Directions Credit Union is a well-established financial institution based in Toledo, Ohio. The credit union is well-positioned for market growth; this organization is conducting a nationwide search as a part of CFO succession.
The chief financial officer (CFO) provides leadership, strategic thinking, and pragmatic action to identify, plan, and execute financial strategies for balance sheet optimization. The CFO, reporting to the chief executive officer, focuses on two aspects of finance. One is strategic and forward-thinking, and the second is fiduciary monitoring and planning of the organization.
Strategically, the CFO is responsible for developing the financial picture and framework for the current and future success of the credit union. The CFO helps credit union leadership identify future opportunities and creates strategies and scenarios to manage the financial, risk, investment, and borrowing needs to ensure maximum earning potential and maintain liquidity requirements. This role is responsible for generating and interpreting financial data to create projections that aid in strategic decision making by the board of directors and the CEO. The CFO serves as a strategic advisor offering expert advice, and this role prepares research-based board-level presentations, provides solutions, plans, policies, financial forecasting, and reports on accounting, investments, and finance issues.
Fiduciary responsibilities include accountability for all financial management, accounting, monthly statistical reports, and information to support the operating and strategic plans. Leading a team, the CFO is responsible for monitoring the safety and soundness of the credit union via capital, net interest margin, and return adequacy over a multi-year horizon. The CFO will do this using ALM modeling, investment, cash management, and pricing/product/member return information to maintain the value to the member while keeping the credit union in a safe sound position.
A bachelor’s degree in finance or accounting with an MBA, CMA, or CPA is required. Qualified candidates must demonstrate ongoing learning through certifications, workshops, and conferences such as the CUES CEO Institute, CUES Strategic Growth Institute, and CUNA Management. 10 to 15 years of similar or related experience is necessary. Candidates must have a strong background in the credit union industry. Candidates must have strong financial acumen, analytical skills, and problem-solving skills, including an understanding of strategic and operational planning, budgeting, accounting, profitability, ALM, and balance sheet optimization.