VACU appoints risk management, internal audit officers

Virginia Credit Union and its Member One division announced last week that it has named two executives to oversee risk management and the Chesterfield County-based credit union’s internal audit function.

Mike Brunson has assumed the newly created role of executive vice president and chief risk officer. Meanwhile, VACU promoted Kenya Maddox to senior vice president and chief audit officer. Brunson and Maddox started their new positions on Feb. 17.

Roanoke’s Member One Federal Credit Union and VACU finalized their merger on Aug. 1, 2024, creating a combined institution with 500,000 members and $7 billion in assets, the third largest credit union based in Virginia. An earlier news release previously estimated that Member One’s integration into VACU will likely be completed in 2026. Until then, Member One will operate as a division of VACU, and its members will bank as they did before the merger.

“Given VACU’s continued growth, our focus on adding member value, and the complexities of today’s financial services space, we must remain vigilant in identifying, assessing, and mitigating all forms of risk,” said Virginia Credit Union President and CEO Chris Shockley in a statement. “Mike and Kenya will play vital roles in safeguarding our credit union and preserving and increasing the value it represents for our membership.”

Brunson’s key responsibilities include overseeing and developing risk assessment and mitigation strategies to advise on internal controls, credit risk, data management, cybersecurity and regulatory compliance. Brunson will also monitor emerging risks, industry trends and new technologies to determine their potential impact on VACU.

He is a certified public accountant with more than 30 years of experience as an audit and accounting professional, including over two decades with VACU. Shockley said that Brunson brings “a wealth of experience, institutional knowledge, and keen insight into risk management” to the new role.

Maddox has more than three decades of experience performing operational and financial audits in the financial services industry and has worked for 25 years at VACU in various internal audit roles, most recently as vice president internal audit. She is a certified public accountant and a certified information systems auditor.

In her new role, Maddox’s chief responsibilities will include risk assessment and evaluating internal credit union controls. She will report to Shockley while working closely with VACU’s Supervisory Committee in support of its oversight responsibilities. In a statement, Shockley commended her knowledge and leadership.

“This is a vital role for a member-owned credit union, ultimately adding member value by analyzing and evaluating what we do, then advising leadership on improving operations and delivering products and services to members,” Shockley said.