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Compliance Risk Program Manager

Federal Reserve Bank of Minneapolis

Federal Reserve Bank of Minneapolis

Legal, Operations
New York, NY, USA
Posted on Friday, February 2, 2024

Company

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.

What we do:

The Supervision Group of the Federal Reserve Bank of New York (FRBNY) supervises banks in the Second District. The objectives of supervision are to:

  • Evaluate and promote the overall safety and soundness of supervised institutions

  • Ensure supervised institutions’ compliance with relevant laws and regulations

  • Facilitate the stability of the financial system of the United States

  • Support the growth and stability of the U.S. economy

Supervision is carried out through a combination of methods, including on-site and off-site examinations involving staff dedicated to the supervision of individual firms and through other professionals focused on analytical, policy and risk matters. Supervision is coordinated with other US agencies.

The Large and Foreign Banking Organization (LFBO) Function is responsible for monitoring and assessing the safety and soundness of three large domestic and all foreign-owned firms with U.S. Operations (FBOs) in the Second District, the latter of which includes a large number of Less Complex Foreign Banking Organizations (LFCBOs) in the Second District.

Your role as Compliance Risk Program Manager:

You will work in a dynamic team environment and play an important role in helping the Federal Reserve carry out its regulatory responsibilities. The LFBO Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Compliance Risk Manager will manage a team of LFBO Compliance Risk examiners who are responsible for examinations, continuous monitoring, and evaluation of compliance risk management and control frameworks of institutions in the LFBO portfolio with respect to AML controls, sanctions, and counter-terrorist financing (CTF).

  • Providing input to peers and management to drive strategic goals and initiatives, including staying abreast of supervisory developments in the areas of AML laws and regulations, the requirements of the OFAC, and other CTF regulations.

  • Managing, developing, and serving as a mentor and champion to a mid-sized team of LFBO Compliance Risk examiners.

  • Developing well supported supervisory assessments. Presenting examination results to supervised institutions, Federal Reserve management, staff, and other supervisory authorities.

  • Driving continuous monitoring regimes including meetings with management, and review and analysis of internal risk reports, business plans, committee meeting minutes, and other materials for the assigned institution(s).

  • Maintaining communication channels and working closely with internal stakeholders to assess BSA/AML and OFAC compliance programs, remediation of regulatory findings and enforcement actions, and overall adequacy of corrective actions.

  • Managing multiple examinations simultaneously, including delegation of work and review of work products. Establishing an environment of action and excellence by holding self and others accountable to execute to the highest standard.

What we are looking for:

  • Demonstrated experience managing and developing staff.

  • Strong knowledge of bank operations, with the ability to evaluate the quality and effectiveness of firms’ risk management practices, effectiveness of the governance and controls for managing those risks and compliance with relevant laws and regulations.

  • Subject matter expertise in one or more areas: private banking, trade finance, correspondent banking, cryptocurrency, data/system validation, and payment message standards.

  • Experience in assessing, validating, designing, or managing various risk management controls, models, data integrity, automated monitoring systems, transaction surveillance, operations monitoring, reporting, and/or interdiction systems is a plus.

Salary Range: $192300 - $229300 / 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 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.

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

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.

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, pregnancy, or military service.

We value accessibility for all candidates and are happy to provide an accommodation or assistance. Please email us at ny.leaves@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

Legal Family

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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