Chief Risk Officer (CRO)

Duties:

Role:

A Chief Risk Officer (CRO) works to achieve the Credit Union's mission and member promise statement. The use of 'Chief' in this position title denotes functional/departmental leadership and is not intended to indicate membership in the Credit Union's top executive leadership tier. This position oversees all aspects of an organization's risk management functions. Risk management functions include regulatory compliance, business continuity, disaster recovery, fraud risk, vendor due diligence, and physical safety. The CRO is responsible for developing the organization's risk and compliance strategies. Also accountable to identify processes to mitigate the risk of asset and physical loss across the enterprise.

Essential Functions & Responsibilities:

Risk Management:

Develop and manage risk policies, processes, and reporting across the Credit Union. Work with leaders to align risk efforts with business goals. Identify emerging risks, recommend action, and report key risks and mitigation plans to leadership and the board. Build a risk-aware culture and provide risk management training.

Compliance and Regulatory Affairs:

Maintain a compliance program that meets federal, state, and local requirements. Monitor regulatory changes, assess impact, and report key issues to leadership and the board. Lead policy updates, compliance risk assessments, and testing. Serve as liaison to Internal Audit and Supervisory Committee for policies, programs, and risk items, as well as coordinate compliance and risk management support for internal and external audits and examinations.

Fraud Risk Management:

Oversee fraud prevention, detection, investigation, recovery, reporting, and loss mitigation. Coordinate fraud training and work with law enforcement, regulators, insurers, and industry partners when needed.

Vendor Risk Management:

Create and support vendor due diligence strategies that help assess third-party controls, risks, and alignment with Alpena Alcona Area Credit Union's goals. Assess compliance and security risks related to key vendors, reviewing due diligence records and risk assessments, monitoring vendor performance and compliance, and ensure contracts include appropriate risk mitigation provisions.

Business Continuity and Operational Resilience:

Conduct business impact analyses and risk assessments. Report on operational resilience readiness to executive management and the board. Support the testing and validation of continuity plans, ensuring preparedness for operational disruptions and cyber incidents.

Records Retention:

Oversee records retention, storage, security, and disposal in line with legal and regulatory requirements. Maintain records policies and review the program regularly.

Corporate Insurance:

Oversee the Alpena Alcona Area Credit Union’s insurance program and ensure adequate coverage. Review insurance and bond coverage annually, recommend limits, and report coverage gaps. Coordinate claims and loss recovery.

Team Leadership and Development:

Lead and develop risk, compliance, and fraud teams. Set goals, track performance, and support succession planning. Support executive leadership in balancing growth, innovation, and risk management.

Strategic Risk Leadership:

Include risk considerations in strategic planning and decision-making. Review risks related to new initiatives, products, partnerships, and digital efforts. Recommend solutions that support innovation and align with Credit Union goals.

Security & Internal Controls:

Serve as the Credit Union’s Security Officer and maintain policies that protect employees, members, and physical assets. Work with the Credit Union’s Information Security Officer to monitor technology and cybersecurity programs, controls, compliance, risks, and incidents. Strengthen internal controls, identify gaps, and recommend fixes.

Performs other duties as assigned.

Requirements:

Performance Measurements:

Additional Desired Attributes:

Knowledge and Skills:

Misc Comments:

Benefits for Full-Time Employees Includes:

• Paid Vacation

• Paid Sick Time

• Paid Personal Time

• Paid Holidays (including your birthday)

• Paid Bereavement

• Medical / Dental / Vision Insurance (Employee pays ZERO premiums!)

• Life Insurance (2x annual salary)

• Short Term / Long Term Disability

• 401(k) - AAACU puts in 7.25% of your gross wages AND will match 100% up to 4% of your contributions!

• Tuition Reimbursement

• Wellness Program

• Student Loan Paydown

• Employee Assistance Program

• AFLAC

• Flexible Spending Accounts

• Employee Clothing Loan

• Community Volunteerism Pay

• Longevity Bonus