IT Risk Specialist – Large Bank Supervision at Federal Reserve Bank (FRB) in Boston, Massachusetts

Job Description:

Company

Federal Reserve Bank of Boston

As an employee of the Boston Fed, you will work to promote sound growth and financial stability in New England and the nation. You will contribute to communities, the region, and the nation by conducting economic research, participating in monetary policy-making, supervising certain financial institutions, providing financial services and payments, playing a leadership role in the payments industry, and supporting economic well-being in communities through a variety of efforts. The Boston Fed is one of 12 Reserve Banks and we serve all or parts of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. Our mission is accomplished through our Bank's values: diversity, equity and inclusion, innovation, integrity, and leadership.

This job is eligible for a hybrid schedule (50% of your working days) with some on-site work expected. The individual is expected to reside in the 1st District unless you were given an exception. Travel would be required for this role.

Always verify and apply to jobs on Federal Reserve Bank of Boston Careers or through verified Federal Reserve Bank social media channels.

The Information Technology (IT) Risk Specialist participates in reviews and examinations that evaluate the effectiveness of IT risk management practices primarily for a large financial institution within the large and foreign banking organization (LFBO) portfolio of institutions supervised by the Federal Reserve System (System).   As a member of a dedicated supervisory team (DST), you will assess information technology risk exposures and the risk management programs of the institution through participation in on-site examinations and regular monitoring practices of business activities to ensure they operate in a sound manner, and comply with applicable banking laws, regulations, and policy statements.
 

The IT Risk Specialist will use sound analysis and reason to develop conclusions and recommendations on complex issues including elevating the effectiveness of management and risk management practices.  Through these recommendations, you will negotiate, influence their actions, and resolve any conflict that arises.  You may participate in cross-institutional reviews in your specialty area, provide leadership or coordinate assistance to support national supervision program management. You will also share knowledge with local and System peers, being a valuable team member by holding yourself accountable and being receptive to performance feedback and the divergent views from others.

Responsibilities:

• Lead or support the oversight of information technology risk at a large complex institution.  Maintain liaisons with Dedicated Supervisory Team staff, institution management, other regulatory agencies, and other System risk specialists.


• Lead or participate in targeted reviews, examinations, and or/special projects related to information technology risk.  Demonstrate strong judgment and well-reasoned decision making in situations that may involve highly complex issues, public scrutiny, market reactions, and potentially adversarial circumstances.


• Lead or assist in the development of firm risk assessments and supervisory strategies, and the vetting of examination scopes and findings. Provide briefings to senior Federal Reserve staff and others in the supervisory community.


• Prepare informative, well-supported supervisory products and work papers, on complex and problematic supervisory findings, including required actions to senior management and boards of directors.


• Prepare and deliver written analyses and presentations on firm specific as well as broader industry trends or emerging risks.


• Evaluate developments impacting firm’s risk profile through analysis of internal risk management reports and interactions with institution management.


• Maintain expertise in information technology (including cybersecurity) risk.  Identify emerging institutional, regional, economic, and industry issues and their potential impact.


• Maintain current awareness of relevant regulations, laws, issues, trends and ongoing developments in information technology and in the broader financial services industry. 


• Be a team and System resource by leading or participating on high-level projects, workgroups, and strategic projects. Contribute to the understanding of latest risk, risk management practices and changes in policies, procedures, tools or guidance on a System basis.


• Be a team player in demonstrating personal accountability and openness to constructive feedback to promote a positive work environment.

Education and Experience:

• Bachelor’s degree is required.


• 10 years of commensurate financial industry or regulatory work experience.


• Appropriate industry certifications are preferred. (e.g. CISSP, CISA, CISM, CCSP, etc.)

Desirable Knowledge and Skills:

• Advanced technical knowledge of IT and information security risk management programs, measurement tools, models, control frameworks, and risk indicators used to make decisions on IT/cybersecurity risks for an organization.


• Capabilities to evaluate a broad range of an institutions’ IT and information security framework, including, risk management and compliance programs, payment processing activities, custody services, investment management and servicing utilities, and resiliency of operations.


• Demonstrated effective written and verbal communication skills, including the ability to communicate technical topics in concise terms that non-technicians can readily understand.

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

• Comprehensive healthcare options (Medical, Dental, and Vision)


• 401K match, and a fully funded pension plan


• Paid vacation and holidays; flexible work environment, healthy workflow


• Generously subsidized public transportation


• Annual tuition reimbursement


• Professional development programs, training and conferences


• And more…

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.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

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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