Stockport Credit Union is a saving and loans co-operative, regulated by the Bank of England and the Financial Conduct Authority. We provide essential savings and lending services within the Stockport borough.
We help people access better rates of finance, move away from payday lenders and loan sharks, and encourage financial literacy and improve their financial management. We also work with strategic partners to provide payroll deduction arrangements.
We are a member-owned, values-driven business. We are in the middle of an exciting period of transformational change and have ambitious plans to develop, modernise and grow our business.
We have a vacancy on our Audit & Risk Committee (ARC). This presents an opportunity to join a dynamic and capable board running an ambitious and socially important organisation at a pivotal point in its development.
The vacancy is for a Compliance Director who as part of the Risk and Audit Committee will share responsibility for the delivery of all plan objectives and for managing and responding to compliance as well as being involved with governance matters as well.
The role holder will:
- Hold day-to-day responsibility for all of the credit union’s compliance activities. This will be their primary function and purpose as a board member.
- Hold responsibility for policy management and risk via their position on the Risk and Audit Committee, which comprises at least two directors and several volunteers.
- Provide support to the front-line operational teams for effective risk and compliance monitoring.
This will be an involved role with the role holder providing hands-on oversight and support to the front line function.
Key Activities and Responsibilities
- Providing oversight and performing consistent compliance monitoring of SCU activities
- Overseeing all compliance checks of transactions and suspicious activity reporting conducted by the front-line teams
- Compliance approval of financial promotions and product campaigns;
- Writing monthly compliance reports for the ARC and the Board for decision making
- Undertaking MLRO activities in investigating suspicious transactions and providing information to the Audit committee and Board on reports as well as overseeing training of staff and volunteers
- Management and maintenance of the Risk Register and all supporting policies
- Review and updating all Compliance and Risk policies periodically for board approval
- Continual review of risks, as well as systems and controls in the SCU
- Mentoring and developing junior staff in compliance operations capabilities.
- Training and knowledge of existing staff members
Essential knowledge, skills and experience
The candidate will need to demonstrate that they have the following skills, experience and qualities.
- Experience of Compliance and Risk framework, policy, processes and procedures;
- Experience of regulatory rules for financial crime areas.
- Ability to communicate clearly and effectively both verbally and in writing.
The Commitment Required, and Other Information
As the successful candidate will need to provide hands-on input, it is envisaged that circa three days per month will be required.
Directors attend a 2 hour monthly board meeting (usually on a Thursday afternoon).
Non-Executive Director Roles at Stockport Credit Union are volunteer roles (expenses can be reimbursed).
This is an ideal first NED role for those seeking to build their careers and who are working towards paid NED roles in the future. It is also an ideal opportunity for those with community links to further develop those links.
Directors of Stockport Credit Union must hold membership. To qualify for this, they should live or work within the geographical Common Bond (which is any SK postcode).
Please go to our website (www.stockportcu.com) and upload:
- your CV
- A covering letter (of no more than 2 sides of A4) which sets out how you fit the role profile and why you are right for the role.
Closing Date for Applications: There is no formal closing date but the process will close once the post is successfully closed. Previous NED opportunities have resulted in a strong response, so we urge interested parties to apply at their earliest convenience.