Sr. Risk Specialist - Operational Risk & Resilience – Large Institution Supervision

CompanyFederal Reserve Bank of San Francisco

We are the Federal Reserve Bank of San Francisco—public servants with a mission to advance the nation’s monetary, financial, and payment systems to build a stronger economy for all Americans. We are a community-engaged bank, and are committed to understanding and serving the vibrant, expansive communities of the Twelfth District. That means we seek and appreciate new perspectives. We respect people for what they do and for who they are. We build opportunities to learn and grow. When you join the SF Fed, you become part of a diverse team united in its purpose to promote an economy that works for everyone.

The SF Fed’s Supervision and Credit (S+C) Division supervises financial institutions and service providers to financial institutions in the western United States. Our mission is to ensure a safe, sound, and accessible financial system. S+C implements supervision programs that promote safety and soundness of supervised institutions and the financial stability of the U.S economy. One of the four supervision programs that is performed by SF Fed S+C is the Large Institution Supervision Coordinating Committee (LISCC) program. The Federal Reserve created the LISCC supervisory program to coordinate its supervisory oversight of large financial institutions that pose the greatest risk to U.S. financial stability.

The LISCC supervision program is the Federal Reserve’s national supervisory program for the nation’s largest, most complex systemic financial institutions. The program is overseen by the LISCC Operating Committee and implemented by hundreds of staff supplied by multiple Reserve Banks and the Board. A core component of the LISCC Program is the Governance and Controls (G&C) Program which consists of three core assessment areas (pillars) that align with the elements of the G&C rating: (1) Board Effectiveness, (2) Management of Business Lines (MBL), and (3) Independent Risk Management and Controls (IRMC). The G&C Program is conducted through a range of supervisory activities, including firm-specific examinations, common scope horizontal examinations, common team horizontal examinations, and supervisory issues follow-up.

The Operational Risk & Resilience (ORR) team evaluates business line operational controls and technology, risk control self-assessment, risk aggregation, data quality and aggregation, vendor risk management and business resiliency and continuity of financial institutions supervised under the National LISSC program. Right now, we have a fantastic opportunity for Sr. Risk Specialist to join our team. Our ideal candidate has industry or regulatory experience with large ($100 billion +) banks, in areas including but not limited to audit, risk management, or business line operations. Existing examiner commissioning is helpful but not required.

Essential Responsibilities:

In this important role you will evaluate key aspects of a firms’ operational risk management and business resilience capabilities, including: business line operational controls and technology; risk control self-assessment; risk aggregation; enterprise data management; operational risk appetite, measurement, reporting, and control; vendor and third party risk management; and continuity of operations. You will work closely in a collaborative manner with a variety of different partners (other risk specialists across the Federal Reserve System, and risk examiners from other supervisory agencies) to identify and monitor emerging issues, trends, vulnerabilities, and ongoing developments in the continuous assessment of operational risk and resilience activities.

• Maintaining an advanced level of expertise in operational risk management, including relevant regulatory developments, including a deep understanding of current industry trends and practices, effective risk measurement and management practices, and emerging concerns that may impact the LISCC firms’ risk profile.
• Leading and participating on examination events (horizontal and firm-specific) that assess LISCC firms’ operational risk management capabilities, including the ability to: identify material risks and evaluate key controls in critical business divisions; manage risks associated with the engagement of third-party service providers; and to ensure accurate and timely data;
• Engaging System and Division risk groups to consider broader perspectives and producing well-supported safety and soundness conclusions.
• Supporting the development and production of routine operational risk reporting that summarizes emerging risks and trends across the LISCC portfolio.
• Monitoring regulatory matters requiring attention, including preparation of quarterly status updates, and determining when regulatory matters requiring attention at LISCC portfolio firms are ready for validation of completed remediation.
• Collaborating with dedicated supervisory team members and technical experts within and across the LISCC program to identify emerging issues (internal and external) and assessing the effectiveness of LISCC firms’ ability to identify emerging risks.
• Enabling strong interagency coordination through collaborative work with other supervisors (i.e., OCC, FDIC, FINRA, SEC) and other internal partners (i.e., within the division, Board of Governors) to maintain information flow and champion positive relationships with other regulators and various partners.
• Supporting the annual G&C assessment of LISCC firms.
• Communicating effectively with staff and management on developments in operational risk and resilience through periodic written and verbal briefings. Written and verbal communications must be clear and concise, focused on root-cause analysis, be conclusion-oriented, well-supported, and consistent with regulatory standards. Explaining complex risk issues and concepts effectively is critical to this position.
• Ensuring timely delivery of high-quality supervisory work products.
• Managing ad-hoc projects, when assigned.

Requirements:

• Bachelor’s degree in business administration, finance, economics, or other related field is required; advanced degree is preferred.
• An active examiner commission from a federal or state banking supervisory agency is welcome, or the relevant experience and training required for entry into Interim Examiner Commissioning Program for Large Financial Institution Supervision.
• Requires seven or more years of direct supervisory or comparable banking, financial industry experience.
• Working knowledge with the Federal Reserve’s Consolidated Supervision Framework for Large Financial Institutions and LFI rating (e.g., SR 12-17 & SR 19-3) is preferred.
• Experience evaluating a variety of risks facing complex financial institutions, and the ability to identify prudent practices for managing those risks.
• Advanced analytical, written and verbal communication skills. Ability to synthesize high volumes of information to formulate well-supported and concise views.
• Confidence to effectively communicate complex/sensitive issues, analysis, and supervisory concerns and demonstrate sound judgment.
• Ability to recognize situations where deviation from the original direction is appropriate. Timely decision-making assessments with limited information are important in this environment.
• Ability to work collaboratively and cultivate good working relationships with colleagues and other regulatory agencies is pivotal.
• Capacity to pursue multiple initiatives at the same time and deliver successful outcomes.
• Willing and able to travel ~ 20%.

• This position requires access to confidential supervisory information, which is limited to “Protected Individuals.” Protected Individuals include, but are not limited to, U.S. citizens and U.S. nationals, U.S. permanent residents who are not yet eligible to apply for naturalization, and U.S. permanent residents who have applied for naturalization within six months of being eligible to do so or who will sign a declaration of intent to apply for naturalization before they begin employment.

#LI-Hybrid

Base Salary Range: Min: $155,700 Mid: $205,600 Max: $255,300 (Location: San Francisco)

Final salary and offer will be determined by the applicant’s background, experience, skills, internal equity, and alignment with geographic and other market data.

We offer a wonderful benefits package including: Medical, Dental, Vision, Pre-tax Flexible Spending Account, Backup Child Care Program, Pre-Tax Day Care Flexible Spending Account, Paid Family Care Leave, Vacation Days, Sick Days, Paid Holidays, Pet Insurance, Matching 401(k), and Retirement/Pension.

We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, perform essential job functions, and receive other benefits and privileges of employment. The SF Fed is an Equal Opportunity Employer.

The Bank's ethics rules generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. Employees in the S+C group also must ensure there are no conflicts of interest related to their previous employment and current financial interests. S+C employees may be subject to borrowing and deposit restrictions and may need to recuse themselves from certain supervisory work. Please review Section 5.3 and Appendix B of the Bank’s Code of Conduct to ensure compliance with the Code of Conduct conflict of interest rules and personal investment restrictions.

Due to the nature of access to sensitive information all final offers are subject to the clearance of an enhanced background check. This enhanced screening will require the following items: academic and employment verifications, FBI fingerprint check (criminal and civil cases), credit check, family history, residential records and foreign travel for the previous 7 years, citizenship verification, reference checks, and personal interview with an investigator and can take between 21 – 60 days to clear.

Full Time / Part TimeFull time

Regular / TemporaryRegular

Job Exempt (Yes / No)Yes

Job CategoryBank Examination

Work ShiftFirst (United States of America)

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