Vice President, Risk Management - Finance & Treasury

About VancityVancity is a member-owned credit union built on the principles of inclusion and social justice. A relentless commitment to their values has helped them challenge the status quo and break down barriers since day one in 1946. They have bold commitments to make Vancity net-zero by 2040 across all mortgages and loans and are pursuing strategies on Indigenous banking and to improve the financial resilience of their members.

Vancity is the largest private sector Living Wage Employer in Canada and has been consistently recognized as one of the Top Employers in Canada. If you're interested in joining their team of 2,700 diverse individuals and accessing competitive rewards and benefits, all while knowing you are part of a greater movement, then apply today!

About The WorkplaceThis is a permanent, full-time role that will enjoy hybrid working arrangements which can be fulfilled primarily from the Vancity head office location and your Lower Mainland based home office. Periodically, you'll be required to attend in-person activities or events. The role involves the development of a new functional area in Vancity's Risk Management organisation, and team building and collaborative policy and cultural development will likely require more time in our head office than working from home.

As the VP Risk Management - Finance and Treasury (VP RMFT), you will primarily responsible for articulating and maintaining a robust Second Line of Defense (2LOD) risk management infrastructure overseeing Vancity's First Line of Defense (1LOD) areas which assume market risks including. but not limite to liquidity, interest rate, FX, capital markets, counterparty risks. You will be responsible for maintaining parallel review and challenge models for ALM, liquidity, and capital, and for maintaining a stress testing environment which allows for ad hoc risk scenario planning. You will also be responsible for model risk oversight for all financial models used at Vancity, both third party and internally developed. Vancity is subject to both BCFSA and OSFI regulation, and the 2LOD environment for these risks will need to meet both regulators' standard and expectations. You will report to Vancity's Chief Risk Officer and oversee 5-8 team members.

Unlike private sector banks, Vancity is a credit union, and has a strong history of focusing on its mission of expanding financial access to all parts of the mainland BC community, of honoring and supporting our First Nations and diverse community partners. The VP RMFT plays a key role in balancing financial sustainability and resiliency alongside the core enterprise missions of serving all of our communities. Simply doing well at a profit-focused bank is not enough to succeed in the role - and yet, ensuring financial strength is essential to Vancity's objective of meeting its mission goals.

A Typical Day Would Involve

• Build and maintain a parallel reporting structure for measuring market risks on Vancity's balance sheet
• Build and maintain a stress testing environment to allow for ad hoc and annual planning for a range of potential market and idiosyncratic risks
• Assist in the development, articulation, implementation, and maintenance of market-standard board, ALCO, and 1LOD policies and procedures for management of market risks
• Maintain expert level knowledge of regulatory frameworks for market risk management and industry leading knowledge of 2LOD oversight practices
• Stakeholder in the development of the Internal Capital Adequacy and Assessment Process (ICAAP).
• Develop catalog of financial models used at Vancity, articulate materiality, and develop review protocols and regular review cadences
• Functional understanding of options pricing (delta, gamma, theta, vega)
• Understanding of dollar value changes in market risk governed portfolios (dv01, pv01)
• Coordinate as needed with Internal Audit and third-party audit partners as they conduct 3LOD review of internal controls and processes
• Review finance processes - budgeting, financial planning - to ensure market risks are appropriately represented and understood in forward resource planning
• Act as Co-Chair of Balance Sheet Risk Committee, a subcommittee of Vancity's Asset-Liability Committee (ALCO) responsible for maintaining market risk limit frameworks and reporting current status
• Participate in enterprise-wide 2LOD coordination and governance activities
• Assist CRO as needed in special projects
• Develop and lead team of 4-6 senior and mid-level analysts, including recruitment, talent management and development, regular written and oral performance management, and organisational design as Vancity's needs evolve

Other Responsibilities / Contingent Responsibilities

• Recommend remediation efforts should limits be breached and directly supervise Treasury and other staff in implementation
• Oversee day-to-day discussions with ELT and regulators during periods of market disruption or Vancity recovery efforts
• Represent Vancity in discussions with regulators and external constituencies (counterparties, rating agencies, significant depositors, CHMC, etc.) regarding the organisation's market risk processes and effectiveness
• Coordinate with Finance and Treasury in the development of procedures for market risk mitigation in corporate events (M&A, disposals) and resolution and recovery processes

You Have

• Bachelor's degree in finance, business, or a related field; an MBA or similar advanced degree preferred
• Chartered Financial Analyst (CFA) or Chartered Risk Management Professional (CRMP) designation preferred
• 10-15 years experience in financial institutions of at least $15 billion in size in financial risk management or finance and treasury 1LOD mid-level to senior roles
• Strong team development and leadership skills
• Demonstrated ability to work with C-level executives in consultative roles involving financial risk management
• Demonstrated track record of risk optimisation in either 1LOD or 2LOD roles, including the development of balanced risk guidelines and scorecards and/or the ability to execute within such guidelines over time
• Exceptional analytical and problem-solving skills, proficient in financial modeling, valuation, and interpreting advanced financial and accounting models, including complex "review and challenge" analysis and oversight of model change management

You Are

• A Strategic Partner- you deeply understand the business strategy and goals and have the ability to align enterprise development initiatives with long-term business goals.
• Analytical - With your strong problem solving and financial analysis skills, you can build forecasts and conduct assessments to support strategic decision making.
• A Strong Team Leader - You have built, grown, and managed teams during periods of rapid organisational change..
• A Finance Industry Subject Matter Expert - You have a combination of learned and lived experience and knowledge in how complex depositories operate and manage their business and do so against a background of significant market risks, and have perspective across the industry on how organisations manage such risks.
• A Creative Manager - You can look outside of typical structures to find pragmatic, efficient, and effective new ways of organising teams, building models, and using data to validate assumptions, keeping focused on enterprise goals and mission while working "in the weeds".

We value lived experience, so if you are interested in this role, we encourage you to apply even if you feel your skills don't perfectly align with those listed.

The salary range for the role is $240,000 to $360,200. The upper half of the salary range is typically reserved for individuals who have demonstrated consistent strong performance in the role and possess a high level of job knowledge and skill.

Posting Deadline: Posted until filled

A career at Vancity is more than just a job, you're joining a tradition of change-makers who are creating lasting change for our communities. Beyond base pay, we offer a comprehensive total rewards package to ensure our employees are empowered to thrive:

We offer:

• We are the largest private-sector Living Wage Employer in Canada and have been consistently recognized as one of the Top Employers in Canada.
• Our permanent employees qualify for attractive benefit packages that can be customized and changed each year to meet their evolving needs.
• New employees receive between three to four weeks of vacation allowance per calendar year, and the number of vacation days grows
• In addition to the 10 statutory holidays in British Columbia, Vancity provides an additional three statutory holidays. We offer care days for periods of short-term personal illness or emergency family illness.
• We have flex credits for our health care & dental benefits offer three levels of coverage for you to select from. These benefits will also be effective immediately based on your hire date.
• We understand that retirement means different things to different people and at Vancity we will offer you a Defined benefits pension plan that pays you a retirement income for life.

At Vancity we're committed to creating a welcoming and inclusive workplace to help our people and communities thrive and prosper. Diversity in our workforce is integral so that we can truly represent, understand and respond to our community needs and deliver on our member experience.

We are committed to providing an inclusive and accessible recruitment experience for all candidates. If you require any accommodations at any stage of the recruitment process, please reach out to our Talent Acquisition team at recruitment@vancity.com for confidential support. In-person assistance is also available. We will collaborate with you to ensure your needs are met promptly and effectively.