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Federal Reserve System Financial Risk Specialist, Model Risk Program in New York, New York

Company

Federal Reserve Bank of New York

Working at the Federal Reserve Bank of New York 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 foster and support the safety, soundness, and vitality of our economic and financial systems.

The Bank believes in work flexibility to balance the demands of work and life while also connecting and collaborating with our colleagues in person. Employees can expect to be in the office a couple of days per week as needed for meetings and team collaboration and should live within a commutable distance.

What We Do:

The Risk Group's mission is to help the Bank achieve its goals while managing risks within the Bank's risk tolerance. The Financial Risk Oversight Function within the Risk Group provides an independent assessment of the Bank’s aggregate financial risk exposure, as well as oversight of the first line’s financial risk management and mitigation efforts.

Your role as a Financial Risk Specialist, Model Risk Program:

As a member of the Financial Risk Oversight Function, you will report to the Financial Risk Director and execute the following activities:

  • Lead and continue developing the Function’s model risk management program, design new processes and improve current processes in executing the independent assessment of models used across the Bank, which includes conducting analysis, synthesizing information, producing reports, and conveying findings.

  • Provide expertise and guidance to ensure quality control of the Bank’s Model Risk Management policy and compliance with model risk management standards and practices, ensuring high quality of product and services produced through the program and maintenance of the Bank’s model inventory.

  • Implement effective project management protocol to ensure timely delivery of the program’s products and services.

  • Develop deep understanding of the Bank’s operations in financial market and proactively identify, assess, and communicate model risk and other analytic risk to different stake holders.

  • Ensure open, timely communication and effective engagement with the business, control partners, senior management, and stakeholders.

  • Contribute to and support Function’s workstreams to enhance financial risk management oversight responsibilities, sharing observations and knowledge to strengthen risk management products and services and business coverage.

What we are looking for:

  • Extensive experience and proven track record in modeling and/or model risk management (regression analysis, time-series modeling, volatility models, cross-sectional models, multivariate models, stochastic models, and multivariate Monte-Carlo simulation).

  • Knowledge of and experience implementing industry standards, frameworks, and best practices in model risk management programs and processes inclusive of risk identification, analysis, response, communication, monitoring and escalation. Familiarity with the implementation of SR 11-7 policy highly desirable.

  • Experience with analysis across a range of asset types including fixed income securities, structured products, and whole loans.

  • Strong programming and data analysis skills using at least one and preferably several of the following languages: SAS, Stata, VBA, MatLab, R, Python, Bloomberg.

  • Strong written and oral communication skills to explain complex, technical issues, develop sound conclusions and make clear recommendations.

  • Strong business development skills.

Salary Range: $155400 - $238500 / year

We believe in transparency at the NY Fed. This salary range reflects a variety of skills and experiences candidates may bring to the job. We pay individuals along this range based on their unique backgrounds. Whether you’re stretching into the job or are a more seasoned candidate, we aim to pay competitively for your contributions .

Our Touchstone Behavior s —Communicate Authentically, Collaborate Inclusively, Drive Progress, Develop Others, and Take Ownership—help shape the culture of the Bank. They also provide a shared language for how we work together and achieve success, and they set clear expectations for leading with impact at every stage of your career with us. Learn more. (https://www.newyorkfed.org/careers/touchstone-behaviors)

Benefits:

Our organization offers benefits that are the best fit for you at every stage of your career:

  • Fully paid Pension plan and 401k with Generous Match

  • Comprehensive Insurance Plans (Medical, Dental and Vision including Flexible Spending Accounts and HSA)

  • Subsidized Public Transportation Program

  • Tuition Assistance Program

  • Onsite Fitness & Wellness Center

  • And more (https://www.newyorkfed.org/careers/benefits_health.html)

Please note that the 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 permanent residents may be eligible for the information access required for this position if they sign a declaration of intent to become a U.S. citizen and pursue a path to citizenship and meet other eligibility requirements.

In addition, all candidates must undergo an enhanced background check, comply with all applicable information handling rules, and will be tested for all controlled substances prohibited by federal law, to include marijuana.

The New York Fed expects its employees to perform their duties with honesty, integrity, and impartiality, and without improper preferential treatment of any person. Learn more about our code of conduct and conflicts of interest rules. (https://www.newyorkfed.org/aboutthefed/ethics-conflicts-of-interest)

The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

We value accessibility for all candidates and are happy to provide an accommodation or assistance. Please email us at ny.rtw.accommodation@ny.frb.org and we’ll be glad to help.

This is not necessarily an exhaustive list of all responsibilities, duties, performance standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, management reserves the right to revise the job or to require that other or different tasks be performed when circumstances change.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Risk Management

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.

Privacy Notice (https://www.kansascityfed.org/documents/7797/Workday_Privacy_Notice.pdf)

OUR BANK has one of the most recognizable brands around the world. The Federal Reserve is the central bank of the United States—one of the world's most influential, trusted and prestigious financial organizations. The Federal Reserve is charged with the important mission of promoting a strong economy and a stable financial system and fulfills this responsibility by formulating national monetary policy, supervising and regulating banks and bank holding companies, and providing financial services for banks and the U.S. government.

OUR PEOPLE are diverse in background and ideas, which allows for ongoing creativity and innovation. Ultimately, they are the ones who push our high-performance, exchange-driven culture forward.

Why Our People Choose Us:

Our reputation precedes us

There will always be room for personal growth

Our people are first

You’ll find the right balance

Your responsibilities will be meaningful

We hope that you will be our future colleague.

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