IT Risk Associate/IT Risk Specialist

Federal Reserve Bank of Minneapolis

Federal Reserve Bank of Minneapolis

Philadelphia, PA, USA
Posted on Wednesday, February 14, 2024


Federal Reserve Bank of PhiladelphiaThe Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. It helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.

The Supervision, Regulation and Credit (SRC) department of the Federal Reserve Bank of Philadelphia supervises banks in the Third 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.

Your role as Cyber / IT Risk Specialist:

  • Lead or participate in examinations and monitoring activities to determine the effectiveness of a financial institutions’ information technology (IT) and cybersecurity programs and validate remediation efforts of identified issues.
  • Prepare supervisory plans for relevant and effective risk-based supervision factoring in the size and complexity of the target financial institution.
  • Prepare informative, well supported supervisory products and work papers, effectively communicating complex and problematic supervisory findings, including required actions to senior management and board of directors.
  • Analyze IT and cybersecurity risk management programs and threat intelligence reports to determine risk and potential impact to the financial institutions and financial services industry.
  • Contribute to and lead System efforts and initiatives to develop effective supervisory policy and guidance, supervisory activities, and analysis and thought leadership.
  • Provide coaching, training, and mentoring of less experienced colleagues.

What we are looking for:

  • Direct work experience with auditing or risk management and IT/cyber security controls. Advanced knowledge of common frameworks such as FFIEC, NIST, and ISO.
  • Industry recognized information security certification (e.g., CISA, CRISC, CISM, CISSP) or equivalent certification is desirable.
  • Experience working in regulatory/government agencies or financial services is ideal.
  • Critical thinking and decision-making abilities.
  • Strong analytical, written, and oral communication including strong presentation, and negotiation and influencing skills in dealing with all levels of management, boards of directors and other regulatory agencies.
  • Ability to work on cross-functional teams with various stakeholders under tight deadlines.
  • Maintain ongoing awareness of current and emerging technologies.

Additional Responsibilities:

  • Demonstrates developing leadership skills and supports a collaborative and inclusive work environment.
  • Maintains peer networks for horizontal risk comparisons.
  • Manages administrative responsibilities well, including expenses, time keeping, and record retention.
  • Demonstrates effective Core competency skills at related levels, both internally and externally.
  • Complies with all applicable information security policies, guidelines, and practices.

What You Have:

Education and Experience:

  • Bachelor's degree required. Master's Degree in cybersecurity, information technology, computer science or related field preferred.
  • Commissioned by the Board of Governors (BOG) or possesses a commission from a federal banking supervision agency, or agreement to pursue a commissioning preferred.
  • Minimum of three years of IT or cyber risk experience. Experienced with auditing or managing IT security and technical controls using industry standard framework.
  • Experience in regulatory/government agencies, financial services and/or technology service providers preferred.

This job description reflects the higher level of a dual grade job posting. Candidates who possess a slightly lower level of experience, education or qualification may also be considered.

Other Requirements:

  • Valid Driver's license.
  • U.S. citizenship required.
  • Ability to travel up to 50% of the time. Some travel could be to various locations throughout the U.S. and may be up to 25% overnight.

The salary grade for this position is: 13/15.

We offer a great benefits package that features:

  • Medical (4 options), Prescription, Dental (3 options), and Vision Insurance with no waiting period
  • 401k/Thrift Plan with generous employer match
  • Employer-funded Pension Plan
  • Paid Vacation/Sick Time & Holidays
  • Monthly $100 Commuter Allowance
  • Flexible Spending Accounts and Healthcare Spending Accounts
  • Flexible Work Schedule available in most departments
  • Life Insurance and Long Term Disability Insurance
  • Tuition Reimbursement (undergraduate and graduate)
  • Parental Leave
  • Free onsite 24/7 Fitness Center including training classes, Peloton bikes and locker room / shower facilities
  • Onsite Cafeteria & Coffee Shop
  • Additional Convenience Benefits, Discounts and More…

Additional Information:

  • The Federal Reserve Bank of Philadelphia believes that diversity, equity and inclusion among our employees is essential to our success as an organization, and we want to recruit, develop and retain the most accomplished people from a diverse candidate pool. To support a workplace culture of belonging, we offer eight employee resource groups (ERGs) and a 100 percent rating on the Human Rights Campaign (HRC) Corporate Equality Index. The Federal Reserve Bank of Philadelphia is proud to be an equal opportunity workplace.
  • We have eight employee resource groups (ERGs) to support a diverse workforce. Abilities (supporting disabilities and allies), African Heritage, Asian-Pacific, Freedom (supporting LQBTQ+ and allies), Talent Forward (supporting career growth), Women United, Working Families and Veterans. ERGs are open to all employees.
  • We will ensure that individuals with disabilities are provided reasonable accommodations to participate in the job application or interview process, to perform essential job responsibilities, and to receive other benefits and privileges of employment.
  • All Federal Reserve Bank of Philadelphia employees must comply with the Bank's ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the Recruiter for this posting, who can provide you contact information for our ethics officer if necessary. You should review the Bank's Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.
  • Background investigations and drug testing are required for all new hires as a condition of employment, after the job offer is made. Candidates for positions deemed as "safety sensitive" will also be screened for the presence of marijuana. Employment may not begin until the Bank accepts the results of the background investigation.
  • All employees 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.
  • The above statements are intended to describe the general nature, level of work and the requirements of this position. They are not intended to be an exhaustive list of all responsibilities 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.
  • This is not a 100% remote opportunity. You will be available to work on-site in at least a hybrid capacity.
  • Learn more about the Philly Fed and its culture. Learn more about working for the Philly Fed.

Full Time / Part Time

Full time

Regular / Temporary


Job Exempt (Yes / No)


Job Category

Bank Examination

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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