Business Control & Risk Management Officer

POSITION: BUSINESS CONTROL & RISK MANAGEMENT OFFICER
Summary:
At Cambridge Savings Bank, our purpose is to have a positive impact on our customers, employees, and community's financial well-being. We are committed to exceeding expectations and having a strong commitment to diversity and inclusion. Business Control & Risk Management is responsible for identifying, assessing, and managing risks that may impact CSB's operations, performance, and reputation. This includes implementing operational standards, policies, and procedures to mitigate risks, monitoring and reporting on risk exposure, and ensuring compliance with regulatory requirements.
Key Result Areas:

• Responsible for minimizing compliance and regulatory risk by resolving issues and ensuring adherence to company and legal standards. Continuously monitor all sources of risk existing within the Operations business line and externally.
• Ensures Ops activities adhere to necessary rules, regulations, and complies with legal/regulatory statutes and jurisdictions.
• Implement and maintain internal control testing and control effectiveness monitoring in the Business Line. Establish risk profile to maintain tolerance within Risk Appetite. Establish and monitor Key Risk Indicators and report on negative/adverse trends in Operations.
• Ensure Operations is aware of and adhere to all Risk Frameworks, Policies, Standards, Programs, and Processes by maintaining two-way communication with SLoD, providing input/feedback of frameworks and policies, and facilitating training directly to Business Lines.
• Report, escalate exceptions, and facilitate corrective actions for the business lines, when necessary. Validate issues to ensure Ops remediation is sufficient to address root cause and prevent recurrence.
• Support Risk and Control Self-Assessment (RCSA) responsibilities including Process Mapping, Risk & Control Matrices, Inherent Risk Assessments, Internal Control testing and Heracles data/input.
• Manage and execute risk related activities and routines as part of RCSA, Issues Management, Scenario Analysis, Top Risk, Material Risk Program, Event Escalation, Loss Management, and Application Inherent Risk Assessment.
• Understand where credit, market/liquidity, operational, strategic, reputational, compliance, and model risks exist in the Business Line and continually assess and improve controls to mitigate those risks.
• Liaison with LOB for all exam related activities including regulatory, Internal Audit and control testing.
• Review material, response, and validate Operations remediation work (i.e., Artifacts, action plans, etc.).
• Performs additional duties as required.

Qualifications:

• Bachelor's Degree or 5+ years work experience in Accounting, Business, Statistics, Risk Management, Information Systems, Finance, Economics, and/or Operations.
• Master's degree with a focus in Accounting, Business, Statistics, Risk Management, Information Systems, Finance, or Economics preferred.
• 9+ years of Risk Management, Internal Controls, Auditing, Credit Management, relevant line of business experience and/or legal or regulatory experience.
• 5+ years Operations or Risk Management.
• Demonstrated experience executing risk projects across multiple business lines offering a wide variety of financial services products and services.
• Advanced knowledge of the financial services sector, particularly with competitive dynamics and products in retail banking and Risk Management.
• Demonstrated thought leadership and application of operational risk identification and mitigation practices and procedures.
• Advanced understanding of the regulatory environment and the risks of the products and services the bank offers are viewed by the Second Line of Defense and regulators.
• Demonstrated judgement in escalation, ensuring risk-based clear line of sight for senior executives into existing and emerging issues/incidents.
• Ability to build credibility with, collaborate with, and influence line of business teams and executives.
• Excellent analytical and complex problem-solving skills.
• Superior project management skills with path to green identification experience.
• Ability to constructively work both independently and in collaborative environments involving all levels of management and employees.
• Ability to collaborate with internal and external service providers to establish resource requirements, scheduling, assignments, and service levels.

The above description covers the most significant major responsibilities but does not exclude other occasional responsibilities and accountabilities the inclusion of which would be in conformity with the major purpose of this job.
Location:
Hybrid/Waltham, Massachusetts
About Cambridge Savings Bank:
Cambridge Savings Bank is a full-service banking institution with over $6 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. In March 2023, Kroll Bond Rating Agency affirmed CSB's investment-grade rating, reinforcing the bank's position as a reliable business lender. To learn more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC. Equal Housing Lender. NMLS # 543370.
Cambridge Savings Bank is an equal opportunity employer, and all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability status, protected veteran status, or any other characteristic protected by law. We are a VEVRAA Federal Contractor.
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