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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 Supervision Group at the Federal Reserve Bank of New York supervises and regulates financial institutions in the Second District. The Group's mission is to ensure a safe, sound, and accessible financial system. Staff in the Group assess the safety and soundness of domestic banking institutions, operations of foreign banking organizations, systemically important banks and nonbanks including financial market utilities and significant service providers in the District. These efforts are achieved through onsite assessments and offsite analysis and surveillance. The Group identifies emerging supervisory risks, develops cross-firm perspectives and develop domestic and international supervisory policy.
The Financial Market Infrastructure Function (FMIF) within the Supervision Group is responsible for monitoring and assessing the safety and soundness of Financial Market Utilities (FMUs) designated as systemically important. FMIF seeks to mitigate systemic risk and promote financial stability through effective supervision and oversight of systemically important financial utilities that provide payment, clearance, and settlement (PCS) services related to US dollar payments, FX, and Securities within the U.S., and that are deemed critical to second district institutions.
The Financial Market Utility Risk team within FMIF collaborates with Dedicated Supervisory Teams to promote safety and soundness and to assess FMUs' risk management practices. The Risk team's core mission is to identify, understand and assess the effectiveness of firms' management of information technology, cybersecurity, model and operational risks and develop cross-institutional perspectives on risk management practices in these key risk disciplines.
Your role as Model Risk Examiner :
The Model Risk Examiner is responsible for evaluating and assessing FMUs' Model Risk Management (MRM) frameworks by applying risk management standards referenced in Regulation HH of Title VIII of The Dodd-Frank Act and the Board's Policy on Payment System Risk (PSR Policy). The Model Risk Examiner will leverage industry knowledge and technical expertise in modeling techniques used by supervised institutions to evaluate key components of an FMU's MRM framework, including model development, implementation and use; model validation and effective challenge; internal controls; model risk monitoring and MIS; model identification and inventory; model risk governance; and supporting policies and procedures.
The Model Risk Examiner will collaborate with other model risk SMEs across the New York Fed and the Federal Reserve System to ensure the consistent application of supervisory standards for peer firms. The examiner will also share knowledge with other risk specialists in the Risk and Analytics department to facilitate the identification of emerging areas of risks such as those associated with artificial intelligence and machine learning technology.
To support these outcomes, for each of the FMUs in the FRBNY portfolio, the Model Risk Examiner will:
Act as the model risk point-person for model risk across the designated FMUs in the second district. Develop a good understanding of the firm's risk profile and risk management practices as they relate to models. Develop an understanding of how the firms monitor model performance within and across risk streams and assess strengths and weaknesses in practices.
Balance a high-level view of model risk at the supervised firm with lower-level, detailed model reviews; taking both qualitative and quantitative approaches to model risk.
Monitor all aspects of model risk across all parts of the firm, including model development, validation, implementation, change control, ongoing use, governance, and risk measurement and reporting.
Understand strengths and weaknesses of modelling and model risk policies and procedures including how effectively they are implemented at the firm.
Have a thorough understanding of how model risk is presented to senior management and the meaning behind the metrics, as well as assess whether the reporting is commensurate with the model risk profile.
Understand Internal Audit's role in the Model Risk Management process including effectiveness and stature.
Contribute to supervisory planning, including participating in meetings with firm's business and risk management personnel, conducting risk examinations including evaluation of MRA closure, periodic rating and roll-up exercises.
Identify current and emerging model risk issues, and recommend specific areas or models to be examined in more detail. Follow up on problematic areas over time.
Maintain a cross-firm view of model risk, collaborating closely with colleagues within the Department, across the Bank, the Federal Reserve System, and the regulatory community.
Present supervisory conclusions to Bank management and the supervised institution at various organizational levels, including top executives.
Qualifications: What we are looking for:
Seven or more years of experience in finance or financial institution supervision with (a) at least one year at a financial regulatory agency preferred and (b) a career focus on model risk management, model development, or model validation;
Advanced degree in a technical field such as mathematics, mathematical finance, financial engineering, statistics, operations research, or economics strongly preferred;
High degree of autonomy and self-direction, and a willingness to defend conclusions with which internal and external stakeholders may disagree;
Excellent communication skills, including explaining technical concepts to non-technical audiences, influencing others, and writing clearly and forcefully;
Understanding of Federal Reserve Model Risk Management Guidance (SR 11-7);
Expertise and knowledge of market risk models used for internal risk management and regulatory market risk capital;
Willingness for occasional domestic or international travel; and
Ability to draw supervisory assessments from a diverse landscape of models and metrics.
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.