What are the responsibilities and job description for the Risk Mitigation Manager position at CORNERSTONE COMMUNITY FINANCIAL CREDIT UNION?
Our Opportunity:
The Risk Mitigation Manager is responsible for safeguarding the credit union and member's assets from fraud and other risk of loss. This position oversees and manages the credit union's day-to-day loss mitigation efforts, manages the Risk Mitigation Specialists, conducts fraud investigations, performs risk assessments, develops and reviews risk mitigation policies and procedures, compiles data and reporting on the credit unions success in mitigating risk, evaluates current and recommends and implements risk mitigation controls, developing and facilitating staff education and training, and conducting branch and department security audits. The position also assists Risk Management leadership in ensuring the credit union complies with applicable laws, rules, and regulations.
What You'll Do in This Role:
- Manage the Risk Management team including monitoring workload, work performed, and assigned tasks. Provide overall support to the Risk Mitigation team and provides monthly feedback on performance and growth development opportunities through formal update and coaching sessions. Perform annual performance reviews of the Risk Mitigation team and work with them to achieve their goals. Serve as a backup to the Risk Mitigation Specialist for day-to-day BSA activities.
- Review reports and monitor accounts, as applicable, for suspected or actual fraud. Take action on accounts as necessary to mitigate risk and loss. Perform fraud investigations on accounts and take action as required. Review unusual activity reports and other notifications of unusual activity submitted by team members. Work with law enforcement and file policies reports as needed related to fraud. Conduct bi-annual branch and department security audits.
- Proactively manage transactional risk by performing periodic reviews of policies and procedures and making applicable updates to reflect risk mitigation strategies. Develop risk related policies and procedures, perform risk assessments, monitor and evaluate risk mitigation controls. Recommend and implement additional proactive risk mitigation strategies. Develop reports on the credit union's loss and risk mitigation efforts.
- Stay abreast of fraud trends and red flags and participates in industry fraud and loss mitigation groups. Identify areas of need and develop educational training material related to fraud and loss mitigation efforts. Train team members on fraud schemes, trends, red flags, and mitigation efforts. Develop member awareness initiatives and communications related to fraud.
- Assist Risk Management leadership in carrying out the Compliance Management Program. Remain informed of changes to rules, laws and regulations, recommends compliance related changes to policies and procedures, and assists in the management of audits and examinations.
- Must comply with all company policies and procedures, applicable laws and regulations, including but not limited to, the Bank Secrecy Act, the Patriot Act, and the Office of Foreign Assets Control.
What You'll Bring To CCF:
- Five to ten years of similar or related experience, including time spent in preparatory positions. Background in consumer, legal, or compliance requirements preferred.
- A two-year college degree or completion of specialized courses of study at a business school.
- The ability to motivate or influence internal or external senior level professionals is a critical part of the job, requiring a significant level of influence and trust.
- Obtaining cooperation and agreement on important outcomes via frequently complex, senior level dialogues, as well as a professional level of written communication skills are essential to the position.
- Strong understanding and knowledge of Bank Secrecy Act and AML Regulations, USA Patriot Act, Office of Foreign Assets Control and/or local regulations or consumer fraud issues.
- Ability to assess training needs and develop instructional material and procedures. Must be highly analytical with experience in collecting, analyzing, and synthesizing information on various subjects.
- Must possess the ability to analyze and interpret and understand laws and regulations and provide workable recommendations and solutions to problems.
- Must demonstrate the judgment and ability to closely partner with and advise senior and line managers or other stakeholders on regulatory engagements. Ability to work in a confidential manner and maintain confidentiality.
- Must be proficient in MS Word, Excel, PowerPoint, SharePoint, and other Office applications.
- Must possess excellent written and oral communication and presentation skills.
- Ability to build relationships across multiple lines of business.
Work Location: This position is based in Auburn Hills, Michigan and will likely relocate to Troy, Michigan in summer of 2025. Hybrid working arrangements are available following 3-6 months of successful employment.
EOE: CCF is committed to equal opportunity and complies with EEOC rules and regulations.
