Korn Ferry has partnered with our client on their search for the role, CFO.
Purpose of the Position
The Chief Financial Officer is responsible for creating, developing, deploying, and managing the financial strategy, policies and practices that support the strategic direction of the Credit Union in all areas related to financial management on an enterprise-wide basis. A critical, strategic leadership position for the credit union, the Chief Financial Officer will be accountable for financial planning and strategy, financial management, and financial regulatory compliance. Responsible for the leadership and development of a team of 2 direct reports and 21+ indirect reports.
The CFO's primary goal is to protect and enhance the financial well-being of the credit union, ensuring its long-term sustainability and success.
Key Responsibilities
- Plays a key role as an Executive Leadership team member to determine organizational goals, drive superior organizational results, maximize member value and ensure strong employee engagement.
- Develops strategies and leads execution of the strategic plan through strong collaboration with operational and strategic leaders.
- Acts as a key advisor to the President/CEO and Executive Leadership Team (ELT) on financial strategy, short-term and long -term business planning, asset/liability management, and other key initiatives (e.g.,3rd part relationships, contracts, business opportunities, regulatory matters, investments, etc.).
- Actively participates in ELT and Board of Directors related functions, committees, and meetings in a way that drives positive member and employee experiences along with financial results.
- Leads and provides oversight of the budgeting process through accountability, oversight and education of department leaders on financial issues impacting department budgets and guiding the organization as a whole.
- Is a respected, trusted leader amongst all operational leaders and effectively communicates business decisions and change initiatives.
- Demonstrates and champions organizational culture and values as a member of the ELT.
The Candidate
Experience and Professional Qualifications
Functional Leadership
- Ensures security and soundness of all credit union financial records, oversees the organizations’ fiscal, accounting, tax, and other reporting functions. Reviews all general ledger accounts and subsidiaries monthly to ensure proper balancing and review cash position daily to ensure sufficient availability of funds.
- Ensures that the credit union is meeting all current regulations and proposes needed changes as regulations are introduced or changed.
- Provides timely and accurate analysis and advisory recommendations of budgets, financial reports and financial trends in order to assist the CEO/President, the Board of Directors, and other executives in performing their responsibilities.
- Manages the liquidity position of the Credit Union, and corresponding loan sales to manage concentration limits and liquidity position.
- Supports ongoing product & service profitability analysis, branch and department profitability, etc. Monitors cost control activities; approves and implements cost control strategies on an as needed basis.
- Prepares and reviews credit union finance projections and manages credit union investment portfolio and accounting activities.
- Supports and monitors indirect lending programs in the discovery and implementation of new lending programs to generate opportunities for the organization.
- Oversees the organization’s Asset and Liability Management program and procedures and works with outside business partners to produce and review scenario models.
- Oversees loan purchases and sale transactions, as well as assists in partner due diligence efforts, in order to ensure department goals and objectives are exceeded.
- Ensures the credit union’s compliance with Current Expected Credit Loss (CECL) methodology, processes, and reporting standards.
Team Leadership
- Coaches and develops team members, utilizing their strengths to maximize contributions, align with strategies and ensure high engagement.
- Promotes a culture of excellence through accountability, continuous improvement and progressive, innovative solutions for the team.
- Identifies the capabilities needed within the team and develops and/or attracts talent accordingly to ensure that the team is meeting organizational goals/objectives.
- Leverages strategic, data-driven decisions to lead the team and identifies/refines capabilities to enable achievement of team goals and strategies.
- Comply with all State and Federal Regulations as they pertain to your job duties, including BSA.
- Performs other duties as assigned.
The Candidate
Skills and Competencies
- Bachelor’s Degree or commensurate experience is required, master’s degree preferred.
- 15+ years of related experience with at least seven years in an SVP/C-level leadership position of a mid-to-large financial institution is required.
- 10+ years of leadership experience within the accounting/finance discipline is required.
- CPA designation is required.
- In-depth knowledge of financial concepts, strategies and methodologies and their application to business opportunities.
- Demonstrated ability and history of producing exceptional business results with accuracy and attention to detail.
- Highly developed negotiation, facilitation and consensus building skills.
- Ability to foster positive working relationships with the team, vendors, and other credit union departments.
- Evidence of good organization skills, and the ability to prioritize and to meet deadlines with minimal supervision.
- Requires proficient skills to use Microsoft Suite applications with advanced skills in excel, report writing, and database management.
Education
- Bachelor’s Degree or commensurate experience is required, master’s degree preferred.
