Operational Risk Analyst

POSITION: Operational Risk Analyst

Summary:

At Cambridge Savings Bank, our purpose is to have a positive impact on our customers, employees, and community's financial well-being. We are committed to exceeding expectations and having a strong commitment to diversity and inclusion. As a key member of the Accounting team, the Accountant position is responsible for performing a variety of functions relating to general ledger, investment securities, reconciliations, financial reporting and FDICIA control review and testing.

Key Result Areas:

• Assist the Operational Risk and Business Continuity Manager and Risk colleagues in the ongoing development and implementation of operational risk management policies, procedures, programs, and frameworks.
• Assist in maintaining the bank-wide vendor management program by partnering with relationship owners and the Legal department to ensure the bank's third-party selection and management processes are consistently followed.
• Periodically review, update, and maintain vendor documentation within the enterprise risk management system (including but not limited to: SOC reports, programs/policies, penetration testing, disaster recovery testing, annual financials, etc.) in collaboration with the business unit.
• Perform risk assessments of new products and services, and in the evaluation of material changes to existing products and services before they are offered/implemented, to determine the effect of the product/change on the company's overall risk profile in collaboration with the business unit.
• Perform risk assessments of inventoried vendors, technologies, and business processes on a periodic basis in collaboration with the business unit.
• Stay current on changes to regulations, rules, laws, and industry practices.
• Provide consultative advice, solutions and support to business unit management and employees on risk matters related to their specific business unit needs.
• Identify potential areas of risk and assist business unit management in implementing corrective actions to resolve identified risk issues.
• In the course of collaborative work, educate business units on regulatory matters, operational risk policies, procedures, programs, and current industry practices.
• With guidance from the Operational Risk and Business Continuity Manager and Chief Information Security Officer, assist in the preparation of risk reporting to the Risk Management Committee of the Board of Directors, Information Security Committee, President, and senior management.
• Assist in coordinating the responsibilities of the Risk Management department with Internal Audit, General Counsel, BSA/Compliance, Operations, IT and other teams, ensuring no overlap of responsibilities and that each act as a resource to the other.
• Perform system administrator tasks for the enterprise risk management application, including password resets, assigning user profiles, training users and monitoring data integrity.
• Provide support on enterprise projects, as assigned.
• Perform additional duties as required.

Qualifications:

• Bachelor's Degree in Business Administration, Finance, Computer Science, Information Systems, related field, or 2+ years work experience.
• 2-3 years of business experience in managing and administering risk management and loss control as well as risk frameworks in digital/real-time operating control environments.
• Sound understanding of Risk Management principles and philosophy.
• Sound understanding of financial management and state and federal banking compliance regulations.
• Excellent oral and written communication and facilitation skills.
• Ability to work with all levels of management and across business units and departments.
• Broad understanding of all key areas of the organization.
• Effective team player and creative problem solver.
• Ability to document procedures in a clear and concise manner to be used by both technical and non-technical functions.
• Ability to manage time effectively.

The above description covers the most significant major responsibilities but does not exclude other occasional responsibilities and accountabilities, the inclusion of which would be in conformity with the major purpose of this job.

Location:

Hybrid/Waltham, Massachusetts

About Cambridge Savings Bank:

Cambridge Savings Bank is a full-service banking institution with $7 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. In February 2025, Kroll Bond Rating Agency affirmed CSB's investment-grade rating, reinforcing the bank's position as a reliable business lender. To learn more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC. Equal Housing Lender. NMLS # 543370

Cambridge Savings Bank is an equal opportunity employer, and all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability status, protected veteran status, or any other characteristic protected by law. We are a VEVRAA Federal Contractor.

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