Enterprise Risk Management Specialist

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.

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.

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.

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.

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

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.

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,…