Chief Operations Officer

The Chief Operating Officer is responsible for providing leadership to the organization. The incumbent is responsible for the smooth functioning of the day-to day operations of the Credit Union. This involves leading the organization, under the direction of the Board.

The Job:

The Chief Operating Officer (COO) reports  directly to the Board of Directors through the Treasurer/Manager and will be required to provide strong leadership of subordinate staff in pursuit of the organizations goals and objectives.  The Chief Operating officer will work closely with the President, Treasurer and other Committee members and will be required to interact regularly with Members, Bankers, Regulatory authorities and other key players involved in the Credit Union.

1. Ensures a high caliber of customer service at all times.
2. Implements the policy and other decisions of the Board of Directors and Committees as informed by the Bye-Laws.
3. Regulates the work flow and developing procedures, enabling staff members to display the highest degree of competency.
4. Maintains an adequate degree of effective communication regarding the Credit Union’s services with the present and potential Membership, Staff, Board and Committees.  This may be achieved through the use of various available channels of communication.
5. Ensures the maintenance of generally accepted internal controls throughout the organization.
6. Develops and implements systems for monitoring and control of financial results, in accordance with the organization’s goals and objectives.  This is to include quarterly preparation and reporting of the Society’s results vs. Pearl Ratios.

7. Ensures the accurate and timely processing of the member and general ledgers.
8. Ensures all areas related to Treasury management are properly co-ordinated, which includes supervision of the petty cash system, over the counter receipts, daily deposits and cheques disbursement.
9. Co-ordinates the processing and updating of weekly and monthly payroll deductions as well as managing the payroll of the office. 

10. Provides assistance and guidance with the preparation of loan application forms in accordance with established procedures and to ensure submission to the Credit Committee at least one day prior to the Committee meeting.
11. Approves and process share loans in accordance with policy and also prepare and process loans that have been approved by the Credit Committee and the Board of Directors.
12. Follows-up on delinquent loans and document recoveries efforts, with a view to minimizing loan delinquency.
13. Prepares of monthly financial statements and schedules together with explanations for significant movements, for the purpose of monitoring performance against plan. Reports must be distributed prior to monthly Board Meeting

14. Prepares/reviews bank reconciliation for various bank accounts to ensure the General Ledger is in agreement with the bank statement, with all adjustments accounted for.
15. Ensures that all investments are in accordance with the established Investment Policy and that the Board is apprised of any new investment opportunities on the market.  This will include monitoring of  the investment portfolio to ensure that the returns on surplus cash are maximized
16. Prepares annual budgets for Board approval and inclusion in the Annual Report.
17. Prepares year end accounts and schedules in accordance with International Accounting Standards for audit and to inform the Credit Union Board of Directors of the Credit Union’s performance.  This will include liaising with the Auditors in collaboration with the Treasurer for the execution of the Annual Audit.
18. Assists with the development of products and services for the membership and  in the implementation of strategic initiatives identified.

19. The COO shall also act as the Credit Union Compliance officer.   The Compliance officer shall :

a)     Ensure that the necessary compliance programme,  procedures and controls required by these Regulations are in place;

b)     Co-ordinate and monitor the compliance programme to ensure continuous compliance with these Regulations;

c)     Receive and review reports of suspicious transactions, or suspicious activities made by the members of the Credit Union and report the same to the FIU in accordance with the Act and guidelines issued by the relevant Supervisory Authority;

d)     Maintain records of reports of the type identified in paragraph (c); and

function as the liaison official with the FIU, where the Credit Union executes the instructions of the Director of the FIU.

20.  Leads a small team and ensures best results from the our people.

21. Performs any other relevant duties as assigned by the Treasurer/Board of the Credit Union.