Federal Reserve Bank of Cleveland
Counterparty Credit Risk Specialist
Federal Reserve Bank of Cleveland, New York, NY
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.
The Bank believes in work flexibility to balance the demands of work and life while also connecting and collaborating with our colleagues in person. Employees can expect to be in the office a couple of days per week as needed for meetings and team collaboration and should live within a commutable distance.
What we do:
The Supervision Group of the Federal Reserve Bank of New York (FRBNY) supervises banks in the Second District. The objectives of supervision are to:
Supervision is carried out through a combination of methods, including on-site and off-site examinations involving staff dedicated to the supervision of an individual firm and other professionals focused on analytical, policy and risk matters. Supervision is coordinated with other US agencies.
The Large Institution Supervision Coordinating Committee (LISCC) Program function is responsible for executing the LISCC supervisory program (covering Capital, Governance and Controls, Liquidity, Recovery and Resolution Planning, and Monitoring and Analysis) for domestic global systemically important banks (G-SIBs). This supervision is accomplished through close coordination and in partnership with LISCC Dedicated Supervisory Teams (LISCC - DST) assigned to supervise individual firms, other Group business leaders, as well as LISCC leadership at the Board of Governors and other Federal Reserve Banks.
This role within the Supervision Group supports the LISCC supervision program, specifically within the Capital Program on the Counterparty Credit Risk team. The Capital Program is led by the Capital Steering Committee (SC) and Program Leadership Group (PLG) and is responsible for the execution of all capital-related supervisory activities for the LISCC supervision program. The Counterparty Credit Risk Team within the LISCC Capital program is responsible for monitoring, examining, and assessing the counterparty credit risk management and measurement capabilities and controls, as well as related capital adequacy and planning processes of the largest bank holding companies.
Your role as a Counterparty Credit Risk Specialist:
As a Counterparty Credit Risk Specialist within the LISCC Capital Program, you will report to the deputy horizontal team lead and have responsibility for monitoring and leading examinations of counterparty credit risk management practices of LISCC firms. In this role, you will maintain deep subject matter expertise in many facets of counterparty credit risk, including credit underwriting and due diligence, margining, risk measurement and management, and stress testing practices. You will also closely collaborate with LISCC supervisory colleagues including those on the Trading Monitoring Risk & Analytics team, the Market Risk team, dedicated supervisory teams (DST), as well as other LISCC programs to maintain robust knowledge of supervised institutions of evolving industry practices in traded products.
Specific responsibilities include:
What we are looking for:
Salary Range: $155400 - $229300 / year
We believe in transparency at the NY Fed. This salary range reflects a variety of skills and experiences candidates may bring to the job. We pay individuals along this range based on their unique backgrounds. Whether you're stretching into the job or are a more seasoned candidate, we aim to pay competitively for your contributions.
Our Touchstone Behaviors-Communicate Authentically, Collaborate Inclusively, Drive Progress, Develop Others, and Take Ownership-help shape the culture of the Bank. They also provide a shared language for how we work together and achieve success, and they set clear expectations for leading with impact at every stage of your career with us. Learn more.
Benefits:
Our organization offers benefits that are the best fit for you at every stage of your career:
This position requires access to confidential supervisory information (CSI) and/or Federal Open Market Committee (FOMC) information. Access to CSI and FOMC information is limited to U.S. citizens, lawful permanent residents, individuals who meet the definition of "protected individual" under 8 U.S.C. § 1324b(a)(3), and certain other nonimmigrants. All non-U.S. citizens authorized to access CSI and/or FOMC information must sign a declaration of intent to expeditiously become a lawful permanent resident and thereafter a U.S. citizen when eligible.
The New York Fed expects its employees to perform their duties with honesty, integrity, and impartiality, and without improper preferential treatment of any person. Learn more about our code of conduct and conflicts of interest rules.
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, pregnancy, or military service.
We value accessibility for all candidates and are happy to provide an accommodation or assistance. Please email us at [redacted] and we'll be glad to help. Please note, this is a dedicated e-mail box designed exclusively to assist applications with accommodation requests in relation to our recruiting process. All other inquires including the status of applications will not receive a response from this e-mail box.
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.
Be aware of potentially fake online job postings that claim to be from the Federal Reserve. Always verify and apply to jobs on the Federal Reserve System Careers webpage.
Full Time / Part Time
Full time
Regular / Temporary
Regular
Job Exempt (Yes / No)
Yes
Job Category
Risk 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.
Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.
Privacy Notice
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.
The Bank believes in work flexibility to balance the demands of work and life while also connecting and collaborating with our colleagues in person. Employees can expect to be in the office a couple of days per week as needed for meetings and team collaboration and should live within a commutable distance.
What we do:
The Supervision Group of the Federal Reserve Bank of New York (FRBNY) supervises banks in the Second District. The objectives of supervision are to:
- Evaluate and promote the overall safety and soundness of supervised institutions
- Ensure supervised institutions' compliance with relevant laws and regulations, including consumer protection
- Facilitate the stability of the financial system of the United States
- Support the growth and stability of the U.S. economy
Supervision is carried out through a combination of methods, including on-site and off-site examinations involving staff dedicated to the supervision of an individual firm and other professionals focused on analytical, policy and risk matters. Supervision is coordinated with other US agencies.
The Large Institution Supervision Coordinating Committee (LISCC) Program function is responsible for executing the LISCC supervisory program (covering Capital, Governance and Controls, Liquidity, Recovery and Resolution Planning, and Monitoring and Analysis) for domestic global systemically important banks (G-SIBs). This supervision is accomplished through close coordination and in partnership with LISCC Dedicated Supervisory Teams (LISCC - DST) assigned to supervise individual firms, other Group business leaders, as well as LISCC leadership at the Board of Governors and other Federal Reserve Banks.
This role within the Supervision Group supports the LISCC supervision program, specifically within the Capital Program on the Counterparty Credit Risk team. The Capital Program is led by the Capital Steering Committee (SC) and Program Leadership Group (PLG) and is responsible for the execution of all capital-related supervisory activities for the LISCC supervision program. The Counterparty Credit Risk Team within the LISCC Capital program is responsible for monitoring, examining, and assessing the counterparty credit risk management and measurement capabilities and controls, as well as related capital adequacy and planning processes of the largest bank holding companies.
Your role as a Counterparty Credit Risk Specialist:
As a Counterparty Credit Risk Specialist within the LISCC Capital Program, you will report to the deputy horizontal team lead and have responsibility for monitoring and leading examinations of counterparty credit risk management practices of LISCC firms. In this role, you will maintain deep subject matter expertise in many facets of counterparty credit risk, including credit underwriting and due diligence, margining, risk measurement and management, and stress testing practices. You will also closely collaborate with LISCC supervisory colleagues including those on the Trading Monitoring Risk & Analytics team, the Market Risk team, dedicated supervisory teams (DST), as well as other LISCC programs to maintain robust knowledge of supervised institutions of evolving industry practices in traded products.
Specific responsibilities include:
- Lead and execute examination work and monitoring events for counterparty credit risk.
- Serve as a subject matter expert on the counterparty credit risk team and participate in the development of examination scope memos, work programs, conclusion memorandums, supervisory feedback letters, and internal range of practices.
- Deliver clear written and verbal supervisory feedback to firm senior management in collaboration with other Capital Program participants and the Dedicated Supervisory Teams, and interface directly with supervised institutions and senior management.
- Develop deep knowledge and expertise of the counterparty credit risk management practices for covered LISCC firms and monitor and report on changes in risk profile and risk management practices.
- Analyze trends and developments across LISCC firms using regulatory and financial data from a variety of sources including firm management information systems, cross-firm reports, and internal data sources.
- Proactively coordinate with colleagues across the LISCC program to incorporate their views into supervisory results and products.
- Contribute to and periodically lead Federal Reserve System and local department workgroups.
- Collaborate with Federal Reserve Board of Governors colleagues, LISCC program members, other regulatory colleagues, and peers System-wide.
What we are looking for:
- Significant experience in financial risk management or large bank supervision, with expertise in counterparty credit risk and/or related financial risk disciplines (e.g., credit or market risk).
- A strategic thinker who understands the impact and importance of bank supervision and makes connections and executes supervisory plans based on their assessment of risks in the financial system and the real economy.
- Demonstrated intellectual curiosity and desire to further deepen subject matter expertise in high priority counterparty credit risk topics.
- Significant experience in leading examinations or projects involving multiple stakeholders, including developing risk-focused scopes, producing written assessments that synthesize multiple viewpoints, and presenting highly complex and technical topics to a wide range of stakeholders.
- Proven ability to work effectively and collaborate across a large and complex organization or supervisory authority.
Salary Range: $155400 - $229300 / year
We believe in transparency at the NY Fed. This salary range reflects a variety of skills and experiences candidates may bring to the job. We pay individuals along this range based on their unique backgrounds. Whether you're stretching into the job or are a more seasoned candidate, we aim to pay competitively for your contributions.
Our Touchstone Behaviors-Communicate Authentically, Collaborate Inclusively, Drive Progress, Develop Others, and Take Ownership-help shape the culture of the Bank. They also provide a shared language for how we work together and achieve success, and they set clear expectations for leading with impact at every stage of your career with us. Learn more.
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
This position requires access to confidential supervisory information (CSI) and/or Federal Open Market Committee (FOMC) information. Access to CSI and FOMC information is limited to U.S. citizens, lawful permanent residents, individuals who meet the definition of "protected individual" under 8 U.S.C. § 1324b(a)(3), and certain other nonimmigrants. All non-U.S. citizens authorized to access CSI and/or FOMC information must sign a declaration of intent to expeditiously become a lawful permanent resident and thereafter a U.S. citizen when eligible.
The New York Fed expects its employees to perform their duties with honesty, integrity, and impartiality, and without improper preferential treatment of any person. Learn more about our code of conduct and conflicts of interest rules.
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, pregnancy, or military service.
We value accessibility for all candidates and are happy to provide an accommodation or assistance. Please email us at [redacted] and we'll be glad to help. Please note, this is a dedicated e-mail box designed exclusively to assist applications with accommodation requests in relation to our recruiting process. All other inquires including the status of applications will not receive a response from this e-mail box.
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.
Be aware of potentially fake online job postings that claim to be from the Federal Reserve. Always verify and apply to jobs on the Federal Reserve System Careers webpage.
Full Time / Part Time
Full time
Regular / Temporary
Regular
Job Exempt (Yes / No)
Yes
Job Category
Risk 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.
Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.
Privacy Notice