Posted in Finance 30+ days ago.
Type: Full-Time
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.
Always verify and apply to jobs on Federal Reserve Bank of Boston Careers or through verified Federal Reserve Bank social media channels.
DESCRIPTION OF JOB DUTIES (INCLUDE ANY MACHINES TO BE OPERATED)
The Credit Risk Management (CRM) Unit of the Supervision, Regulation, and Credit Department of the Federal Reserve Bank of Boston (FRBB) has an opening for a Risk Manager to oversee System and local credit risk management policy initiatives. The CRM Unit contributes to FRBB’s mission to promote sound growth and financial stability in New England and the nation by effectively serving as a source of liquidity to depository institutions (DIs) by routinely extending overnight credit to qualifying DIs through the Discount Window, providing emergency credit to the financial system during times of market stress, and administering the Board of Governors’ Payment System Risk policy governing the use of intraday credit. Our lending activities assist the Board and the Federal Reserve Open Market Committee in implementing monetary policy.
The CRM Unit manages the credit risk posed by intraday and overnight credit exposure by (i) monitoring the condition of DIs, taking actions to mitigate the risk posed by those that pose heightened risk to the Reserve Bank and/or the financial industry, and coordinating DI failures; and (ii) ensuring that all extensions of credit are secured to the satisfaction of the Reserve Bank by making ongoing determinations as to the acceptability and valuation/margining of collateral pledged by DIs. We actively lead and contribute to related System and local policy initiatives, particularly relating to collateral eligibility and valuation. Additionally, we are actively involved in the development and execution of emergency lending facilities.
SRC Managers are responsible for both day-to-day operations of a business function as well as contributions to strategic direction and planning within that function. SRC Managers serve as subject matter experts possessing broad and deep expertise in multiple complex functions. They are responsible for ensuring appropriate staffing levels, workflows and internal processes within their units, establishing unit and staff objectives, directing activities of staff, overseeing professional development and conducting performance management relative to high level, professional staff. SRC Managers engage in hands-on analysis as needed in connection with achieving unit objectives, including active participation in System level policy development & projects and department level initiatives.
Principal Accountabilities of the SRC Risk Manager, Credit Risk Management Unit:
Other Accountabilities:
Supervision:
MINIMUM QUALIFICATIONS AND ANY SPECIAL REQUIREMENTS
Knowledge and Experience:
Knowledge and experience normally acquired through, or equivalent to, the completion of a Master’s degree and a minimum of 12-15 years of work experience that demonstrates applicable technical knowledge or managerial skills. Law degree and/or payment system or bank regulation/supervision experience a plus.
Key Competencies:
The following skills are required:
The following skills are desirable:
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.
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.
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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