Company

Federal Reserve Bank of ChicagoThe Senior Risk Management Specialist (RMS) will be part of a team at the Federal Reserve Bank of Chicago that contributes toward the supervision of capital markets risk at a variety of financial institutions. Responsibilities include providing subject matter expertise in liquidity risk management, interest rate and derivatives exposures, investments, and other market risk topics for the examination of financial institutions regulated by the Federal Reserve System.

Responsibilities also include communicating emerging liquidity and market risk trends, participating on complex supervisory risk reviews or examinations, and assessing the risk profile and risk management practices of financial institutions. The candidate will interact with numerous constituents across the 7th District, Federal Reserve System, and other supervisory agencies. The candidate will also be expected to consult and provide training on liquidity, interest rate and other capital markets risk topics, and be a resource for less experienced 7th District staff with interest in these risk stripes.

The Market & Liquidity Risk (MLR) Management Specialists Team within the Large Financial Banking Organizations (LFBO) Division is a unit of nationally recognized subject matter experts in liquidity, interest rate, market risk, and investments that identifies and monitors emerging risks and trends in the banking and finance industry. The MLR Team maintains an ongoing relationship with individual bank examiners and supervisory teams in all institutional portfolios in the Seventh District, supervisory personnel at the Federal Reserve Board of Governors and other Federal Reserve Banks, as well as senior management and directors of supervised institutions. (Supervised institutions within the district include banking firms with total assets ranging from $50 million to over $250 billion, as well as various thrift holding companies, insurers, and financial market utilities.)

The RMS job family focuses on risk-driven supervision and analytics for a broad array of risk areas, products areas, and institutions engaged in moderately complex to complex activities. Members of the Risk Management family provide horizontal analytics and engage with internal stakeholders and institution executives who have a deep knowledge of their functional or risk area. Members of this family also have exposure to and an impact on how the industry manages complex operations and activities.

The Senior RMS provides in-depth knowledge when participating and/or consulting in reviews and examinations of financial institutions or service providers. The candidate will draw on professional experience and knowledge to execute supervisory program requirements, prepare supervisory data, conduct research as needed, and develop and perform moderately complex to complex analysis. They will also provide summary analysis regarding financial institutions’ MLR exposure and evolving industry trends through meetings with management, review of management reports, participating on and leading onsite reviews, authoring reports, and monitoring remediation of supervisory issues. Finally, the Senior RMS will be a risk management resource for the Reserve Bank, Federal Reserve System, and Board of Governors colleagues.

The level of work is considered intermediate, and staff must be able to work under general to limited supervision. This position has no direct reports.

Your Responsibilities:

• Monitors a variety of institutions or service providers offering MLR services to uncover potential risk exposures and risk management gaps as well as evolving risks.
• Assist in monitoring and communicating other evolving capital markets risks, including liquidity risk, interest rate, investment, and other market risks.
• Analyze a wide variety of financial institutions to uncover potential risk exposures and risk management gaps that may affect firm resiliency and recoverability.
• Lead or participate in District and FR System projects and initiatives to assess district- and industry-wide liquidity risk and risk management practices.
• Collaborate with fellow risk management specialists, consultants, examiners and other supervisory constituents throughout the Department and the FR System to ensure conclusions and recommendations are fully informed and effectively incorporated into supervisory activities.
• Maintain an elevated level of technical expertise, and knowledge of regulatory guidance and industry issues.
• Prepare and deliver high quality presentations, verbal and written supervisory research and summaries, and other analysis of liquidity and capital markets risk subjects.
• Assesses the adequacy of risk management systems, policies and procedures, and compliance with laws and regulations.
• Discusses and opines with examination teams on supervisory strategies of institutions of varying complexity.
• Provides horizontal risk perspectives to examination/project plans, timelines, and milestones.
• Creates and provides assessments, documents, and other correspondence to internal and external stakeholders.
• Consults and serves as a technical resource in assigned risk area for a limited range of supervisory issues within the department, District and System
• Gathers and organizes information, derives sound analysis, supports findings and conclusions, makes recommendations, and follows up as appropriate.
• Prepares and presents both orally and in written form, conclusions, and recommendations of varying complexity to internal and external stakeholders.
• Develops relationships within the team, division, and department.
• Provides guidance, training, and constructive feedback to less experienced staff to develop future MLR talent internally.

Your Background:

• Bachelor’s degree, relevant accreditation or equivalent experience in Economics, Finance, Business Administration or other related field is required.
• Four plus years of direct work-related experience in liquidity, market risk, and/or asset liability management required. Some of this experience could include managing the funding/liquidity risk profile within the treasury department or other function of a bank, insurer or other financial institution, or the direct examination of such activities.
• Two plus years in MLR area of expertise required, and may include:
  • Interest rate risk management, such as ALM modeling and analysis of IRR exposures, and interaction with ALCO and senior management in the development of balance sheet and hedging strategies to minimize market risk.
  • Investment portfolio risk management, including credit analysis and valuation of a wide range of investment security portfolios and product types.
  • Experience examining capital markets activities in any of the risk areas noted above.

• Demonstrate an understanding of market, liquidity, and investments risks facing financial institutions.
• Demonstrates the ability to understand and execute risk focused supervision and processes.
• Demonstrates the ability to apply the knowledge in completing assignments.
• Demonstrates intermediate analytical and critical thinking skills.
• Demonstrates independent decision-making abilities as well as has solid written and oral communication abilities.
• Possesses the ability to provide guidance and constructive feedback to less experienced staff.
• Possesses strong teamwork skills and the ability to build and work collaboratively within and across work teams.
• Demonstrates the ability to manage time and projects effectively by adjusting quickly to new and different priorities.
• Demonstrates aptitude to leverage relevant technology and software applications.
• Possesses general business acumen.

What we Offer:

• Comprehensive benefits package, including medical, dental, vision, prescription drug coverage, 401k savings plan, retirement plan, paid time off and transit benefit.
• A continuous learning environment with opportunities to gain new skills and grow your career.
• A wide range of Diversity, Equity, and Inclusion community groups as well as active employee resource groups and mentorship programs.
• Onsite gym and subsidized cafeteria.

Location:

• This is a Hybrid position. Your presence will be expected at one of the 7th District offices—Chicago (preferred), Des Moines or Detroit

Other Requirements:

• Ability and willingness to travel up to 15%
• As a condition of employment, Federal Reserve Bank of Chicago 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 official if necessary.
• 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. In addition, all candidates must undergo applicable background checks and comply with all applicable information handling rules, and all non-U.S. citizens must sign a declaration of intent to become a U.S. Citizen and pursue a path to citizenship.
• This position has additional screening requirements due to the information accessed while performing the job. These additional screenings would be initiated at the time of offer acceptance and can take approximately two months to be completed. The screening covers areas such as education/employment verification, criminal history, credit history, and reaches out to your references and people that know you well.

We are committed to equal employment opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, marital status, disability, gender, gender identity or expression, or veteran status.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

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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