Director of Finance

Location: Out of Sarnia, Strathroy or Chatham Admin Office (Hybrid), Ontario

Occupation Type: Accounting, Business Development, Treasury

Employment Type: Full-time

About You

Are you a strong leader with confidence in driving forward thinking strategies?

Do you have the proven ability to lead our team in all things Finance related?

If you are a well-rounded financial professional who is looking for a great opportunity, we have the role for you

Mainstreet Credit Union is actively recruiting for a Director of Finance to join our team

We believe we have the best team in the business due to our leadership philosophy of excellence, and team development. If you are an experienced financial professional with values that align with ours and want a new opportunity at a cooperative organization where employees, clients, and our communities’ matter, we would like to hear from you

Why Join Our Team?

At Mainstreet we believe in investing in you – whether it is our employees or our incredible members. At Mainstreet we are committed to providing exceptional service, advice and improving and making a difference in the lives of our members.

Mainstreet offers its employees:

• Work-life balance and flexible work arrangements
• Opportunities for training and advancement
• Generous salary, vacation and benefits (Mainstreet is a Living Wage employer)
• Opportunity to work at a values-based cooperative

Our Values:

Personalized: High quality personalized advice with flexible solutions.

Supported: Highly responsive through empowered professionals.

Known: Meaningful impact and connected to community.

Easy: Easy and in the way our members prefer.

The Role

Job Function:

Reporting directly to the CFO, the Director of Finance participates in the support of corporate strategies and provides leadership and advice on all matters related to finance. This role develops and drives forward-thinking strategies for finance that protect members and Mainstreet’s interests through creative problem-solving, teamwork, innovation, and continuous improvement. This role provides leadership to Finance, Treasury and Accounting functions, including financial operations, internal and external financial reporting, policy and procedure enhancements, budget and forecast preparation, asset liability management, liquidity and capital management, treasury management and internal controls. With a strong commitment to growth and sustainability, we are seeking a talented Director of Finance who will play a key role in driving our financial success.

Key Duties & Responsibilities:

Leadership & Communication

Provide strong leadership for the finance and accounting team, including setting team goals, evaluating performance, providing mentoring, coaching and feedback, and promoting team effectiveness. Ensure operating procedures and structures are appropriate, integrated, and seamless to create the best member experience.

Accounting

• Prepare and publish timely monthly financial statements, follow up on discrepancies and implement solutions to ensure accurate reporting. Support month-end and year-end close process.
• Coordinate and direct the preparation of the budget and financial forecasts and report variances.
• Manage all accounting operations including Billing, A/R, A/P, General Ledger, Cost Accounting, Inventory Accounting and Revenue Recognition.
• Analyze accounting and financial records and systems to ensure compliance with established accounting standards, regulations, procedures, and internal controls.
• Ensure quality control over financial transactions and financial reporting and assess all credit union activity to ensure financial accounting compliance with IFRS.
• Develop, recommend, and implement financial policies, procedures, and controls to ensure compliance to regulatory requirements and industry best practices.
• Develop and document business processes and accounting policies to maintain and strengthen internal controls.
• Manage the IFRS 9 Expected Credit Losses model and provide recommendation on appropriate loss estimates.
• Provide reporting, analysis, and recommendations on various issues, communicate resolution of compliance issues and other complex reporting figures.
• Monitor and evaluate the financial performance of the credit union, identify areas for improvement and implement corrective actions as needed.

• Manage the preparation of financial statements, reports, and presentations for executive management, the board of directors, and regulatory bodies.
• Develop and provide quality assurance for all monthly, quarterly, and annual reports submitted to regulators (ICAAP, ILAAP, MIR/AMIR) and/or external parties (CMHC, PICUZ)
• Stay abreast of industry trends, market developments, and regulatory changes that may impact the credit union’s financial position.
• Coordinate the preparation of the external financial statements and external audit.
• Coordinate timing on all external audit work, discuss in depth process issues and audit findings and implement analysis for audit conclusion and implement corrective actions.

Other Finance Activites

• Manage all financial activities of the company, including financial planning, budgeting, forecasting, and reporting.
• Lead the finance team in analyzing financial data, identifying trends, and providing insights to support strategic decision-making.
• Collaborate with other departments to optimize financial performance, drive efficiencies, and support business objectives.
• Manage relationships with external stakeholders, including auditors, investors, and financial institutions.
• Prepare presentations and reports for senior management and board meetings, highlighting key financial metrics and performance indicators.
• Stay abreast of industry trends, market developments, and regulatory changes that may impact the company’s financial position. Lead the development, implementation and monitoring of policies, procedures, and practices for Mainstreet’s liquidity and funding management, cash and investment portfolio management, asset-liability management, capital management interest rate management, and financial profitability modeling and analysis.
• Deliver appropriate key performance indicators (KPI’s), required metrics, budgets and forecasting, financial reporting, and analytics to support business units, executives and board level committees as required.
• Contribute and assist where required with committees and project teams to contribute to knowledge sharing and development.
• Collaborate with the manager of treasury to administer the credit union’s liquidity, investments, and funding endeavors with the aim of maximizing returns.
• Learn appropriate systems and tools to engage in leading, reporting and executing responsibilities such as Vantage, Prologue, ALM system, etc.
• Other duties as assigned.

• Bachelor’s Degree in Finance, Accounting, Economics, or related field; CPA required.
• Minimum work experience of 5 years financial services industry; with at least 3 years in a leadership position.
• Thorough understanding of financial principles, practices, and regulations specific to credit unions or financial institutions, including experience with regulatory bodies such as the Financial Services Regulatory Authority (FSRA).
• Proven track record of strategic financial management, including budgeting, forecasting, and financial analysis, with a focus on optimizing financial performance and ensuring regulatory compliance.
• Experience in developing and implementing financial policies, procedures, and controls to uphold compliance with regulatory requirements and industry best practices. In-depth knowledge/experience with IFRS accounting standards is required.
• Experience with FSRAO Regulations considered an asset.

Requirements

• Strong leadership abilities with a demonstrated aptitude for building and managing high-performing teams, fostering a culture of accountability, collaboration, and professional development.
• Excellent communication and interpersonal skills, with the ability to effectively engage and influence stakeholders at all levels, including senior management, board members, regulators, and external partners.
• Ability to thrive in a dynamic, fast-paced environment and adapt to changing priorities while maintaining a focus on delivering results and driving continuous improvement.
• Strategic thinker with the ability to anticipate challenges, identify opportunities, and develop innovative solutions to support Mainstreet Credit Union’s growth and success.
• Commitment to personal and professional growth, with a strong desire to advance into the role of Chief Financial Officer (CFO) within Mainstreet Credit Union and contribute to its long-term strategic objectives.

Join Mainstreet Credit Union and be part of a workplace that values diversity, promotes equity, and fosters inclusion. We actively seek diverse perspectives, ensure equal opportunities for all, and cultivate a culture where every individual feels valued. Our commitment to continuous learning ensures an environment where everyone can thrive.

Mainstreet Credit Union is an equal opportunity employer. We welcome applications from candidates of all backgrounds and experiences.