Risk Specialist / Senior Risk Specialist - BSA / AML at Federal Reserve Bank (FRB) in Philadelphia, Pennsylvania

Job Description:

Company

Federal Reserve Bank of Philadelphia

The Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. It helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.

Supervision, Regulation and Credit (SRC) is responsible for the supervision and regulation of state member banks (SMBs), bank holding companies (BHCs), savings and loan holding companies (SLHCs), financial holding companies (FHCs), data service providers, trust companies and large and foreign banking organizations (LFBOs). Supervised financial organizations are located across the Third District and range in size and complexity from small community organizations to some of the largest banking organizations in the country.

A Senior Risk Specialist serves as a technical subject matter expert on a dedicated supervisory team or partners with a supervisory event team to develop supervisory strategies, participate on supervisory events, and provide expertise to support the supervision of District organizations. The individual maintains advanced skills in a specific risk specialty area including Bank-Secrecy/Anti-money Laundering, Fiduciary, Information Technology, Credit and Asset/Liability Management, as well as other risk areas, as determined. A Risk Specialist generally performs the duties below for complex situations or financial organizations.

The following job descriptions details the requirements for a Senior Risk Specialist. Applicants with less experience or education may be considered for the Risk Specialist position.

Bank Secrecy/Anti-money Laundering (BSA/AML)

Principal Duties and Responsibilities:

• Conducts the assessments of Third District financial institution BSA/AML programs including areas such as customer / enhanced due diligence, Customers Identification Program, Office of Foreign Assets Control (OFAC), suspicious activity monitoring, and all other components of an effective BSA/AML program.


• Assess an institution's compliance with BSA/AML laws and regulations and the ability to identify BSA/AML program red flags, as well as an understanding of the pillars of BSA/AML.


• Develops examination/project plans, timelines and milestones for supervisory events/projects of moderate complexity and acts to ensure plan goals are achieved.


• Demonstrates advanced analytical and problem-solving skills, independent and critical thinking, and decision-making abilities.


• Conveys opinions, draws conclusions and offers persuasive arguments in a written format that is clear, concise, and appropriate to the information needs of the audience; prepares well-supported, written reports that reflect advanced critical and independent thinking.


• Participates in or conducts meetings with bank management or boards of directors and  conducts briefings on a regular and ad hoc basis for internal and external stakeholders involving complex issues or situations.


• Develops relationships with supervisory risk specialist personnel across the Federal Reserve System, as well as with senior management and directors of supervised financial organizations.

Perform other duties as assigned:

• Participates in department and System-wide initiatives, including but not limited to, working with staff from other Reserve Banks, the Board of Governors' and other regulatory agencies.


• Prepares and present materials to support staff training and outreach in area of expertise; may serve in a formal training capacity, as applicable.


• Serves as a mentor and coach, providing constructive feedback to staff at all levels.


• Maintains current knowledge of industry developments and banking regulations, and the supervisory process and technology tools.


• Participates in Federal Reserve System supervisory activities and other resource sharing opportunities.


• Completes other special projects or tasks as assigned.

Qualifications:

Education and Experience:

• Bachelor's degree (concentration in business, economics, finance, accounting, law or a related field preferred); or equivalent related work experience and education is required.  Advanced degree preferred.


• Minimum of 8 years of direct or comparable banking, financial industry, or banking supervision experience with a focus on BSA/AML is required.


• CAMS certification is required. 


• An active commission issued by the Board of Governors' of the Federal Reserve System is a plus.

Applicants must be able to provide work authorization to prove their eligibility to work in the United States. An applicant for employment must also be a U.S. Citizen, U.S. National, or hold a permanent resident/green card with intent to become a U.S. Citizen. Some travel is required. Valid driver's license required.

Subordinates: None

The salary grade for this position is: 15/16.

We offer a great benefits package that features:

• Medical (4 options), Prescription, Dental (3 options), and Vision Insurance with no waiting period


• 401k/Thrift Plan with generous employer match


• Employer-funded Pension Plan


• Paid Vacation/Sick Time & Holidays


• Monthly $100 Commuter Allowance


• Flexible Spending Accounts and Healthcare Spending Accounts


• Flexible Work Schedule available in most departments


• Life Insurance and Long Term Disability Insurance


• Tuition Reimbursement (undergraduate and graduate)


• Parental Leave


• Free onsite 24/7 Fitness Center including training classes, Peloton bikes and locker room / shower facilities


• Onsite Cafeteria & Coffee Shop


• Additional Convenience Benefits, Discounts and More…

Additional Information:

• The Federal Reserve Bank of Philadelphia believes that diversity, equity and inclusion among our employees is essential to our success as an organization, and we want to recruit, develop and retain the most accomplished people from a diverse candidate pool. To support a workplace culture of belonging, we offer eight employee resource groups (ERGs) and a 100 percent rating on the Human Rights Campaign (HRC) Corporate Equality Index. The Federal Reserve Bank of Philadelphia is proud to be an equal opportunity workplace.


• We have eight employee resource groups (ERGs) to support a diverse workforce. Abilities (supporting disabilities and allies), African Heritage, Asian-Pacific, Freedom (supporting LQBTQ+ and allies), Talent Forward (supporting career growth), Women United, Working Families and Veterans. ERGs are open to all employees.


• We will ensure that individuals with disabilities are provided reasonable accommodations to participate in the job application or interview process, to perform essential job responsibilities, and to receive other benefits and privileges of employment.


• All Federal Reserve Bank of Philadelphia employees must comply with the Bank's ethics rules, which 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. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the Recruiter for this posting, who can provide you contact information for our ethics officer if necessary. You should review the Bank's Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.


• Background investigations and drug testing are required for all new hires as a condition of employment, after the job offer is made. Candidates for positions deemed as "safety sensitive" will also be screened for the presence of marijuana. Employment may not begin until the Bank accepts the results of the background investigation.


• All employees 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 non-CSI/FOMC access ee's: Certain eligibility rules apply. You will provide work authorization to prove their eligibility to work in the United States.


• The above statements are intended to describe the general nature, level of work and the requirements of this position. They are not intended to be an exhaustive list of all responsibilities 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.


• This is not a 100% remote opportunity. You will be available to work on-site in at least a hybrid capacity.


• Learn more about the Philly Fed and its culture. Learn more about working for the Philly Fed.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Bank Examination

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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