Governance & Controls Senior Associate at Federal Reserve Bank (FRB) in New York City, New York

Job Description:

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. 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.

What we do:

The Large FBO Department in the LFBO Function oversees the U.S. Operations of large foreign financial institutions with varying levels of complexity and, accordingly, are subject to different supervisory programs and applicable regulatory guidance. All the firms, however, are currently subject to requirements of Regulation YY- Enhanced Prudential Standards for Bank Holding Companies and Foreign Banking Organizations and of the Federal Reserve's Consolidated Supervision Framework, outlined in SR 12-17. The department is comprised of three large teams, each focusing on the comprehensive supervision of their cohort of institutions.

The Governance and Controls (G&C) Senior Associate leads or contributes to the assessment of governance and controls practices across this Large FBO firm's major U.S. businesses that can include corporate & investment banking, commercial banking, securities trading, prime brokerage, and futures clearing. Working collaboratively with supervisory team members and risk specialists in the LFBO function, the G&C Senior Associate will lead or support business line and independent risk reviews in the areas of governance, strategy, risk management, and business line accountability. You will report to the Central Point of Contact.

Your role as Governance and Controls Senior Associate:

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  Lead the monitoring and evaluation of governance and controls practices across major businesses and independent risk functions, with a focus on:
  
  
  
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    Governance: Ensure senior management maintains a risk management and internal control framework, and enables and enforces prudent risk taking behaviors and business practices.
    
    
  
  
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    Strategy: Confirm business line activities are performed consistent with strategy and risk appetite.
    
    
  
  
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    Risk Management: Ensure that inherent risk is identified and measured, and that this information is provided to senior management.
    
    
  
  
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    Business Line : Evaluate management's ability to ensure employees operate within established policies, act in compliance with applicable laws, regulations, and supervisory expectations.
    
    
  
  
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    Remediation: Evaluate management's progress in remediating supervisory findings and enforcement actions.
    
    
  
  
  
  


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  Lead/contribute to G&C-related supervisory assessments and communications, including quarterly internal ratings assessments and Annual Roll-Up.
  
  


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  Meet and lead discussions with senior management across businesses, independent risk, and internal audit to develop comprehensive views of governance and controls practices.
  
  


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  Work with Risk specialists (Market, Credit, Liquidity, Compliance/Legal, and Operational) to create an integrated view of risk management at the institution.
  
  


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  Analyze management reporting/MIS to identify potential changes in risk profile or strategy.
  
  


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  Manage communication channels with firm's business line and risk functions to promote flow of information.
  
  


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  Establish and lead inclusive working relationships with important functional members (Federal, State and Foreign Regulators, and the Board of Governors,) as a means of developing an understanding of the risk profile and conducting supervisory work.
  
  


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  Lead/participate in other team priorities and system-wide horizontal reviews (e.g., mandated exams, HLR)
  
  


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  Support the CPC for this firm by periodically participating in/undertaking some of his supervisory responsibilities, or as opportunities so arise.