Worcester Business Journal

46 Worcester Business Journal | August 24, 2026 | wbjournal.com How did you end up at Webster First? I started as a bank teller when I was 19, and I just had a natural affinity for it. I started at Flagship Bank and worked there for about 10 years. I moved fairly quickly up the ranks and started running a branch when I was 23. I had just graduated from Worces- ter State University magna cum laude and was looking for interview experi- ence when I first spoke with Webster First Federal Credit Union. I was not looking for a job, but then I was impressed with the credit union and all that credit unions do to help people. I knew this is where I wanted to be. I started at the Webster First branch in Spencer then became vice president of risk and revenue before being promoted to chief risk officer in July. What does the role of a risk officer entail? I ensure all our risks are identified, assessed, monitored, and managed in alignment with the company's poli- cies and organization's strategic goals. We look at things like liquidity risk. Are we going to have enough money to fund what we need to fund? And interest rate risk. If interest rates go up or down, is that going to affect our bottom line? You want to make sure the credit union is financially sound, which we are. You want to make sure you're prepared for any scenario. You have to think ahead and plan for the future. How have changes in AI and cyberse- curity changed your approach? Years ago, things you would never think of happening are happening now. rough AI, you can mimic somebody's voice and their image. So, we have put systems in place to double check and verify. Years ago, if the president of a company called and said I need you to scan some gi cards over or wire some money, you would do it. But now we pause, think before we react, and maybe walk over to their office so we can see their face and verify. Leadership is aware of that and they expect it. When in doubt, go find out. Don't be afraid to ask questions. We verify because we are playing goalie against any bad actors. More financial institutions seem to have chief risk officers. Is there a greater need for them? Risk as a field is a somewhat newer concept. Risk is a part of everyday life, but risk as an actual function has gained importance and has been recognized more as something that really needs to be done strategically. Risk is not scary. You can deal with it, if you plan for it. ere is a growing need for this field since risk isn't going to go away. So, it is a combination of the expan- sion of the field and the increasing risk landscape. ere are more risks with cybersecurity, AI advances, quantum computing, and more. at is driving the increase in risk officer roles. What would you like to achieve? I would like to continue to expand the risk program, making sure we continue to have a very strong program while continuing to evolve it so everybody knows what they have to say matters. I n July, Webster First Federal Credit Union appointed Colleen Carney to the newly created role of chief risk officer. Carney's promotion underscores an industry trend of expanding positions in risk management at financial institutions. Prior to becoming chief risk officer, Carney served as vice president of risk and revenue. Her career is grounded in financial services, having been with Webster First since 2007 and previously working at Flagship Bank in Worcester for a decade, which was later acquired by People's United Bank and then M&T Bank. 'Risk is not scary' Every risk is worth mentioning. We all work together, and being part of that and helping to educate every- body is important to me. It comes down to communication, training, and getting the message out. Our human risk score is very low at Webster First Federal Credit Union, and that is something we are very proactive about. It is all about making sure people are heard and Webster First is the best place for our mem- bers and our team members, because it's a great com- pany to work for. is interview was conducted and edited for length and clarity by WBJ Correspondent Sloane M. Perron. Colleen Carney Chief risk officer Webster First Federal Credit Union, in Worcester Branch locations: Auburn, Cambridge, Charlton, Douglas, Dudley, Fitchburg, Hopkinton, Saugus, Spencer, Webster, West Boylston, Whitinsville, Winthrop, and Worcester Annual revenue: Net: $24 million in 2025; Gross: $79.5 million in 2025 Employees: 221 Her hometown: Worcester Education: Bachelor's degree in business administration and master's degree in management from Worcester State University; master's degree in enterprise risk management from Boston University anticipated in 2027 W Colleen Carney PHOTO | COURTESY OF WEBSTER FIVE FEDERAL CREDIT UNION

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