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Commercial and Business Banking Risk Management Director in Boston, MA at Eastern

Date Posted: 9/12/2018

Job Snapshot

Job Description

The primary function of the Senior Vice President, Director of Commercial & Business Banking Risk Management is to oversee and manage all aspects of risk related to the Commercial and Business Banking Groups’ products and services, including associated processes, procedures, controls, and dependencies.  

The incumbent is charged with conducting ongoing risk control self-assessments to determine actions to be taken to ensure First Line risk taking is consistent with the Bank’s strategy and risk appetite. In consultation with the ERM Division and Credit Administration, this individual is responsible for developing and maintaining an effective end-to-end risk management program, including control effectiveness measures. 

The individual leads self-testing efforts and is charged with remediating control weaknesses or gaps. This individual also serves as a technical expert for the Commercial & Business Banking Groups relative to its business processes and controls, applicable laws and regulations, and regulatory change management.  
This individual collaborates regularly with members of the Bank’s Second and Third Lines of Defense.

Major Responsibilities

  • Designs, implements, and oversees processes and systems to identify, monitor and control business line risks.
  • Oversees self-testing, monitors KRIs and KPIs, conducts risk issue identification, risk acceptance justification, and risk remediation efforts to ensure the risk management framework, processes and practices executed comply with regulatory requirements and expectations and the Bank’s policy requirements.
  • Produces narrative presentations, reports, and analysis commensurate with the standards expected by senior management. Such materials will describe risks and clearly articulate recommendations for improvement.
  • Develops product and process expertise for assigned products, including understanding of the product life cycle and applicable risks and controls.
  • Provides day-to-day support to the Commerical & Business Banking Groups providing knowledge and expertise on the appropriate implementation of regulations, rules and industry standards through procedures, other guidelines, and industry best practices. In consultation with internal subject matter experts, provides regulatory expertise and solutions on complex risk issues and compliance issues based upon business unit's activities and products.
  • Assesses the risks associated with new business initiatives and determines the adequacy of controls to be implemented to mitigate any new risks taken on by the business line. Develops and reviews procedures to ensure a strong control environment is adhered to as the business: develops, launches, sells and processes products and services.
  • Provide leadership, coaching and direction to assigned staff.
  • Builds cross functional relationships, partnering with Technology, Marketing, Operation, Credit Administration, and Enterprise Risk Management to acquire detailed knowledge of designs, function and effectiveness of systems and customer engagement human interactions to design effective processes which will lead to new strategies.
  • May act as the lead for an examination for product and/or function under review. Maintains strong relationships with the Second and Third Lines of Defense.

Job Requirements

The Director of Commercial & Business Banking Risk Management position has autonomy with respect to identification, documentation and assessment of material risks. The incumbent reports to the Vice Chairman with limited direction and interacts regularly with the Vice Chairman’s other direct reports. 

Education and Experience 
  • Bachelor's degree required. Graduate banking degree or MBA preferred.
  • 10+ years commercial banking and/or risk management experience including working knowledge of risk and control self-assessment program elements.
  • Ability to effectively manage, mentor, and lead teams.
  • Highly collaborative approach to working with team members and relevant stakeholders.
  • Experience in a financial institution or other organization that is under strong regulatory oversight and scrutiny particularly within a commercial and business banking lending environment.

Skills/Knowledge 

  • Extensive knowledge of commercial banking operations including lending, regulatory requirements, best practices, key processes, controls and exposure areas.
  • Knowledge of best practices associated with identification, documentation and assessment of material risks and the identification, assessment of the adequacy and effectiveness of internal controls, and the risk assessment process.
  • Strong analytic, logical reasoning, and problem solving, risk vs. reward skills and thorough understanding of operational risk.
  • The candidate must be highly organized, motivated and demonstrate the ability to think creatively and critically and problem solve. 
  • Considerable experience working with, and presenting to, executive management teams and Board committees
  • Must possess excellent interpersonal oral and written communication skills including the ability to communicate with all levels of the organization.
  • Proficient in use of Microsoft Office applications such as Word, MS Excel and PowerPoint.

Working Conditions 
  • Travel between various Bank offices may be required as part of an assigned project. The SVP position works in the Lynn/Boston office.