Dir Internal Audit

East Cambridge Savings Bank•Cambridge, MA

About The Position

Under the general guidance of the President & CEO, and formally reporting to the Audit Committee, this role plans, organizes, and manages directly and through subordinates, the internal audit, compliance, and risk management activities of the Bank in accordance with established Bank policies and procedures, regulatory guidance and strategic goals.

Requirements

Bachelor’s degree and significant work towards a master’s degree in business administration or the equivalent through industry-sponsored educational programs.
At least twelve years of progressive experience in the management of enterprise risk management, ISO, and audit functions.
Strong organizational, planning, analytical, decision-making, communication, and managerial skills.

Responsibilities

Develops and leads effort to manage and monitor enterprise-wide risk exposure derived from all banking and financial services activities.
Integrates risk management concepts into strategic planning, risk identification and mitigation activities.
Ensures that the governance, risk, compliance, and control frameworks of the Bank are operating effectively and within agreed risk tolerance levels.
Directs the development of risk management and loss prevention programs.
Develops, implements and evaluates policies, processes and systems for monitoring and mitigate risk exposure derived from all banking and financial services activities.
Fosters a positive culture of confident and informed risk-taking through training, communication and promotion of agreed risk frameworks.
Ensures policies and procedures meet legal, regulatory or contractual requirements.
Oversees and monitors the level of bank-wide IT risk to established acceptable levels.
Reviews and tests policies and procedures in line with technology objectives and the Bank’s Information Security Program; reporting on the same.
Oversees and directs bank-wide internal controls program and processes in accordance with regulatory requirements and best practices.
Approves internal controls pertaining to all Divisions and functions of the Bank.
Recommends and directs improvements as needed based on risk assessments and audit results.
Directs and oversees the compliance function and the internal audit function.
Oversees operational audits to ensure compliance with established policies and procedures, and for compliance with laws and regulations.
Implements appropriate action.
Recommends to Audit Committee the annual schedule of audit work to be performed, proposed scope, and results of audits.
Coordinates all Audit Committee meetings and reports to appropriate corporate governing boards.
Coordinates and oversees all external audits, reviews and regulatory examinations.
Oversees the timely submission of information, reports, etc. concerning the risk performance of the Bank to its governing body.
Makes presentations to Senior Management, Executive Committee, Audit Committee and Board of Trustees/Directors.
Directs and oversees corrective actions as needed.
Serves as a member of the Loan Committee by actively participating in the review and approval of extensions of credit in accordance with Bank Policy.
Oversees and monitors bank-wide Vendor Management Programs.
Confirms timely submissions of information, data, and reports ensuring compliance.
Responsible for coordination and oversight of all corporate insurance related matters.
Recommends types and specifics of insurance coverage to mitigate corporate risk.
Oversees activities of managers and staff.
Conducts periodic performance reviews and provides guidance and training as needed.
Maintains knowledge of the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Customer Identification Program (CIP), and Office of Foreign Assets Control (OFAC) regulatory requirements.
Ensures that management and staff members complete BSA- related annual training in a timely manner and that all BSA procedures are followed when applicable.
Identifies and reports compliance related issues and suspicious activity.
Performs related managerial, administrative and special projects as required or assigned to ensure the ongoing effectiveness of the compliance function.
Serves on various committees as required.
Performs related managerial and administrative work as required.
Participates in civic activities to promote growth and development in the community and a positive image for the Bank.