Job description
Position Purpose
Upholds the Credit Union’s mission of “Doing the Right Thing” by managing the finance functions of the Credit Union. Oversees financial and statistical reporting; asset and liability management; budgeting and forecasting; liquidity and treasury management; financial performance and analysis; and profitability. Responsible for supervision of employee performance and development to ensure proper coverage in all areas of finance.
Essential Responsibilities
- Supervises daily functions in the Finance Department, providing support and guidance as needed in job related functions. Completes and delivers performance appraisals. Coordinates work flow within the department to ensure that business needs are met promptly and internal tasks are completed in a timely manner through the most efficient means possible.
- Oversees asset and liability management (ALM) function of the credit union including validating information for third-party ALM vendor, reviewing reports, monitoring results to compliance with policy limits and determining any necessary action plans, performing back-tests, and recommending and validating assumptions.
- Prepares financial models and forecasts to control operating expenses, forecast business growth, manage the interest rate spread and exposure to financial risks. Prepares the annual budget with supporting documentation and provides detailed analyses to management. Maintains models of key operating expenses (including salaries, benefits, incentive programs, fixed assets, and balance sheet products) and identifies opportunities and risks in each area.
- Prepares “what-if” strategies to assist in long-range planning, and models various rate and fee structures to maximize earnings while minimizing balance sheet risk.
- Member of the Asset and Liability Management Committee (ALCO) and is responsible for the preparation of the agenda and materials for packet, attends ALCO meetings and leads ALCO presentations.
- Forecasts liquidity needs, makes recommendations to minimizes liquidity risk and determines any necessary action plans to resolve tight liquidity situations.
- Creates regular reporting mechanisms to track and highlight key business strategies and updates them as the business changes and grows. Utilizes third party and internal programs to analyze and track volumes and quality of products and services.
- Member of the Pricing Committee and recommends rates on loans and deposits based on need, value, and competition.
- Member of the Allowance for Loan and Lease Loss (ALLL) Committee and recommends potential qualitative and economic (Q&E) adjustments based on the loan portfolio and economic forecasts.
- Monitors the credit union’s financials and looks for ways to improve deficiencies.
- Responsible for the creation of various financial and statistical reports, using Credit Union system and various supporting software programs. Advises management personnel as to types of information available from the system.
- Helps to manage and optimize the investment and borrowing portfolios.
- Prepares analyses and forecasts for potential mergers, expansions, and other growth strategies. Analyzes products offered by the merging credit union and determines the best fit with Capital products.
- Performs and oversees special studies for management, such as cost analysis, ratio and trend analyses, analysis of new products and services, and other comparative examinations. Detects and analyzes trends in financial data.
- Responsible for interest rate and liquidity risk exams, ALM validations, and follow-up of any issues arising during the exams or audits.
- Ensures that established finance policies and procedures are followed and updated in accordance with suggestions from state examiners, independent audits and Credit Union management.
- Monitors the overall status of the organization and reports ideas for improvements and changes to the CFO. Seeks innovative solutions for business issues.
Necessary Experience and Qualifications
- Minimum of a bachelor’s degree in Finance, Economics, or Accounting along with a minimum of five years’ experience in budgeting, liquidity management, financial analysis and reporting, and Asset and Liability Management; preferably in a financial institution over $1B in assets. Previous supervisory experience is required.
- Proven working knowledge of investment securities and pricing techniques.
- Requires a high level of well-rounded knowledge of financial institution activities, policies, procedures, and systems.
- Ability to interpret an extensive variety of financial and other data in a variety of forms.
- Ability to identify, analyze, and solve complex problems.
- Ability to read, write, and comprehend detailed and often technical instructions, policies, and procedures and/or regulatory requirements, correspondence, and memos.
- Ability to operate a PC and have knowledge of computer software including, but not limited to, word processing, spreadsheets, database management, core processing systems, budgeting and forecasting systems, financial reporting systems, and the internet.
- Ability to concentrate and pay close attention to detail for over ninety percent of work time. Must be able to closely examine documentation, including detailed financial records, regulatory requirements, policies & procedures, reports, and data structures.
- Analytical ability to research technical issues and provide workable recommendations
- Knowledge of the products, services, and procedures needed to process transactions as normally acquired through three to six months of on-the-job experience.
- Interpersonal skills necessary to deal effectively and efficiently with a diverse group of employees in sometimes stressful situations. Strong communication/listening skills to direct internal controls, audits, policies, and procedures diplomatically and effectively. Must also be able to communicate technical information to non-technical users, including employees, board of directors and members.
- Ability to exercise a high degree of independent judgment and decision making. Demonstrates consistent leadership traits and supports overall business objectives.
- Ability to transport objects weighing between five and twenty pounds for one percent of work time.
- Ability to stay in one place or work in a confined area for extended periods.
- Some travel is required for audit reviews, meetings, seminars, and conferences.
Work Environment and Physical Requirements
- Office environment with moderate level of noise
- Frequent use of telephone, copier, computer, fax machine and other office machines
- Prolonged sitting or standing
- Frequent mental and visual concentration
- Minimal lifting of up to 20 pounds
- Possess valid Driver’s License for occasional travel for events, meetings, etc.
The above statements are intended to describe the general nature and level of the work being performed in this position. They are not intended to be construed as an exhaustive list of all responsibilities, duties, or requirements.
Capital Credit Union is an Equal Opportunity Employer. We participate in E-Verify. Click the Learn more about Capital Credit Union link below for more information, as well as information on employee rights under the Family Medical Leave Act and the Employee Polygraph Protection Act.
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