Senior Risk Specialist, Model Risk
Federal Reserve Bank of Boston
CompanyFederal Reserve Bank of BostonWorking at the Federal Reserve Bank 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 support the safety, soundness, and vitality of our economic and financial systems. It is a challenge that demands the skills of a financial services professional and the intelligence of an academic—all combined with a passion for public service.
This job is eligible for a hybrid schedule with some onsite work expected. The individual is excepted to reside in the 1st District unless you were given an exception. Travel would be required for this role.
Description of Role:
The Senior Risk Specialist leads reviews and evaluates the effectiveness of risk management practices primarily for a large financial institution within the large and foreign banking organization (LFBO) portfolio of institutions supervised by the Federal Reserve System (System). The individual would specialize in the field of applications of advanced modeling techniques to supervisory activities and demonstrate expert knowledge and ability to apply advanced quantitative modeling techniques in various aspects of banking supervision, including in-depth knowledge of and experience in model development and maintenance/model risk management (data preparation, modeling, monitoring model performance, model validation and replication).
As a member of a dedicated supervisory team (DST), you will assess risk exposures and 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 sound manner, and comply with applicable banking laws, regulations, and policy statements. The Senior Risk Specialist will use sound analysis and reason to develop conclusions and recommendations on complex issues including elevating the effectiveness of management and risk management practices. Through these recommendations, you will negotiate, influence their actions, and resolve any conflict that arises. You will participate in cross-institutional reviews in your specialty area, provide leadership or coordinate assistance to support national supervision program management. You will also share knowledge with local and System peers, being a valuable team member by holding yourself accountable and being receptive to performance feedback and the divergent views from others.
- Lead the oversight of risk measurement and model risk management at a large complex institution. Maintain liaisons with Dedicated Supervisory Team staff, institution management, other regulatory agencies, and other System risk specialists.
- Lead targeted reviews, examinations, and or/special projects related to risk measurement and the processes and controls needed to support a sound risk measurement environment. Demonstrate strong judgment and well-reasoned decision making in situations that may involve highly complex issues, public scrutiny, market reactions, and potentially adversarial circumstances.
- Lead the development of firm risk assessments and supervisory strategies, and the vetting of examination scopes and findings. Provide briefings to senior Federal Reserve staff and others in the supervisory community.
- Fully proficient in the application of advanced modeling techniques used in a variety of banking settings, such as: capital and liquidity planning and management; management of various types of risk (retail credit, wholesale credit, trading risk, interest rate risk, etc.); stress testing, etc.
- Prepare informative, well-supported supervisory products and work papers, on complex and problematic supervisory findings, including required actions to senior management and boards of directors.
- Prepare and deliver written analyses and presentations on firm specific as well as broader industry trends or emerging risks.
- Evaluate developments impacting firm’s risk profile through analysis of internal risk management reports and interactions with institution management.
- Identify emerging institutional, regional, economic, and industry issues and their potential impact. Maintain a very high level of technical expertise and current knowledge of regulations, trends and developments in order to effectively challenge the conceptual soundness and implementation of risk measurement processes.
- Be a team and System resource by leading or participating on high-level projects, workgroups, and strategic projects. Contribute to the understanding of latest risk, risk management practices and changes in policies, procedures, tools or guidance on a System basis.
- Oversee assigned resources in meeting project, ongoing monitoring, or examination deliverables or timeframes. May have direct reports. Shares knowledge by effectively mentoring, coaching and training others.
- Be a team player in demonstrating personal accountability and openness to constructive feedback to promote a positive work environment.
- Perform other duties as assigned.
- This position may be required to directly supervise other
Education and Experience:
- Bachelor’s degree is required.
- 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 of a Bank Commission plus 7 years of work experience post commissioning.
Our total rewards program offers benefits that are the best fit for you at every stage of your career:
- Comprehensive healthcare options (Medical, Dental, and Vision)
- 401K match, and a fully funded pension plan
- Paid vacation and holidays; flexible work environment, healthy workflow
- Generously subsidized public transportation
- Annual tuition reimbursement
- Professional development programs, training and conferences
- And more…
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.