VyStar Credit Union
VP, IRR and Balance Sheet Strategy
VyStar Credit Union, Jacksonville, Florida, United States, 32201
VP, IRR And Balance Sheet Strategy
At VyStar, we offer competitive pay, an excellent benefit package that includes a 401(k) Plan, an extensive paid technical and on-the-job training program, and tuition reimbursement--available to all full and part time employees. Part time positions start at a minimum of 30 hours per week. We encourage you to become a part of VyStar Credit Union's family of employees. The role is within the Treasury group that consists of liquidity, interest rate risk (IRR) and portfolio management. The VP, IRR and Balance Sheet Strategy role will assist the SVP, Investments, ALM and Liquidity in conducting the broader department mission of managing liquidity, assessing interest rate risk, investing funds, application of derivatives, assessing net interest income (NII) and balance sheet strategy. The Treasury group is also responsible for supporting the budget and forecasting process by projecting the NII component. The IRR and Liquidity groups of Treasury assist in this process by generating dynamic NII calculations based on organization assumptions. The position oversees the management and reporting of regulatory Net Economic Value (NEV) and NII. The incumbent will recommend and oversee strategies to optimize the balance sheet for NII within allocation constraints, capital needs and risk tolerances. In doing so, they will analyze and assess exposure to interest rate fluctuations and movements that will negatively impact VyStar's risk tolerance or regulatory compliance. Additionally, the position will have strategic responsibilities to recommend and implement opportunities to optimize the balance sheet structure to improve NII, NEV and capital along with reducing concentration and risk profiles. Essential Functions
Interest Rate Risk Management: Developing and implementing VyStar's IRR management framework and strategies that involve Identifying, measuring, monitoring and controlling exposure to interest rate fluctuations Monitoring key risk measures that impact regulatory and non-regulatory IRR stress metrics Managing the quarterly measurement and reporting of regulatory NEV and NII analysis Managing NII calculations and supporting the budget forecasting process Managing ad-hoc NEV and NII analysis for new products, projects and opportunities for risk management Ensuring the integrity of ALM model assumptions, calculations and documentation Balance Sheet Management: Optimizing VyStar's assets, liabilities and capital to improve the financial health and achieve strategic objectives Aligning the maturities and repricing characteristics of assets and liabilities to minimize interest rate risk and optimize earnings Applying strategies for duration management and interest rate hedging to improve VyStar's risk profile Leading the Balance Sheet Management working group to identify and monitor risks and recommend opportunities to create a more resilient balance sheet that supports long-term financial health and strategic goals Using the Balance Sheet Management working group and other forums to identify and recommend opportunities to enhance NII and stay within risk and IRR tolerances Risk Management: Identifying and measuring sensitives of assets and liabilities to rate movements and member behaviors Mitigating interest rate risk exposures that can impact profitability and financial stability Monitoring for consistency between VyStar's ALM risk profile and its stated organizational risk profile for interest rate risk Collaborating with risk management to ensure adequate control frameworks Strategy and Collaboration: Actively working with the Liquidity area of Treasury to ensure availability funds and application of derivatives to lower funding costs or reduce risk Partnering with the Investment Portfolio Management area of Treasury to ensure ALM model accuracy and an appropriate portfolio structure and security selection Strategically working with Capital Planning and Stress Testing (CPST) to develop and maintain economic and interest rate scenarios in the ALM system that can be used as part of the regulatory capital stress testing process Developing and adapting strategies in response to market, industry, risk and regulatory changes Collaborating with various internal stakeholders such as FP&A, Accounting, Capital Planning and Stress Testing, IT and Enterprise Risk Management Interacting with external parties like software vendors, model validation consultants, FHLB and broker dealers Remaining a subject matter expert by staying current on ALM and IRR practices and applications Reporting and Communication: Overseeing the preparation of ALM materials for committees, such as Credit Market Risk Committee (CMRC, formerly ALCO), on NEV and NII measurement, stress testing, sensitivity analysis and regulatory and Policy compliance Presenting IRR and related topics to CMRC and other senior leaders on a scheduled and as requested basis Responding to regulatory inquiries and exams on interest rate risk and related matters Leadership and Mentorship: Managing a staff of 3
5 performing reviews, coaching, and mentoring Mentoring junior staff Managing projects and collaborating with individuals in different areas and skillsets Maintaining thought leadership for interest rate risk management to ensure measurement accuracy and innovative risk management approaches Education & Experience
Required: Bachelor's degree in Finance, Accounting, Economics, Engineering, Statistics, Mathematics, or related area 5+ years of experience within a financial institution with a minimum of $5 billion in Assets 7+ years of related experience in areas such as liquidity, treasury, funds management, ALM or capital stress testing in a financial institution 3+ years supervising or managing staff Preferred: Masters of Business Administration (MBA) or Master's Degree in a quantitative or finance discipline Chartered Financial Analyst (CFA) or Financial Risk Management (FRM) designation Experience with Information Technology projects, data analytics and accounting Job Knowledge, Skills & Abilities
Solid knowledge of interest rate risk metrics and sensitivity analysis Experience forecasting interest income and interest expense Strong knowledge of ALM software such as ZMdesk or QRM or FiServ (Sendero). Understanding of Fixed Income markets and analytical tools such as Bloomberg, Yield Book, BondEdge Understanding of liquidity management, funding risks and derivative application Intermediate Excel and work with large data sets Working knowledge of the credit union / banking industry as it pertains to balance sheet forecasting, profitability, core product lines, fixed income, and asset liability management Understanding of credit union/bank financials and general ledger systems Effective communication and people skills Ability to work independently and manage multiple tasks in a fast-paced environment Ability to interact with all levels of management and external stakeholders Strategic thinking and problem-solving abilities Interest in financial markets and risk management, motivated by learning and continuous improvement Advanced Excel skills or programming knowledge of Visual Basic, Python, SQL Experience identifying, recommending and implementing strategies improve a financial institution's interest rate risk profile and or earnings Disclaimers and Work Environment Nothing in this position description is an implied contract for employment. The position description is intended to be an accurate account of the essential functions. The functions are not all encompassing and are subject to change at any time by management. The work environment characteristics described are representative of those that an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. As required or requested, may exert up to 20 pounds of force occasionally and/or a negligible amount of force constantly to lift, carry, push, pull or otherwise move objects. VyStar Credit Union is not seeking outside assistance or accepting unsolicited resumes from staffing agencies or search firms for employment or contractor opportunities. Any resumes submitted by an outside vendor to any employee at VyStar via e-mail, internet, or directly to hiring managers without a valid written search agreement with the Talent Acquisition / HR department will be deemed the sole property of VyStar Credit Union. No placement fee will be paid if a candidate is hired as a result of the referral, or through other means. Thank you for your
At VyStar, we offer competitive pay, an excellent benefit package that includes a 401(k) Plan, an extensive paid technical and on-the-job training program, and tuition reimbursement--available to all full and part time employees. Part time positions start at a minimum of 30 hours per week. We encourage you to become a part of VyStar Credit Union's family of employees. The role is within the Treasury group that consists of liquidity, interest rate risk (IRR) and portfolio management. The VP, IRR and Balance Sheet Strategy role will assist the SVP, Investments, ALM and Liquidity in conducting the broader department mission of managing liquidity, assessing interest rate risk, investing funds, application of derivatives, assessing net interest income (NII) and balance sheet strategy. The Treasury group is also responsible for supporting the budget and forecasting process by projecting the NII component. The IRR and Liquidity groups of Treasury assist in this process by generating dynamic NII calculations based on organization assumptions. The position oversees the management and reporting of regulatory Net Economic Value (NEV) and NII. The incumbent will recommend and oversee strategies to optimize the balance sheet for NII within allocation constraints, capital needs and risk tolerances. In doing so, they will analyze and assess exposure to interest rate fluctuations and movements that will negatively impact VyStar's risk tolerance or regulatory compliance. Additionally, the position will have strategic responsibilities to recommend and implement opportunities to optimize the balance sheet structure to improve NII, NEV and capital along with reducing concentration and risk profiles. Essential Functions
Interest Rate Risk Management: Developing and implementing VyStar's IRR management framework and strategies that involve Identifying, measuring, monitoring and controlling exposure to interest rate fluctuations Monitoring key risk measures that impact regulatory and non-regulatory IRR stress metrics Managing the quarterly measurement and reporting of regulatory NEV and NII analysis Managing NII calculations and supporting the budget forecasting process Managing ad-hoc NEV and NII analysis for new products, projects and opportunities for risk management Ensuring the integrity of ALM model assumptions, calculations and documentation Balance Sheet Management: Optimizing VyStar's assets, liabilities and capital to improve the financial health and achieve strategic objectives Aligning the maturities and repricing characteristics of assets and liabilities to minimize interest rate risk and optimize earnings Applying strategies for duration management and interest rate hedging to improve VyStar's risk profile Leading the Balance Sheet Management working group to identify and monitor risks and recommend opportunities to create a more resilient balance sheet that supports long-term financial health and strategic goals Using the Balance Sheet Management working group and other forums to identify and recommend opportunities to enhance NII and stay within risk and IRR tolerances Risk Management: Identifying and measuring sensitives of assets and liabilities to rate movements and member behaviors Mitigating interest rate risk exposures that can impact profitability and financial stability Monitoring for consistency between VyStar's ALM risk profile and its stated organizational risk profile for interest rate risk Collaborating with risk management to ensure adequate control frameworks Strategy and Collaboration: Actively working with the Liquidity area of Treasury to ensure availability funds and application of derivatives to lower funding costs or reduce risk Partnering with the Investment Portfolio Management area of Treasury to ensure ALM model accuracy and an appropriate portfolio structure and security selection Strategically working with Capital Planning and Stress Testing (CPST) to develop and maintain economic and interest rate scenarios in the ALM system that can be used as part of the regulatory capital stress testing process Developing and adapting strategies in response to market, industry, risk and regulatory changes Collaborating with various internal stakeholders such as FP&A, Accounting, Capital Planning and Stress Testing, IT and Enterprise Risk Management Interacting with external parties like software vendors, model validation consultants, FHLB and broker dealers Remaining a subject matter expert by staying current on ALM and IRR practices and applications Reporting and Communication: Overseeing the preparation of ALM materials for committees, such as Credit Market Risk Committee (CMRC, formerly ALCO), on NEV and NII measurement, stress testing, sensitivity analysis and regulatory and Policy compliance Presenting IRR and related topics to CMRC and other senior leaders on a scheduled and as requested basis Responding to regulatory inquiries and exams on interest rate risk and related matters Leadership and Mentorship: Managing a staff of 3
5 performing reviews, coaching, and mentoring Mentoring junior staff Managing projects and collaborating with individuals in different areas and skillsets Maintaining thought leadership for interest rate risk management to ensure measurement accuracy and innovative risk management approaches Education & Experience
Required: Bachelor's degree in Finance, Accounting, Economics, Engineering, Statistics, Mathematics, or related area 5+ years of experience within a financial institution with a minimum of $5 billion in Assets 7+ years of related experience in areas such as liquidity, treasury, funds management, ALM or capital stress testing in a financial institution 3+ years supervising or managing staff Preferred: Masters of Business Administration (MBA) or Master's Degree in a quantitative or finance discipline Chartered Financial Analyst (CFA) or Financial Risk Management (FRM) designation Experience with Information Technology projects, data analytics and accounting Job Knowledge, Skills & Abilities
Solid knowledge of interest rate risk metrics and sensitivity analysis Experience forecasting interest income and interest expense Strong knowledge of ALM software such as ZMdesk or QRM or FiServ (Sendero). Understanding of Fixed Income markets and analytical tools such as Bloomberg, Yield Book, BondEdge Understanding of liquidity management, funding risks and derivative application Intermediate Excel and work with large data sets Working knowledge of the credit union / banking industry as it pertains to balance sheet forecasting, profitability, core product lines, fixed income, and asset liability management Understanding of credit union/bank financials and general ledger systems Effective communication and people skills Ability to work independently and manage multiple tasks in a fast-paced environment Ability to interact with all levels of management and external stakeholders Strategic thinking and problem-solving abilities Interest in financial markets and risk management, motivated by learning and continuous improvement Advanced Excel skills or programming knowledge of Visual Basic, Python, SQL Experience identifying, recommending and implementing strategies improve a financial institution's interest rate risk profile and or earnings Disclaimers and Work Environment Nothing in this position description is an implied contract for employment. The position description is intended to be an accurate account of the essential functions. The functions are not all encompassing and are subject to change at any time by management. The work environment characteristics described are representative of those that an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. As required or requested, may exert up to 20 pounds of force occasionally and/or a negligible amount of force constantly to lift, carry, push, pull or otherwise move objects. VyStar Credit Union is not seeking outside assistance or accepting unsolicited resumes from staffing agencies or search firms for employment or contractor opportunities. Any resumes submitted by an outside vendor to any employee at VyStar via e-mail, internet, or directly to hiring managers without a valid written search agreement with the Talent Acquisition / HR department will be deemed the sole property of VyStar Credit Union. No placement fee will be paid if a candidate is hired as a result of the referral, or through other means. Thank you for your