Clockwise Credit Union is one of the UK’s most exciting, dynamic and fast growing financial co-operatives for the people of Leicester, Leicestershire, Rutland, Warwickshire and Northamptonshire. The organisation is a not-for-profit that provides ethical financial products and services. Clockwise exists to be a fair, responsible and ethical alternative provider of savings and loans to members who, in many cases, would otherwise be financially excluded. 

The non-for-profit is a cooperative established under the Credit Unions Act 1979 and regulated by both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRU). The organisation has been in operation for over 30 years, has a balance sheet approaching £13m, savings of almost £11m, and loans of £8m. 

Clockwise is mid-way through a five year plan whose key objectives are to double the membership and the size of the loan book. The credit union is also approaching the completion of an ambitious three year £400k IT project to replace its core operating system with what is envisaged will be an industry standard product. 

A key component in the future growth of Clockwise Credit Union is the establishment of a strong Audit and Risk Committee (ARC) that provides oversight of the financial reporting process, risk management, the company’s system of internal controls, compliance with legal obligations and regulations and both the internal and external audit process.

The Independent Chair will provide leadership to the committee, report to the main board and ensure that the organisation continues to act in the interests of its members while fulfilling the duties and responsibilities for the proper financial governance of the organisation. As the incoming Chair will not serve as a Board Director, they will be free to examine the Board's work in tandem with that of the management team. 

Key responsibilities include: 

• Ensuring that the ARC fulfils its purpose and effectively discharges its responsibilities
• Working to set the agenda for the Committee for the year while allowing for flexibility to handle issues as they arise
• Planning and conducting ARC meetings
• Supporting the Internal Auditor and the CEO in their roles
• Ensuring that the organisation consistently meets the regulatory and governance requirements set by both the PRA and the FCA in particular with regard to risk management
• Building and maintaining relationships and maintain open dialogue with the Chair of the Board, CEO and all members of the Board
• Promoting a culture of openness and debate, creating a safe space for challenge and fostering constructive relations among ARC members and mediating any disputes within the remit and authority of the ARC
• Making sure the Committee works closely with the Board
• Monitoring and reporting on aspects of the statutory audit to the board, including reviewing and monitoring the independence of the statutory auditors
• Monitoring the financial reporting process
• Monitoring the effectiveness of the firm’s internal quality control and risk management systems and, where applicable, its internal audit
• Having an input to the procedure for the selection of statutory auditor(s)

Clockwise is looking for an Independent Chair to lead its newly established Audit and Risk Committee. The successful candidate will have an interest in the credit union movement and its work within the local community. They will be able to lead the Board in debates about complex financial and accounting matters. While a qualified accountant is desirable, those who have held senior-level corporate finance or compliance role in financial services would also be of interest to the Board.

The incoming member will have senior-level background and recent functional expertise in UK financial services, with demonstrable financial acumen and experience of business planning. This experience will have covered internal or external audits, risk management, working knowledge of audit committee practices and an in-depth understanding of the UK regulatory framework, and will therefore be able to give strategic advice on the governance structures that support the organisation. 

The Board is also open to first-time non-executives, however it is desirable the successful candidate will bring previous experience of chairing a committee (ideally finance / audit) with governance considerations, ensuring high performance and good decision making.

Candidates will also be able to form sound and balanced independent views, and to challenge the Board in a constructive and collegial manner. Crucially, they will share Clockwise's commitment to providing responsible and affordable lending throughout its local community.

Paul Mattioli, Chair
Paul Harris, Treasurer
Sue Barton
Jeremy Edwards
Roma Frisby
Mary Hirst
Keith Rose
Roy Stephenson
Brian Wilson

This role is unremunerated, but reasonable, pre-agreed travel expenses will be reimbursed. The role requires a time commitment of c. 12 days per year and includes four in-person Committee meetings and ad-hoc engagement, with an understanding that there may be more engagement at the onset of the role as the Committee is established. Board meetings are held virtually, with occasional in-person interactions in Leicester. The appointment is for a three-year term, which can be renewed at the discretion of the Board and the membership.

Board meetings are held virtually, with occasional in-person interactions in Leicester.