Summary: The Inspector General of the Board of Governors of the Federal Reserve System (Board) and the Consumer Financial Protection Bureau (CFPB), consistent with the Inspector General Act of 1978 (IG Act) (as amended)*, is the senior officer responsible for providing the overall direction and management of the Office of Inspector General (OIG) of the Board and the CFPB. The OIG performs audits, investigations, and other reviews to help prevent and detect fraud, waste, and abuse in the Board's and the CFPB's programs and operations and to help improve the economy, efficiency, and effectiveness of these programs and operations. Congress has also mandated additional responsibilities that require the OIG to perform reviews of the Board's banking supervision and regulation program when a financial institution failure results in a material loss to the deposit insurance fund and, consistent with the Federal Information Security Management Act (FISMA), to perform an independent evaluation of the Board's and the CFPB's information security program and practices. The OIG also coordinates the annual financial statement audit of the Board. The OIG's legislated mandate is accomplished through a combination of audits, administrative and criminal investigations, inspections, program evaluations, legislative and regulatory reviews, and prevention activities. The IG Act also requires the IG to keep the Board's Chair, the CFPB's Director, and Congress fully and currently informed of serious problems, abuses, and deficiencies in the Board's programs and operations including, those delegated to the Federal Reserve Banks and those financed or outsourced by either agency. In addition, the IG Act requires the IG to keep the CFBP Director and Congress fully and currently informed of serious problems, abuses, and deficiencies in the CFBP's programs and operations.
Principal Duties and Responsibilities:
Provides policy direction for and conducts, supervises, and coordinates audits, evaluations, and investigations relating to the programs and operations of the Board and the CFPB.
Recommends policies and conducts, supervises, or coordinates other activities to promote economy, efficiency, and effectiveness or prevent and detect fraud and abuse.
Coordinates relationships between the Board, the CFPB and other federal agencies, state and local government agencies, and non-governmental entities for the purpose of promoting economy and efficiency and preventing waste, fraud, and abuse in the Board's and CFPB's programs and operations and identifies and prosecutes participants in fraud and abuse.
Keeps the Board's Chair, the CFPB's Director, and Congress fully and currently informed through semiannual and other reports concerning fraud or other serious matters.
Receives and investigates complaints from employees and others concerning possible violations of law, rules, or regulations, or mismanagement, waste, abuse, or danger to the public health and safety related to the Board or the CFPB.
Refers cases to the U.S. Attorney General where there is sufficient grounds to believe that there has been a violation of federal criminal law.
Selects, appoints, employs, directs, supervises, and manages the officers and staff of the OIG.
Obtains contract services independently, as needed, to carry out the responsibilities of the OIG.
May be responsible for additional duties not listed.
*This position description seeks to explain matters already contained in Public Law. To the extent this position description inadvertently differs from statutes, the statutes are controlling.
This position is located in Washington, DC.
Minimum Qualifications: Bachelor's degree in finance, accounting, banking, or economics or equivalent experience. 15 or more years of experience in law, accounting, auditing, financial analysis, management analysis, public administration, and/or investigations. 10 or more years of previous people management experience required. Demonstrated expertise in leading people, including setting strategy, establishing aligned performance expectations, providing clear and actionable feedback, and developing people. Ability to lead and manage staff and projects effectively, set priorities, assess objectives, and make budgetary recommendations. (Please notate on your resume team size and direct report titles for each position.)
Additional Information:
A comprehensive knowledge of OIG processes and the laws and regulations pertaining to OIG responsibilities.
An understanding of the programs and operations of the Board, the Federal Reserve System, and the CFPB.
Knowledge of the criminal investigative process and the ability to direct and oversee administrative, civil, and criminal investigations.
Knowledge of government auditing and an ability to apply generally accepted government auditing standards to audit situations.
Expert knowledge of internal controls, governance, and risk management and the ability to apply them to the Board's and the CFPB's financial and operational audit areas.
Must be able to obtain and maintain a top-secret/SCI security clearance.
Knowledge, Skills and Abilities:
Strategic thinker with demonstrated strong project execution and project management capabilities, analytical skills, political savvy, and conflict mediation skills.
Demonstrated experience and commitment to fostering collaboration and employee engagement.
Ability to lead and manage staff and projects effectively, set priorities, assess performance, guide staff development and make budgetary recommendations.
Ability to balance competing interests among a variety of clients and readily readjust priorities to respond to pressing and changing client demands. Must be able to anticipate and meet the clients' needs while maintaining high-quality end products.
Exceptional organization savvy and agility as demonstrated by ability to manage across organizational boundaries, building high performing teams, diminishing organizational silos, strengthening teams, and facilitating effective group and team dynamics.
Requires the ability to communicate effectively, both orally and in writing, with all levels of staff and management.
Stakeholder Contacts:
Has regular contact with all staff in the function(s) to stay connected to the pulse of the division, provide leadership, and act as a role model.
Has frequent contact with senior staff and other professionals in the division, elsewhere at the Board, and the Reserve Banks, and CFPB regarding matters pertaining to area(s) of responsibility.
Has frequent contact with members of the Board, both in discussions and through memoranda, regarding matters pertaining to area(s) of responsibility.
Has frequent contact with individuals from other federal agencies, such as CFPB, international organizations, and in the private sector regarding the subject matters in area(s) of responsibilities.
Board Competencies:
Decision Quality: Makes timely, thoughtful, strategic decisions
Learning Agility: Takes responsibility for building organizational agility
Drive for Excellence: Delivers results by developing shared vision and direction for the organization
Perspective and Strategic Agility: Leads and acts with the future in mind
Collaborative Relationships: Sets the tone for collaborative organization
Effective Communication: Effectively speaks and acts on behalf of the Board & CFPB
Officer and Internal Management Responsibilities:
Acts as responsible steward to the function(s), Division, and Board by demonstrating proficiency in the Board's espoused competencies.
Balances and mitigates key organizational and functional risks where appropriate and develops and executes sustainable risk mitigation strategies.
Fosters a continuous learning culture.
Exercises appropriate judgment and decision-making in complex situations.
Demonstrates innovation and thought leadership relevant to future-state organizational and functional people strategies.
Demonstrates strong leadership and management skills aligned to the Board's espoused values.
Keeps skills and knowledge current and aligned to best practices relative to key rules, regulations, and policies, as well as economic, political, and social trends that affect the organization. Understands near-term and long-term needs for the organization and determines how operations should be positioned to meet such needs.
Demonstrates proficiency in political savvy, organizational savvy, and interpersonal communication skills.
Provides guidance, coaching, and feedback to, and conducts performance reviews for managers and other direct reports, and ensures same is provided to all function staff.
Responsible for accomplishing approved program objectives for area(s) of responsibility within the financial and personnel resources allocated by the Board and the division's senior management.
Participates in the development of the division's strategic plan, goals, and budget. Recommends program objectives and their priorities for area(s) of responsibility.
Recommends personnel actions involving promotions, reclassifications, merit increases, and reassignments or separations in area(s) of responsibility.
Position Demands:
Ability to exercise independent and sound judgment in establishing objectives for assigned area(s) of responsibility that provide support and services for the divisions and Board, and CFBP's missions.
Ability to translate customer service and organizational development theories and best practices into effective strategies for adoption in area(s) of responsibility to achieve and maintain high levels of customer service.
Ability to communicate effectively, both orally and in writing, to the Board and individual members thereof, senior Board staff, other Board and Reserve Bank staff: and staff at other government agencies, such as CFPB, and in the private sector on complex and technical matters.
Ability to be an effective spokesperson and advocate for the CFPB, Board and the division in outside contacts, which may involve significant business dealings.
Ability to operate under pressure to meet deadlines accurately and in a timely manner.