Risk and Compliance Manager

New Ross Credit Union Ltd (NRCU) is proud to serve over 28,750 Members with offices in New Ross, Bunclody & Ramsgrange with €150 million of assets under management. We are currently recruiting for the position of Risk and Compliance Manager to join the Credit Union.

Reporting to: The role will prominently report to the CEO and have a reporting line to the credit union board and the Risk & Compliance Committee. There will require attendance at key Risk & Compliance Committee meetings outside of normal working hours.

Role Description: The role primarily involves developing, implementing and monitoring a sustainable risk and compliance management programme together with regular reporting and liaison with the Board of Directors.

The successful candidate will be responsible for:

• Identifying, assessing, reporting, monitoring and managing all internal and external risks that could affect the credit union and assisting the manager with managing and mitigating those risks.
• Responsible for ensuring compliance with all statutory and regulatory requirements. Monitoring such compliance to provide assurance to the Boards of Directors and Central Bank that the credit union is operating within the letter and spirit of the legal and regulatory framework laid down within State and EU law

Responsibilities:

Risk

• Develop, manage, and implement appropriate systems, controls, and frameworks in line with regulatory and business requirements in the effective management of risk.
• Provide effective and timely reporting to the CEO and Board on current and emerging risk and compliance matters.
• Constructively engage with the CEO and Board in the continuous development and implementation of the credit union’s strategic objectives.
• Identify, document, and assess annually all compliance risks associated with NRCU and incorporate them into a detailed Compliance Plan
• Manage the Risk Management function of New Ross Credit Union through the implementation of the Risk Management Policy.
• Conduct an ongoing annual risk assessment for the credit union.
• Maintain the risk register for the credit union and coordinate action items in line with the risk response plan of the credit union.
• Review and document any reported risk event within the credit union, included the action taken or recommended.
• Update the emerging risks for any significant risk event (if required) and notify the risk committee of this change.
• Co-operate with the internal audit function to assist in their independent review of controls.
• Develop and monitor the risk appetite statement of New Ross Credit Union – with updates provided to the risk committee and Board
• Continuously monitor the external environment for any changes which may materially affect the risk appetite and/or risk tolerance of the credit union. Document and communicate these changes to the risk committee/ board
• Monthly monitoring of the risk register
• Ad hoc amendments and review to the risk register and control mechanisms as required
• Review at least annually the Risk Policy/Risk Plan and make required changes
• Thematic risk assessments (quarterly) on specific areas of the organisation
• Annual review of the operational risk reserve with monthly monitoring of the PAYAC ORR
• Prepare the annual PSD2 Operational & Security Risk Return – submit to CBI
• Credit risk assessments report prepared and reported to CEO & Lending Manager, Risk Committee and Board
• Monthly risk report for the risk committee and attendance at monthly meeting to present the report – prepare minutes for each meeting and any follow up actions
• Monthly risk report to the Board.
• Manage risk within software package
• Conduct risk assessments on any new product/service/process being considered
• Monitor risk KPI performance
• Prepare periodic risk training for the Board/Management & staff
• Liaise with MLRO in preparation of the AML Risk Assessment

Compliance

• Overseeing the activities of the Compliance function to ensure that it remains independent and objective when evaluating the compliance concerns of NRCU.
• Monitoring the performance of the Compliance function and taking appropriate steps where necessary to improve its effectiveness.
• Handle all compliance queries that may arise from Management, staff and Board
• Design sufficient and representative compliance testing and develop an appropriate test calendar.
• Review all compliance testing completed each quarter prior to finalising reports to determine actual non-compliances
• Investigate and report on areas of non-compliance within New Ross Credit Union and ensure that adequate and proper records are maintained.
• Provide regular structured reports to the Board and Management to give assurance that the compliance controls are operating effectively.
• Develop new compliance tests as required – particularly if new product/service are being offered or new policy/procedure being implemented and make any required changes/amendments to the compliance testing
• Monitor and develop where required monthly/quarterly compliance KPI’s for Operations/Lending/Credit Control
• Monitor and develop monthly compliance reviews on specific areas of concern
• Review at least annually the Compliance Policy/Compliance Plan and make required changes
• Prepare monthly TPL compliance report to be sent direct to Payac (in relation to member current accounts)
• Monthly testing of Part IV of the CU Act
• Prepare and report a materiality statement to the Board annually in conjunction with the annual compliance statement – submit the statement to the CBI
• Provide training to all staff and Board on their compliance obligations.
• Liaise with the Board Oversight Committee as required in relation to discharge of their duties

Money Laundering Reporting (in conjunction with AML Compliance Officer)

• Ensure that the CU fulfils all its requirements under money laundering legislation and criminal justice requirements.

• In conjunction with the CEO and Board establish AML policies and procedures in line with the latest legislation and according to industry best practice.
• Ensuring that the management and receipt of all reports of suspicious transactions, both from internal reports and from transaction testing reviews. Subsequently, ensuring the reporting to the Garda Síochaná and Revenue all suspicious transactions.
• Ensure the management of training for all staff and directors in accordance with the requirements and understand their responsibilities concerning reporting, record keeping, and knowledge of AML policies and procedures.

Data Protection

• To manage and oversee the relationship with the outsourced DPO function.
• To ensure that the necessary internal resources are applied to conduct work as necessary and identified by the DPO.
• To ensure quarterly and annual DPO reports are submitted to the CEO and Board for Consideration.
• To ensure such data protection matters as are identified are escalated appropriately and as required to the CEO.

The successful candidate will have:

• Professional qualifications relevant to the role
• A minimum of 3 -5 years’ experience in financial services working in a compliance, risk management or internal audit role in an entity regulated by the Central Bank of Ireland.
• Knowledge and understanding of regulatory environment governing credit unions
• Self-motivated, experience working within a Management Team with the ability to lead a regulations team effectively
• Ability to work on their own initiative to assess, critically evaluate and interpret complex information and to identify key risk drivers
• Ability to assess and identify risk factors regarding new products and services and being able to outline practical solutions to enable successful implementation when required
• Good analytical ability and demonstrated project management skills.
• Excellent written and oral communication skills and report writing skills

Experience in the credit union sector is desirable but not essential.  Relevant financial services experience would include working in a compliance or risk management role in a credit union, bank, building society, finance company, insurance company, life assurance / pensions companies, intermediary or other entity regulated by the Central Bank

This position will be a full-time position and will be subject to a minimum probationary period of 6 months. Travel between branches maybe required.
The position is a Pre-Controlled Function (CUPCF-3) for Fitness and Probity under the Central Bank Reform Act 2010 (Sections 20 & 22 – Credit Unions) Regulations 2013.

Remuneration will be commensurate with qualifications & experience.

The position involves working 37.50 hours per week based over Monday to Saturday. This position may involve working Saturdays. The rostered day off is subject to variation.

Short listing may apply, and assessment will be completed based on the information provided in the application.
Closing date for applications is 5:00 p.m. on the 16th of December 2024