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Chief Financial Officer

Req Number: AW136
Location: Midland
Posted: 9/1/2017
Category: Financial : Consumer/Commercial Banking
Job Type: Permanent

Position Chief Financial Officer

Company Dow Chemical Employee’s Credit Union

Location Midland, MI

Reporting Relationship Chief Executive Officer

Website https://www.dcecu.org/

Company Background/Culture

Started in 1937, DCECU is proud to serve more than 57,000 members and has over $1.5 billion in assets. DCECU’s goal has always been to serve the members to the best of our abilities and provide them with the best value for their money.

This is an exceptional opportunity to join a cohesive executive team and play a key role in strategy development while providing financial oversight to the credit union’s expanding operations. Specific responsibilities will include balance sheet management, investment strategy, financial reporting, controls and analysis and regulatory relations. Successful candidates will be strong communicators with a track record for developing staff and building strong internal relationships at the board level and across functional disciplines.

RESPONSIBILITIES

• Act as Chief Financial Officer and strategic business partner to senior executive leadership team.

• Assess and evaluate financial performance of organization with regard to long-term operational goals, budgets and forecasts.

• Participates in and leads the credit union’s planning, strategic and operational, to ensure the financial goals of management are met.

• Responsible for fiscal, operational, and strategic changes resulting from regulatory change, economic factors, and related matters that may impact the financial stability and soundness of the credit union.

• Provide insight and recommendations to both short-term and long-term growth plan of organization – including asset liability modeling, use of diverse investment vehicles and risk based net worth impacts.

• Evaluate departments and make suggestions for automating processes and increasing working efficiency.

• Communicate, engage and interact with Board of Directors, CEO and Executive Leadership Team.

• Serve as a key member of executive leadership team and round-table discussion panel.

• Participate in pivotal decisions as they relate to strategic initiatives and operational models.

• Create and establish yearly financial objectives that align with the company’s plan for growth and expansion.

• Identify, develop and execute analysis of business initiatives, product launches and/or new service offerings.

• Implement policies, procedures and processes as deemed appropriate by senior leadership team.

• Select and engage consultants, auditors and investors.

• Recruit, interview and hire finance, accounting and payroll staff as required.

Portfolio Management

• Effectively manages Credit Union’s $500,000,000 portfolio; identifies and reduces risk to company investment portfolios.

• Makes decisions about where to invest funds and make changes according to market conditions.

• Designs investment portfolios which reflect company goals.

• Conducts or oversees analysis of investment portfolios. Develops investment objectives, policies, and target asset allocation based on requirements.

• Oversees and monitors investment operations to achieve its strategic goals. Reviews and audits internal investment operations and procedures.

• Responsible for designing and monitoring diversified portfolios to ensure they result in increased returns.

• Participates in the Credit Union’s long-and short-term strategic planning.

• Assumes responsibility for the effective preparation, maintenance, and reporting of internal and external financial records and analyses surrounding investments.

Financial Analysis, Budgeting and Forecasting

• Prepare and present monthly financial budgeting reports including monthly profit and loss by division, forecast vs. budget by division and weekly cash flow by division.

• Continual improvement of the budgeting process through education of department managers on financial issues impacting department budgets.

• Review and analyze monthly financial results and provide recommendations.

• Develop and maintain monthly operating budget and annual company operating budget.

• Manage financial planning and analysis department. Supervise creation of reports, software implementation and tools for budgeting and forecasting.

Accounting, General Ledger, Administration and Operations

• Supervise the Controller and provide indirect supervision to the accounting department, to ensure the proper functioning of all systems, databases and financial software. Provide technical financial advice and knowledge to others within the financial discipline.

• Responsible for ensuring the credit union is in compliance with prescribed accounting methods set out in regulation, law, FASB rules, GAAP, and tax codes.

• Develop credibility for the finance group by providing timely and accurate analysis of budgets, financial reports and financial trends to assist leadership and committees in performing their duties and oversight. Oversee the preparation and communication of weekly, monthly and annual financial statements and annual report.

• Review all month-end closing activities including general ledger accounts, balance sheet accounts and overhead cost allocation.

• Enhance and implement financial and accounting systems, processes, tools and control systems.

• Hire, develop and manage accounting directors, managers and support professional development of staff.

• Serve as a key point of contact for external auditors; Manage preparation and support of all external audits.

Financial Relations and Policies

• Engage finance committee and/or board of directors to develop short term and long term plans, projections and budgets.

• Represent company to banks, financial partners, institutions, investors, public auditors and officials.

• Remain current on audit best practices as well as state, federal and local laws regarding company operations.

• Enhance and/or develop, implement and enforce policies and procedures of the organization by way of systems that will improve the overall operation and effectiveness of the corporation.

Cash Management

• Oversee weekly cash management and AP Department, approve large payables, sign checks, authorize large wires and ACHs.

• Develop a reliable cash flow projection process and reporting mechanism that includes minimum cash threshold to meet operating needs.

• Supervise Accounts Receivable management and provide guidance relating to the collection process

PROFESSIONAL EXPERIENCE/QUALIFICATIONS

• 7-10 years senior leadership experience with broad financial management oversight.

• Outstanding communication and presentation skills.

• Demonstrated leadership ability, confidence and executive presence – ability to motivate staff.

• Knowledge of Credit Union products, services, policies, regulations and procedures.

• Strong knowledge and skills in working with on-line trade programs/terminals (i.e. Bloomberg).

• Ability to maintain emotional control under stress.

• Excellent communication skills in varying channels to work successfully with members and other staff members.

• Ability to express oneself clearly and articulately both orally and in writing.

• Ability to exercise tact and responsibility with handling confidential information.

• Strong analytical ability.

• Ability to work in a multi-faceted environment.

• Demonstrated computer and software skills.

WORKING CONDITIONS

• Must be able to function in a normal office environment with frequent interruptions by other employees and members.

• Must be able to sit frequently and use repetitive hand motions for typing.

• Must be able to communicate through speaking and hearing, and use visual acuity for reporting and presenting information to other employees and Credit Union members.

EDUCATION

• Bachelor’s degree in finance, economics, or related field

• MBA preferred

Korn Ferry Contacts

Mike Juratovac
Mike.Juratovac@kornferry.com

Peter Keseric
Peter.Keseric@kornferry.com

John Sweeney
John.Sweeney@kornferry.com

AW136

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