Assistant Controller - Financial Reporting

Summary

Generations Federal Credit Union is seeking a credit union experienced Assistant Controller to join the team. This role is responsible for the financial reporting functions and contributes to the ongoing development of financial systems and processes within the credit union with a key focus on providing leadership and financial insights for decision-making, supporting regulatory reporting, and assisting with liquidity and capital management.

Primary Duties

1. Financial Reporting & Analysis:
   • Prepare, review, and ensure the timely and accurate filing of internal financial reports as well as the NCUA 5300 Call Report in compliance with regulatory requirements.
   • Perform Credit Union Peer Review to compare financial performance against industry peers.
   • Provide detailed product profitability analysis for loans and deposit products, ensuring accurate financial performance tracking.
   • Prepare and analyze Line of Business P&L, identifying areas of strength and opportunities for improvement.
   • Track budget variances, providing timely and insightful analysis to management.
   • Support financial forecasting, including what-if scenario modeling to assist with decision-making and long-term planning.
   • Assist with capital allocation analysis, return on investment (ROI), and project team support for financial initiatives.
      
2. Asset Liability Management (ALM) Support:
   • Work closely with the third-party ALM provider to ensure proper management of interest rate risk and liquidity risk.
   • Validate and document assumptions and results of ALM models, ensuring accuracy and consistency with model risk management guidelines.
   • Perform back testing, sensitivity analysis, and monitoring of the ALM model to ensure reliable financial simulations.
   • Assist with the preparation of ALCO (Asset and Liability Committee) and other management reports related to ALM, liquidity, and capital planning.
      
3. Investment Portfolio & Capital Management:
   • Assist in managing the investment portfolio, including periodic reviews for other-than-temporary impairment (OTTI) and ensuring regulatory compliance.
   • Provide regular analysis on potential acquisitions and capital expansions, utilizing financial models to evaluate opportunities.
      
4. Regulatory Compliance & Reporting:
   • Ensure compliance with all applicable federal regulations, including the Bank Secrecy Act, the Patriot Act, and the Office of Foreign Assets Control.
   • Maintain thorough documentation for model assumptions, validation of income simulations, and market value models to ensure results are reasonable and in accordance with regulatory standards.
     ?
5. Model Development & Risk Management:
   • Develop and document assumptions for liquidity risk management and stress testing models.
   • Work closely with accounting, finance teams, and business units to foster industry best practices in ALM and risk management.
      
6. Performs other duties as assigned.

Education
Bachelor’s degree in Finance, Accounting, Economics or related field of study.

Additional certifications (e.g., CPA, CFA) or specialized training in financial analysis or ALM risk management is a plus.

Experience

Minimum of five (5) years’ experience in accounting, financial reporting, GAAP principles, financial analysis, risk management, preferably within the credit union or financial services industry. Must have hands-on experience with financial instruments and strong understanding of interest rate and liquidity risk management techniques with a demonstrated background in regulatory reporting, including the preparation of the 5300 Call Report.

Skills

• Solid understanding and proficiency in Symitar, Episys, Profitstar and Excel
• Excellent communication and interpersonal skills (both oral and written)

• Ability to analyze financial data, generate insights, and prepare detailed reports for management decision-making.
• Familiarity with financial regulations and reporting requirements for credit unions and financial institutions, including the 5300 Call Report and other regulatory filings.
• Strong background in using quantitative models, including those used for ALM, budget, liquidity risk management, and scenario modeling.

• Detail-Oriented in reviewing financial data, ensuring accuracy in all aspects of reporting and analysis.
• Ability to work through complex financial models and provide clear, actionable insights.
• Ability to work in a team environment, collaborating across departments to support the organization's financial goals.
• Ability to identify areas of improvement and implementing solutions that align with business objectives.

Physical/Other Requirements

Must be able to:

• Ability to maintain a flexible schedule.
• Stand or sit for long periods of time.
• Lift 10-20 lbs.