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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 support the safety, soundness, and vitality of our economic and financial systems. It is a challenge that demands the skills of a financial service professional and the intelligence an academic—all combined with a passion for public service.
Overview of Team:
The Large FBO Department in the LFBO Function oversees the U.S. Operations of (non-IHC) large foreign financial institutions with varying levels of complexity and, are subject to different supervisory programs and applicable regulatory guidance. All the firms, however, are subject to requirements as outlined in Regulation YY- Enhanced Prudential Standards for Bank Holding Companies and Foreign Banking Organizations and the Federal Reserve's Consolidated Supervision Framework, outlined in SR 12-17. The department is broken up in three large teams, each focusing on the comprehensive guidance of a group of institutions.
The Governance and Controls (G&C) Associate contributes to the assessment of governance and controls practices across a firm's major businesses. These businesses (and the risks they produce) may include corporate & investment banking, commercial banking, consumer banking, and wealth/asset management. Working collaboratively with supervisory team members and risk specialists, the G&C Associate will support business line and independent risk reviews in the areas of governance, liquidity risk, strategy, compliance, and risk management.
Roles and Responsibilities:
Prepared to provide substantive support and at times lead the monitoring and evaluation of G&C practices across major business lines and independent risk functions, which may include:
Governance: Ensure senior management maintains an risk management and internal control framework, and enables and enforces prudent risk taking behaviors and business practices.
Strategy: Confirm business line activities are performed in a manner consistent with strategy and risk appetite. Review business line consolidated financial performance and legal entity results.
Risk Management: In collaboration with Risk Specialists, ensure that inherent risk is identified and measured, and provided to senior management in a manner (e.g. Credit, Market, Liquidity, Compliance and Operational Risk).
Business Line Accountability : Evaluate management's ability to ensure employees identify, measure, assess and manage risk associated with business activities.
Remediation: Evaluate management's progress in remediating supervisory findings and enforcement actions.
Collaborate/contribute to G&C-related supervisory assessments and communications, including quarterly internal ratings assessments and Annual Roll-Up Assessment.
Meet with firm management across businesses, independent risk, and internal audit to develop comprehensive views of governance and controls practices, including data management and regulatory reporting.
Collaborate closely with liquidity risk specialists to create an integrated view of liquidity risk management at the institution.
Analyze financial management reporting/MIS to identify potential changes in risk profile or strategy.
Develop communication channels with firm's business line and risk functions to promote flow of information.
Lead and/or participate in other team priorities and system-wide horizontal reviews as needed (e.g., mandated exams, HLR)
Qualifications: You Have:
Master's degree in economics, business, finance, public policy preferred;
5 years of supervisory and examination or related industry experience , with knowledge of capital markets and/or trading businesses;
Strong supervisory and experience, and produce sound analysis;
Execution capabilities, with experience producing quality work products within desired timeframes and supervisory messages to senior management at the supervised firm;
Support interaction with colleagues across the Bank, Federal Reserve System, and management/staff at the supervised firm
Commissioned examiner preferred; otherwise willing to undertake commissioning training;
Some travel may be required for examinations, vettings, training, and meetings.
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
Flexible Work Arrangements
And more which you can find here
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.
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.
Please note that the 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. Candidates who are not U.S. citizens or U.S. permanent residents may be eligible for the information access required for this position and sponsorship for a work visa, and subsequently for permanent residence, if they sign a declaration of intent to become a U.S. citizen and meet other eligibility requirements.
In addition, all candidates must undergo an enhanced background check and comply with all applicable information handling rules, and all non-U.S. citizens must sign a declaration of intent to become a U.S. citizen and pursue a path to citizenship.