Risk Specialist, Senior
Company
Federal Reserve Bank of Boston
As an employee of the Boston Fed, you will work to promote sound growth and financial stability in New England and the nation. You will contribute to communities, the region, and the nation by conducting economic research, participating in monetary policy-making, supervising certain financial institutions, providing financial services and payments, playing a leadership role in the payments industry, and supporting economic well-being in communities through a variety of efforts. The Boston Fed is one of 12 Reserve Banks and we serve all or parts of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. Our mission is accomplished through our Bank's values: diversity, equity and inclusion, innovation, integrity, and leadership.
Risk Specialist - Large Bank Supervision
A requirement of this position is that the employee must be fully vaccinated against COVID-19 or qualify for an accommodation from the Bank's vaccination policy; individuals who are unable to be vaccinated due to a medical condition or sincerely held religious belief may request an accommodation from the Bank.
Description of Role:
The Risk Specialist is responsible for leading and/or participating in reviews and examinations that evaluate the effectiveness of risk management practices for large, globally systemic financial institutions under Federal Reserve supervisory authority. As a member of the dedicated supervisory team (DST), this individual will assess risks and the risk management programs of the institution through participation in on-site examinations and regular monitoring practices of business activities to ensure they operate in a safe and sound manner, and comply with applicable banking laws, regulations, and policy statements. The Risk Specialist may also provide leadership or coordinate assistance in support of national supervision program management.
Depending on the experience level, the ideal candidate will be eligible to be placed in any one of a range of positions within the job family, including Risk Specialist or Senior Risk Specialist.
Responsibilities:
- Lead or support the oversight of functional areas and business lines at the largest and most complex institutions. Maintain liaisons with institution management, as well as with deputy/DST Leads, system risk specialists, and other regulatory agencies.
- Support the Governance and Controls (G&C) Program broadly, assess the effectiveness of LISCC firms' board of directors, the strength of risk management executed by the firms' core business lines, and the adequacy of the firms' independent risk management and controls.
- Assist in the preparation of the supervisory strategy and risk assessment for business line related activities and selectively participate in the vetting of scopes and findings related to their particular risk specialty area.
- Collaborate with deputy/CPCs and examiners-in-charge (EICs), lead and / or participate in risk-focused reviews of functional areas, business line activities or special projects, and provide written observations and findings appropriate for inclusion in supervisory reports.
- Evaluate the effectiveness of management, and influence their actions through satisfactory relationship management and interpersonal skills including effective negotiation and conflict resolution.
- Serve as team and System resource by leading or participating on high-level projects, workgroups, and strategic initiatives. Contribute to the understanding of emerging risk, risk management practices and changes in supervision policies, procedures, tools or guidance on a System basis.
- Demonstrate good judgment and well-reasoned decision making in situations that involve complex issues and potentially adversarial circumstances.
- Prepare informative, well-supported supervisory products and work papers, effectively communicating complex and problematic supervisory issues and requires actions to senior management and boards of directors.
- Maintain a global awareness of relevant regulations, laws, issues, trends and ongoing developments in the financial services industry.
- Provide mentoring or training to less experienced staff members and contribute to a positive work environment.
- Routinely share knowledge within the DST and program, and function as a team player while demonstrating personal accountability and openness to constructive feedback.
- Participate in out-of-district assignments to enhance peer perspective and personal development.
Education and Experience:
- A Bachelor's degree is required, with a concentration in business management, finance, or accounting preferred.
- Knowledge and experience normally acquired through, or equivalent to, the completion of a Master's degree and a minimum of 10 years of commensurate financial industry or regulatory work experience.
- Appropriate industry certifications (CFA, CPA, CIA, CRMA, or FRM) are preferred, but not required.
Desirable Knowledge and Skills:
- Advanced knowledge of risk management programs, measurement tools, models, control frameworks, and risk indicators utilized to make decisions on operational or enterprise risks for an organization.
- Capabilities to evaluate a broad range of an institutions' business activities including business strategy and risk management programs in businesses related to securities/trade processing operations associated with custody; global markets trading businesses; investment management; or securities finance.
- Proficient technical knowledge in a specialty area (e.g. operations, information technology, investment management, etc.) and familiarity of management information systems, audit and internal controls.
PLEASE NOTE: The Federal Reserve Bank of Boston is committed to a diverse, equitable and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.
This position requires access to confidential supervisory information and/or FOMC information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are not U.S. citizens or U.S. permanent residents may be eligible for the information access required for this position and sponsorship for a work visa, and subsequently for permanent residence, if they sign a declaration of intent to become a U.S. citizen and meet other eligibility requirements.
All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years. All candidates must undergo an enhanced background check and comply with all applicable information handling rules.
The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.
Applicants selected will be subject to a security investigation and need the ability to obtain and maintain US Security Clearance.
Full Time / Part Time
Full time
Regular / Temporary
Regular
Job Exempt (Yes / No)
Yes
Job Category
Work Shift
First (United States of America)
The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.
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