Chief Financial Officer

POSITION DESCRIPTION

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In conjunction with the Board of Directors, the Executive Leadership Team, and the Management Team, the Chief Financial Officer (CFO) executes comprehensive financial strategies that optimize the balance sheet of WEOKIE Federal Credit Union (WFCU) in order to benefit key stakeholders, including WFCU, credit union members, and credit union employees.

• The CFO directs and oversees all financial activities of the credit union, including asset and liability management; treasury / investment management;
• financial reporting, analysis, and forecasting; adherence to current and upcoming changes to Generally Accepted Accounting Principles;

and the development, implementation, and monitoring of internal controls over financial reporting. The CFO also directs and oversees WFCU’s overall compliance and risk management programs.

This role has regular interaction with the Board of Directors, NCUA, and credit union industry leaders.

Like all members of the Executive Leadership and Management Teams, the CFO must maintain a high level of integrity and be collaborative, a good communicator, hardworking, and a servant leader who is personally and professionally aligned with WFCU’s vision, mission, and values as stated in the Strategic Plan.

MAJOR ACTIVITIES

• Serves as a member of the Executive Leadership Team and works collaboratively to achieve strategic goals and initiatives that benefit key stakeholders, including WFCU, credit union members, and credit union employees.
• Top talent is recruited, developed, and retained through Liberating Leadership. Staff is competent, trained in their areas of specialty, current on necessary certifications and / or educational requirements, and are developed to support an ever changing business environment.

Employees within the role’s supervisory scope are provided with a positive working environment that adheres to all Credit Union policies while encouraging individual growth and success.

Serves as Chair of the Asset Liability Committee (ALCO), which is charged by the Board of Directors with the responsibility of implementing internal asset liability and interest rate risk decision-making mechanisms, as well as communications and control procedures that can be used to aid in the management of profits and risk.

These mechanisms and procedures result in liquidity and net worth planning, asset mix management, and pricing policies.

• Serves as a member of the following committees and works to align each committees’ activities with the overall strategic goals, initiatives, and financial plans of the credit union :
• Investment Committee
• Lending Oversight Committee
• Commercial Loan Committee
• Information Technology Steering Committee
• Fiduciary Committee
• Serves as primary contact with external auditors and regulatory examiners as well as a liaison between them and other members of management, as needed, to maintain an effective working relationship with all parties.
• Regularly attends Board and Supervisory Committee meetings in order to communicate WFCU’s financial condition, report the results of audit and regulatory exams, and participate in meaningful engagement with the Directors and Supervisory Committee members.
• Develops strategic financial plans that optimize the risk-based earnings potential of WFCU’s balance sheet. Evaluates and interprets WFCU’s financial information, peer data, and market / economic conditions in order to make reasonable judgements regarding material impacts to WFCU’s operations, risk tolerance, and financial results.
• Designs, implements, and monitors robust financial systems for supporting credit union operations and strategic goals. Leads the annual budget process in collaboration with the entire Management Team.

Monitors budgeted goals throughout the fiscal year and works with Management Team member to identify and corroborate explanations for significant variances.

• Assists all departments to make efficient use of resources and identify opportunities for improved performance within their areas of responsibility, opportunities for collaboration with other departments, and enhancement of internal controls.
• Responsible for maintaining the credit union’s investment portfolio and executing investment transaction. Works with the Chief Executive Officer to accomplish the primary objective of the investment portfolio, which is to complement liquidity, cash management, and asset / liability management activities.
• Oversees the timely completion and submission of quarterly NCUA regulatory reports.
• Works closely with other Executive Leadership Team members to ensure WFCU remains in compliance with applicable rules and regulations governing federally chartered and insured credit unions.
• Work closely with the VP Accounting & Controller and VP Compliance & Risk to ensure their respective departments performs at an exceptional level according to the established standards, with high levels of excellence and productivity.

Projects are well executed and completed in a timely manner and goals are routinely met.

• Responsible for interviewing, hiring, evaluating, and training employees within assigned areas of responsibility. Prepares employees for advancement through training, coaching, and feedback, with a focus on developing leadership and strategic skills.
• Works with the other ALCO members to manage capital levels, plan for future capital growth / deployment, and ensure that the credit union maintains strong Net Economic Value ratios with respect to reasonable interest rate shock ALM models.

Also works with the other ALCO members to review the assumptions included in the ALM model on a semi-annual basis and update any assumptions, as needed.

Responsible for administering the credit union’s Stakeholder Scorecard employee rewards program. This includes oversight of the entire budgeting process, implementation of the budget into the Stakeholders Scorecard model, and monthly reporting to all employees of the credit union.

CRITICAL RESULTS

• WFCU’s vision and mission are achieved in manner that maximizes value and balances benefits to the key stakeholders, including WFCU, credit union members, and credit union employees.
• WFCU’s financial condition is accurately presented and reliably reported in a manner that users, including the Board of Directors, the Executive Leadership Team, and the Management Team, can rely on for making sound business decisions.

Audits and regulatory examinations find no material weaknesses in internal controls over financial reporting.

WFCU maintains a sound financial condition with risks and opportunities thoroughly vetted and understood. The credit union’s resources are prudently invested with a balanced approach towards risk, reward, and liquidity.

An annual plan for addressing findings from audit reports and regulatory examinations is developed annually and updated throughout the year.

Balance sheet performance and associated risks are thoroughly understood and reported appropriately across the organization.

Scenario planning and stress testing of the balance sheet is regularly performed, analyzed, and reported to the Chief Executive Officer and ALCO, as appropriate.

Contingency funding plans are maintained and updated, as needed.

Economic, market, and financial forecasts are prepared on a timely basis to inform decisions on future plans and strategies.

Revenue and cost forecasts are prepared to assist management in understanding overall operating efficiency and developing opportunities to improve financial performance.

Compliance and Risk management programs and frameworks are in place and actively followed by WFCU management commensurate with the credit union’s size and complexity.

Related risk assessments are completed timely and accurately reflect the credit union’s risk position.

• Member issues addressed by the Risk Remediation team are handled appropriately, with a balanced approach to ultimately benefit all key stakeholders (WFCU, members, & employees).
• Reports and recommendations are made clear, concise, understandable, and tailored to fit each unique audience of the credit union.
• A robust level of collaboration is maintained with all members of the Board of Directors, the Executive Leadership Team, and the Management Team.

QUALIFICATIONS

A. Specialized or Technical Knowledge and Skills : The Chief Financial Officer must possess a robust combination of education and experience suitable for the top financial officer at an institution of WFCU’s size and complexity.

This includes a working knowledge and leadership experience in financial management, analysis, accounting, and policy development :

• A Bachelor’s Degree in Accounting and / or Finance.
• At least 10 years of work experience in public accounting, controlling, financial analytics, and / or corporate finance within a fast paced and dynamic business environment.

Must have extensive experience in project management and leadership / managerial roles.

• Certified Public Accountant designation.
• Proven ability to develop sound policies, procedures, and practices for improved operating controls, productivity, or efficiency.
• Demonstrated experience in staff growth and development.
• Exceptional verbal and written communication skills, including skills in a collaborative capacity which will influence the effectiveness in which tasks are executed.

Exceptional skills in creating reports and recommendations for the Board of Directors, the Executive Leadership Team, and the Management Team are required.

Expert level knowledge of Excel preferred along with experience with FiServ products and database structures.

B. Behavioral Competencies : Behavioral competencies are the skills and personal characteristics that an individual should possess in order to be successful in this position.

• Core Competencies : Core competencies are consistent for all positions across the organization and are aligned with WFCU’s core values. These include :
• Stakeholder Focus : Builds stakeholder confidence; is committed to increasing stakeholder satisfaction; sets achievable stakeholder expectations;

assumes responsibility for solving stakeholder problems; ensures commitments to stakeholders are met; solicits opinions and ideas from stakeholders and responds to stakeholders.

Dependability : Meets commitments, works independently; accepts accountability; handles change; sets personal standards;

stays focused under pressure; meets attendance and punctuality requirements.

Integrity / Ethics : Deals with others in a straightforward and honest manner; takes ownership and holds oneself accountable for actions;

maintains confidentiality; supports company values; and conveys good news and bad.

Job Specific Competencies : The position requires a well-rounded and level-headed individual who is able to maintain composure in a variety of situations.

The following stand out among a long list of behavioral competencies for this position :

Managing Vision and Purpose : Communicates a compelling and inspired vision of core purpose; talks beyond today; talks about possibilities, is optimistic, creates mileposts and symbols to rally support behind the vision;

makes the vision sharable by everyone; can inspire and motivate entire units or organizations.

Strategic Agility : Sees ahead clearly; can anticipate future consequences and trends accurately; has broad knowledge and perspective;

is future oriented; can articulately paint credible pictures and visions of possibilities and likelihoods; can create competitive and breakthrough strategies and plans.

• Oriented Towards Serving Others : Is predisposed to servant leadership and devoted to improving conditions for others.
• Command Skills : Relishes leading; takes unpopular stands if necessary; encourages direct and tough debate but isn’t afraid to end it and move on;

is looked to for direction in a crisis; faces adversity head-on; energized by tough challenges.

• Intellectual Horsepower : Is bright and intelligent; deals with concepts and complexity comfortably; described as intellectually sharp, capable, and agile.
• Innovation Management : Is good at bringing the creative ideas of others to market; has good judgment about which creative ideas and suggestions will work;

has a sense about managing the creative process of others; can facilitate effective brainstorming; can project how potential ideas may play out in the marketplace.

Managing for Results : Sets challenging and productive goals for teams; holds team accountable for actions; provides leadership and motivation;

provides resources and support; uses checkpoints and data to track progress; sets up systems and processes to measure results.

Job Knowledge : Understands duties and responsibilities; has necessary job knowledge; has necessary technical skills; understands company mission / values;

keeps job knowledge current; is in command of critical issues.

Composure : Is cool under pressure; does not become defensive or irritated when times are tough; is considered mature; can be counted on to hold things together during tough times;

can handle stress; is not knocked off balance by the unexpected; doesn’t show frustration when resisted or blocked; is a settling influence in a crisis.

Political Savvy : Can maneuver through complex political situations effectively and quietly; is sensitive to how people and organizations function;

anticipates where the land mines are and plans his / her approach accordingly; views corporate politics as a necessary part of organizational life and works to adjust to that reality.

• Physical Demands : The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.
• Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. While performing the duties of this job, the employee is frequently required to stand;

walk; sit and talk or hear. The employee must occasionally lift and / or move up to 20 pounds.

Work Environment : The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job.

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The worker is not substantially exposed to adverse environmental conditions.

The noise level in the work environment is usually moderate.

EQUAL EMPLOYMENT OPPORTUNITY / AFFIRMATIVE ACTION EMPLOYER WEOKIE does not and shall not discriminate on the basis of Protected Status, marital status, and political belief or any other status or condition protected by applicable federal and / or state law.

Bona fide occupational qualifications will be applied impartially. These activities include, but are not limited to, hiring of staff, selection of volunteers and vendors, and provision of services.

We are committed to providing an inclusive and welcoming environment for all our members, our staff, clients, volunteers, subcontractors, vendors, and clients.

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