Risk Management Specialist II
Position SummaryResponsible for assisting the Risk Management Manager with facilitating a risk management program in accordance with industry best practices and regulatory expectations.
Responsibilities include facilitating a professional Enterprise Risk Management (ERM) program covering credit, interest rate, liquidity, transaction, strategic, reputation, and compliance risks; and facilitating a robust third-party vendor due diligence program.
This position will work to identify, assess, and create mitigation plans for various risks throughout the Credit Union by executing defined risk assessment programs.
This role will participate in the Credit Union's risk governance process by reporting on identified risks to management and the Board of Directors, while promoting an awareness of risk management practices throughout the Credit Union.
Pay & Benefits 100% Company-Paid Health, Dental, Vision, Life, and Long-Term Disability Premiums Up to 26 days of PTO within your first year, as well as Volunteer Time Off & 11 Paid Holidays 401(k) with a 2:
1 Match Tuition Reimbursement 12 Weeks of Paid Parental Leave Work Location - This position is a hybrid role with a combination of working both onsite at the Headquarters 1 building in East Lansing, and remotely.
A schedule of expected onsite and remote workdays will be discussed during the interview process.
Essential Duties and ResponsibilitiesRisk Management Specialist:
Enterprise Risk Management / Risk Assessments Work with multiple business units to complete risk assessments covering credit, information security, interest rate, liquidity, transaction, strategic, reputation, and compliance risks affecting the Credit Union's products, services, and operations.
Participate in department walk-throughs, process mapping, and other risk assessment activities.
Facilitate completion of Risk & Control Assessments for key processes throughout the organization.
Develop a consistent and repeatable process that will support effective execution and tracking of multiple assessments simultaneously and monitoring of assessment results and completion of action items for on-going reporting.
Contribute to establishment and maintenance of risk management policies, including the quantification of risk appetite through specific risk limits.
Contribute to the production of the risk dashboards and reports to support management and the Board of Directors.
Assist the Risk Management Manager in assessing the appropriateness of internal controls and evaluating proper escalation procedures to ensure ongoing compliance with Credit Union policies, procedures, regulatory requirements, and industry best practices.
Provide assistance with the Credit Union's record retention and document preservation program, as requested.
Vendor Management Facilitate and develop ongoing strategies for the Credit Union's third-party vendor management program that comply with laws, regulations, and industry best practices.
Ensure processes, procedures, and systems used in this process are appropriate for the size and complexity of the Credit Union and its vendors.
Provide recommendations for improvements to the vendor management process and works with business units to implement approved changes to the vendor management process.
Maintain summaries of vendor contracts and terms.
Notify business units when a contract nears the expiration date to renegotiate terms.
Work with business units to risk rate each vendor.
Request vendors' financial performance reports periodically and maintains appropriate documentation.
Request regulatory reports from vendors and maintains appropriate documentation.
Ensure business units are following established policies and procedures related to vendor management and ensures business units receive training related to the vendor management process, as necessary.
Other Duties Keep the Risk Management Manager updated regarding testing progress, overall risk themes, and findings.
Assist in the development of analytical, systems, and data management capabilities to support enterprise risk management.
Develop a strong working knowledge of the business's operations, finances, compliance issues, services, and products.
Support regulatory exams and audit processes.
Work outside of normal business hours may occasionally be necessary to complete projects and department objectives.
Participate in training activities within your department and with the learning and talent development department; such training helps to ensure staff compliance with Credit Union policies and state and federal regulations and laws.
Perform other duties and assist other employees, as assigned.
Risk Management Specialist II:
All of Risk Management Specialist I duties and responsibilities.
Perform all tasks consistently and accurately.
Provide value-added recommendations for process improvement on an occasional basis.
Demonstrate an above-average knowledge of Credit Union policies, procedures, and regulatory requirements affecting the items under review.
Demonstrate the ability to accept increasingly complex duties and responsibilities and perform additional duties to a satisfactory level.
Assist in the completion of special projects at the direction of the Risk Management Manager, VP of Risk Management and/or Chief Risk Officer.
Senior Risk Management Specialist:
All of Risk Management Specialist II duties and responsibilities.
Perform all tasks at an expert level.
Provide value-added recommendations for process improvement on a regular basis.
Demonstrate the ability to identify changes to Credit Union processes, procedures, or regulatory requirements that will impact the duties of the department and proactively recommend updates to departmental processes and procedures to adapt to Credit Union changes in a timely manner.
Lead the completion of special projects at the direction of the Risk Management Manager, VP of Risk Management and/or Chief Risk Officer.
Demonstrate an expert level knowledge of Credit Union policies, procedures, and regulatory requirements affecting the items under review.
Knowledge, Skills, and Abilities RequiredRisk Management Specialist:
Bachelor's degree required in business, finance, accounting, economics, quantitative analysis, or equivalent.
Audit, compliance, or risk management experience preferred.
Knowledge of the COSO Enterprise Risk Management Framework preferred.
Understanding of various financial management principles (e.
g.
, Liquidity, Market Risk, Asset/Liability) and regulatory compliance requirements for financial institutions.
Demonstrate excellent quantitative analytical skills.
Strong reasoning skills with an ability to define problems and draw valid conclusions.
Ability to provide full attention to what others are saying and know when not to interrupt Ability to collaborate and relate well with all kinds of people and levels, using tact and diplomacy Ability to think critically and independently, devote significant attention to details, remain highly organized, and clearly communicate complex material to management.
Ability to identify strengths and weaknesses of alternative solutions or different approaches to problems Ability to use independent judgment, discretion and take initiative in absence of specific direction from the Risk Management Manager.
Ability to effectively work under pressure and successfully manage multiple activities.
Ability to establish and maintain harmonious team-oriented working relationships with co-workers, and external contacts, and work effectively in a professional team environment.
Basic level of proficiency using vendor due diligence management, enterprise risk management and other software tools (i.
e.
MS Office, JIRA, or similar products).
Risk Management Specialist II:
All of Risk Management Specialist I knowledge, skills, and abilities.
Intermediate ability to analyze and resolve increasingly complex problems.
Intermediate audit, compliance, or risk management experience required.
Intermediate knowledge of the COSO Enterprise Risk Management Framework required.
Intermediate understanding and experience using vendor due diligence management, enterprise risk management and other software tools (i.
e.
MS Office, JIRA or similar products).
Ability to training new employees on the duties and responsibilities of Risk Management.
Senior Risk Management Specialist:
All of Risk Management Specialist II knowledge, skills, and abilities.
Advanced ability to analyze and resolve increasingly complex problems.
Advanced understanding of audit, compliance or risk management.
Advanced knowledge of the COSO Enterprise Risk Management Framework.
Advanced understanding and experience using vendor due diligence management, enterprise risk management and other software tools (i.
e.
MS Office, JIRA or similar products).
Physical Demands and Work Environment May be required to remain in a stationary position for an extended period of time.
Ability to operate standard office technology, equipment and tools, which may include many hours of computer and phone usage.
Occasionally needs to move about inside of office area Exposure to potentially hazardous condition, i.
e.
robbery.
Receives detailed instructions and procedures to be followed to minimize the exposure This position is able to work in hybrid or onsite working arrangements.
DisclaimerThe above statements are intended to indicate the kinds of tasks and levels of work difficulty that will be required of positions that will be given this title and shall not be construed as declaring what the specific duties and responsibilities of any particular position shall be.
It is not intended to limit or in any way modify the rights of any supervisor to assign, direct, and control the work of employees under his or her supervision.
The use of a particular expression or illustration describing duties shall not be held to exclude other duties not mentioned that are of similar kind of level of difficulty.
MSU Federal Credit Union is an affirmative-action, equal-opportunity employer.
Reasonable accommodations may be made for individuals with disabilities to enable them to perform the essential functions of the position.
Equal Opportunity Employer/Protected Veterans/Individuals with DisabilitiesThe contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant.
However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information.
41 CFR 60-1.
35(c) Recommended Skills Accounting Assessments Attention To Detail Auditing Business Process Improvement Computer Security Estimated Salary: $20 to $28 per hour based on qualifications.
Responsibilities include facilitating a professional Enterprise Risk Management (ERM) program covering credit, interest rate, liquidity, transaction, strategic, reputation, and compliance risks; and facilitating a robust third-party vendor due diligence program.
This position will work to identify, assess, and create mitigation plans for various risks throughout the Credit Union by executing defined risk assessment programs.
This role will participate in the Credit Union's risk governance process by reporting on identified risks to management and the Board of Directors, while promoting an awareness of risk management practices throughout the Credit Union.
Pay & Benefits 100% Company-Paid Health, Dental, Vision, Life, and Long-Term Disability Premiums Up to 26 days of PTO within your first year, as well as Volunteer Time Off & 11 Paid Holidays 401(k) with a 2:
1 Match Tuition Reimbursement 12 Weeks of Paid Parental Leave Work Location - This position is a hybrid role with a combination of working both onsite at the Headquarters 1 building in East Lansing, and remotely.
A schedule of expected onsite and remote workdays will be discussed during the interview process.
Essential Duties and ResponsibilitiesRisk Management Specialist:
Enterprise Risk Management / Risk Assessments Work with multiple business units to complete risk assessments covering credit, information security, interest rate, liquidity, transaction, strategic, reputation, and compliance risks affecting the Credit Union's products, services, and operations.
Participate in department walk-throughs, process mapping, and other risk assessment activities.
Facilitate completion of Risk & Control Assessments for key processes throughout the organization.
Develop a consistent and repeatable process that will support effective execution and tracking of multiple assessments simultaneously and monitoring of assessment results and completion of action items for on-going reporting.
Contribute to establishment and maintenance of risk management policies, including the quantification of risk appetite through specific risk limits.
Contribute to the production of the risk dashboards and reports to support management and the Board of Directors.
Assist the Risk Management Manager in assessing the appropriateness of internal controls and evaluating proper escalation procedures to ensure ongoing compliance with Credit Union policies, procedures, regulatory requirements, and industry best practices.
Provide assistance with the Credit Union's record retention and document preservation program, as requested.
Vendor Management Facilitate and develop ongoing strategies for the Credit Union's third-party vendor management program that comply with laws, regulations, and industry best practices.
Ensure processes, procedures, and systems used in this process are appropriate for the size and complexity of the Credit Union and its vendors.
Provide recommendations for improvements to the vendor management process and works with business units to implement approved changes to the vendor management process.
Maintain summaries of vendor contracts and terms.
Notify business units when a contract nears the expiration date to renegotiate terms.
Work with business units to risk rate each vendor.
Request vendors' financial performance reports periodically and maintains appropriate documentation.
Request regulatory reports from vendors and maintains appropriate documentation.
Ensure business units are following established policies and procedures related to vendor management and ensures business units receive training related to the vendor management process, as necessary.
Other Duties Keep the Risk Management Manager updated regarding testing progress, overall risk themes, and findings.
Assist in the development of analytical, systems, and data management capabilities to support enterprise risk management.
Develop a strong working knowledge of the business's operations, finances, compliance issues, services, and products.
Support regulatory exams and audit processes.
Work outside of normal business hours may occasionally be necessary to complete projects and department objectives.
Participate in training activities within your department and with the learning and talent development department; such training helps to ensure staff compliance with Credit Union policies and state and federal regulations and laws.
Perform other duties and assist other employees, as assigned.
Risk Management Specialist II:
All of Risk Management Specialist I duties and responsibilities.
Perform all tasks consistently and accurately.
Provide value-added recommendations for process improvement on an occasional basis.
Demonstrate an above-average knowledge of Credit Union policies, procedures, and regulatory requirements affecting the items under review.
Demonstrate the ability to accept increasingly complex duties and responsibilities and perform additional duties to a satisfactory level.
Assist in the completion of special projects at the direction of the Risk Management Manager, VP of Risk Management and/or Chief Risk Officer.
Senior Risk Management Specialist:
All of Risk Management Specialist II duties and responsibilities.
Perform all tasks at an expert level.
Provide value-added recommendations for process improvement on a regular basis.
Demonstrate the ability to identify changes to Credit Union processes, procedures, or regulatory requirements that will impact the duties of the department and proactively recommend updates to departmental processes and procedures to adapt to Credit Union changes in a timely manner.
Lead the completion of special projects at the direction of the Risk Management Manager, VP of Risk Management and/or Chief Risk Officer.
Demonstrate an expert level knowledge of Credit Union policies, procedures, and regulatory requirements affecting the items under review.
Knowledge, Skills, and Abilities RequiredRisk Management Specialist:
Bachelor's degree required in business, finance, accounting, economics, quantitative analysis, or equivalent.
Audit, compliance, or risk management experience preferred.
Knowledge of the COSO Enterprise Risk Management Framework preferred.
Understanding of various financial management principles (e.
g.
, Liquidity, Market Risk, Asset/Liability) and regulatory compliance requirements for financial institutions.
Demonstrate excellent quantitative analytical skills.
Strong reasoning skills with an ability to define problems and draw valid conclusions.
Ability to provide full attention to what others are saying and know when not to interrupt Ability to collaborate and relate well with all kinds of people and levels, using tact and diplomacy Ability to think critically and independently, devote significant attention to details, remain highly organized, and clearly communicate complex material to management.
Ability to identify strengths and weaknesses of alternative solutions or different approaches to problems Ability to use independent judgment, discretion and take initiative in absence of specific direction from the Risk Management Manager.
Ability to effectively work under pressure and successfully manage multiple activities.
Ability to establish and maintain harmonious team-oriented working relationships with co-workers, and external contacts, and work effectively in a professional team environment.
Basic level of proficiency using vendor due diligence management, enterprise risk management and other software tools (i.
e.
MS Office, JIRA, or similar products).
Risk Management Specialist II:
All of Risk Management Specialist I knowledge, skills, and abilities.
Intermediate ability to analyze and resolve increasingly complex problems.
Intermediate audit, compliance, or risk management experience required.
Intermediate knowledge of the COSO Enterprise Risk Management Framework required.
Intermediate understanding and experience using vendor due diligence management, enterprise risk management and other software tools (i.
e.
MS Office, JIRA or similar products).
Ability to training new employees on the duties and responsibilities of Risk Management.
Senior Risk Management Specialist:
All of Risk Management Specialist II knowledge, skills, and abilities.
Advanced ability to analyze and resolve increasingly complex problems.
Advanced understanding of audit, compliance or risk management.
Advanced knowledge of the COSO Enterprise Risk Management Framework.
Advanced understanding and experience using vendor due diligence management, enterprise risk management and other software tools (i.
e.
MS Office, JIRA or similar products).
Physical Demands and Work Environment May be required to remain in a stationary position for an extended period of time.
Ability to operate standard office technology, equipment and tools, which may include many hours of computer and phone usage.
Occasionally needs to move about inside of office area Exposure to potentially hazardous condition, i.
e.
robbery.
Receives detailed instructions and procedures to be followed to minimize the exposure This position is able to work in hybrid or onsite working arrangements.
DisclaimerThe above statements are intended to indicate the kinds of tasks and levels of work difficulty that will be required of positions that will be given this title and shall not be construed as declaring what the specific duties and responsibilities of any particular position shall be.
It is not intended to limit or in any way modify the rights of any supervisor to assign, direct, and control the work of employees under his or her supervision.
The use of a particular expression or illustration describing duties shall not be held to exclude other duties not mentioned that are of similar kind of level of difficulty.
MSU Federal Credit Union is an affirmative-action, equal-opportunity employer.
Reasonable accommodations may be made for individuals with disabilities to enable them to perform the essential functions of the position.
Equal Opportunity Employer/Protected Veterans/Individuals with DisabilitiesThe contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant.
However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information.
41 CFR 60-1.
35(c) Recommended Skills Accounting Assessments Attention To Detail Auditing Business Process Improvement Computer Security Estimated Salary: $20 to $28 per hour based on qualifications.
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