Federal Reserve Bank (FRB)
Risk Manager I (Finance)
As 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.
A requirement of this position is that the employee must be fully vaccinated against COVID-19 or qualify for an accommodation from the Bank's vaccination policy; individuals who are unable to be vaccinated due to a medical condition or sincerely held religious belief may request an accommodation from the Bank
The Supervisory Research and Analysis Unit (SRA) is an interdisciplinary group that conducts research and analysis to support the Boston Fed's supervisory and regulatory priorities. SRA staff also make meaningful contributions to the Federal Reserve System's (FRS) efforts to identify and monitor potential financial stability risks, and periodically advises senior Bank leadership on related matters. Finally, SRA supports the Boston Fed's participation on several System initiatives, including the Quantitative Surveillance Group, Dodd-Frank Act Stress Tests, Large Institution Supervision Coordinating Committee (LISCC), including the Monitoring and Analysis Program.
SRA has an opening for a highly enthusiastic Risk Manager 1 to supervise staff in the financial stability risk and non-bank financial institution group. The group identifies, assesses, and monitors the potential risks to FRS-supervised institutions and broader financial stability arising from the products and activities of non-banks, including asset managers.
Principal Duties and Responsibilities:
With some oversight, the Risk Manager 1 will have responsibility for supervising staff, including establishing staff objectives, directing activities of staff, overseeing professional development, providing coaching, conducting performance reviews, and promoting Bank cultural values of diversity, equity, and inclusion. In addition, the Risk Manager 1 will contribute to setting the strategic plan for the group and, working with more senior managers, contribute to SRA's strategic plan and execution.
The successful candidate will supervise three staff members.
Key Expectations, Knowledge and Experience:
Demonstrates good understanding of financial markets and general knowledge of regulations impacting non-banks. In addition, strong presentation and writing skills are required as the candidate is expected to present and/or write memos to senior FRS staff and management.
Communicates and executes the vision/purpose for area(s) of responsibility and appropriately sets priorities, with some oversight. Capable of effectively handling moderately challenging situations that may arise.
Provides direct supervision to staff, and, with some oversight, has responsibility for aspects of staffing including hiring, development, coaching, feedback/performance management, and minor conflict resolution with tact and diplomacy. The span of control of people and processes is limited.
Demonstrates developing relationship building skills, and, with some oversight, effectively interacts with senior management, Board staff, and other constituents when concerns are largely defined. With some oversight, influences and motivates positive change on matters and concerns that are somewhat complex.
Qualifications:
Knowledge and experience normally acquired through, or equivalent to, the completion of a Master's degree and 10 years of work experience that demonstrates applicable technical or managerial skills.
Certifications (e.g., CFA, CPA, CAIA, FRM, PRM, etc.) are a plus.
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.
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.