SVP/Chief Risk Officer

Executive Enterprise Strategy · Sioux Falls, South Dakota
Department Executive Enterprise Strategy
Employment Type Full-Time

POSITION: SENIOR VICE PRESIDENT/CHIEF RISK OFFICER
(Opportunity to include “General Counsel” for qualified applicants – See Addendum)


JOB SUMMARY: Executive team member and point of contact on all governance and risk management items coming before Central Payments, including compliance, enterprise risk, AML/BSA, and potentially information security (depending on qualifications).


REPORTS TO: President


WORK SCHEDULE: Standard business hours, Monday through Friday, with a willingness to monitor email and other systems during nonbusiness hours in case of a critical matter. Additional hours may be occasionally required for travel or meet time-sensitive deliverables and deadlines.


WORK LOCATION: Company-paid relocation. Local candidates or candidates willing to relocate to Sioux Falls, SD preferred. However, remote candidates will be considered, provided the candidate is able to travel to the main office and has experience effectively performing similar duties and responsibilities in a remote status, including managing people. Central Payments operates a hybrid work-from-office model, whereby local staff work from our Sioux Falls or Dell Rapids, SD offices daily but a summer hours work schedule is available and all employees are allotted 50+ work-from-home days per year.


CONTACT: Jen Miller, Director of Employee Success jmiller@central-payments.com


ABOUT US: Visit https://www.central-payments.com/our-story and fallsfintech.com


TO APPLY: Visit https://www.central-payments.com/careers 


TRAVEL: Travel is expected to average 4+ trips per year, ranging from 1-2 nights/trip. If the candidate is remote, an additional 6+ trips per year to and from Central Payments’ locations may be necessary for 3-4 nights per trip. 


Qualifications and Experience:
• 10+ years of progressive leadership experience in risk management, consumer compliance, and/or AML/BSA or as in-house counsel working closely with such functions.
• At least 5 years of experience leading financial services legal and/or risk teams.
• 3+ years of recent experience in payments, fintech, prepaid cards, deposit-products, remittances and other forms of electronic payments, experience in credit and crypto/blockchain technologies a plus.
• Significant hands-on experience managing relationships with bank regulatory agencies, serving as primary point of contact for regulatory examinations and inquiries.
• Subject matter expertise in the consumer protection rules, regulations, and guidance documents issued by regulatory agencies and applicable to the following products: prepaid cards, debit cards, savings accounts, remittance products, gift cards, and ACH.
• Subject matter expertise in the Bank Secrecy Act, anti-money laundering and suspicious activity reporting rules, and best practices for identifying fraud or illegal financial activity with experience implementing such controls.
• Familiarity with card network rules and NACHA rules.
• Experience managing outsourced vendors to ensure best in class service and adherence to budgets, as well as formal and informal/expected service levels.
• Proven ability to assess all types of risk and implement controls that sufficiently mitigate such risk without unduly jeopardizing financial performance or operational efficiency.

• Comfort with concepts and general workings of technology, data file exchanges, and payment platforms, particularly as it relates to transaction processing, raw payment data elements, and API connectivity between multiple unrelated systems.
• Exemplary written and verbal communication skills, particularly relating to clearly and concisely explaining complex concepts and identified risks, as well as advocating for specific courses of action.
• Advanced degree and industry certification (CRCM, CFCS, ACAMS, etc) preferred but not required provided the candidate has significant experience in the specific product areas identified above.
• Excellent judgement, analytical, and decision making skills.
• Highest degree of professional ethics and integrity.
• Strong managerial, leadership, and team-building skills, with a history of managing groups of 20+ people.
• Proven commitment to employee mentoring and development.
• Experience working in automated workflow and project management tools (specifically Smartsheet.com) a plus.


Key Responsibilities:
• Serve as a member of the Central Payments Executive Committee, which meets twice weekly to discuss and act on strategic initiatives, company financial performance, staffing needs, and overall company activities and operational performance.
• Member of and major contributor to the Central Payments Governance Committee, made up of executives plus members of the Board of Directors.
• Interact regularly with members of the Board of Directors, including presenting risk management-related information at Board meetings or other governance committee meetings.
• Lead a staff of approximately 20 professionals within each of the relevant departments identified above.
• Direct supervisor of five VPs/AVPs who serve as department heads for each area of the risk management function.
• Monitor and report on risks within the business accordingly to company's enterprise risk management program, including continued buildout of CPs “3P-ERM” framework.
• Consult frequently with partners and vendors as SME for risk management, methods for mitigating risk, and emerging trends.
• Serve as the primary point of contact for all regulatory agencies and author any correspondence to any agency.
• Serve as the primary point of contact for all external audits (excluding information systems and financial audits) and owner of the audit schedule.
• Author or executive owner of all risk assessments related to enterprise risk and compliance.
• Executive owner of a significant list of key policies and procedures and ensure each remains current and relevant to company’s risk management functions.
• Executive owner of automated submission and tracking tool for partner marketing and program collateral submissions.
• Oversee all testing activities for ensuring programs and partners adhere to regulatory requirements and company policies and procedures.
• Lead development of MIS to monitor department functions, assess opportunities for efficiencies, validate for conformance to contractual SLAs, and budget for future resource needs.
• Assess the effectiveness of alert criteria and artificial intelligence tools used to monitor and report on portfolio transaction activity that may be suspicious or potentially fraudulent.
• Work extensively with key vendors performing services impactful to the risk management posture of Central Payments, including customer service, dispute processing, KYC, AML/suspicious activity case management.
• Oversee the consumer complaint response process.
• Contribute meaningful to cross departmental functions, including: incident monitoring, data normalization, new product development, new program implementations/enhancements, budget preparation, and training.
• Represent Central Payments at various external trade association meetings and conferences, including filling CPs board seat on the Financial Fraud Consortium.
• Perform constructive and detailed employee evaluations of direct reports and ensure other managers in the risk department do the same for subordinates.


GENERAL COUNSEL ADDENDUM
Candidates for the CRO position are not required to be licensed attorneys. However, Central Payments will consider adding General Counsel to the title and job responsibilities for licensed attorneys who meet the experience levels, qualifications, and responsibilities detailed on pages 1-2, plus the additional qualifications below.
Additional Managerial Duties:
Supervision of one VP/Sr. Counsel
Additional Qualifications and Experience:
• 7+ years as a senior level attorney at a financial services company or at a reputable law firm where the candidate’s primary practice was financial services, specifically consumer protection, data privacy, and/or banking.
• High level of comfort and significant experience with negotiating, reviewing, and/or drafting industry standard contractual arrangements with distribution partners/program managers and vendors involved in selling, marketing, distribution, or supporting financial products and services.
• Familiarity with regulatory requirements for mitigating legal and contractual risk.
• Significant comfort with payments technology, particularly as it relates to reviewing and drafting contracts involving complex technology solutions. Specific experience related to ensuring inclusion of appropriate service levels, information security requirements, and intellectual property/licensure rights a plus.
• Experience conducting complex legal research and drafting opinions or summaries of such research on financial services-related topics, with an appreciation for changing regulatory and legislative climates.


Additional Job Responsibilities:
• Leading all contract negotiations, drafting (or delegation of drafting duties), and reviewing for all Central Payments partners and vendors.
• Manage engagements with external law firms to ensure subject matter expertise, best in class service, and adherence to budgets, as well as formal and informal/expected service levels.
• Monitor legislative, regulatory, and litigation trends and advocating possible changes internally to better insulate the business from undue risk associated with these emerging trends.
• Primary point of contact for any legal proceeding or potential litigation involving Central Payments.
• Ensure all contracts and associated notice and termination periods are logged and tracked for critical deadlines.


Tips if You are Contacted to Interview:
• If you would like to research Central Payments ahead of an interview, we highly recommend that you take time to visit our website at www.central-payments.com and our LinkedIn company page. There are informational videos and links to podcasts under the “Our Story” tab that will help you understand our company, our values, and our approach to “Making Financial Experiences Better”. In addition, our Fintech Brews podcast is a good source of background on us, particularly the first three episodes. Episodes 1-3 do a good job of explaining who we are, how we got here and our vision for the future. Episode 1 gives a backdrop on Central Payments and Central Bank of Kansas City, how it all fits together, etc. Episode 2 talks mostly about Falls Fintech, our fintech accelerator that drives a lot of positive PR and new deal activity. Episode 3 discusses our Open*CP Fintech API Marketplace and our approach to what we like to call “REAL” Banking-as-a-Service. Each episode is only about 25 minutes. Link to all episodes in video format. Link to all episodes in podcast/audio format.
• Central Payments’ primary business is establishing consumer deposit accounts, issuing incentive and rebate cards, and transferring/remitting funds via ACH and other means. Prepaid cards make up a significant portion of our business. If you are not familiar with prepaid cards, we recommend that you purchase a Visa, MasterCard or Discover-branded, general-purpose, reloadable prepaid card (not a gift card) at any major retailer, load a small amount of money, register the account/activate the card, login to the account center online, and conduct transactions. While the card you purchase will likely not be issued by Central Payments, it will still help you understand the product in general, its features, and benefits.
• To better understand the traits we look for when interviewing candidates please visit: "Is Central Payments a Fit for Me?" and what it means to “Be Essential”.

Thank You

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  • Location
    Sioux Falls, South Dakota
  • Department
    Executive Enterprise Strategy
  • Employment Type
    Full-Time