Credit union manager

Credit union managers oversee and manage member services, supervise staff and operations of credit unions. They inform staff about the latest credit union procedures and policies and prepare financial reports.

The following job titles also refer to credit union manager:

credit union specialist
credit union branch manager
credit union examiner
credit union field examiner
credit union principal examiner
financial cooperative manager
credit union managers
credit unions supervisor
credit unions examiner

Bachelor’s degree is generally required to work as credit union manager. However, this requirement may differ in some countries.

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

• the nature of the work performed in an occupation in relation to the characteristic tasks and duties
• the level of formal education required for competent performance of the tasks and duties involved and
• the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Credit union manager is a Skill level 4 occupation.

These occupations, although different, require a lot of knowledge and skills similar to credit union manager.

investment fund manager
insurance product manager
investment manager
investor relations manager
bank treasurer

These occupations require some skills and knowledge of credit union manager. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of credit union manager with a significant experience and/or extensive training.

This knowledge should be acquired through learning to fulfill the role of credit union manager.

Financial statements: The set of financial records disclosing the financial position of a company at the end of a set period or of the accounting year. The financial statements consisting of five parts which are the statement of financial position, the statement of comprehensive income, the statement of changes in equity (SOCE), the statement of cash flows and notes.
Financial management: The field of finance that concerns the practical process analysis and tools for designating financial resources. It encompasses the structure of businesses, the investment sources, and the value increase of corporations due to managerial decision-making.
Corporate social responsibility: The handling or managing of business processes in a responsible and ethical manner considering the economic responsibility towards shareholders as equally important as the responsibility towards environmental and social stakeholders.
Insolvency law: The legal rules regulating the incapacity to pay debts when they fall due.
Financial analysis: The process of assessing the financial possibilities, means, and status of an organisation or individual by analysing financial statements and reports in order to make well informed business or financial decisions.
Debt systems: The processes needed to obtain goods or services before payment and when a sum of money is owed or overdue.
Credit control processes: The various techniques and procedures applied to ensure that credit is given to the suitable customers and that they pay on time.
 

These skills are necessary for the role of credit union manager.

Apply credit risk policy: Implement company policies and procedures in the credit risk management process. Permanently keep company’s credit risk at a manageable level and take measures to avoid credit failure.
Enforce financial policies: Read, understand, and enforce the abidance of the financial policies of the company in regards with all the fiscal and accounting proceedings of the organisation.
Analyse market financial trends: Monitor and forecast the tendencies of a financial market to move in a particular direction over time.
Strive for company growth: Develop strategies and plans aiming at achieving a sustained company growth, be the company self-owned or somebody else’s. Strive with actions to increase revenues and positive cash flows.
Manage credit union operations: Manage the daily operations of a credit union, such as assessing its financial status and deciding on a course of action, monitoring employees, recruiting members to make investments, liaising with members, and managing the board of the credit union.
Manage staff: Manage employees and subordinates, working in a team or individually, to maximise their performance and contribution. Schedule their work and activities, give instructions, motivate and direct the workers to meet the company objectives. Monitor and measure how an employee undertakes their responsibilities and how well these activities are executed. Identify areas for improvement and make suggestions to achieve this. Lead a group of people to help them achieve goals and maintain an effective working relationship among staff.
Create a financial plan: Develop a financial plan according to financial and client regulations, including an investor profile, financial advice, and negotiation and transaction plans.
Create credit policy: Create guidelines for a financial institution’s procedures in supplying assets on credit, such as the contractual agreements which have to be made, the eligibility standards of prospective clients, and the procedure for collecting repayment and debt.
Advise on financial matters: Consult, advise, and propose solutions with regards to financial management such as acquiring new assets, incurring in investments, and tax efficiency methods.
Manage financial risk: Predict and manage financial risks, and identify procedures to avoid or minimise their impact.
Analyse financial performance of a company: Based on accounts, records, financial statements and external information of the market, analyse the performance of the company in financial matters in order to identify improvement actions that could increase profit.
Maintain credit history of clients: Create and maintain the credit history of clients with relevant transactions, supporting documents, and details of their financial activities. Keep these documents updated in case of analysis and disclosure.
Impart business plans to collaborators: Diffuse, present, and communicate business plans and strategies to managers, employees making sure that objectives, actions, and important messages are properly conveyed.
Plan health and safety procedures: Set up procedures for maintaining and improving health and safety in the workplace.
Liaise with board members: Report to the management, boards of directors and committees of an organisation.
Create a financial report: Finalise project accounting. Prepare an actual budget, compare the discrepancy between the planned and actual budget, and draw final conclusions.
Liaise with managers: Liaise with managers of other departments ensuring effective service and communication, i.e. sales, planning, purchasing, trading, distribution and technical.
Follow company standards: Lead and manage according to the organisation’s code of conduct.

This knowledge is sometimes, but not always, required for the role of credit union manager. However, mastering this knowledge allows you to have more opportunities for career development.

Debt collection techniques: The techniques and principles used to collect overdue debt from customers.
Banking activities: The broad and continuously growing banking activities and financial products managed by banks ranging from personal banking, corporate banking, investment banking, private banking, up to insurance, foreign exchange trading, commodity trading, trading in equities, futures and options trading.
Securities: The financial instruments traded in financial markets representing both the right of property over the owner and at the same time, the obligation of payment over the issuer. The aim of securities which is raising capital and hedging risk in financial markets.
Mortgage loans: The financial system of acquiring money by property owners or prospective property owners, in which the loan is secured on the property itself so that the property can be repossessed by the lender in the absence of payments due by the borrower.
Business loans: Loans which are intended for business purposes and which can either be secured or unsecured depending on whether a collatoral is involved. The different types of business loans such as bank loans, mezzanine finance, asset-based finance, and invoice finance.
Investment analysis: The methods and tools for analysis of an investment compared to its potential return. Identification and calculation of profitability ratio and financial indicators in relation to associated risks to guide decision on investment.
Customer relationship management: The customer-oriented management approach and basic principles of successful customer relations that focus on interactions with customers such as technical support, customer services, after-sales support and direct communication with the customer.

These skills and competences are sometimes, but not always, required for the role of credit union manager. However, mastering these skills and competences allows you to have more opportunities for career development.

Make investment decisions: Determine whether to buy or sell financial products such as fonds, bonds or stocks in order to enhance profitability and to reach the best performance.
Maintain relationship with customers: Build a lasting and meaningful relationship with customers in order to ensure satisfaction and fidelity by providing accurate and friendly advice and support, by delivering quality products and services and by supplying after-sales information and service.
Develop investment portfolio: Create an investment portfolio for a customer that includes an insurance policy or multiple policies to cover specific risks, such as financial risks, assistance, reinsurance, industrial risks or natural and technical disasters.
Recruit employees: Hire new employees by scoping the job role, advertising, performing interviews and selecting staff in line with company policy and legislation.
Review investment portfolios: Meet with clients to review or update an investment portfolio and provide financial advice on investments.
Communicate with banking professionals: Communicate with professionals in the field of banking in order to obtain information on a specific financial case or project for personal or business purposes, or on behalf of a client.
Manage loan applications: Manage the application process for loans from the process of interviewing the applicant and reviewing the documentation, assessing the risks, and accepting or denying the loan and ensuring compliance with the underwriting process.
Build business relationships: Establish a positive, long-term relationship between organisations and interested third parties such as suppliers, distributors, shareholders and other stakeholders in order to inform them of the organisation and its objectives.
Train employees: Lead and guide employees through a process in which they are taught the necessary skills for the perspective job. Organise activities aimed at introducing the work and systems or improving the performance of individuals and groups in organisational settings.
Assess financial viability: Revise and analyse financial information and requirements of projects such as their budget appraisal, expected turnover, and risk assessment for determining the benefits and costs of the project. Assess if the agreement or project will redeem its investment, and whether the potential profit is worth the financial risk.
Analyse financial risk: Identify and analyse risks that could impact an organisation or individual financially, such as credit and market risks, and propose solutions to cover against those risks.

1346 – Financial and insurance services branch managers

 

 

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References

1. Credit union manager – ESCO