About Libro Credit Union
Libro Credit Union (“Libro”) is one of the largest credit unions in Ontario and reinvests 100% of profits back into the people, businesses, and communities it serves. Libro has a purpose beyond profit, helping its Owners achieve their goals, supporting businesses to create a thriving local economy, and contributing to strong and prosperous communities. Libro is based in the traditional territory of the Neutral, Attawandaron, Haudenosaunee, Anishinaabek, Lunaapeewak, Algonquin, Leni-Lunaape, and the Ojibwe/Chippewa peoples.
Libro is owned by its customers, who elect the Board of Directors to govern the cooperative. Libro offers a broad range of financial services, including chequing and savings accounts, loans, mortgages, investments, financial coaching and advice for consumers and farm and business owners. Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA).
Libro demonstrates strong and exceptional performance in employee engagement, leadership, performance culture and employment brand. With a full range of financial products and services for consumers, businesses, and farms, Libro’s passionate staff and commitment to its communities sets the organization apart.
Libro’s great service can be experienced through 36 locations, online, telephone, mobile devices, and a network of 4,000 ATMs across Canada.
Purpose & Pillars
Helping people and communities be better off
At Libro, our Purpose is to grow prosperity in southwestern Ontario by transforming banking. We deliver on that Purpose by helping people in the region be financially resilient, adequately, safely, and affordably housed, meaningfully employed and food secure.
In 2022, Libro was recognized with a gold rating in a new Corporate Knights report that assesses the social purpose practices of Canadian companies.
Financial Resilience
In times of economic uncertainty, we continue to see, more than ever, the importance of providing coaching that empowers Owners to be financially resilient. Libro coaches make an effort to learn about Owners and provide tailored advice and relevant products & services to help them their work towards their own goals.
Local Food Accessibility
Helping everyone to access healthy local food in southwestern Ontario will always be important to us, and not just because our roots are in agriculture. We’re excited to be a partner in this progressive industry. While Food Accessibility is one of our pillars, we know all these issues are intertwined with the financial resilience of our Owners, including Agribusiness, and community members.
Housing
With the supply of housing an issue across Southwestern Ontario along with rapidly increasing costs all along the housing spectrum, understanding the unique circumstances of Owners and supporting them with advice and services is a priority for us. So is supporting organizations that help vulnerable members of our communities to be safely and affordably housed.
Employment
Creating a positive and inclusive culture, and positive outcomes for our staff is a top priority for Libro. Libro’s practices ensure we are contributing to the financial, physical, professional, and social well-being of our staff. The local businesses we support are making major contributions to employment in our region. We also proudly partner with organizations that create and strengthen meaningful employment.
Climate Change & Sustainability
Libro joined the B Corp community in 2018 and continues to be a part of it today.
B Corp Certification is the only certification that measures a company’s entire social and environmental performance. The B Impact Assessment evaluates how a company’s operations and business model impacts their workers, community, environment, and customers.
Libro is committed to taking a strategic response to climate change to identify and address key climate related risks and opportunities and help its Owners become more resilient in the face of this ongoing challenge. Libro is currently doing work to better understand its direct carbon footprint and current state of climate action under the TCFD (Task Force on Climate-Related Financial Disclosures) framework, including governance, strategy, risk management, and metrics and targets.
Investing in Our People
Over 800 Staff call Libro Credit Union home, with over 34% of staff having tenure beyond 10 years of service. Focused on growing prosperity for customers and staff, Libro offers a competitive Total Rewards offering, and an inclusive work environment that fosters career growth and advancement.
Position Description
The Opportunity
Reporting directly to the President & CEO, the Chief Risk Officer (CRO) is accountable for providing leadership and oversight of Libro’s approach to the effective management of enterprise, strategic, financial, information technology, cybersecurity, operational, business continuity, and credit risk, along with all elements of regulatory compliance. As a key member of the Executive Leadership Team, and with direct access to the Board of Directors, the CRO helps set the strategic direction for Libro, supports the sustainable growth of the business, and ensures decision-making processes and risk appetite are aligned to the organization’s business model and broader strategic plan.
The CRO participates in key decision-making processes such as strategic planning, capital and liquidity planning, new products and services, internal controls, and outsourcing. This role provides second line monitoring and oversight over the management of key risks, and solutions for business risk issues, by thoughtfully applying risk management principles to credit union operations to help support Libro’s strategic plan.
The breadth of the CRO’s responsibility reflects the diversity of Libro’s clients, with oversight of commercial, agricultural, and retail credit risk and adjudication functions, as well as responsibility for special loans and collections. The CRO will lead improvements to the credit risk management policies and procedures that reflect and respect Libro’s risk appetite and culture, growth objectives, and culture.
Key Duties & Responsibilities
Specific responsibilities of the CRO include the following:
- Staff Engagement: Create an exciting work environment with strong morale and team spirit. Bring out the best in others and build trust amongst teams.
- Owner Loyalty: Lead & inspire staff teams to support the best owner advice and service experiences.
- Credit: Lead credit adjudication, special loans, and collections teams in the day-to-day operations of all credit-related functions. Develop and manage to Service Level Agreements to deliver desired Owner experience. Ensure retail and commercial credit underwriting functions operate effectively to support credit aligned to our risk appetite.
- Risk Management: Lead the teams within the Enterprise Risk Function to ensure the following:
- Effective proactive risk identification, measurement, analytics, assessment, monitoring, and mitigation consistent with risk appetite through sound enterprise risk management and operational risk management policies, practices, systems and reporting.
- Analyze current risks and identify emerging risks and provide strategic and creative risk maps, action plans, and solutions to help manage and mitigate risk.
- Manage the process for developing risk policies, procedures, limits & approval authorities.
- Oversee maintenance of operational risk and resilience framework, including business continuity plans, third-party risk management, recovery and resolution plan.
- Ensure that all staff embrace an appropriate risk management framework in a culture that encourages empowerment and informed risk-taking through training, communication, and promotion of risk management framework. Risk management is an area to be owned by all staff as a first line of defense.
- Reviewing any major contracts, business proposals or projects for risk considerations.
- Regulatory Compliance: Oversees all Regulatory Compliance Management, ensuring compliance with anti-money laundering, FATCA, CRS, Privacy, Fraud, and all other regulatory requirements. Communicates with the Board of Directors, Risk & Credit Committee, Management Committees, Regulators and other agencies to address issues and participates in industry working groups.
- Internal Audit: In partnership with the CEO and Audit & Finance Committee of the Board, support the internal audit team to enable a strong third line of defense function for Libro Credit Union.
- Strategy: As part of the executive team, develop and support the strategic direction of the credit union through solid, focused business plans.
- Performance: Ensure Libro meets the financial obligations to our owners as both customers and shareholders, and regulators.
- Leadership: Provide system and community leadership.
- Innovation: Support the culture of being an innovative credit union.
- Continuous Improvement: Foster a lean culture focused on maximizing owner value and minimizing waste.
Required Skill / Experience
The individual
Bringing over 15+ years of relevant executive experience, the Chief Risk Officer is a seasoned financial services risk leader, with particular expertise in credit risk management. The successful candidate is a strong relationship builder and stakeholder manager, able to influence and partner closely with other members of the Executive Leadership Team while overseeing Libro’s risk appetite through a strategic lens. The CRO brings experience leading best practice risk management and governance frameworks in enterprise, financial, information technology, cybersecurity, operational, business continuity, and credit risk within a complex stakeholder rich environment, as well as across all elements of regulatory compliance.
Skills, Knowledge, and Experience
- 15+ years’ experience in financial services; minimum of 10 years’ experience in senior management roles
- Credit risk experience, with an understanding of key drivers of risk
- Knowledge and experience of best practice risk management and governance frameworks, methodologies, and practices in relation to financial services.
- Knowledge of legislation application to Credit Unions is an asset (i.e., Credit Union Act, FSRA Guidance and Rules, PCMLTFA, PIPEDA, FATCA)
- Experience managing relationships with government and financial regulatory bodies is preferred
- Bachelor’s degree in business or finance, with a Master’s degree preferred.
Core Leadership Attributes at Libro
Epic Human
Fosters an environment and models the highest honour and integrity, demonstrates compassion with objectivity and approachability, is resilient, flexible, empowers and encourages others, and cultivates high self-awareness by creating an environment where giving and receiving feedback is valued.
Passionately Accountable
Communicates a compelling vision and sense of purpose, is outcome-oriented by defining success and ensuring understanding, demonstrates urgency and accountability to stretch goals. People-focused role model for relationship building, cultivates win-win through diplomacy and objectivity. Creates and models Owner-centric principle-based approach with clear intent and consideration of consequences. Establishes and supports proactive advice and experience culture.
Bold Explorer
Leads with agility through rapid change, complexity and the unexpected. Anticipates and champions change, implements with sensitivity. Energizes teams by removing barriers, resolving conflict and accelerating pace. Creates breakthrough plans, develops entrepreneurial mindset in self and others, values and encourages smart risks. Innovates by leveraging unique ideas, diversity and experimentation. Challenges status quo constructively and encourages best practices.
Mutually Inclusive
Develops others by creating a culture that supports development and success. Models respectful candour through openness, honesty, and care for others for improvement. Demonstrates transparency and vulnerability, while ensuring confidentiality when appropriate. Emphasizes the value of collaboration across teams and assists others to consider issues broadly.
