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Risk Specialist - Market Risk

Federal Reserve Bank of Boston

Federal Reserve Bank of Boston

Boston, MA, USA
Posted on Wednesday, September 20, 2023

Company

Federal Reserve Bank of BostonAs an employee of the Boston Fed, you will work to promote sound growth and financial stability in New England and the nation. You will contribute to communities, the region, and the nation by conducting economic research, participating in monetary policy-making, supervising certain financial institutions, providing financial services and payments, playing a leadership role in the payments industry, and supporting economic well-being in communities through a variety of efforts. The Boston Fed is one of 12 Reserve Banks and we serve all or parts of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. Our mission is accomplished through our Bank's values: diversity, equity and inclusion, innovation, integrity, and leadership.

This job is eligible for a hybrid schedule with some on-site work expected. The individual is excepted to reside in the 1st District unless you were given an exception.

Risk Specialist – Large Bank Supervision

Overview:

The Risk Specialist leads and/or participates in reviews and examinations that evaluate the effectiveness of risk management practices across a range of capital markets risk dimensions and businesses, with a focus on market and interest rate risks in asset liability management and investment portfolio activities for a large, globally systemic financial institution under Federal Reserve supervisory authority. As a member of the dedicated supervisory team (DST), you will assess market risks in balance sheet management and broader capital market activities risks along with the risk management programs of the institution through participation in on-site examinations and regular monitoring practices of business activities to ensure they operate in a safe and sound manner, and comply with applicable banking laws, regulations, and policy statements.

The Risk Specialist will use sound analysis and reason to develop conclusions and recommendations on complex issues including evaluating the effectiveness of management and risk management practices under review. Through the recommendations, you will negotiate, influence actions and resolve any conflict that arises. The Risk Specialist may also participate in cross-institutional reviews in your specialty area, provide leadership or coordinate assistance in support of national supervision program management.

Responsibilities:

  • Lead or support the oversight of asset liability management and investment portfolio activities at the largest institutions. Support supervisory activities covering broader capital market activities, including liquidity risk management. Maintain liaisons with institution management, and with deputy/DST Leads, system risk specialists, and other regulatory agencies.
  • Help prepare capital markets related-supervisory strategy and risk assessments and selectively help other team members vet scopes and findings related to their risk specialty area.
  • Collaborate with deputy/DST Leads and examiners-in-charge (EICs), lead and participate in risk-focused reviews of a range of capital markets risk dimensions and businesses, with an emphasis on asset-liability management and investment activities, and provide written observations and findings appropriate for inclusion in supervisory reports.
  • Be a team and System resource by leading or participating on high-level projects, workgroups, and strategic projects. Contribute to the understanding of emerging risks, risk management practices and changes in supervision policies, procedures, tools or guidance on a System basis.
  • Prepare informative, well-supported supervisory products and work papers, effectively communicating supervisory conclusions and required actions on complex topics to senior management and boards of directors.
  • Maintain current awareness of relevant regulations, laws, issues, trends and ongoing developments in the broader financial services industry.

Education and Experience:

  • A Bachelor’s degree is required, with a concentration in business management, finance, or accounting preferred.
  • Knowledge and experience normally acquired through, or equivalent to, the completion of a Master's degree and a minimum of 10 years of commensurate financial industry or regulatory work experience.
  • Appropriate industry certifications (CFA, CPA, CIA, or CRMA) are preferred.

Desirable Knowledge and Skills:

  • Advanced knowledge of risk management programs, measurement tools, models, control frameworks, and risk indicators used to make decisions relating to balance sheet management and investment activities.
  • Capabilities to evaluate a broad range of an institutions’ practices in capital markets risk dimensions and businesses, including market risk, capital planning, and liquidity risk/funds management.
  • Proficient technical knowledge in a specialty area (e.g. interest rate risk, fixed income and equity markets, debt securities models, capital planning, liquidity management) and familiarity with audit and internal controls.
  • Professional development programs, and training and conferences in capital markets.

The Federal Reserve Bank is committed to a diverse, equitable and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.


This 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.

All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years. All candidates must undergo an enhanced background check and comply with all applicable information handling rules.

The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

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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