Webster First Federal Credit Union just rolled out the welcome mat for its first-ever Chief Risk Officer—and they didn’t have to look far. Colleen Carney, who’s been with the organization since 2007, is stepping into the newly created role after nearly two decades of proving she’s got what it takes.
This isn’t just a fancy new title on someone’s LinkedIn profile. The move signals that Webster First is taking risk management seriously as it continues to grow. Think of it as the credit union version of installing a really good security system—you hope you never need it, but you’ll sleep better knowing it’s there.
“Colleen brings a strong and well-rounded background in banking, operations, finance, revenue management, and risk management,” said President and CEO John Thomasian. “As Webster First continues to demonstrate strong performance and sustained growth, the importance of a comprehensive and proactive risk management function has never been greater. I am confident that Colleen will excel in this important leadership role.”
A Career Built on Steady Growth
Carney’s journey reads like a masterclass in career development. She started at Webster First as Spencer Branch Manager back in October 2007, but her financial services chops were already well-established—she’d spent a decade at Flagship Bank in Worcester before making the switch. Armed with a B.S. in Business Administration from Worcester State University (magna cum laude, because of course), she hit the ground running.
But here’s where it gets interesting. While working full-time, Carney went back to school and earned her M.S. in Management from Worcester State. In July 2018, she pivoted from branch operations to the Accounting Department as Assistant Vice President of Risk Management. Two years later, she leveled up to Vice President of Revenue, and by January 2024, she was juggling both risk and revenue as Vice President of Risk and Revenue.
In that hybrid role, she didn’t just maintain the status quo. Carney expanded the credit union’s risk management capabilities, strengthened the Risk Committee’s work, and built frameworks to identify and manage risks across the entire organization. Oh, and she’s currently pursuing yet another master’s degree—this time in Enterprise Risk Management at Boston University. Some people collect hobbies; Carney collects credentials.
Why This Matters
Creating a C-suite position dedicated entirely to risk management isn’t something credit unions do on a whim. It reflects Webster First’s commitment to sustainable growth and sound governance—the boring-but-essential stuff that keeps financial institutions healthy and members protected.
“I am honored to step into the newly created role of Chief Risk Officer and grateful for the opportunity to help shape this important function for the credit union,” Carney said. “Establishing this position reflects our continued commitment to strong governance, thoughtful risk management, and long-term organizational strength. I look forward to working collaboratively across the organization to protect and support our members, employees, and community while helping guide sound decision-making and responsible growth.”
Translation: Webster First is playing the long game, and Carney’s at the table making sure everyone’s cards are on the up-and-up.