Enterprise Risk Manager

BankNewport; Middletown (RI); Hybrid; USD 120,000 - 150,000; Full time

Job summary

BankNewport in Rhode Island seeks an experienced Enterprise Risk Manager to identify, evaluate and report on enterprise risks and develop mitigation plans to safeguard operations.

The role requires collaboration with departmental leaders, ongoing risk monitoring, regulatory oversight, and the ability to communicate complex risk information to senior management. A hybrid work model is offered with a relevant degree and 5+ years in ERM; CRMA/FRM preferred.

Qualifications

• Bachelor's degree in finance, business administration, risk management, or related field.
• CRMA/FRM certification preferred.
• 5+ years of experience in enterprise risk management, audit, or related field.
• Strong analytical skills to interpret complex data and derive insights.
• Excellent communication skills for diverse audiences.
• Proven multitasking and project management abilities in fast-paced environments.
• Familiarity with risk management frameworks, regulatory standards, and compliance requirements.
• Proficiency in risk management software and Microsoft Office Suite.

Responsibilities

• Risk Identification & Assessment: identify, evaluate, and document enterprise risk across operational, financial, reputational, strategic, cyber, IT, and regulatory areas.
• Strategy Development & Implementation: oversee ERM program; collaborate with leaders to craft and integrate mitigation strategies.
• Risk Monitoring & Reporting: establish a framework for continuous risk monitoring; produce actionable reports for senior management and governance bodies.
• Regulatory Oversight: stay updated on laws and industry norms; adjust programs to mitigate regulatory risk.
• Process Improvement & Best Practices: identify enhancements to risk management processes and adopt industry best practices.
• Stakeholder Engagement & Education: promote a risk-aware culture and train stakeholders on risk management roles.
• Cross-functional Collaboration: foster cross-departmental collaboration and integrate risk considerations into projects.
• Technology & Data Analysis: leverage risk software and data tools to improve assessment accuracy and monitoring.

Skills

Financial analysis

Communication

Multitasking

Regulatory knowledge

Education

Bachelor's degree in finance or related field

CRMA or FRM certification

Tools

Microsoft Office Suite

Job description

Overview

BankNewport is at the forefront of managing the multifaceted risks facing financial institutions. The Bank’s commitment to excellence requires that an adept Enterprise Risk Manager be in place as to identify, evaluate and report on enterprise risks, as well as develop and implement strategic mitigation plans to safeguard the Bank’s operations and ensure a competitive edge.

Responsibilities

• Risk Identification & Assessment:
  • Conduct proactive identification, evaluation, and documentation of enterprise risk, including operational, financial, reputational, strategic, cyber, information security, IT, and regulatory-related risks that may hinder the Bank’s objectives.
  • Utilize diverse assessment methodologies to quantify risk magnitude and anticipate potential impacts, aiming for a comprehensive understanding of risk scenarios’ likelihood and consequences.
  • Provide ongoing operational risk consultation to partners to influence process changes and management support with balanced and effective solutions.
• Strategy Development & Implementation:
  • Responsible for oversight of the Bank’s enterprise risk management program.
  • Collaborate with departmental leaders to devise and refine effective risk mitigation strategies, ensuring their integration within broader business planning and operations. Align these strategies with the company’s strategic ambitions, enhancing resilience against identified risks.
• Risk Monitoring & Reporting:
  • Implement and manage a rigorous framework for continuous risk monitoring and reporting.
  • Produce detailed reports summarizing findings, analyses, and recommendations, equipping senior management and stakeholders with actionable insights for informed decision-making.
  • Facilitate the ongoing tracking of risk trends.
  • Create an acceptance of risk and exception to policy process in accordance with industry and regulatory expectations and governance. Ensure all acceptance of risks and exceptions to policy have appropriate governance oversight.
  • Identify, monitor, maintain and refresh key risk indicators and KRI dashboards for the Bank.
  • Prepare, test, and distribute KRI reporting on at least a quarterly basis.
  • Report to the Bank’s enterprise risk management Committee and the enterprise risk management committee of the Board.
• Regulatory Oversight:
  • Oversee compliance with pertinent laws, regulations, and industry norms, pinpointing any compliance or regulatory risks.
  • Stay updated on regulatory changes and industry issues impacting risk exposure and recommend program, policy or procedural adjustments to mitigate the same while supporting strategic aims.
• Process Improvement & Best Practices:
  • Continually identify and endorse enhancements to risk management processes, adopting industry best practices to improve the organization’s risk identification, assessment, and response capabilities.
• Stakeholder Engagement & Education:
  • Promote a risk-aware culture across the organization through stakeholder engagement and tailored risk management training.
  • Ensure various business areas understand their roles and responsibilities in managing risk.
• Cross-functional Collaboration:
  • Facilitate cross-departmental cooperation, ensuring a cohesive approach to risk management.
  • Contribute risk management insights to strategic projects, integrating risk considerations into broader decision-making processes.
• Technology & Data Analysis:
  • Utilize risk management software and data analysis tools to boost risk assessment accuracy and efficiency.
  • Maintain risk indicators and dashboards for real-time risk profile monitoring, supporting proactive risk management strategies.

Qualifications

• Bachelor’s degree in finance, Business Administration, Risk Management, or a related field.
• Professional certifications (e.g., CRMA, FRM) preferred.
• Minimum 5 years of experience in enterprise risk management, audit, or a related field.
• Demonstrated analytical skills, capable of interpreting complex data to derive insights.
• Strong communication abilities, adept at simplifying complex information for diverse audiences.
• Effective multitasking and project management skills, thriving in fast-paced environments.
• Familiarity with risk management frameworks, regulatory standards and compliance requirements.
• Proficiency in risk management software and the Microsoft Office Suite.

Physical Demands

Any Physical Demands Or Work Conditions Described Below Are Representative Of Those That Must Be Met By An Employee To Successfully Perform The Essential Functions Of This Job. Reasonable Accommodation May Be Made To Enable Individuals With Disabilities To Perform The Essential Functions. Employees Need To Have The Ability To

• Travel independently to the position’s primary work location, other bank properties and work-related activities or events at locations outside the Bank.
• Effectively communicate and exchange accurate information and ideas so others will understand.
• Independently operate a computer and other office machinery, such as a calculator, copy machine, printer and software programs related to the position needed to complete the primary functions.
• Sit or stand at a workspace and use a computer or other equipment for prolonged periods of time.
• Meet the hybrid work schedule requirements for physically working in the office during normal business hours on Mondays and Wednesdays and another day of choice to effectively meet business needs.
• Move office items weighing up to 35 pounds .
• Work in an environment with low to moderate noise levels.

Supervisory Scope

While the Enterprise Risk Manager doesn't have direct managerial responsibilities, they play a pivotal role in interfacing with various departments, providing insights, and guiding them on compliance matters.

Independent Action

While largely self-directed, the Enterprise Risk Manager exhibits judgement in seeking external guidance or collaboration when confronted with multifaceted or nuanced situations.

BankNewport is committed to a policy of Equal Employment Opportunity and will not discriminate against an applicant or employee on the basis of race, color, religion, creed, national origin or ancestry, sex, age, physical or mental disability, veteran or military status, genetic information, sexual orientation, gender identity or expression, pregnancy, childbirth or related medical conditions, military service, marital status, or any other legally recognized protected basis under federal, state or local laws, regulations or ordinances.