The Information Technology (IT) Risk Specialist leads and participates in reviews and examinations that evaluate the effectiveness of risk management practices for large, globally systemic financial institutions under Federal Reserve supervisory authority. As a member of the System’s G&C IT Risk Management Team, you will assess risks and the risk management programs of institutions through participation in on-site examinations and regular monitoring practices of business activities to ensure they operate in a safe and sound manner, and comply with applicable banking laws, regulations, and policy statements.
The IT Risk Specialist will use sound analysis and reason to develop conclusions and recommendations on complex issues including elevating the effectiveness of management, supervisory communications, and risk management practices under review. Through the recommendations, you will negotiate, influence actions, and resolve any conflicts that arise.
The IT Risk Specialist may also provide leadership or coordinate assistance to support national supervision program management.
This requisition may be filled at the Senior or Lead level for qualified internal FRS candidates.
- Lead or participate in risk-focused examinations, providing written conclusions and findings for inclusion in supervisory reports.
- Lead or participate in horizontal examinations to develop peer perspective.
- Lead or participate in Federal Reserve System operational risk initiatives related to training, committees, and contribute to the development of policies to enhance the supervision of financial firms.
- Develop and maintain expertise in operational risk, as well as supervisory expectations and industry practices in those areas.
- Synthesize information from multiple sources to identify industry trends and emerging issues. Identify the implications of these trends, both at the micro and systematic levels and propose approaches to identified issues.
- Develop an understanding of supervisory rating systems applied to large banks (LFI ratings).
- Assist in the development of firm risk assessments and supervisory strategies, and the vetting of examination scopes and findings. Provide briefings to senior Federal Reserve staff and others in the supervisory community.
- Develop comprehensive, creative and agile approaches to evaluating risks. Devise methods to more efficiently incorporate Federal Reserve data, market-based surveillance products, and technology into the ongoing supervisory process.
- Prepare informative, well-supported supervisory products and work papers, effectively communicating complex and problematic supervisory findings, including required actions to senior management and boards of directors.
- Prepare and deliver written analyses and presentations on firm specific as well as broader industry trends or emerging risks.
- Evaluate developments impacting firms’ risk profile through analysis of internal risk management reports and interactions with institution management. Support an overall assessment of a firm’s governance and controls-related programs and processes.
- Analyze non-financial risk-related risk management programs to determine an estimated risk and potential impact to the financial institutions and financial services industry.
- Identify emerging institutional, regional, economic, and industry issues and their potential impact. Maintain an awareness of potential changes to key rules, laws and regulations, and supervisory policies.
- Maintain strong relationships and liaisons with Federal Reserve colleagues, institution management, and other regulatory agencies.
- Provide coaching, training, and mentoring of less experienced colleagues.
Education and Experience:
- A Bachelor’s degree is required, with a concentration in business management, finance, or accounting preferred.
- Knowledge and experience normally acquired through, or equivalent to, the completion of a Master’s degree and a minimum of 10 years of commensurate financial industry or regulatory work experience.
- Appropriate industry certifications (e.g. CFA, CPA, CISA, etc.) are preferred.
Desirable Knowledge and Skills:
- Advanced knowledge of risk management programs, measurement tools, models, control frameworks, and risk indicators used to make decisions on operational or enterprise risks for an organization.
- Capabilities to evaluate a broad range of an institutions’ operational framework, including, risk management and compliance programs, payment processing activities, custody services, investment management and servicing utilities, and resiliency of operations.
- Proficient technical knowledge in a specialty area (e.g. operations, information technology, investment management) and familiarity of management information systems, audit and internal controls.
- Domestic travel and overnight stays are required at approximately 25 – 50 percent but could be more or less at any given time depending on one’s assignment.
PLEASE NOTE: The Federal Reserve Bank of Boston is committed to a diverse, equitable and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.
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.
All employees assigned to this position 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. All candidates must undergo an enhanced background check 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.