Third Party Risk Management Associate

Federal Reserve Bank of Minneapolis

Federal Reserve Bank of Minneapolis

New York, NY, USA
Posted on Friday, June 7, 2024


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:

Execute the Third-Party Risk Management Program across the Federal Reserve Bank of New York. Works with all levels of the organization and across lines of business to ensure compliance with the TPRM Program.

Your role as Third Party Risk Management Associate:

Responsible for developing, implementing and administering risk management programs related to operating risk. Specializes in operational risk including identification, mitigation, monitoring and reporting. Specializes in operational risk, analyzing loss risk involved with the Bank's internal processes, systems and people. Activities include implementing/monitoring business continuity planning programs; coordinating business continuity planning testing and evaluation; analyzing and mitigating risks associated with vendors. Additional activities include risk assessments, recertifications, risk training, awareness and vulnerability monitoring.

  • Supports the successful execution of the TPRM Program by ensuring that all stakeholders are performing their respective roles and responsibilities associated with applicable policies, standards, procedures, and objectives.
  • Drives Third-Party Risk Lifecycle activities to completion, including inherent risk tiering, SME engagement, ongoing performance monitoring, the closure of service level gaps in the performance of the third party.
  • Supports development of communication and training procedures, reference guides, and other TPRM Framework documentation to support TPRM Program evolution.
  • Supports, and tracks reporting requirements - Key Performance Indicators (KPIs), and Key Risk Indicators (KRIs).
  • Assists lines of business with ongoing TPRM Program monitoring and oversight including infrastructure, training, and compliance metrics for TPRM activities.
  • Support Third-Party Risk related Bank Resiliency efforts, which include projects focusing on the development and ongoing maintenance/enhancement of 4th Party and Inter-Affiliate Programs.
  • Remains apprised of industry best practices and identify opportunities and solutions for continuous TPRM program enhancement.

What we are looking for:

  • Seasoned professional individual contributor
  • Works independently with limited supervision, and may manage projects / processes
  • Coaches and reviews the work of lower-level professionals
  • Problems faced are difficult and sometimes complex
  • Influences others regarding policies, practices, and procedures
  • Tactical (40%) – focused on the plans to achieve goals and objectives – the “how”, Transactional (60%) – carries out defined steps or processes.

Salary Range: $100000 - $140000 / 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.


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

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. Please note, this is a dedicated e-mail box designed exclusively to assist applications with accommodation requests in relation to our recruiting process. All other inquires including the status of applications will not receive a response from this e-mail box.

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

Risk Management

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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