Credit Risk Review Director

Eastern Bank•Wakefield, MA

8h•$166,341 - $255,043

About The Position

The Credit Risk Review Director provides the Bank with an independent mechanism for early detection of loan problems, assurance of accurate loan ratings, independent assessment of CECL data, monitoring of compliance with policies, procedures, and regulations, and assurance of proper portfolio administration. The role plans, executes, and reports on credit risk across Eastern Bank’s loan portfolios, independently assessing risk and advising on mitigation. The Director oversees continuous, targeted, and horizontal reviews of commercial loans and commitments, ensuring reviews are completed effectively, within budget and timelines, and with minimal disruption to the business. The role oversees corrective actions, reporting, policy and procedure maintenance, governance and risk-control frameworks, regulatory interpretation, and identification of emerging issues. It also contributes to risk oversight and special projects, including confidential due diligence for potential acquisitions or mergers and monitoring SOX control design. The role has supervisory responsibilities for credit risk review staff, including hiring, coaching, training, performance evaluations, workload planning, and professional development. It works with senior business leaders, relationship managers, Executive Management, and the Risk Management Committee. The position is assigned to the Lynn office, which is planned to move to Wakefield, Massachusetts, later in 2025, and can work in a remote environment. Travel is limited.

Requirements

Bachelor’s degree and formal credit training.
Strong working knowledge of risk and/or credit risk management and control frameworks.
15 or more years of experience as a safety and soundness regulator, credit risk review officer, commercial loan relationship manager, or commercial loan underwriter.
Strong knowledge of applicable laws, regulatory requirements, and compliance rules.
Ability to present well-formed, supported opinions about processes, procedures, and credit risk conditions to senior business management.
Ability to prioritize and organize assignments and meet strict deadlines.
Expert knowledge of commercial lending and credit analysis, with extensive experience in corporate, syndicated, and leveraged loans.
Technical financial statement analysis knowledge, sound credit judgment, and understanding of complex commercial legal documentation.
Proven credit risk management track record in a demanding, team-oriented environment.
Project management skills, including developing project plans, budgets, and deliverable schedules, and delivering quality results on deadline.
Team leadership skills, including creating a positive environment, monitoring team workloads, providing timely and meaningful feedback, respecting work-life quality, and keeping leadership informed.
Proficiency with Microsoft Word and Excel and willingness or ability to learn new software.
Strong verbal and written communication skills.
Ability to engage in difficult conversations with SVP Group Heads, Team Leaders, and Relationship Managers, and to interact with Executive Management and Risk Management Committee members.

Responsibilities

Plan, execute, and report on credit risk across the Bank’s loan portfolios; independently monitor and assess credit risk, compliance, and risk mitigation.
Oversee continuous, targeted, and horizontal reviews of commercial loans and commitments, including review of loan classifications, potential credit problems, and adherence to Bank policies, regulations, processes, and procedures.
Ensure the Risk Plan is executed efficiently, effectively, within budget, and on schedule; monitor remediation and participate in risk oversight activities, including Risk Management Committee meetings.
Recommend policy and procedural changes to executive management and business lines to correct deficiencies and strengthen the credit process.
Identify emerging issues and trends; participate in exit meetings and interact with business lines and Bank colleagues in portfolio reviews.
Oversee delivery of high-quality reviews that minimize disruption to the business, identify required corrective actions, and ensure those actions are taken as necessary.
Oversee completion of Commercial Management Reports, Resolutions Reports, Findings Reports, Exceptions Reports, Scopes, Mortgage Quality Assurance Reports, and Consumer Credit Risk Review Reports in accordance with standard operating procedures and policy.
Oversee annual Fannie Mae and Freddie Mac certification reporting.
Maintain professional knowledge of credit products and structures, industry trends, and regulatory changes.
Provide guidance and supervision to staff, including writing performance evaluations, interviewing, hiring, coaching, training, planning, addressing concerns, and resolving problems.
Develop credit risk review staff so their skills are commensurate with the size and complexity of the Bank’s loan portfolio.
Maintain the Credit Risk Review Commercial Policy, Mortgage Quality Assurance Policy, and Consumer Credit Risk Review Policy, ensuring they address regulatory requirements and relevant best practices.
Develop and maintain knowledge of business risks, risk management requirements, and legislative and regulatory directives and guidance.
Identify, develop, and administer credit risk control framework activities to support adherence to policies, procedures, and established processes.
Research existing and emerging requirements and best practices, recommend changes or enhancements, and assist in interpreting regulatory changes and assessing their effects on governance frameworks.
Conduct confidential due diligence reviews of potential acquisition or merger institutions; plan resources, oversee budgets, and provide monthly ACD reporting; participate in special projects; and monitor the Control Design Process for SOX controls.
Identify process workflows and constraints and recommend productivity improvements.
Manage multiple engagements and projects while evaluating current and emerging credit risk in the commercial loan portfolio and ACH products.