2024 Sophomore Career Exploration Program - Risk Group

Federal Reserve Bank of Minneapolis

Federal Reserve Bank of Minneapolis

New York, NY, USA
Posted on Wednesday, August 30, 2023


Federal Reserve Bank of New YorkWorking 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.

Please note: Apply to all areas that you are interested in within the various tracks. For example, to apply to the entire policy track, you must submit applications for Markets, Research, and Supervision. This does not apply to Technology.*

Program Description:

The Sophomore Career Exploration Internship provides outstanding undergraduate students with the opportunity to gain valuable work experience with a unique institution. Through project work assignments and professional development activities, sophomore interns are provided with both an introduction to professional life, and an understanding of the work of the New York Fed.

In addition to their daily responsibilities, sophomore interns will develop personal and professional skills to support their success in the workforce. Interns will experience a cohort-model of learning, while receiving a mentor pairing with a more experienced professional at the Bank. Sophomore interns will also have the opportunity to learn more about the Junior Summer Analyst program, which serves as a recruitment pipeline for the New York Fed’s entry-level hiring.

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 and strengthening the risk culture. The Group’s role is to serve as the Bank’s second line of defense to ensure effective risk management. We do this by performing independent assessment and oversight of the Bank’s risks. We establish frameworks to improve Bank’s risk management processes. Interns will have exposure to one of more of the following areas.

The Enterprise Risk Oversight (ERO) Function supports the Bank’s ability to effectively balance risk and reward in formulating and executing its strategy. The ERO Function’s primary responsibilities are to independently assess and oversee the Bank’s enterprise risks, assess the Bank’s risk culture, support the Bank’s Chief Risk Officer in sustaining the three-line model outlined in the Bank’s Risk Management Framework, provide independent oversight of the Bank’s critical businesses, and serve as the operating arm of the Bank's risk governance.

The Risk Product and Strategy Function manages the technology strategy for the Risk Group. This consists of acting as the product owner for the FRBNY’s risk management platform, defining the product roadmap in collaboration with our risk partners across the Bank, managing requirements and partnering with the Technology Group on the implementation of those requirements.

Responsibilities include:

  • Contribute to the execution of the following risk management activities aligned to the Enterprise Risk Management Business Coverage Model and the Bank’s Risk Management Framework.

  • Support ERO’s risk analysis activities conducted to perform strategic initiatives oversight

  • Support ERO efforts in enhancing its risk reporting for senior management

What we are looking for:

  • Expected graduation between Winter 2025 and Spring 2026

  • Have interest in quantitative aspects of risk management, with a Science, Technology, Engineering, or Math (STEM) background and passion for public service

  • Ability to develop and maintain spreadsheets, databases, and graphic presentations

  • Some knowledge of risk management principles helpful

  • Analyze business activities, understand, and describe process flows, strengths and weaknesses, and develop suggestions to improve efficiency and effectiveness

To Apply: Please include a resume and unofficial transcript. The application deadline is October 4th, 2023 (11:59 PM EST)*.

This is a paid internship. Please note, summer housing is not provided.


Your regular wages for the eight weeks will be paid on a semi-monthly basis and will be calculated based on an annual salary of 64,300.00, less applicable taxes.

Our Touchstone Behaviors—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.

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 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.

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


Job Exempt (Yes / No)


Job Category


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.

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