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Risk Specialist

Employer
Federal Reserve Bank of Boston
Location
Boston, USA
Salary
Competitive
Closing date
Dec 1, 2019

View more

Job Function
Risk Management
Industry Sector
Finance - General
Employment Type
Full Time
Education
Bachelors
Risk Specialist
Risk Specialist/Senior Risk Specialist, LISCC Counterparty Credit Risk Team

Overview;

The Federal Reserve Bank of Boston has an opening for a teamoriented, highly skilled Risk Specialist to join the Supervision, Regulation and Credit Department as a member of the LISCC Capital Programs Counterparty Credit Risk (CCR) Team. The LISCC supervision program is the Federal Reserves national supervisory program for the nations largest most systemic financial institutions. The program is overseen by the LISCC Operating Committee (OC) and is executed by hundreds of staff supplied by multiple Reserve Banks and the Board.

Counterparty Credit Risk Team Members are responsible for monitoring and examining specific areas of credit risk in the day-to-day execution of the LISCC Capital Program, a year-round supervisory program that assesses the capital adequacy, capital planning, and financial risks and controls of the largest bank holding companies on a forward-looking basis. The Counterparty Credit Risk Team Member will also collaborate with LISCC firms dedicated supervisory teams (DST) and other LISCC programs to ensure that planned examination activities are reflected in supervisory plans for the year. Counterparty Credit Risk Team Members are expected to have deep knowledge of counterparty credit risk practices at LISCC firms.

The Capital Program is seeking a Counterparty Credit Risk Team Member as an examiner responsible for ensuring that supervisory monitoring and examinations result in timely, credible, and well-supported assessments of firms capital planning practices and financial risk management and controls within the teams area of responsibility.

Principal Duties and Responsibilities;

Key responsibilities in this role include, but are not limited to, the following:
Working with the local and system management to execute a supervisory plan for counterparty credit risk reflective of the supervisory work required to evaluate firms capital planning and financial risk management and internal controls;
Serving as a subject matter expert on the CCR horizontal team, and participating in the development and execution of examination scope memorandums, assessment work programs, conclusion memorandums, and supervisory feedback letters;
Participating in the assessment of firms remediation of supervisory issues and elevating issues to management, where appropriate; delivering clear, written and oral supervisory messages to firm leadership in collaboration with other Capital Program participants and the DSTs; and
Monitoring and reporting on changes in inherent risk and risk management practices for a portfolio of LISCC firms, and developing knowledge and expertise of the counterparty credit risk management practices for those firms.

Requirements;
6-10+ years of relevant work experience preferred.
Bachelors degree required, advanced degree or equivalent (e.g., CFA charter) preferred.
Commissioned Examiner a plus.
Demonstrated experience in counterparty credit risk management, including CVA practices, derivative pricing and other traded products, CCR measurement techniques and legal documentation practices.
Well-developed organizational, communication and collaboration skills.
Demonstrated ability to set priorities as well as execute in a timely manner priorities as set by/with more senior management.
Generally periodic, and at times frequent, travel including extended overnight stays may be necessary.

Listing of Essential Skills & Abilities;

The following are the essential skills needed to perform this job:
Ability to understand and explain quantitative aspects of derivative pricing and counterparty credit risk.
Ability to proactively collect information, viewpoints and analyses from individuals of different expertise and backgrounds, and assimilating them to build consensus even when they are conflicting views which needs to be resolved.
Ability to assimilate information, analyze complex issues, and develop sound written conclusions/decisions and recommendations
Ability to recall and apply various policies and concepts and ensure compliance with banking laws and regulations.
Ability to lead comprehensive and effective meetings with firm management exploring and evaluating risk management practices.
Ability to balance multiple priorities and meet tight deadlines within a fast-paced and high stress environment.
Ability to work independently, cooperatively and courteously with peers across districts, in a matrix management environment, fostering the team effort; and assist co-workers as needed.
Analytical and problem solving skills, including the ability to conduct analysis, synthesize information, produce summaries and reports, and effectively convey findings to area management.
Strong oral and written communication skills, including ability to write memoranda and report comments that are concise, cohesive and persuasive.
Ability to accept changing roles, responsibilities, work processes, assignments, etc.
Ability and willingness to learn about banking industry issues and trends and seek opportunities to apply new material.

Travel - 25 % of the Time

This position requires access to confidential supervisory information, access to which is limited to "Protected Individuals" as defined by regulation of the Board of Governors of the Federal Reserve System. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and lawful permanent resident aliens (also known as "green card holders") who are eligible for and seeking United States citizenship within the requisite timeframes. Frequent travel including overnight stays maybe necessary.

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.

Primary Location: MA-Boston
Work Locations:
Organization: Federal Reserve Bank of Boston
Schedule: Full-time
Job Type: Experienced
Shift: Day Job
Travel: Yes, 25 % of the Time

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