Risk and Compliance Director

Reinvestment Fund

Risk and Compliance Director

Department:  Operations and Risk

Reports to:     Risk and Compliance Director

Date:                April 2023

About Reinvestment Fund

Headquartered in Philadelphia, Reinvestment Fund operates nationally with regional offices in Baltimore, MD, and Atlanta, GA. Reinvestment Fund is a national mission driven financial institution that creates opportunity for underserved people and places through partnerships. We marshal the capital, analytics, and expertise necessary to build strong, healthy, and more equitable communities.

As a federally certified community development financial institution (CDFI), our job is to make finance an agent of positive change and equitable growth. We provide loans, grants and technical assistance to businesses and nonprofits. Our borrowers and grantees educate students, support local economies, and create jobs. They build affordable housing and provide community goods and services that include access to nutritious food, hunger relief, physical and mental health care, and other social services.

At Reinvestment Fund, you’ll be part of a talented and passionate team of communicators and business development staff, lenders, portfolio managers, analysts, grant program managers, accountants, and policy researchers who bring their unique talents to our mission.

Reinvestment Fund is currently undergoing a multi-year race, equity, and inclusion organizational change process, and we are seeking candidates who share a commitment to advancing racial equity and anti-racism and are prepared to engage in that work.

Work Location

This position can be located in Philadelphia, PA | Atlanta, GA| Baltimore, MD

Reinvestment Fund provides a flexible 3-day home/2-day office work arrangement. We are confident in the value this work arrangement will provide in face-to-face interactions. Depending on the nature of the job, a more flexible work schedule may be considered.

About the Department

The Risk & Compliance department is responsible for developing and monitoring an effective risk and control framework across the organization. Risk & Compliance engages with business partners to effectively manage various risks in an environment of proactive and strategic problem solving. The Risk & Compliance department, along with Operations and Information Technology, comprise Reinvestment Fund’s Operations department. The Managing Directors of each of the three departments comprise the Office of the COO, a shared service organization intended as an enabler and agent for change within the organization. The Director will be the third hire within the Risk and Compliance department, which was formed in March 2022. The Director will report directly to the Managing Director of Risk and Compliance.

About the Director Position

Reinvestment Fund is seeking a Director of Risk & Compliance to identify, plan, and lead the implementation and execution of internal initiatives associated with Reinvestment Fund’s strategic objective of creating a sustainable risk and compliance program. The Director of Risk & Compliance must leverage their prior experience working within similar companies and/or industries to inform and prioritize key projects and initiatives for the Risk and Compliance function. The Director must have experience engaging directly with Director-level peers through Executive-level management to collaborate on shared goals, and to provide authoritative guidance when necessary. The Director will be expected to work autonomously and within areas of ambiguity, work collaboratively with other internal stakeholders, and to communicate with impact to add value and influence change across the organization. The ideal candidate will be excited about working in a start-up environment and be comfortable navigating change within a new company.

Requirements and Responsibilities:

• Contribute to the design and implementation of tailored, sustainable, and adaptable risk and compliance program elements, including but not limited to governance, policies and procedures, training, metrics, monitoring and reporting, and third-party risk management.
• Develop and implement company-wide risk management and compliance standards and best practices, utilizing data and process improvement techniques to improve quality, compliance, efficiency, and productivity.
• Support the ongoing identification, assessment, monitoring, and aggregation key risks and risk responses.
• Engage directly with business unit personnel to identify and strategically implement risk and compliance priorities through services and projects. Cross functional collaboration between all three pillars in the Office of the COO (IT, Risk and Compliance, as well as Operations) is critical.
• Manage and seek continuous improvement of Risk and Compliance programs, including but not limited to vendor/third party risk management and AML/OFAC. Lead related program governance processes to meet strategic and compliance objectives and obligations.
• Design or implement improvements in communication, monitoring, or enforcement of compliance standards.
• Exercise sound judgement, professional skepticism, and ethical behavior when engaging with internal stakeholders, legal counsel, and/or external third parties and vendors.
• Articulate objectives, observations and recommended actions for remediation of noted gaps; build consensus and hold stakeholders responsible for action plans.
• Contribute to the development of the appropriate risk reports and information files for executives and board members.

Education and Experience:

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required.

• Highly motivated, energetic self-starter who takes ownership and can drive change through innovation.
• Bachelor’s degree in finance, Accounting or Business-related discipline, or relevant amount of experience
• 8-10 years’ operating within a second line of defense function, such as risk management or compliance; experience working with or within third line of defense (internal audit) a plus, but not required.
• 8-10 years of experience in the financial services industry
• 5+ years’ experience managing staff, contractors, and/or temporary employees.
• Experience with the design or implementation of cross departmental processes as well as managing multiple projects simultaneously.
• Experience with relevant compliance areas and related risks, such as AML/BSA/OFAC, third party risk management; privacy, data and information security, federal grants compliance; any experience supporting legal functions to address legal risks is a plus (note: this is not a legal position)
• Demonstrates knowledge of applicable enterprise risk management frameworks (e.g., COSO) and familiarity with other leading business and IT control frameworks (e.g., CoBIT, NIST)
• Demonstrates extensive knowledge of process and controls, risk assessment and controls testing methodologies across the three lines of defense, including business process, financial reporting and IT management controls as well as risk management, compliance and operational processes.
• Experience in applying legal and regulatory requirements to current business practices to identify potential gaps.
• Experience in applying internal control principles and business/technical knowledge including IT general controls and application controls; financial reporting concepts; working experience applying professional skepticism skills.
• Demonstrated ability to work as a business partner within all levels of an organization, build productive relationships and lead or be part of a team driving positive change.
• Proven analytical thinker with ability to identify, analyze and solve problems in a thoughtful manner.

Key Competencies:

• Demonstrated ability to balance commitment to community with required compliance issues.
• Dealing with ambiguity
• Analytical and critical thinking
• Strategic agility
• Organizational and time management skills
• Big picture thinker combined with detail-oriented action taker.
• Demonstrated ability to work well under pressure.
• Builds and nurtures work relationships.
• Demonstrates use of emotional intelligence in daily conversations

Compensation and Benefits:

Reinvestment Fund offers a competitive salary based on experience and skills, as well as an excellent benefits package including employer-paid health, disability and life insurance, 401(k) savings plan with employer match, flexible spending accounts (medical, dependent care and transportation), tuition reimbursement, paid time off, and EAP program.

Reinvestment Fund uses E-Verify to validate all new hires’ ability to legally work in the United States. Reinvestment Fund is an Equal Opportunity Employer. Reinvestment Fund does not discriminate in hiring or employment practices on the basis of race, color, religion, gender, age, sexual orientation, marital or familial status, national origin, non-job-related disabilities, or status as a veteran.

COVID-19 Vaccination:

We value the safety and well-being of our RF Community, which includes staff and beyond. As such, our team has chosen to require all staff, interns, and contractors to be *fully vaccinated as a contingency of employment. Fully vaccinated is 1 or 2 primary shots according to pharmaceutical + 1 booster. Exemptions for Religious and Medical requests will be reviewed.