Compliance & Ethics Associate at Federal Reserve Bank (FRB) in New York, New York

Job Description:

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.  

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:

The Compliance Function is a second-line independent advisory and control function within the Federal Reserve Bank of New York. The mission of the Compliance Function is to protect the Bank and serve the public interest by ensuring the Bank adopts sound risk-based compliance controls and by promoting a strong ethical mindset.  

The Trading & Third-Party Compliance team within the Compliance Function is responsible for a number of compliance programs, including: (1) the Bank’s investigative due diligence program, (2) the Bank’s trading counterparty compliance program, and (3) the Bank’s Second Line trading compliance program for official trading activities.

Here is an overview of those programs:

• Investigative due diligence: conducts public record reviews of certain individuals and entities before their possible association with the Bank. This includes potential members of the Bank’s Advisory Groups, Visiting Scholars, and speakers at Bankwide events. Reviews of entities include potential trading counterparties, non-profit partner organizations, and other entities subject to an Ethics review.




• Trading counterparty compliance: conducts reviews of applications to become a Bank trading counterparty (e.g., primary dealer), and resolves compliance matters related to existing counterparties.




• Second Line trading compliance: the team helps to ensure that the Bank’s official trading operations, as part of monetary policy implementation and customer trades, are conducted in accordance with relevant requirements and in an ethical manner.

Depending on the skills and experience of the selected individual, and the needs of the broader team, the individual may focus on one of these compliance programs or be asked to contribute to more than one of the programs.

Your role as a Compliance Associate:

• Conduct comprehensive research including reviews of media sources, public records databases, and open-source information




• Analyze research results and identify potential areas of concern




• Prepare concise written summaries of research findings to inform Bank decisions




• Assist with the compliance review of counterparty applications to ensure applicants meet the Bank’s counterparty compliance expectations




• Assist with the resolution of compliance matters involving existing counterparties, including discussions with stakeholders




• Assist with the development and implementation of the Second Line trading compliance program, including reviews of First Line risk management processes and independent Second Line review processes




• Help track and update the Bank’s trading compliance standards and inventory of requirements

What we are looking for:

• Relevant work experience and subject matter expertise related to research and analysis, with strong attention to detail and an ability to synthesize complex information




• Knowledge of trading desk operations and associated compliance requirements preferred




• Experience in risk management, compliance, or audit




• Experience using subscription databases (e.g., Lexis Nexis, Westlaw, Factiva), as well as primary-source public records databases and search queries




• Ability to present information in a clear, concise, and objective manner




• Ability to multi-task, prioritize, and manage time effectively




• Strong collaboration skills, with an ability to develop strong relationships and partner effectively with others




• Ability to handle sensitive matters and highly confidential information

Salary Range: $105000 – $160000 / year  

We believe in transparency at the NY Fed. This salary range reflects a variety of skills and experiences candidates may bring to the job. We pay individuals along this range based on their unique backgrounds. Whether you’re stretching into the job or are a more seasoned candidate, we aim to pay competitively for your contributions.  

  

Our Touchstone Behaviors—Communicate Authentically, Collaborate Inclusively, Drive Progress, Develop Others, and Take Ownership—help shape the culture of the Bank. They also provide a shared language for how we work together and achieve success, and they set clear expectations for leading with impact at every stage of your career with us. Learn more.  

  

Benefits:  

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

• Fully paid Pension plan and 401k with Generous Match  

• Comprehensive Insurance Plans (Medical, Dental and Vision including Flexible Spending Accounts and HSA)  

• Subsidized Public Transportation Program  

• Tuition Assistance Program   

• Onsite Fitness & Wellness Center  

• And more  

 

This position requires access to confidential supervisory information (CSI) and/or Federal Open Market Committee (FOMC) information. Access to CSI and FOMC information is limited to U.S. citizens, lawful permanent residents, individuals who meet the definition of “protected individual” under 8 U.S.C. § 1324b(a)(3), and certain other nonimmigrants. All non-U.S. citizens authorized to access CSI and/or FOMC information must sign a declaration of intent to expeditiously become a lawful permanent resident and thereafter a U.S. citizen when eligible.   

The New York Fed expects its employees to perform their duties with honesty, integrity, and impartiality, and without improper preferential treatment of any person. Learn more about our code of conduct and conflicts of interest rules.  

  

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, pregnancy, or military service.  

  

We value accessibility for all candidates and are happy to provide an accommodation or assistance. Please email us at ny.leaves@ny.frb.org and we’ll be glad to help. Please note, this is a dedicated e-mail box designed exclusively to assist applications with accommodation requests in relation to our recruiting process. All other inquires including the status of applications will not receive a response from this e-mail box.   

  

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

Legal Family

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.

Privacy Notice

Apply Now