The Vice President of Risk & Compliance is responsible for leading the credit union’s risk management and regulatory compliance functions in a community-focused, resource-conscious environment. This role ensures adherence to all applicable regulations while balancing operational efficiency and member service.
Given the asset size (<$200M), the VP is expected to be both strategic and hands-on, directly managing compliance activities, supporting audits and exams, and working closely with leadership to maintain a strong control environment.
This position serves as the primary liaison with the National Credit Union Administration and applicable state regulators, ensuring the credit union remains exam-ready at all times.
Regulatory Compliance & NCUA Readiness
- Ensure full compliance with NCUA rules and regulations and applicable state requirements.
- Serve as the primary point of contact for NCUA examinations, coordinating all phases, including:
- Pre-exam preparation (document readiness, internal reviews)
- On-site/virtual examiner coordination
- Post-exam responses and corrective action plans
- Maintain a continuous state of exam readiness, including organized documentation and updated policies.
- Track and implement regulatory changes impacting credit union operations.
Enterprise Risk Management (ERM)
- Develop and maintain a right-sized ERM framework appropriate for a credit union under $200M in assets.
- Conduct periodic risk assessments across key areas (lending, operations, IT, BSA/AML, vendor management).
- Establish and monitor risk tolerances aligned with the Board’s strategic direction.
- Provide clear, concise risk reporting to executive leadership and the Board.
Audit & Internal Controls
- Oversee internal audit functions (in-house or outsourced).
- Coordinate external audits and regulatory exams.
- Track, report, and ensure timely resolution of audit and exam findings.
- Strengthen and monitor internal controls to mitigate operational and compliance risks.
- Perform or oversee compliance monitoring and testing.
BSA/AML & Fraud Oversight
- Oversee the Bank Secrecy Act (BSA) / Anti-Money Laundering (AML) program (may directly serve as BSA Officer in smaller institutions).
- Ensure compliance with:
- Suspicious Activity Reporting (SAR)
- Currency Transaction Reporting (CTR)
- OFAC requirements
- Monitor fraud trends and implement mitigation strategies.
Policies, Procedures & Governance
- Develop, maintain, and update policies and procedures to align with regulatory requirements and operational needs.
- Present policy updates and risk reports to the Board of Directors and committees.
- Ensure proper governance practices are in place and followed.
Training & Culture
- Deliver and coordinate compliance training for all staff, tailored to roles (e.g., lending, frontline, operations).
- Promote a culture of compliance and accountability while supporting a positive member experience.
- Act as a resource for management on regulatory interpretation and risk decisions.
Vendor & Third-Party Risk Management
- Oversee vendor due diligence and ongoing monitoring.
- Ensure compliance with NCUA expectations for third-party risk management.
- Maintain vendor risk assessments and documentation.
Leadership & Collaboration
- Partner closely with departments including Lending, Operations, IT, and HR.
- Provide practical, business-aligned compliance guidance (not just regulatory enforcement).
- Lead and develop any compliance or risk staff (if applicable).
- Support strategic initiatives while ensuring risks are identified and mitigated.
Qualifications
Education & Experience
- Bachelor’s degree in business, Finance, Risk Management, or related field.
- 5–8+ years of progressive experience in compliance, risk, or audit within a credit union or community financial institution.
- Demonstrated experience working directly with NCUA examinations.
- Leadership experience preferred; must be comfortable working in a lean environment.
Certifications (Preferred but Not Required)
- CRCM (Certified Regulatory Compliance Manager)
- CAMS (Certified Anti-Money Laundering Specialist)
- CUCE or other credit union–specific certifications
Knowledge, Skills & Abilities
- Strong working knowledge of:
- NCUA regulations and guidance
- BSA/AML compliance requirements
- Consumer protection regulations (Reg E, Reg Z, etc.)
- Ability to translate regulations into practical procedures for staff.
- Strong organizational skills with the ability to manage multiple priorities with limited resources.
- Excellent communication skills, including Board-level reporting.
- High level of integrity, accountability, and sound judgment.
Work Environment
- Hybrid
- Occasional on-site extended hours during NCUA exams, audits, or regulatory deadlines.
- Hands-on involvement in day-to-day compliance functions.
Key Performance Indicators (KPIs)
- NCUA exam results (ratings, minimal findings, timely resolution)
- Timeliness and effectiveness of corrective action plans
- Compliance monitoring results and issue resolution
- Effectiveness of risk assessments and mitigation strategies
- Staff training completion and regulatory awareness
- Audit outcomes and internal control strength
