Risk Management Specialist

Location: Newtown, CT

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.

PRIMARY RESPONSIBILITIES

1. With support from the Risk Management team, stay abreast of industry laws, regulations and compliance requirements relevant to the Bank’s operations.
2. 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.
3. Proactively escalate risk-related matters, including complex situations, potential issues and exception items noted to the Vendor Management Program Manager.
4. Review, and as necessary, support the development of departmental procedures to ensure they provide the information needed for employees to perform business transactions effectively and accurately. This includes incorporating and clearly conveying regulatory and Bank policy requirements and standards.
5. Support the execution of effective third-party risk management practices. Activities include, but may not be limited to:

• Risk Assessment - Facilitate third-party risk assessments to identify potential risks of the organization and provide credible challenge to business line responses and conclusions.
• Due Diligence Secondary Review:
  • Verify Insurance Coverage - Evaluate insurance policies to ensure they are active and that the vendor has adequate insurance coverage in place given the guidelines outlined by the Vendor Management Program Manager.
  • Perform Operational Reviews - Assist in reviewing vendor third-party audit reports (e.g., SOC reports) to identify potential control gaps, in collaboration with the Bank’s Information Security Officer.
  • Evaluate Business Resumption & Contingency Plans - Support the evaluation of vendor business continuity and disaster recovery plans, including cyber resiliency and incident response procedures, in collaboration with the Bank’s Information Security Officer. Support the Bank’s annual business continuity validation process to ensure it’s suitable for use, up-to-date and concentrates on the areas deemed as key priorities in the Bank’s Business Impact Analysis.
  • Evaluate Privacy Protocols - In collaboration with the Vendor Management Program Manager, evaluate the effectiveness of the vendor’s controls established to safeguard non-public personal information and customer data, as well as the vendor’s compliance with privacy regulations.
  • Confirm Contract Reviews - Ensure that contracts/agreements with third parties are reviewed by designated members of management.
• Monitoring - Support monitoring and reporting processes that assess adherence to third-party monitoring and due diligence requirements, as well as integrity of data in vendor management system. Ensure that stakeholders respond with appropriate action to address recommendations and deficiencies noted during the review process.
• Termination - Document in the system, the termination of vendor relationships that do not meet service level expectations or no longer align with the Bank’s strategic goals or objectives.
• Reporting and Documentation - Assist in the preparation of clear and concise reporting for key stakeholders, outlining identified risks, mitigation strategies and the effectiveness of implemented measures. Maintain comprehensive documentation of risk management processes, assessments and incidents.
• Risk Mitigation Strategies - Recommend control measures to prevent or reduce the impact of risks and ensure compliance with regulatory and Bank policy requirements.
• Incident Response - Support the resolution and documentation of incidents that arise. Maintain documentation detailing the review and controls implemented.
• Technology - Support the administration of the Bank’s vendor management system by managing user access, ensuring business units have appropriate permissions and assisting with system navigation and troubleshooting.

1. 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.

POSITION 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
• Contribute to the identification of more effective methods of work operation and demonstrate motivation for continuous improvement.  
• 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

Ideal but not required

• 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

QUALIFICATIONS

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily.   The requirements listed above are representative of the knowledge, skill, and/or ability required.   Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Any physical demands or work conditions described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Full time employees also receive a complete benefit package including a generous 401(k), medical benefits, paid time off, and short- and long-term disability programs. 

Newtown Savings Bank is an equal opportunity employer and complies with affirmative action programs for qualified veterans and individuals with disabilities. Newtown Savings Bank shall not discriminate against any employee or applicant for employment based on race, color, religion, gender, age, marital status, national origin/ancestry, sexual orientation, gender identity, disability status, protected veteran status, or any other legally protected status.