Financial Risk Specialist - Federal Reserve Bank (FRB)

Company

Financial Risk Specialist

The Risk Specialist is responsible for leading and/or participating in reviews and examinations that evaluate the effectiveness of risk management practices for large financial institutions (LFI) 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 the firm operates in a safe and sound manner, and adheres to applicable banking laws, regulations, and policy statements. The Risk Specialist may also provide assistance in support of horizontal or coordinated reviews in the LFI portfolio.
 

The successful candidate will have proficient technical knowledge in financial risk areas,  namely market and interest rate risk, and, secondarily, specific subject matter expertise in liquidity, capital, and model risk. A Risk Specialist will also possess knowledge of risk management programs, measurement tools, models, control frameworks, and risk indicators utilized to make decisions on business line risks and enterprise risks for an organization. 

The position and job description posted is for a Risk Specialist; however, candidates will be placed in an appropriate level within the Specialist job family based on the extent of their experience.

This job is eligible for a hybrid schedule with some on-site work expected. The individual is expected to reside in the 1st District unless you were given an exception. Travel, including some out-of-district, is expected for this role.
 

Responsibilities:

• Collaborate with DST Lead/Deputy Leads 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.
• Assist in the preparation of the supervisory strategy and risk assessment for business line related activities and participate in the vetting of scopes and findings related to their particular risk specialty area.
• Support the assessments of the board of directors, the strength of risk management executed by the firm’s core business lines, and the adequacy of the firm’s independent risk management and controls.
• Evaluate the effectiveness of management and influence their actions through satisfactory relationship management and interpersonal skills, including effective negotiation and conflict resolution.
• Serve as a 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 that require actions to be taken by the firm’s senior management and boards of directors.
• Maintain awareness of relevant regulations, laws, issues, trends, and ongoing developments in the financial services industry.
• Function as a team player while demonstrating personal accountability and openness to constructive feedback.
• Participate in out-of-district and/or in-district peer assignments to enhance peer perspective and personal development.

Education/Experience/Skills:

• 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.
• Knowledge of concepts related to market and interest rate risk management are required, and broader experience in liquidity, capital, and model risk management will be given strong consideration.
• Strong communications skills and ability to convey complex, technical topics and supervisory assessments in concise terms to multiple audience types.
• Appropriate industry certifications are preferred, but not required.

Other Accountabilities:

• Perform other duties as assigned.

Our total rewards program offers benefits that are the best fit for you at every stage of your career:

• Comprehensive healthcare options (Medical, Dental, and Vision)
• 401K match, and a fully funded pension plan
• Paid vacation and holidays; flexible work environment, healthy workflow
• Generously subsidized public transportation
• Annual tuition reimbursement
• Professional development programs, training and conferences
• And more…

The Federal Reserve Bank 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.

As a condition of employment, all Federal Reserve Bank of Boston employees must comply with the Bank's ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning financial interests – such as stocks or bonds – from banks, savings associations, and systemically important financial institutions or their affiliates, such as bank holding companies or savings and loan holding companies. If you, your spouse or domestic partner, or your minor child own such assets and would be unwilling or unable to divest them if you were to accept a job offer, you should raise this issue with our recruitment team. Applicants should review the Bank's Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.

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. 

For this job, any offer of employment is contingent upon successfully passing a two-phase security screening. The first phase consists of the satisfactory completion of a physical examination (including a drug screening), reference checks, and a security investigation consisting of credit and criminal history checks. 

The second phase, which might not be complete until after you begin working at the Reserve Bank, is an additional risk-based security screening determined by the risk rating of the position.  Depending upon the sensitivity of the position, this phase may include, and is not limited to, work and residency eligibility verification, and personal interviews with the candidate, references, and prior employers.  
 

All applicants must have been a US Citizen or a permanent resident who also resided in the United States for at least three (3) years.
 

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.

Full Time / Part Time

Regular / Temporary

Job Exempt (Yes / No)

Job Category

Work Shift

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.

Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.

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