Fred Ferrick
Dearborn Heights,MI
Summary
Dynamic risk management professional with a proven track record in risk assessment, regulatory compliance, and control testing. Known for driving accountability and fostering collaboration to enhance organizational risk frameworks.
Overview
36
36
years of professional experience
1
1
Certification
Work History
BRCO RCSA LEAD
Comerica Bank
Detroit, Michigan
07.2024 - Current
- Participated in and assisted with the execution of the risk self-assessment process, including collaborating with colleagues to source data and complete analyses to support FLOD risk management outputs, as well as addressing credible challenges by SLOD colleagues on the FLOD risk assessment approach, including quality, completeness, key outputs, inherent risk ratings, etc.
- Collaborated to navigate and mitigate risk, including executing processes to evaluate the severity and likelihood of risks (i.e., RCSA), and aligning actions with the overall risk management corporate vision, mission, goals, and cultural values (i.e., risk appetite).
- Maintained an inventory of commercial bank controls, including self-testing controls, ensured the accuracy of identified risks and related controls, including RCSA (i.e., risk assessment, risk ratings, process documentation, etc.), and documented risk and control descriptions according to enterprise standards.
- Drove accountability for identifying and categorizing risks, including: applied knowledge of the business to ensure that FLOD colleagues captured relevant and meaningful risks, evaluated the severity and likelihood of risks, and developed a clear view of the highest-priority risks within the FLOD division.
Commercial Bank Risk Management - Risk Liaison
Comerica Bank
Detroit, Michigan
06.2020 - 07.2024
- Provided assistance to Commercial Bank departments (nationally) on operational and compliance risk issues.
- Performed self-testing on critical operational functions (i.e., AML compliance, Downgraded loans (Credit Policy), etc.) to ensure compliance with risk mitigation procedures.
- Performed self-testing on various Commercial Bank Incentive Compensation Plans and controls (at the LOB level), to validate adherence to related procedures, completion of incentive hurdles, data accuracy, data integrity, etc.
- Performed self-testing on various Retail Bank Recognition and Incentive Compensation Plans and controls (at the LOB level), to validate adherence to related procedures, completion of incentive hurdles, data accuracy, data integrity, etc.
- Participated on various project committees, providing guidance on risk-related aspects of the initiative.
- Completed or assisted on annual RCSAs (Risk Control Self Assessments) on Commercial Bank departments, sharing results (via updates to Archer) with both our 2nd and 3rd level of defense departments within the bank as applicable.
RSB (Risk Services and Banking) VP - Risk Manager
Comerica Bank
Detroit, Michigan
04.2017 - 05.2020
- Provided assistance to Business Bank departments (nationally) on operational and compliance risk issues.
- Performed self-testing on critical operational functions (i.e., AML compliance, data integrity (orphan reporting), etc.) to ensure compliance with risk mitigation procedures.
- Performed self-testing on Business Bank Incentive Compensation Plans and controls (at the LOB level), to validate adherence to related procedures, completion of incentive hurdles, data accuracy, data integrity, etc.
- Participated on various project committees providing guidance on risk related aspects of the initiative.
- Completed or assisted on annual RCSAs (Risk Control Self Assessments) on Business Bank departments, sharing results with both our 2nd and 3rd level of defense departments within the bank as applicable.
VP - MMB Michigan Risk Manager
Comerica Bank
Detroit, Michigan
10.2011 - 03.2017
- Drafted and/or managed operational risk based policies and procedures for the department, to ensure MMB colleague awareness and compliance to these standards.
- Performed self-testing (information protection, ACH over-limit, ACH data consistency, IFT authorization and authentication compliance, etc.) specific to Michigan MMB loan group cost centers.
- Ensured completion of regulatory and compliance training by MMB employees by the departmental due date.
- Managed the Hub Disaster Recovery Business Continuity Plan for the department, and assisted our spoke locations with their related plans.
- Acted as the department liaison to Internal Audit, AML Compliance, Credit Administration, Business Continuity Management, and other risk based areas within the bank. Assisted with related exam / audits (i.e., assisted with gathering of sampled transactions, fieldwork questions, reply to audit report issues, etc.).
AVP - MMB Operational Risk Manager
Comerica Bank
Detroit, Michigan
07.2008 - 10.2011
- Drafted and/or managed operational risk based policies and procedures for the department, to ensure MMB colleague awareness and compliance to these standards.
- Performed self-testing (information protection, ACH over-limit, ACH data consistency, IFT authorization and authentication compliance, etc.) specific to Michigan MMB loan group cost centers.
- Ensured completion of regulatory and compliance training by MMB employees by the departmental due date.
- Managed the Hub Disaster Recovery Business Continuity Plan for the department, and assisted our spoke locations with their related plans.
- Acted as the department liaison to Internal Audit, AML Compliance, Credit Administration, Business Continuity Management, and other risk based areas within the bank. Assisted with related exam / audits (i.e., assisted with gathering of sampled transactions, fieldwork questions, reply to audit report issues, etc.).
Internal Auditor / Senior Auditor / Audit Officer
Comerica Bank
Detroit, Michigan
06.1997 - 07.2008
- In the Senior Auditor / Audit Officer positions planned and executed internal LOB and national audits as the AIC (Auditor-In-Charge).
- Supervised and lead the assigned audit team through initial fieldwork, workpaper review, and approval.
- Coordinated the audit kickoff, update, and closing meetings with the LOB management.
- Reviewed all cited issues to ensure appropriateness, etc. prior to issuance to LOB management for review and response.
- Determined the internal control environment opinion (i.e., outstanding, satisfactory, needs improvement, or unsatisfactory) and audit reportable issues (if any).
- Issued final audit report and followed up on LOB response (if required).
CEG (Collateral Evaluation Group) Auditor
Comerica Bank
Detroit, Michigan
03.1995 - 03.1997
- Completed Accounts Receivable / Inventory audits on ABL (Asset Based Lending) formula based Commercial Bank customers.
- Summarized identified audit exceptions into reporting provided to the respective loan group (i.e., RM, GM and ACAO) for review and follow-up action(s) as applicable.
- Determined if the obligor was within their respective borrowing base formula (or over) as of the audit date.
In-Charge Senior Auditor
Financial Standards Group
Grand Rapids, Michigan
03.1990 - 03.1995
- Participated on and/or lead financial audits of both state and federally charted credit unions.
- Acted as AIC (Auditor-in-Charge) prepared all audit planning documents and held related audit kickoff and status meetings with client management.
- Completed and/or reviewed supporting audit workpapers.
- Prepared the final audit report for credit union Supervisory Committee review and response.
Education
BBA - Accounting
Eastern Michigan University
Ypsilanti, MI12-1989
Skills
- Risk assessment
- Regulatory compliance
- Control testing
- Audit management
- Procedure documentation
- Operational risk management
Certification
- Certified Internal Auditor (CIA)
Volunteerism
- Participate on the Finance Committee (as Committee Chair) at St. Sabina Parish Catholic Church, Dearborn Heights, MI. Role includes preparing and presenting the annual fiscal budget of the parish to the committee for review and subsequent approval by the AOD (Archdiocese of Detroit).
- Participate as a Board Member on the Legacy Park Condominium Association board. Role includes reviewing and approving the annual budget, approval and oversight of significant condo expenses / projects, co-owner(s) compliance with association rules, participation in the annual co-owner(s) meeting, etc.
Timeline
BRCO RCSA LEAD
Comerica Bank
07.2024 - Current
Commercial Bank Risk Management - Risk Liaison
Comerica Bank
06.2020 - 07.2024
RSB (Risk Services and Banking) VP - Risk Manager
Comerica Bank
04.2017 - 05.2020
VP - MMB Michigan Risk Manager
Comerica Bank
10.2011 - 03.2017
AVP - MMB Operational Risk Manager
Comerica Bank
07.2008 - 10.2011
Internal Auditor / Senior Auditor / Audit Officer
Comerica Bank
06.1997 - 07.2008
CEG (Collateral Evaluation Group) Auditor
Comerica Bank
03.1995 - 03.1997
In-Charge Senior Auditor
Financial Standards Group
03.1990 - 03.1995
BBA - Accounting
Eastern Michigan University