Senior Operational Risk Analyst

Senior Operational Risk Analyst

Website Federal Home Loan Bank of Boston

Federal Home Loan Bank of Boston (FHLBank Boston) is a leading provider of wholesale funding for housing and community finance serving financial institutions across New England. FHLBank Boston is committed to making New England a better place to live and do business, and our employees are integral to our success. As a cooperative, we are owned by more than 420 banks, credit unions, insurance companies, and community development financial institutions that access our reliable, wholesale funding each year. Our funds are a vital resource that helps our members succeed, provide families with safe, decent affordable housing, and generate economic development that creates jobs in communities throughout our region.

Our highly skilled team of 200 is diverse, innovative, collaborative, and passionate about the work we do. We seek other professionals excited to share their knowledge, talent, and passion for our mission to join our team. We offer opportunities for career development, robust benefits, and a work-life balance.

Position Summary

The Operational Risk Management Department (ORM) is responsible for the direction, oversight, and reporting of operational risk management activities throughout the bank to comply with requirements established by the Federal Housing Finance Agency and Bank policy. ORM provides tools and guidance to ensure business lines comprehensively and accurately identify, measure, monitor, and control operational risks.

This position is responsible for supporting the Operational Risk Manager and Director, Operational Risk Management in executing the mission of the department through activities which implement policies and procedure or monitor and report on operational risk management throughout the Bank.  The position will be responsible for all aspects of operational risk management oversight of assigned business units.

This role will have a hybrid work schedule in our Boston office in accordance with the Bank’s Hybrid Work Program. More time will be encouraged in the office to support onboarding initially.

Specific Responsibilities

·         Build awareness of the Bank’s risk management framework by effective communication and training.

·         Assist business units in the identification of risks and mitigating controls by understanding each area’s functions, processes, and workflows. Maintain the operational risk and control inventory database to compile, analyze, and report on risks and controls at the business unit and bank level.

·         Coordinate the completion of risk and control assessments and annual enterprise assessment reviews. 

·         Support and enhance the quantification and modeling of operational risk.

·         Investigate and analyze operational risk events to identify root cause, remediation, and opportunities for improvement. Challenge business lines to enact improvements that preclude future event occurrences. Analyze and identify trends.

·         Monitor business unit project initiatives to identify and opine on implementation risks and changes to business unit risk profiles.

·         Coordinate, analyze, and report on the results of prospective operational risk-related surveys with business units. Assist business units in identifying and reporting key risk and control indicators.

·         Understand the use of end-user developed applications (EUDAs) employed and ensure compliance to Bank policy

·         Assist in the development of new operational risk management standards, policies and procedures to ensure compliance with regulations, advisory bulletins, and overall corporate guidance on risk activities.

·         Collect and analyze data to create risk metric reporting for the Board of Directors and Operational Risk Committee.

Other duties, as assigned.


Broad understanding of all bank products and processes including lending, treasury, accounting, and bank operations (payments processing, securities safekeeping, derivatives processing).
·         Ability to analyze and document process workflows to identify risks and mitigating controls.

·         Strong written and oral communication skills with experience performing in a team-oriented environment.

·         Strong analytical skills and advanced proficiency with Microsoft Excel required

·         Excellent organizational skills.

·         Familiarity with Microsoft Access, database query tools, Power BI, Python, and/or other desktop technology


·         A degree in finance, economics or a related field is preferred or equivalent work experience.


·        Five (5) to Seven (7) years of relevant work experience in financial services, financial consulting or a financial regulatory agency, preferably in a risk management or audit capacity.


The Federal Home Loan Bank of Boston is committed to building and sustaining a diverse workforce that reflects the communities that we serve. As an Equal Opportunity
Employer, we strongly encourage applicants from every ethnicity, color, religion, gender, age, national origin, disability, veteran or parental status and sexual orientation.

Nothing in this job description restricts management’s right to assign or reassign duties and responsibilities to this job at any time.

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