Job Details

Senior Supervisory Associate Financial Market Infrastructures Supervision Group Federal Reserve Bank of New York

Location
New York City, NY

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Profile

Primary Location: NY-New York City

Full-time / Part-time: Full-time

Employee Status: Regular

Overtime Status: Exempt

Job Type: Experienced

Travel: Yes, 15 % of the Time

Shift: Day Job



Function Overview:
The goal of the Financial Market Infrastructure (FMI) function is to promote financial stability associated with financial market infrastructures (FMIs) as well as payment, settlement and clearing activities conducted by systemically important financial institutions (SIFIs).
Job Responsibilities:
The Supervisory Associate will be responsible for monitoring and assessing the Internal Audit, Compliance, and Finance functions at a specific Bank, including:
Develop knowledge of the firms' activities, identify risks that warrant close supervisory monitoring, and in particular maintain an understanding of how the firm identifies, measures, monitors and controls risks associated with the Internal Audit, Compliance, and Finance functions.
Responsibility for implementing the supervisory program planning for the Internal Audit, Compliance, and Finance activities at the firm, including the effective ness of the
Internal Audit program, overall Compliance including the adequacy BSA/AML program, and it's overall financial soundness.
Coordinate and lead continuous monitoring meetings with the firm, including scheduling, preparation of the team/associated risk specialists, and document review including prior meeting minutes, board presentations, emerging firm or regulatory developments in the related areas;
Develop an exam schedule and lead examinations in the aforementioned areas as necessary, including:




Coordination of appropriate FRBNY risk staff or from the FR system, as well as scheduling with the firm; preparation of risk focused planning documents; review prior exam material, board documentation, correspondence, work plans and results of internal audits. Meet with bank management; request from the bank any information needed to complete the planning.
Identify and support examination findings for review by the CPC; meet with bank management to review preliminary examination findings; prepare examination report comments with well-supported conclusions and recommendations; and
Conduct FRBNY briefing and formal management close-out meetings, present supervisory findings and ssues to various levels of management within the FRBNY, the broader Federal Reserve System (FRS), including the Financial Market Utility Supervision Committee (FMU-SC), and an international oversight committee
Maintain ongoing awareness of related key supervisory issues in areas of responsibility and developments in supervision and identify opportunities to work collaboratively with risk specialists, policy analysts and/or other staff members across the FRS.
Participate in, or lead, special projects, FRS initiatives and coordinated supervisory efforts related to areas of responsibility. Includes contributing thought leadership to influence risk management practices and ensure that such efforts are integrated with ongoing supervisory work to identify idiosyncratic and systemic risk issues.
Participate in the development and implementation of supervisory policies pertaining to payments activities in conjunction with other US supervisory agencies, global regulatory counterparts and international committees.
Stay abreast of relevant domestic and international regulatory developments and assess their potential impact on the firms' payments activities and risks associated with areas of responsibility. Promote discussions and cultivate knowledge of issues and practices within Supervision and the FRS, and with other central banks.
Job Requirements
Bachelor's degree required; master's degree a plus.
Relevant industry and/or supervisory experience in payments and associated risks and controls is preferred, including a solid understanding of any of the following areas:




Internal Audit, Compliance, or Finance, including any combination of IIA guidance, BSA/AML, or Financial Controls.
US dollar clearing and payments operations, including treasury and cash management functions (e.g., intraday liquidity management).
Large-value transfer systems/payments market infrastructures (e.g., Fedwire, NSS, CLS, CHIPS, and ACH, etc.), including their interactions with securities and derivatives market infrastructures, clearing/settlement/custodian banks and SWIFT messaging system in the payments network.
Clearing and settlement of financial market instruments, particularly FX instruments (e.g., spots, forwards, swaps, futures, options).
Strong strategic and critical thinking, analytical, and problem-solving skills. Includes the ability to take initiative, quickly assimilate new information, put them in relevant context, see connections and implications, make sound decisions, recognize and effectively analyze business problems, and propose and implement innovative solutions.
Ability to apply knowledge of the financial industry, banking principles, sound practices, regulation and examination procedures to the supervision of a cross-section of firms.
Includes the ability to mine existing information for cross-institutional themes and issues to provide insight on industry practices and emerging risks.
Strong project management and time management skills, including managing multiple projects while adapting to changing priorities.
Strong written and verbal communication/presentation skills. Includes initiating, maintaining and facilitating flow of important information, as needed. Must be able to speak and write clearly and concisely, tailoring communication content and style to suit the audience. Must be able to effectively identify, prioritize and frame material issues.
Strong interpersonal and collaboration skills. Includes consistent information-sharing, maintaining effective working relationships and communicating appropriately with others.
Proficiency in using various automated tools (e.g., spreadsheets) and databases to enhance analysis and support supervisory activities.
Qualifications:
Strong quantitative skills, including the ability to interpret financial statements and risk reports of financial institutions
Strong written and verbal communication skills, with the ability to synthesize information effectively
Effective presentation skills, including ability to do so in front of senior stakeholders and committees
Ability to assimilate new information and keep abreast of a rapidly evolving financial services landscape
Self-management, as evidenced by the ability to take initiative and ownership of assignments, produce results under tight time constraints both independently and as a member of a team, and operate effectively given rapidly evolving priorities
Strong collaboration skills and ability to build effective working relationships within Supervision and with stakeholders external to Supervision (e.g., Firm Management, Board staff, Payments
Policy Function, Oversight Committee)
A working knowledge of guidance and best practices regarding Internal Audit, Compliance, or accounting a plus
Occasional travel to London may be required.
PLEASE SUBMIT A COVER LETTER WITH YOUR RESUME HIGHLIGHTING HOW YOUR BACKGROUND ALIGNS TO THE JOB DESCRIPTION.
This position requires access to confidential supervisory 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.
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