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At the Federal Reserve Bank of New York, the work we do is consequential and challenging. Our environment encourages growth and diversity. Our employees flourish in a team-oriented atmosphere and are dedicated to the important mission of the New York Fed.
What we do:
The Risk Group's mission is to help the Bank achieve its objectives while managing risks within the Bank's risk tolerance. As part of the Bank's second line of defense, the Risk Group ensures effective risk management through independent assessment and oversight of the Bank's risks.
Within the Risk Group's Financial Risk Oversight function, the Portfolio Risk and Valuation team is responsible for the independent assessment of market and credit risk associated with financial assets held by, managed by, or pledged to the Bank. The team also provides independent valuation support for the Bank's financial reporting. The team's goal is to promote a comprehensive and integrated view of the Bank's financial risks, leveraging innovative analytical techniques and tailoring them to the Bank's unique objectives.
Your role as Financial Risk Oversight Specialist: The successful candidate will assume a senior role in the design, enhancement, and execution of methodologies, models and oversight programs to support the Portfolio Risk and Valuation team's mission.
The successful candidate will report to the PRV team lead.
Design and implement tools and processes to independently assess the financial risks associated with the large, multi-asset class portfolios managed by or pledged to the Bank.
Engage and advise the first line businesses in financial risk identification, monitoring, response, escalation, and communication.
Provide independent valuation and risk assessments of securities and loans to support business line decision-making, risk management, and financial reporting.
Formulate clear and concise written and verbal communication regarding risk identification and reporting.
Collaborate with other teams within the Financial Risk Oversight Function and support the implementation of the Bank's Financial Risk Framework.
Develop and share knowledge with colleagues, and more generally share subject matter expertise with colleagues in the Risk Group and the Bank.
Qualifications: What we are looking for:
Bachelor's degree in mathematics, finance, economics, statistics, computer science or a related discipline with a minimum of five to seven years of relevant work experience; Master's degree and/or other professional certification in related area preferred.
Proven ability to lead in a team environment, manage multiple responsibilities, and effectively track and communicate project status with stakeholders.
Ability to contextualize analysis within the big picture and influence the Bank's risk management goals.
Strong written and oral communication skills, with the ability to distill complex quantitative topics for a broad audience.
Strong quantitative background in statistics or econometric modeling, with some familiarity with contemporary machine learning techniques.
Industry working experience in managing a wide array of financial products, adapting regulatory requirements and adopting best practices preferred.
Knowledge of analytical and valuation approaches for consumer and commercial whole loans, derivatives, securitized products (e.g., mortgage-backed securities) and other fixed income financial contracts and instruments preferred.
Strong programming skills, preferably in Python, R, SAS, and/or SQL.
Familiarity with Bloomberg and/or other portfolio analytics tools is a plus.
This position requires access to confidential supervisory 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, U.S. permanent residents who are not yet eligible to apply for naturalization and U.S. permanent residents who have applied for naturalization within six months of being eligible to do so.
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, or military service.
Why the Fed: 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'll work in an environment with a diverse group of talented professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. It's a challenge that demands the skills of a financial services professional and the intellectual curiosity of an academic—all combined with a passion for public service.
The Federal Reserve Bank of New York is committed to a work environment that respects and fully values the strengths and differences of its people. Working at the New York Fed provides talented professionals the chance to grow their skills at an institution that has served a critical role in the financial system of the United States and the world for over a century. An important component of the Bank's diversity effort is our partnership with several professional non-profit organizations, including INROADS, JumpStart Advisory Group, NBDC Emerging Leaders, Seizing Every Opportunity, National Black MBA, Out for Undergrad, Prospanica and Reaching Out MBA. Click here to learn more.