Markets Risk and Control 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: 

Markets Risk and Control (MRC) supports the Markets Group’s senior management and business team’s  adherence with the Bank’s risk management framework and three lines of defense model.  MRC leads execution of first-line business risk and compliance programs that include vendor and third-party risk management, business continuity and resiliency, business process modeling, internal controls over financial reporting, and trading compliance, among other core areas that promote effective risk management and resilience of the Group’s critical processes.

Your role as a Markets Risk and Control Associate:

• Support the implementation of the Markets Group’s risk management program (i.e., risk identification, analysis, response, communication, monitoring and escalation). Under minimal supervision, engage with business areas in fulfilling deliverables and initiatives relating to the Bank’s risk frameworks (e.g., technology, operational, compliance, third-party and financial statement reporting).




• Build subject matter expertise in technology services provided by Bank, FRS partner organizations and other external parties to assess and enable stakeholder decision-making on technology risks impacting the Markets Group.




• Assess audit findings, risk events and technical vulnerability findings for root cause trends and process improvement opportunities; identify and monitor project and change management risks; analyze data and prepare reports on technology risks impacting the Markets Group to identify themes or trends, communicate analysis to promote awareness, and participate in stakeholder meetings and management briefings to influence decision-making and prioritization.




• Build risk registers supporting strategic change management efforts focused on technology and identity and access management transformation programs.




• Assess business impact and propose corrective actions to issues (e.g., control testing, risk events, audit findings); prepare and present recommendations to business area, MRC management, and second line control functions.




• Build strong relationships with technology partners across the organization to provide consultation to business team’s evaluation of process, risks and control changes.  




• Conduct process walkthroughs, develop test plans, request support documentation, and perform independent tests of key controls for design and operating effectiveness.  




• Document test results, analyze exceptions, summarize results and conclusions, assist management with control deficiency evaluations and the development of remediation plans, and perform follow up testing to confirm effective/timely remediation of issues.  




• Help management achieve business objectives by mitigating Markets’ vendor-related risks through adherence with Bank-wide standards and guidelines. Administer and advance Markets’ vendor management program by leveraging applicable Bank Policies.

What we are looking for:

• Knowledge of risk management frameworks, practices and processes, with a focus on technology, operational and financial statement reporting control principles and risk management methodologies.




• Understanding of trading compliance and operational risk control principles, including knowledge of IT systems and controls.




• Experience in auditing or testing for design and operating effectiveness, or other business process or IT controls assurance work.




• Technical abilities in data compilation and analysis, attention to detail and quantitative skills.




• Proficiency in Microsoft Word, Excel, PowerPoint, Visio, SharePoint and Tableau




• Well-developed written and verbal communication skills; 




• Organizational skills with the ability to prioritize and execute multiple tasks/projects;




• Proven customer service and ability to influence stakeholders; driving buy-in, consensus, and cross-team collaboration.

Salary Range: $116500 - $175000 / 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

Risk 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.

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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