and Compliance Committees.
• Undertake any training that is identified as relevant to the specific role or as a Credit Union employee.
• Deliver on additional duties as may be assigned from time to time.

Skills and Qualifications

Essential Skills

• Qualification awarded by a recognised professional body in Risk Management, Compliance, Financial Services or similar related field.
• A minimum of two years experience of working within Risk Management and /or Compliance within a financial services environment.
• Data Protection experience and/or strong understanding of UK GDPR.
• Excellent communication, report writing skills with the ability to deliver presentations.
• Analytical and problem-solving skills.
• Excellent organisational and planning skills.
• Persistence, an eye for detail and ability to meet deadlines.
• Highly proficient in computer packages i.e.MS Word, Excel, PowerPoint etc.
• A knowledge of the compliance requirements of the various Regulators in the financial sector.
• Ability to work on own initiative to deliver agreed targets.
• A current valid Driving licence and access to personal transport.

Desirable Skills

• A sound understanding of credit union operations.
• Previous experience within a finance analysis focused position.

Further Information

Location: Warrenpoint Credit Union & Kilkeel Credit Union. Work time: Tuesday to Friday 9.15am to 5.15am, Saturday 9.15am to 1.15pm. Salary of £27,000.00 per annum (possibility of increase after successful annual review ) plus benefits.