The Risk and Compliance Officer will be accountable for the management, implementation and embedding of all aspects of risk and compliance in accordance with the regulations and the credit unions policies. They will identify, assess, report, monitor, and manage all internal and external risks that could affect the credit union. The officer will also provide assurance to the Board of Directors and the CEO that the credit union is compliant with legal and regulatory frameworks laid down by the regulators, legislation, and statutory and professional bodies.
The key responsibilities include:
Leading the updating and implementation of risk management frameworks, policies, processes, tools and GDPR plan,
Defining and leading the governance of risk frameworks and risk measurement and reporting methodologies,
Acting as primary contact for the Board of Directors for all governance, business, project risk issues, Data Protection matters, and GDPR requirements,
Developing a Risk Management Plan with the approval of the Board of Directors and ensuring it is being fulfilled,
Promoting a culture of risk management throughout the organisation through the provision of risk specific training and guidance,
Monitoring the external environmental and wider credit union sector for changes that will present environmental risks to the credit union,
Implementing the annual compliance plan including systems and controls to ensure the credit union complies with statutory and regulatory requirements and guidance,
Providing input into any new policies, new projects, services or products regarding Data Protection requirements,
Ensuring sufficient training is being undertaken to ensure that all officers have the necessary knowledge to comply with their statutory and regulatory requirements,
Establishing and assessing systems of control for compliance issues within the credit union,
Overseeing compliance controls through audit, inspections, testing, etc.,
Investigating and reporting cases of non-compliance/compliance exceptions and breaches to the Board of Directors and the CEO, and ensuring adequate records are kept and maintained by the credit union around compliance,
Updating the compliance policy and plan to take account of new or updated compliance requirements (including new or updated legal and regulatory requirements and guidance), new products and services, material modifications to existing products and services and major management initiatives,
SUPPORTING directors, the CEO and management in meeting their compliance requirements,
Liaising with the regulators on compliance issues,
The Risk and Compliance Officer will provide support to the Board and ARC Committee including training and mentoring and helpful guidance to support the Directors with their governance role.