Risk Management Specialist (onsite)

Newtown Savings Bank•Newtown, CT

6h•Hybrid

About The Position

Newtown Savings Bank is seeking an organized, self-motivated team player to join our Risk Management Department as a Risk Management Specialist. The Risk Management Specialist plays a key role in supporting the execution of the Bank’s Risk Management Program (“Program”), with primary responsibility for vendor management activities. The Risk Management Specialist is expected to collaborate with stakeholders across the organization to promote a strong, proactive risk culture that identifies, manages, monitors and mitigates risks to ensure the financial stability and integrity of the Bank. This is an onsite opportunity at our corporate office in Newtown, CT. This role has a remote option of one day per week.

Requirements

1-2 years of business experience, demonstrating an appropriate level of functional knowledge and skill required to effectively perform the job
Strong reasoning and analytical skills at a level normally acquired through completion of a bachelor’s degree in business administration or related field
Strong organizational, administrative, and self-management skills
Strong attention to detail
Strong verbal and business writing communication skills
Strong interpersonal skills to establish and maintain cooperative working relationships
Strong ability to manage multiple tasks, projects, etc. at the same time and meet established deadlines
Ability to be flexible and adaptive in a rapidly paced environment
Comfortable working with people at varying levels of skill and authority
Demonstrate commitment to service, organizational values, and professionalism through appropriate conduct and demeanor.

Nice To Haves

Knowledge and understanding of financial institution operations, as well as policies and procedures
In-depth working knowledge of various federal and state banking laws and regulations

Responsibilities

Develop and maintain a comprehensive understanding of the Bank’s risk management framework, including applicable regulatory requirements, industry best practices, and risk management principles impacting Bank’s operations.
Build and manage effective relationships with stakeholders across the organization by serving as a resource for risk-related matters, including assisting with real-time solutions for questions, scenarios and issues.
Proactively escalate risk-related matters, including complex situations, potential issues and exception items to the Vendor Management Program Manager and other members of management, as appropriate.
Review and support the development of departmental procedures to ensure they provide the information needed for employees to perform business processes effectively and accurately.
Support the execution of effective third-party risk management practices. Activities include, but may not be limited to: Facilitate the completion of third-party risk assessments across the business. Collect and review due diligence documentation, including insurance coverage, financial information, and operational risk reports. Support reviews of vendor reports such as SOC reports, Business Continuity Plans, and Incident Response Plans to identify potential risks. Coordinate contract review processes with designated members of management. Monitor adherence to third-party risk management requirements and support the resolution of identified deficiencies.
Assist with the preparation of materials and documentation for internal audits, regulatory examinations, and independent reviews.
Participate in risk-related projects, process improvement initiatives, and implementation efforts that strengthen the Bank's overall control environment.
Support the resolution and documentation of incidents and control deficiencies. Maintain documentation detailing reviews performed and implemented controls.
Support the administration of risk management systems, including user access management, system maintenance activities, reporting, and user support.
Ensure that efficiency within your functional areas of responsibility is consistent with or better than peer organizations and other industry competitors by remaining abreast of industry trends and taking action when appropriate. Oversee the identification and implementation of efficiency opportunities within your area and in collaboration with other areas.