Description
The Chief Financial Officer (CFO) is responsible for the development, implementation, and maintenance of accounting practices that result in providing a comprehensive accounting system, and for related support functions. This individual in the credit union CFO role also provides counsel to the President/CEO and Board of Directors regarding the credit union’s internal accounting, financial and asset/liability management operations.
Duties And Responsibilities
- Supervises employees in the accounting, compliance/risk and loss mitigation & asset recovery department.
- Carries out supervisory responsibilities in accordance with the organization’s policies and applicable laws.
- Prepares all required/scheduled reports which summarize and forecast the credit union’s business activity and financial position in areas of assets, liabilities, income, expenses, and earnings based on past, present, and expected operations.
- Directs preparation of operating and other budgets, including preparation and analysis of subsequent variance reports as required.
- Develops and implements financial policies. Monitors and reports on interest rate risk and liquidity risk and assists in the development of strategies to mitigate these risks.
- Serves as management’s representative to the Asset/Liability Management (ALCO) Committee. Supports the work of senior management and the ALM Committee through development, preparation, and analysis of appropriate reports.
- Provides required ALM training to the Board of Directors.
- Manages investment portfolio. Recommends purchase or sale of securities and investments, ensuring compliance with the Credit Union’s Investments and ALM policies, goals, and objectives, as well as all applicable state and federal rules and regulations.
- Conducts analyses and appraises the credit union’s financial position. Issues periodic financial and operating reports that adequately depict the financial condition of the credit union.
- Directs accounting staff in the creation and maintenance of required systems and procedures necessary to maintain proper records and adequate accounting systems controls and services. Is responsible for supervising all staff who report directly, including performance appraisal.
- Manages the corporate insurance portfolio and advises management about insurance coverage for protection against property losses and potential liabilities.
- Works with external auditors, federal, and state credit union examiners to ensure the credit union is in compliance with prescribed accounting methods set out in regulation, law, FASB rules, and generally accepted accounting principles. Responds appropriately to exceptions and other recommendations.
- Prepares reports required by regulatory agencies.
The Atlantic strives to maintain balance between our employees’ personal and professional responsibilities. All full-time employees receive a highly competitive and comprehensive total compensation package including competitive pay, target incentive, medical / dental / prescription coverage, 401(k) plan (with up to 6% match), and generous paid time off. As an The Atlantic employee you are eligible for discounts on our products and services and earn paid time off for volunteering. In addition to these benefits, The Atlantic provides educational and developmental opportunities as well as access to our formal Tuition Assistance Program.
Requirements
- Bachelor’s degree required with Masters (MBA) degree preferred.
- CPA Preferred
- Minimum 5 years’ experience within a financial institution or related field, with 5 years in a management capacity.
