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Credit Risk Specialist - Large Bank Supervision

Federal Reserve Bank of Minneapolis

Federal Reserve Bank of Minneapolis

Boston, MA, USA
Posted on Thursday, September 28, 2023

Company

Federal Reserve Bank of BostonAs 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.

This job is eligible for a hybrid schedule with some on-site work expected. The individual is excepted to reside in the 1st District unless you were given an exception.

Credit Risk Specialist – Large Bank Supervision

Description of Role:

The Credit Risk Specialist participates in reviews and examinations that evaluate the effectiveness of credit risk management practices across a range of capital markets risk dimensions and businesses areas for a large, globally systemic financial institution under Federal Reserve supervisory authority. As a member of our dedicated supervisory team (DST), you will assess credit risks 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. You will also share knowledge within the DST, being a valuable team member by holding yourself accountable and being receptive to performance feedback and the divergent views from others.


The Credit 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 under review. Through the recommendations, you will negotiate, influence their actions and resolve any conflict that arises. The Credit Risk Specialist will also participate in cross-institutional reviews in your specialty area, provide leadership or coordinate assistance to support national supervision program management. The Risk Specialist may also provide leadership or help us support the national supervision program. You will report to the Exam Manager.

Responsibilities:

  • Lead the oversight of credit risks at the largest institutions. Maintain liaisons with institution management, and with deputy/DST Leads, system risk specialists, and other regulatory agencies.
  • Lead or assist in 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.
  • Lead or participate in targeted reviews, examinations, and or/special projects in credit risk management. Demonstrates strong judgment and well-reasoned decision making in situations that may involve highly complex issues, public scrutiny, market reactions, and potentially adversarial circumstances.
  • 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.
  • 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 firms’ risk profile through analysis of internal risk management reports and interactions with institution management. Support an overall assessment of a firm’s credit risk profile.
  • Identify emerging institutional, regional, economic, and industry issues and their potential impact. Maintain current awareness of relevant regulations, laws, issues, trends and ongoing developments in risk specialty areas and in the broader financial services industry.
  • Maintain expertise in credit risk practices as well as supervisory expectations and industry practices in those areas.

Education and Experience:

  • Bachelor’s degree is required.
  • 10 years of commensurate financial industry or regulatory work experience.


Desirable Knowledge and Skills:

  • Advanced knowledge of risk management programs, measurement tools, models, control frameworks, and risk indicators used to make decisions relating to credit and capital markets related activities.
  • Capabilities to evaluate a broad range of an institution’s risk practices for credit risk dimensions and businesses, to also include counterparty credit risk management and capital planning.
  • Proficient technical knowledge in a specialty area (e.g. credit risk, capital planning) and familiarity with audit and internal controls.

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 Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

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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