Business Risk and Control Officer - Markets Group','256454','**MEMBERS ONLY**SIGN UP NOW***.','NY-New York City','','Full-time','Regular','Exempt','Exempt','Experienced','','','No','Day Job','','','','','','','','!*!Overview: The Markets Risk and Control (MRC) Directorate establishes and administers the Markets Group’s integrated risk management program in support of, and compliance with, the Bank’s risk management framework. The MRC engages with Markets Group management to develop an aggregated and objective view of ‘first line’ risk exposures, advises business area management on control issues and mitigation decisions, provides a first line review and quality assurance function, and promotes effective information dissemination and transparency of existing and emerging material risks and control issues.
The MRC is looking for an experienced individual to serve in the newly established role of Business Risk and Control Officer (BRCO) with responsibility for developing and administering the Markets Group’s evolving enterprise risk management program. The BRCO will report to the Markets Group’s MRC Director, who reports to the Markets Group’s Chief Risk Officer. The BRCO will serve as a first line control advisor for one or more business areas, which include: the Discount Window and Collateral Valuation (DWCV) function that operates lending facilities for depository institutions in the Second District and determines valuation and margin practices for collateral pledged throughout the Federal Reserve System; the Markets Operations, Monitoring, and Analysis (MOMA) function that executes domestic and foreign trading operations, administers and produces a suite of references rates, and serves as the fiscal agent for the U.S. Treasury in the issuance of debt by conducting auctions of securities; and the Central Bank and International Account Services (CBIAS) function, which provides securities clearing, custody, funds transfer and other support services for the domestic and foreign monetary policy operations and offers a range of correspondent and custodial banking services to foreign official institutions (central banks) and official international organizations.
Job Responsibilities:• Serve as a trusted central point of contact and advisor for one or more of the Markets Group’s first line business areas; and advise business area management on the Bank’s and Group’s risk management frameworks, policies, practices and processes. • Partnering with business area management, responsible for developing and maintaining a structured enterprise view of existing and emerging exposures across various risk types (i.e., operational, compliance, financial, financial statement reporting, legal, reputational and strategic). • Advise business area management and promote effective information dissemination and transparency across the three lines of defense to consistently and systematically identify, analyze, respond, communicate, monitor and escalate emerging and material risks, including risks related to high priority projects and strategic initiatives. • In collaboration with business area management, develop and maintain a first line risk tolerance statement, build out and monitor key risk and early-warning indicators (KRI/EWIs), and maintain the top-down/bottoms up enterprise risk assessment. • Independently manage the MRC’s most complex analytical projects related to risk issues, post incident reviews and processes; identifying and assessing gaps or improvement opportunities in the control environment (i.e., design, efficiency, and effectiveness), advising business area management on mitigation decisions, and providing a first line review and assurance function. • Lead the production of high quality business-level enterprise risk management analysis and reports, and facilitate or support briefings with senior management, the Bank’s risk and control functions (i.e., second and third lines of defense) and other stakeholders.• Work with fellow BRCOs, other first line risk teams, and business areas management to support the integration and aggregation of existing, evolving and new risk management activities. • Cultivate and maintain strong relationships with staff and management across the Markets Group, Bank and Board of Governors; including the Bank’s second lines of defense as they implement and enhance the Bank’s risk management framework. • Represent the MRC Directorate in Group or Bank risk forums, councils or committees. • Manage and provide coaching and mentoring to MRC staff in the execution of risk management processes and development of deliverables.• Develop and implement training and tools to improve the Group’s risk management program.
','!*!Qualifications:• Bachelor’s degree, preferably in business or finance, or equivalent work experience in the financial industry. • 8-12 years of experience in risk management, compliance, internal/external audit, or other control functions; demonstrating increasing responsibilities and career growth.• Proven team leader with the ability to manage and mentor experienced professionals, and work effectively as a member of a management team to foster a strong risk culture and an open, honest and inclusive work environment. • Strong knowledge of risk management practices used to measure and manage risk.• Excellent analytical, problem-solving and decision-making skills; including the ability to understand complex topics and issues, execute sound judgment, develop thoughtful conclusions and make recommendations in a timely manner.• Strong personality with a proven ability to build effective partnerships, maintain credibility with all levels, and work across organizational lines to achieve objectives and influence change.• Excellent written and verbal communication skills, including experience reporting to senior management and committees with an ability to quickly synthesize new information and draw out appropriate content.• Excellent planning and organizational skills and the ability to operate efficiently given competing priorities across different time horizons and.
This position requires access to 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, U.S. permanent residents who are not yet eligible to apply for naturalization, and U.S. permanent residents who have applied for naturalization within six months of being eligible to do so.
The **MEMBERS ONLY**SIGN UP NOW***. 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, or military service.','Business Risk and Control Officer - Markets Group