Cash Operations Manager - Cash Distribution
Federal Reserve Bank of Boston
CompanyFederal 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 essential to Bank operations and will be an onsite role.
The primary functions of the Operations unit are to issue new currency on behalf of the U.S. Treasury, store currency in our vaults, process and verify financial institutions’ cash deposits, distribute currency and coin orders for financial institutions, detect and remove counterfeit notes from circulation, destroy unfit currency, and provide contingency and emergency currency and coin services to financial institutions in the First District and to other districts (EROC and Philadelphia) as needed.
The Operation Manager are responsible for developing teams that are accountable for driving operational excellence in a fast paced and highly regulated environment. This position is responsible for operational excellence for daily cash operations including payments, receipts and processing of high value cash shipments, the associated accounting and customer service. This role also communicates with key customers and armored carriers regarding contingency plans. The Operation Manager will be reporting to the Assistant Vice President of Cash Operations.
- Develop and monitor business objectives that align with Bank and Federal Reserve System objectives. Effectively coach and develop staff in both business and soft skills and communicates feedback in a constructive and supportive manner, and promote the achievement of professional development goals.
- Demonstrate leadership skills including the ability to think strategically, lead change, and manage and motivate various levels of staff
- Foster an environment that promotes knowledge sharing, innovation, and ongoing learning.
- Champion an inclusive and diverse culture where every team member contributes and has the opportunity to fully realize their potential, including sharing development opportunities across the team
- Forecast, monitor, manage and report on currency (and coin) volumes, productivity, inventory levels and labor resources. Ensure processing and inventory objectives are achieved by assuring effective and efficient use of staff, stressing high quality and productivity. Use data driven insights to understand trends and inform decisions.
- Establish optimum work methods and procedures to achieve unit costs, staffing and productivity goals and other strategic business objectives.
- Continuously monitor and assess operational activities through on-site observation and by video surveillance to ensure compliance with all applicable Internal Custody Control standards, Treasury Requirements and Department Procedures while also making risk informed decisions.
- Identify and plan improvements, resolve problems and take corrective action
- Coordinate the activities between other areas in the department to insure effective utilization of staff and supervisors.
- Build strong relationships and communicate regularly with the FedCash Services team, internal audit, the Treasury’s Office of Compliance and vendors as applicable.
- Lead large scope projects for one’s unit and lead and/or participate in Bank and System initiatives.
Performs other duties as assigned. Applicant must have flexibility in working varied hours as the team’s hours span from 6:45am – 5:15pm.
This position is required to supervise 4-6 direct reports and 12-14 indirect reports.
Experience and Knowledge
- Bachelor's degree or equivalent work-related experience
- 7+ years of successful leadership experience in a fast paced, highly regulated operations environment effectively managing/leading a team
- People focused and excellent coaching skills
- Strong problem solving and excellent analytical skills with ability to synthesize data and analysis
- Demonstrated ability to work under pressure and make independent judgment decisions.
- Ability to present analysis in writing and verbally.
- Strong influencing skills and ability to work collaboratively, especially when dealing with outside stakeholders.
- Proven project management skills. Experience scoping, leading, and implementing process improvement initiatives
- Ability to work independently and collaboratively, and manage multiple and conflicting priorities
- Flexible, innovative, and open to change while being able to work in a controlled environment
- Technically savvy evidenced by strong command of Microsoft Office and the ability to utilize tools such as Tableau, Power BI, etc.
Banking experience is not required. Operational experience in military, manufacturing, automotive, engineering, biotech, electronics, energy, machinery, medical, production, or distribution environments will be considered.
The Federal Reserve Bank of Boston is committed to a diverse 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.
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.
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 TimeFull time
Regular / TemporaryRegular
Job Exempt (Yes / No)Yes
Work ShiftFirst (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.