Company

Federal Reserve Bank of ChicagoThe Federal Reserve Bank of Chicago’s Supervision and Regulation department has an opening for a team-oriented Risk Management Specialist (RMS) to join the Large Institution Supervision Coordinating Committee (LISCC) unit as a member of the LISCC Capital team. The LISCC supervision program is the Federal Reserve’s national supervisory program for the nation’s largest most systemic financial institutions. The LISCC Capital team oversees supervisory work including the Federal Reserve System’s annual Comprehensive Capital Analysis and Review (CCAR), exams, and monitoring work covering a range of business activity for large and complex banking organizations.

A firm’s processes for managing and allocating its capital resources are critical to its financial strength and resiliency, and to the stability and effective functioning of the U.S. financial system. As such, the RMS will be expected to develop and/or maintain a high level of understanding of regulatory capital rules and regulations, including the mandatory elements of the capital plan rule, international capital standards, and applicable supervisory guidance. The RMS will also be expected to understand firms’ approaches to revenue and expense forecasting process and associated governance and controls. Additionally, with some oversight, the RMS will conduct research, maintain, and analyze regulatory and other financial data, and evaluate performance trends and developments across the LISCC firms and the banking industry from a variety of sources including published reports, databases, and firms’ management information.

The RMS will participate in examination work which will involve assessing LISCC firms’ capital requirement calculations and capital management strategies and positions, including financial planning and risk management activities that inform key capital decisions at the bank holding company level.
The RMS will provide high-quality supervision through active dialogue with the firm(s), examinations, ongoing monitoring, horizontal activities, and special projects. The RMS will actively collaborate with, and support, the LISCC Capital program as well colleagues across the System.

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

Your Responsibilities:

• Monitor large institutions through meetings with firm management and reviewing firm submitted materials to ensure objective and timely assessments to uncover potential risk exposures and risk management gaps as well as evolving risks.
• Assess compliance with capital rules and requirements such as Regulations Q and YY including assessing the governance, risk management, and internal controls over firms’ implementation of those requirements.

• Maintain knowledge of relevant regulations, laws, issues, trends, and ongoing developments in the financial services industry.
• Assist in the development of examination scopes/supervisory activities, including the setting of timelines and milestones.
• Develop a horizontal understanding of firms' capital planning and positions, as well as the drivers of change for those positions with sufficient firm-specific knowledge to inform the supervisory planning process.
• Analyze trends and new developments related to financial performance, risk-weighted assets (RWA), pre-provision net revenue (PPNR), and financial risk management practices across firms.
• Prepare and deliver clear and persuasive findings in formal written and verbal presentations on supervisory assessments to firm management and LISCC Program and Reserve Bank management.
• Develop strategic and collaborative working relationships and networks throughout the LISCC Capital Program including with the dedicated supervisory teams, other horizontal evaluation teams, and with other Reserve Bank and Board of Governors staff.
• Provide guidance, training, and constructive feedback to less experienced staff.

Your Background”

• Bachelor’s degree, relevant accreditation, or equivalent experience
• Four plus years of direct work-related experience
• Two plus years in risk area of expertise required
• Examiner commission or willingness to enroll in examiner commissioning upon acceptance of the position preferred.
• Knowledge of large bank capital requirements, capital planning strategies, financial risk management, and supervision and regulation.
• Intermediate to advanced analytical and problem-solving skills.
• Proficient communicator with strong writing and public speaking skills. Ability to convey complex, technical topics and supervisory assessments in concise terms to multiple audience types.
• Ability to provide guidance, training, and constructive feedback to less experienced staff and peers.
• Ability to build productive working relationships with a range of internal and external stakeholders.
• Ability to set priorities and adapt to changing circumstances, with commitment to ensuring that high priority goals are met.
• Aptitude to leverage relevant technology and software applications.
• Possess strong intellectual curiosity, independent thinking, and decision-making abilities.

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 position is remote work mode eligible. The hybrid flex work mode is also available if it is a preference to the selected candidate.

Other Requirements:

• Ability and willingness to travel up to 10%.
• 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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