Senior Capital Risk Specialist, Large Institution Supervision Coordinating Committee
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 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.
The Federal Reserve Bank of Boston has an opening for a team-oriented, experienced Senior Risk Specialist to join the LISCC (Large Institution Supervision Coordinating Committee) Unit as a member of the LISCC Capital team. The LISCC supervision program is the Federal Reserve’s national supervisory program for the nation’s largest most systemic financial institutions. The program is implemented by hundreds of staff from multiple Reserve Banks and the Board of Governors. The LISCC Capital teams oversee supervisory work including the Federal Reserve System’s annual Comprehensive Capital Analysis and Review (CCAR), exams, and monitoring work covering a range of business activity for large and complex banking organizations.
A firm’s processes for managing and allocating its capital resources are critical to its financial strength and resiliency, and to the stability and effective functioning of the U.S. financial system. As such, you will be expected to develop and/or maintain a high level of understanding of regulatory capital rules and regulations, including the mandatory elements of the capital plan rule, international capital standards, and applicable supervisory guidance. You will also be expected to understand firms’ approaches to revenue and expense forecasting process and associated governance and controls. With some oversight, you will conduct research, maintain and analyze regulatory and other financial data, and evaluate performance trends and developments across the LISCC firms and the banking industry from a variety of sources including published reports, databases, and firms’ management information. You will participate in examination work which will involve assessing LISCC firms’ capital management strategies and positions, including financial planning and risk management activities that inform key capital decisions at the bank holding company (BHC) level. You will provide high-quality supervision through active dialogue with the firm(s), examinations, ongoing monitoring, horizontal activities, and special projects. You will actively collaborate with, and support, the LISCC Capital program as well colleagues across the System.
This job is eligible for a hybrid schedule with on-site work and up to 25% travel expected.
- Participate and lead in supervisory assessments of capital planning and positions, including governance, risk management, internal controls, capital policy, incorporation of stressful conditions and events, and estimating the impact on capital positions.
- Develop a horizontal understanding of LISCC firms' capital planning and positions, with sufficient firm-specific knowledge, to inform the supervisory planning process.
- Perform ongoing supervision through meetings with firm management and reviewing firm submitted materials to ensure objective and timely assessments.
- Serve as Examiner-in-Charge (EIC) of supervisory examinations. When serving as EIC, demonstrate effective leadership in the planning and execution of reviews, including effective coordination and oversight of a team of examiners and ability to provide constructive performance feedback.
- Assist in the development of examination scopes / supervisory activities, including the setting of timelines and milestones.
- Prepare and deliver clear and persuasive findings in formal written and verbal presentations on supervisory assessments to firm management and LISCC Program and Reserve Bank management.
- Develop strategic and collaborative working relationships and networks throughout the LISCC Capital Program including with the dedicated supervisory teams, other horizontal evaluation teams, and with other Reserve Banks and the Board of Governors.
- Maintain knowledge of relevant regulations, laws, issues, trends and ongoing developments in the financial services industry.
- Analyze trends and new developments related to financial performance, risk-weighted assets (RWA), pre-provision net revenue (PPNR), and financial risk management practices across LISCC firms.
- Independently create analyses, visualizations, reports, and other resources for team members and program stakeholders.
- Query data from several sources and develop datasets/databases of LISCC firms’ financial performance and capital ratio components including RWA and PPNR.
Knowledge and Experience:
- Knowledge and experience normally acquired through, or equivalent to, the completion of a Master`s Degree and/or obtainment of other advanced professional designations, licenses, or certifications and either 12+ years of commensurate financial industry or regulatory work experience or a Bank Commission plus 7+ years of work experience post commissioning.
- Knowledge of large bank capital planning and positions, financial risk management, and supervision and regulation.
- Possess strong intellectual curiosity, independent thinking, and decision-making abilities.
- Proficient communicator with strong writing and public speaking skills. Ability to convey complex, technical topics and supervisory assessments in concise terms to multiple audience types.
- Able to set priorities and adapt to changing circumstances, with commitment to ensuring that high priority goals are met.
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 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.