Senior Vice President, Operations - Federal Reserve Bank (FRB)

Company

Federal Reserve Bank of Boston

ABOUT THE FEDERAL RESERVE BANK OF BOSTON

The Federal Reserve Bank of Boston is one of the 12 Federal Reserve Banks that, together with the Board of Governors in Washington, D.C. make up the Federal Reserve System. We (the “Boston Fed,” the “Bank”) serve the First Federal Reserve District that includes the six New England states: Connecticut (excluding Fairfield County), Massachusetts, Maine, New Hampshire, Rhode Island, and Vermont.

With the overarching vision of a vibrant economy that works for all, the Boston Fed promotes sound growth and financial stability in our region and the nation and helps to formulate and implement monetary policy. Our contributions to the First District and the nation are founded on high-quality research and bank supervisory activities, excellence in supporting financial services and financial markets stability, leadership in payments innovation, and an active commitment to supporting economic well-being in communities.

The Bank holds several key System roles, including leading the Financial Support Office, which directs financial management for the System, including managing the budget and related technology programs. The Bank develops and leads innovative payments programs. One example is the recently launched FedNowSM Service (“FedNow”), a real-time gross payments settlement system. The Bank also played a central leadership role in the Federal Reserve’s crisis responses during both the Great Financial Crisis (2008) and the global pandemic (2020). The Bank is a thought leader and innovator in numerous areas, including financial stability, monetary policy, and community development.

The Boston Fed employs approximately 1,300 people, based primarily in the First District, with an annual budget in 2024 of $440+ million. We are proud of our strong organizational culture, which is built on our four core values: diversity and inclusion, innovation, integrity, and leadership. We build institutional expertise and flexibility by identifying, engaging, and developing a highly trained and diverse workforce. Our inclusive work environment respects and fully values our employees’ individual strengths, including their different backgrounds, personalities, and thought processes.

We are a visible business leader in Greater Boston and throughout the First District, serving as an important business community advisor and nonpartisan convener of ideas in areas of economic and workforce development. Our President and Bank leaders are engaged with numerous organizations that support the First District community, including professional associations and nonprofit and academic boards.

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.

ABOUT THE POSITION

The SVP, Operations impacts the strategic direction of all District Operations in support of promoting the stability and efficiency of the U.S. economy and financial system. This role provides oversight for all aspects of operations for the District’s Cash Operations, Law Enforcement, and Real Estate Services, which operate in a 24/7 model. The SVP, Operations will lead and influence strategic initiatives and policy development at the local and system levels for all areas of responsibility and will engage with a variety of key Federal Reserve System entities: the Cash Product Office, the System Law Enforcement Oversight Group and Subcommittee on Administrative Services.  As part of the Bank’s Executive Committee, and reporting to the First Vice President and Chief Operating Officer, this role will assist in shaping the Bank’s strategic direction and culture and providing leadership in steering its execution.

All Bank officers are expected to help drive and support the Bank’s mission, strategy and culture through active engagement in key dialogues, demonstrating intentional and inclusive leadership, and volunteering for Bank activities to serve as a role model for our employees and the communities we serve.

The scope of the role includes, but is not limited to:

Strategic Leadership

• Set the vision for the division and ensure dynamic strategic planning that aligns with the division’s vision, Bank and System strategies and industry trends.
• Ensure execution of strategic communications across all levels of the division to support: connection of work to mission, vision and strategies; effective and appropriate transparency; and building and maintaining division brand and reputation.
• Maintain responsibility for management of the Bank’s reputation as a public and financial institution, ensuring that effective relationships are established and maintained with internal Federal Reserve System and external entities.
• Serve as a member of the Bank’s Executive Committee responsible for setting and executing the Bank’s strategic plan and culture.

Operations Leadership

• Direct the Bank’s Real Estate Services Group to effectively manage 24/7 building operations, tenant relationships, capital planning, construction projects, and identifies property-related risks and mitigating strategies.  Collaborate with the Bank Space Management Committee and Finance to ensure alignment on all budget planning and capital investments.
• Oversee the operation of the Cash Services department and supports the Bank’s relationship with the Cash Product Office.  Ensures the Bank’s relationships with all stakeholders including armored carriers, customers, vendors, and other supply chain participants is effective and productive.
• Lead the Law Enforcement Unit, which is made up of federally sworn police officers, and associated technology and support teams, who provide employees and visitors a secure environment. The team is constantly assessing threats, proactively updating controls, engaging with peer departments and safeguards the Boston Fed’s people and assets.
• Work through direct reports:  establishes operational performance milestones and objectives to ensure that operations areas meet or exceed expected business objectives and performance targets or adjusts properly when targets cannot be met.  Promotes a culture and environment where operating units continually seek efficiencies, productivity improvements, high quality standards and strong customer engagement.
• Maintain excellent customer relationships: prioritizes customer satisfaction is consistently understood and achieved.  Proactively recommends innovative solutions to help solve customer business challenges and needs. Uses measurements and qualifiable feedback loops in these assessments.
• Manage complex projects: ensures relevant cross-functional projects are developed and delivered timely and effectively, incorporating cost efficiencies and quality standards.  Identifies potential risk factors early and partners within the Bank and System to address risk appropriately.
• Maintain accountability for audit performance, performance metrics, and ensure robust and effective risk assessment and mitigation plans are in place and actively executed.

People and Culture Leadership

• Build, maintain, and preserve a positive and productive culture and work environment that enables all business areas and staff to perform and thrive to their fullest potential, and value diversity, equity and inclusion.
• Build and/or develop the executive team for division.  Perform all related people management functions such as hiring, development, performance appraisals, compensation decisions, workforce and succession planning.

EXPECTATIONS & REQUIREMENTS

• Knowledge and experience normally acquired through, or equivalent to, the completion of a bachelor’s degree, and a minimum of 15+ years of relevant experience including at least 10+ years of people management / leadership experience.
• Senior leadership experience for multi-faceted critical operations areas is required, with prior experience in the Federal Reserve System or a similar institution preferred.
• Must be highly detailed-oriented and have the ability to handle competing priorities.
• Outstanding oral and written communication skills that effectively reach all levels of the organization. Must have the ability to partner effectively across all levels within the organization, influence situations and effect outcomes.
• Ability to adapt to a rapidly changing environment and, generate effective and innovative solutions.
• Proven record of exceptional business judgment, flexibility and integrity.
• Exemplary people management, relationship building, and diplomacy skills, with demonstrated leadership in managing complex and indirect relationships.

LEADERSHIP CAPABILITIES

• Leads with a strategic, action-oriented mindset that is focused on performance, accountability, and outcomes. Ensures accountability by holding self and others accountable to meet commitments.
• Champions an inclusive Bank work environment, working effectively within and across teams to maximize participation and build a diverse and inclusive environment.
• Drives results that are beneficial to System and local efforts (demands). Maneuvers comfortably through complex policy, process and people-related organizational and system dynamics.
• Engages in intellectual curiosity, agility, and experimentation to drive innovation. Enables a risk-taking environment and pushes thought provoking ideas.  Moves quickly to accelerate decision making, ideation and streamline processes. 
• Embraces and demonstrates a growth mindset including the new principles and practices as the future of work evolves.
• Is a role model and serves as an active talent champion, coach, mentor, and connector. Develops people to meet both their career goals and the organization’s needs.
• Builds trust and serves as a helpful and contributing colleague.

 OTHER REQUIREMENTS

• Eligibility to work in the United States or eligibility for a top-secret-level security clearance which necessitates the candidate be a US Citizen.
• Residency in the First District within commuting distance of the office to manage a team with a fully on-site presence.
• Willingness to travel infrequently, both domestically and internationally.

ETHICS CONSIDERATIONS & PROHIBITED ACTIVITIES

It is indispensable to the proper functioning of, and the maintenance of public confidence in, the Federal Reserve, for the Bank and the System to function properly and maintain high public confidence. It is essential for every employee to perform their duties with honesty, integrity, and impartiality, without improper preferential treatment of any person or organization. Bank employees are subject to federal criminal statutes that prohibit financial conflicts of interest (e.g., an employee cannot work on any matter in which they or certain employee-affiliated parties have a financial interest). In addition, the Bank’s code of conduct generally prohibits activities such as:

• Outside activities that are inconsistent with the employee’s duties and responsibilities, e.g., holding a position as a director of a publicly traded company
• Certain partisan political activities, such as fundraising or holding partisan elected office

Additionally, 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.

PHYSICAL REQUIREMENTS

Work is performed in an office environment and requires the ability to operate standard office equipment and keyboards.

The Federal Reserve Bank of Boston is committed to a diverse 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.

All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch lists at least once every five years.

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

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Executive Family Group

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.

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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