OverviewAre you looking to take your career from good to great? As an employee of PenFed, every day is an opportunity to thrive, and be part of a team working to ensure our organization is providing world class service to our members, employees, and our communities. We exist to help our members realize their full potential, educate and encourage their dreams, and make every effort to follow our mission and help our members “do better.” Joining PenFed is more than being an employee; it’s about being a part of the PenFed family.PenFed is hiring a (Hybrid) Senior Vice President, Risk Management at our Tysons, Virginia location. The SVP, Risk Management will lead PenFed Credit Union’s Enterprise risk culture and functions, including Market Risk Team (Interest Rate and Liquidity Risk challenge); Model Risk Management; and Board reporting and Internal Controls. The position is responsible for the development, implementation, and administration of Enterprise Risk Management function policies, processes, and activities. The role monitors and reports on PenFed’s strategic, financial, and operational risks via management and Board committee structures. ResponsibilitiesReasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned.
Model, evangelize and educate regarding appropriate Risk culture across the Enterprise
At all times provide informed expert independent challenge of risks related to PenFed strategies, performance and decision-making
Work with cross-functional business leaders to regularly identify key risks across all risk categories; assess risks based on impact and likelihood; quantify, aggregate, and prioritize risks; validate or challenge appropriate treatment strategies; and monitor/report on residual risk
Ensure all policies, processes, procedures, tools, and information systems within the Risk Office are current, accurate, and performing as intended
Adjust or create new policy, procedure and limit documentation as required by the Enterprise to ensure its continued safety and soundness
Work in partnership with all 3LOD to ensure seamless Issues Management resolution and tracking
Maintain risk measurement capabilities across the enterprise, and formulate strategic action plans to help minimize, manage, and mitigate primary risks and then monitor the progress of these efforts
Develop, analyze, monitor and communicate risk analysis regarding corporate metrics, including key risk indicators (KRIs), key performance indicators (KPIs), and risk tolerance limits and performance
Maintain Enterprise-wide Risk and Controls Self-Assessment program and inventories, developing as appropriate risk analysis reporting for stakeholders including employees, executives, Board of Directors and regulators.
Ensure that risk management priorities are reflected in the company's strategic plans.
Work with First-Line controls teams to evaluate operational risks which might disrupt or affect business processes
Issue findings as appropriate to BUs outside of policy or risk appetite tolerances; monitor remediation efforts
Measure the organization's risk appetite and recommend to the Board of Directors the amount of risk that the organization is able and willing to take on
Ensure appropriate risk acceptance levels are set across the Enterprise
Chair and run the Enterprise Risk Management Committee
Oversee the Risk and Internal Controls Working Group
Participate as a voting member in the Credit Risk Committee, the Allowance for Credit Loss Committee, and the Asset and Liability Committee
Participate in Enterprise CPST exercise as a primary challenger
Interact with regulators on all aspects of risk management at PenFed across all 7 NCUA risk categories
Provide quarterly Board updates on Enterprise, Market and Model Risk management
Develop budgets for risk-related requirements and projects and supervise their funding
Conduct risk assurance and due diligence on behalf of the organization in the events of new or expanded activities, including but limited to mergers and acquisitions
Develop, assign and regularly update training related to ERM purpose, functions and authorities and purpose, functions and authorities of other business areas involved in understanding and mitigating risk; identify SME presentations to augment as appropriate.
Coordinate and provide information requested from business units related to risk and / or specific organizational projects
Analyze emerging risks and trends that may impact PenFed and present treatment strategies.
In conjunction with Chief Compliance Officer, provide guidance and report on all key regulatory changes that impact PenFed’s risk landscape.
Evaluate new methodologies, standards, and best practices to effectively manage risks in both upside and downside scenarios, adding value relative to the achievement of strategic business objectives.
Present recommendations for improving existing Risk Office capabilities and practices to the Executive Team and Financial Risk Management Committee, as appropriate.
Helps safeguard PenFed's computer and IT systems by monitoring staff adherence of all security policies and related training for individuals managed by this role. Takes appropriate action working with IT security and HR when necessary to address any security breaches.
QualificationsEquivalent combination of education and experience is considered.
Bachelor’s Degree in Business or a related field with sufficient experience is required.
Twenty (20) years of management experience, with five (5) years serving in a VP or SVP role in the financial industry with direct management experience
Minimum of 5 years leading a risk function in a regulated financial institution +$15B in assets
Familiarity with and implementation of common financial risk frameworks; experience working in a 3LOD risk environment
Multi-year experience with model risk management at first or second line level
Familiarity with regulatory requirements for Credit Union risk management
Experience with Archer preferred; experience with other risk and control tracking and management software welcome
Direct management of cross-functional, sourced, or matrixed teams.
Experience working with Financial Industry regulators
Experience working with Board/s
Strong verbal and written communication skills with the ability to articulate complex technical ideas in easy to understand business terms.
Ability to accomplish results through others, particularly by establishing relationships and functioning controls; ability to provide leadership without ownership
Supervisory Responsibility
15 Est. Direct Staff /augmented as appropriate & budgeted
Licenses and Certifications
FRM (GARP); PRM (PRMIA); CRMP (RIMS) or other equivalent is highly desirable.
Work Environment
While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.
Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds.
Travel
Ability to travel to various worksites and be on-call may is required.
About UsEstablished in 1935, PenFed today is one of the country’s strongest and most stable financial institutions with over 2.8 million members and over $36 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico and Okinawa. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day. We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more. Equal Employment OpportunityPenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same. PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 402-639-8568.