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

Job Description:

Company

Federal Reserve Bank of New York

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 of an academic—all combined with a passion for public service.

This position will offer workplace flexibility e.g. working remotely or on site as needed/ desired during the week. Employees can expect to be in the office weekly as needed for meetings and team collaboration and should live within a commutable distance.  The Bank believes in work flexibility to balance the demands of work and life while also connecting and collaborating with our colleagues in person a couple days a week.

What we do:

The LISCC Supervision Program is the Federal Reserve’s national supervisory program for the largest and most systemically important financial institutions. The LISCC Dedicated Supervisory Team (DST) executes firm-specific examinations and monitoring in coordination with the national programs, maintain a broad-based understanding of the safety and soundness of their assigned firm, and recommend supervisory plans and ratings.  DSTs partners with national programs (Capital, Governance and Controls, Liquidity, Resolution and Recovery Planning) to plan and execute on monitoring and assessments of supervised firms.    

The DSTs serve as the primary contacts for supervised firms and communicators of supervisory messages, including supervisory ratings and annual assessments. The DSTs work closely with their counterparts at other supervisory agencies, including the Federal Deposit Insurance Corporation (FDIC), Consumer Financial Protection Bureau (CFPB), the Securities and Exchange Commission (SEC), and other state and foreign supervisors.  The DSTs are overseen by DST Co-chairs, the Reserve Bank senior officers overseeing the DSTs in each FR district where a LISCC firm is headquartered.

Your role as a Governance & Controls Sr. Associate:

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  Lead and/or participate in the monitoring and evaluation of governance and controls practices across the firm’s major business lines, independent risk functions and a major legal entity, with a focus on:

  
  
  
  

  • Governance: Ensure senior management maintains an effective risk management and internal controls framework, and enables and enforces prudent risk taking behaviors and business practices.

  
  

  • Strategy: Confirm business line activities are executed consistent with the firm’s strategy and risk appetite.

  
  

  • Legal entity governance and controls:  Monitor and evaluate the risk management, internal controls framework, compliance and governance at a state member bank.

  
  
  
  



• Risk Management: Ensure that inherent risks are comprehensively identified and measured, and that this information is provided to senior management in a comprehensive manner.




• Business Line Accountability: Evaluate management's ability to ensure employees operate within established policies and procedures, act in compliance with applicable laws, regulations, and supervisory expectations.




• Remediation: Evaluate management’s progress in remediating supervisory findings and enforcement actions.




• Lead and/or collaborate/contribute to G&C-related supervisory assessments and communications to the firm and legal entity ratings including CAMELS for a state member bank.




• Meet regularly and lead discussions with senior management (including bank entity management) across business lines, independent risk, and internal audit to develop comprehensive views of governance and controls practices.




• Collaborate closely with Risk specialists (Market, Credit, Liquidity, Interest Rate Risk, Compliance/Legal, IT/Cyber and Operational) to formulate an integrated view of risk management, controls and compliance at the institution and legal entity level.




• Analyze the firm’s management reporting/MIS to identify potential changes in risk profile or strategy.




• Build, manage and maintain communication channels with firm’s business line and risk functions to facilitate timely flow of information.




• Establish and lead inclusive working relationships with key functional constituents (Federal, State and Foreign Regulators as appropriate, and the Board of Governors,) as a means of developing a thorough understanding of the risk profile at the firm and conducting supervisory work.




• Lead and/or participate in other team priorities and system-wide horizontal reviews as needed (e.g., mandated exams; board effectiveness and incentive compensation reviews)




• Support Leadership on the Dedicated Supervisory Team by participating in/undertaking activities supporting overall team objectives. 

What we are looking for:

• Master’s degree in business, finance, economics, public policy, or a J.D. preferred;




• 5+ years of supervisory, regulatory or related industry experience, with strong knowledge of assessing risk management and control practices;




• Examination experience and strong supervisory judgment and experience, including the balancing of competing priorities, and ability to assimilate new information and produce sound analysis;




• Strong communication skills (both written and verbal) and execution capabilities, with track record of producing quality work products within desired timeframes and ability to deliver supervisory messages to senior management at the supervised firm;




• Ability to undertake supervisory activities with minimal guidance;




• Strong interpersonal and collaboration skills to support effective interaction with colleagues across the Bank, Federal Reserve System, and management/staff at the supervised firm;




• Commissioned examiner preferred; otherwise, willing to undertake LFI commissioning training;




• Some travel may be required for examinations, vettings, training, and meetings.

Benefits: 

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 




• And more 

 

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. 

 

Incumbent must be fully vaccinated against COVID-19, unless the Bank grants an exemption based on a medical condition or sincerely held religious belief.   

 

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 permanent residents may be eligible for the information access required for this position if they sign a declaration of intent to become a U.S. citizen and pursue a path to citizenship and meet other eligibility requirements.  

 

In addition, all candidates must undergo an enhanced background check, comply with all applicable information handling rules, and will be tested for all controlled substances prohibited by federal law, to include marijuana. 

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Supervisory/Management

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

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Salary:

$199,500.00

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