Webster First promotes VP to chief risk officer

Webster First Federal Credit Union has promoted Colleen Carney to chief risk officer, becoming the latest Central Massachusetts financial institution to add a C-suite position focused on risk management.

Carney was promoted to the newly created role from the position of vice president of risk and revenue, having started at Webster First in 2007 as the manager of the firm’s Spencer branch, the Worcester-based financial institution announced Friday.

Carney’s well-rounded background and experience with risk management made her a good fit for the role, which is increasingly important as the credit union grows, said John Thomasian, president and CEO of Webster First. 

Prior to joining Webster First, Carney spent 10 years at Flagship Bank in Worcester. Flagship was later acquired by Connecticut-based People’s United Bank, which has since been acquired by Buffalo-based M&T Bank.

Carney holds a bachelor’s degree in business administration from Worcester State University, and is pursuing a master’s degree in enterprise risk management from Boston University.

Financial institutions are increasingly creating chief risk officer positions, helping ensure distance between employees who make daily decisions in the pursuit of revenue from those responsible for mitigating risk, according to Bank Director. Larger firms are more likely to have a CRO position, according to Bank Director’s 2026 Risk Survey.

Cornerstone Bank in Worcester added a chief risk officer position in 2022, with Marlborough’s Digital Federal Credit Union and Auburn’s Webster Five following suit in years since. 

Webster First had $1.5 billion in assets as of March 31, according to National Credit Union Administration data, making it the third-largest credit union in Central Massachusetts, behind Workers Credit Union ($2.51 billion) and Hanscom Federal Credit Union ($2.2 billion), both of which are based in Littleton.  

Founded in 1928, Webster First has 209 full-time employees and 14 branches. 

Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.