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New Ross Credit Union Ltd

Risk & Compliance Officer


About New Ross Credit Union:  

New Ross Credit Union Ltd is proud to serve over 26,500 Members with offices in New Ross, Bunclody & Ramsgrange with €140 million of assets under management. 
We are currently recruiting for the position of Risk and Compliance Officer to join the Credit Union. 
 
Reporting to: The Board of Directors / Internal Audit Function and the CEO.
 
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

 
Location: Role can be office based or hybrid/remote working option will be considered. A proportion of time will be required to attend in person in the office in New Ross
 

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.
  • 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 and 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
  • 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 
  • 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 monthly meeting – prepare minutes for each meeting and any follow up actions
  • Monthly risk report to the Board and attendance at Board meeting to present the report.
  • 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
  • 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-compliance
  • 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
  • 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
  • Overseeing the activities of the Compliance function to ensure that it remains independent and objective when evaluating the compliance concerns of New Ross Credit Union.
 

The successful candidate will have: 

  • Professional qualifications relevant to the role
  • A minimum of five 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
  • Ability to assess, critically evaluate and interpret complex information and to identify key risk drivers
  • Excellent written and oral communication skills
  • Ability to work on his / her own initiative to deliver agreed targets
  • Exceptional time management skills and ability to prioritise
  • Computer literacy and excellent analytical 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 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 35 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.
 
New Ross Credit Union Limited is an Equal Opportunities Employer.
New Ross Credit Union Limited is regulated by the Central Bank of Ireland.
New Ross Credit Union’s Data Privacy Statement can be assessed via our NCRU website
Closing date for applications is 5:00 p.m. Friday 27th May 2022
Applications for the position can be made via: https://www.irishjobs.ie/Jobs/Risk-Compliance-Officer-New-Ross-8786058.aspx