Job Location: New York, NY
Company
Federal Reserve Bank of New York
Working at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies. You will work in an environment with a diverse group of experienced professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. It is a challenge that demands the skills of a financial service professional and the intelligence of an academic—all combined with a passion for public service.
The Bank believes in work flexibility to balance the demands of work and life while also connecting and collaborating with our colleagues in person. Employees can expect to be in the office a couple of days per week as needed for meetings and team collaboration and should live within a commutable distance.
What We Do:
Within the LISCC (Large Institution Supervision Coordinating Committee) Governance & Controls Program, the Operational Risk & Resilience (ORR) horizontal team supervises the safety, soundness and resilience of large financial institutions. The ORR horizontal team evaluates the risk management capabilities that support the identification, measurement, assessment, and control of the full spectrum of operational risks, business line operational controls and technology, risk control self-assessment, risk aggregation, data management, vendor risk management, and business resiliency and continuity of supervised financial institutions. In addition to ORR-related examination work, the team’s year-round monitoring efforts include focused firm engagement and analysis designed to monitor firms’ strategies, products, and risk taking related to operational risk and resilience, with the goal of directing and informing future supervisory activity.
Your role as an Operational Risk & Resilience Supervision Associate:
Key responsibilities in this role include, but are not limited to, the following:
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Participate in the planning and execution of complex supervisory work to assess the adequacy of operational risk management and resilience practices. Supervisory work includes cross-firm/horizontal examinations, firm-specific examinations, remediation validation, and monitoring activities.
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Engage with firm-specific Designated Supervisory Teams (DSTs) and Program Function to discuss and develop annual supervisory plans related to ORR activities.
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Work with DSTs to lead monitoring meetings with firms and analyze firm MIS reports to inform supervisors’ views on a range of topics, including identifying new risks and understanding changes in existing risks.
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Develop assessments of ORR activities as an input to firms’ supervisory ratings.
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Develop cross-institutional perspectives on sound or leading practices, risk indicators, and comparative standings to inform supervisory policies.
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Lead, or participate on, projects related to ORR topics, including working on Federal Reserve System (FRS) projects and conducting analysis on topics of special interest to the team.
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Present supervisory findings/issues to staff and senior management within the FRS and management at supervised institutions.
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Provide clear, balanced and well-supported messages to senior management of supervised institutions.
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Prepare written reports and other correspondence to communicate analytical findings and matters of supervisory/policy interest to management, and recommend follow-up steps.
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Lead, or participate in, supervisory work with colleagues across the Federal Reserve System, including staff from other LISCC supervisory programs (e.g., Capital, Liquidity, Monitoring & Analysis and Recovery & Resolution), the Board of Governors (e.g., Supervisory Policy and Reserve Bank Operations) and other Reserve Banks, as applicable.
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Coordinate supervisory work with colleagues in other domestic and international regulatory agencies, as applicable.
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Provide expertise to, and guide strategic orientation on, the team’s projects by applying relevant experience, as applicable.
What we are looking for:
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Working knowledge of industry practices in operational risk management, resilience and/or payments, clearing and settlement activities preferred
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Strong collaboration skills and ability to develop relationships including with senior management, System staff, and other regulators
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Strong oral, written, and presentation skills, with an ability to communicate highly complex issues to a wide range of audiences
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Working knowledge of the Federal Reserve’s Consolidated Supervision Framework for Large Financial Institutions, LFI ratings and other relevant supervisory guidance is preferred
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Proficiency in using common software applications (e.g., maintain complex spreadsheets in MS Excel, develop presentations in PowerPoint, querying and reporting data using Tableau, etc.).
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Examiner commission preferred (or in the process of obtaining a commission)
Benefits:
Our organization offers benefits that are the best fit for you at every stage of your career:
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Fully paid Pension plan and 401k with Generous Match
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Comprehensive Insurance Plans (Medical, Dental and Vision including Flexible Spending Accounts and HSA)
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Subsidized Public Transportation Program
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Tuition Assistance Program
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Onsite Fitness & Wellness Center
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Andmore
The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.
The successful candidate must be fully vaccinated against COVID-19, and receive a booster shot within 30 days of being eligible to do so, unless the Bank grants an exemption based on a medical condition or sincerely held religious belief.
Please note that the 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 permanent residents may be eligible for the information access required for this position if they sign a declaration of intent to become a U.S. citizen and pursue a path to citizenship and meet other eligibility requirements.
In addition, all candidates must undergo an enhanced background check, comply with all applicable information handling rules, and will be tested for all controlled substances prohibited by federal law, to include marijuana.
This is not necessarily an exhaustive list of all responsibilities, duties, performance standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, management reserves the right to revise the job or to require that other or different tasks be performed when circumstances change.
Full Time / Part Time
Full time
Regular / Temporary
Regular
Job Exempt (Yes / No)
Yes
Job Category
Supervisory/Management
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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