Enterprise Risk Management Specialist

Minnesota League of Credit Unions; Rochester, Northern (MN, KY); Hybrid; USD 71,000 - 77,000; Full time

Benefits offered by this job

Affordable Medical Plans

Six Paid Holidays

Employer-Paid Life and AD&D Insurance

Employer-Paid Short and Long-Term Dis.

401k Plan with Generous Employer Match

Tuition Assistance

Flexible Spending Accounts

Identity Theft Insurance

Employee Assistance Program

Voluntary Accident and Critical Illnes

Job summary

The Mayo Employees Federal Credit Union seeks an Enterprise Risk Management (ERM) Specialist to align risk assessments with business objectives and drive a culture focused on risk reduction across operations and strategy. The role involves identifying enterprise risks, collaborating with departments and vendors, and supporting mitigation planning.

Reporting to the Director of ERM, it requires a bachelor’s degree and two years in compliance, fraud, or IT security within a financial institution;

Qualifications

• Bachelor’s degree required with two years in compliance, fraud or IT security in a financial institution.
• ERM-related certification is desirable.

Responsibilities

• Identify, assess, and mitigate enterprise risks across strategic and operational areas.
• Collaborate with business units and project teams to develop action plans and monitor mitigation efforts.
• Oversee vendor risk management, disaster recovery, fraud prevention and incident response.
• Ensure documentation, reporting, and compliance are maintained across ERM processes.

Skills

Risk assessment

Vendor management

Fraud awareness

Regulatory knowledge

Communication skills

Education

Bachelor’s degree in a relevant field

Job description

Days of Work:Monday - Friday 8 AM - 5 PM; occasional Saturday morning hours (approx. every 5-6 weeks)

Starting salary range:$34 - $37 per hour ($70,720 - $76,960 annually) based on experience

FLSA Status:Nonexempt

Schedule:Full time

Hours/Pay Period:80

Remote Worker:No - This position requires the candidate to report in-person to an office daily in Rochester, MN.

Job Summary

The Enterprise Risk Management (ERM) Specialist performs and aligns risk assessments with business units and functional objectives to promote a culture focused on risk from both an operating and strategic perspective. They participate in the identification and assessment of enterprise risks to include strategic, operational, and key initiative risks. They work with business units and project teams to develop action plans to manage and mitigate these risks. The ERM Specialist monitors mitigation plans to ensure risks are maintained at an acceptable level. Secondary responsibilities include vendor management, disaster recovery, fraud management and mitigation. Other duties may be assigned as needed.

Organizational Relationships

The Enterprise Risk Management Specialist reports directly to the Director of Enterprise Risk Management. They also work collaboratively with other credit union staff, auditors and outside vendors.

Duties and Responsibilities

Develops plans to manage and mitigate risk:

• Collaborates with all business and support departments to ensure effective risk identification, assessment, and mitigation.
• Completes risk assessments to identify operational risk, emerging risk or any exposure related to compliance, governance or ineffective controls.
• Identifies, measures, and assesses risk associated with third-party vendor relationships as needed.
• Works with various departments (i.e. collections, accounting, plastic cards) in the timely identification, management and enforcement of procedures for at-risk accounts and ensures timely resolution of fraud incidents.
• Assists with fraud claim processing, case filings and works with authorities and credit union members as required.
• Reviews and documents unusual activity related to wires, unauthorized activity and potential identity theft.
• Assists in handling outreach from members regarding fraud and identity theft, providing accurate and professional assistance.
• Promotes a culture of risk awareness across the credit union.

Maintains and manages ERM document storage and compliance:

• Maintains ERM documents and policy changes, periodic core data updates (financial data, external factors, policy, vendors, etc.), risk matrix audits, etc.
• Provides clear, applicable, and accurate reports for management.
• Ensures relationship managers maintain appropriate documents, perform required duties to include due diligence and contract agreements, and ensure compliance.
• Takes lead role in deposit and loan account fraud prevention and detection programs.
• Ensures controls are established and maintained to proactively prevent losses and ensures appropriate response when losses occur.
• Works closely with the Director of ERM in maintaining the Disaster Recovery and Business Continuity policy and leads across functional areas for annual tabletop testing.
• Analyzes data and monitoring reports from loss defense systems to determine program effectiveness and to reduce loss exposure; reviews and updates vendor settings as needed.

Requirements

Education and Experience Requirements

A Bachelor’s degree AND two years of experience performing compliance, fraud or IT security functions in a financial institution.

Desirable Qualifications

ERM-related certification or desire to obtain.

All employees must be bondable by MEFCU’s insurance policy. Continued employment is subject to maintaining favorable bondable status per insurance standards.

Knowledge, Skills, and Abilities

Employees in this position are expected to possess and demonstrate the following knowledge, skills, and abilities throughout their employment:

Knowledge of: various functional areas of financial institutions and their interrelationships;

Enterprise Risk Management concepts, application methods and program elements; business continuity, disaster recovery, fraud mitigation, regulatory requirements, and procedures necessary; financial industry standards and regulations.

Skill in: strong organizational and interpersonal skills; strong analytical and organizational skills; partnering and coordinating with executive and director level positions.

Ability to: to work cross-functionally throughout all business segments as related to effective business recovery requirements/testing and risk prevention strategies; communicate and translate complex information to all levels of the organization both verbally and in writing.

Physical and Environmental Criteria

This physical effort required to perform this position is best described as: Sedentary. Exerting up to 10 pounds of force occasionally and/or a negligible amount of force frequently or constantly to lift, carry, push, pull or otherwise move objects, including the human body. Sedentary work involves sitting most of the time. The majority of this position involves computer work, which requires fine dexterity in the continuous movement of the wrist and fingers.

Sensory requirements

necessary in the performance of the essential functions of this position include: sight, hearing, touch.

Evironmental conditions

that may exist in the performance of the essential functions of this job include: None.

Why Mayo Employees Federal Credit Union?

Our mission of caring for our members drives what we do every single day. Join our team and build your career in an environment where your work is valued, and you can make a difference in the lives of our members.

The Mayo Employees Federal Credit Union offers fantastic benefits, including:

• Affordable Medical Plans
• Six Paid Holidays and Generous Accrued Paid Time Off Plan
• Employer-Paid Life and AD&D Insurance (additional voluntary coverage is available for employee purchase too!)
• Employer-Paid Short and Long-Term Disability Insurance
• Employer-Paid Health Reimbursement Account or Health Savings Account contribution
• 401k Plan with Generous Employer Match
• Tuition Assistance
• Flexible Spending Accounts
• Employer-Paid Identity Theft Insurance
• Employee Assistance Program
• Voluntary Accident and Critical Illness Insurance