Federal Reserve Bank of New York
The Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. It helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware .
This Job Description is within Quantitative Analytics Job Family and is aimed primarily for positions within the Financial Monitoring Group (FMG), Retail Risk Analysis (RRA), and Risk Assessment, Data Analysis and Research (RADAR) business lines; but could include anyone within the Supervision Regulation and Credit department that performs these tasks. An ideal candidate must have knowledge of and be able to perform actions that are related to activities in the designated business line.
The Quantitative Specialist possesses in-depth knowledge in quantitative modeling and statistical analysis in one or more bank supervisory areas including credit risk, interest rate risk, model validation, and bank capital. He/she applies statistical analysis to banking, financial, and economic data and assists in the development and implementation of risk models or other quantitative tools to support the banking supervision function. These activities typically include developing, maintaining, and implementing the supervisory models used for the annual Dodd Frank Act and Comprehensive Capital Analysis and Review stress tests.
The Quantitative Specialist also may participate in analytical or horizontal studies of bank safety and soundness or of matters related to financial stability of the banking system. He/she also may assist on supervisory examinations of banks' internal risk assessment models and processes; engage in longer term research on consumer credit, bank risk, or regulatory policies pertaining to these matters; and participate in Department efforts to exert policy leadership in the supervisory community.
Principal Duties and Responsibilities:
Applies statistical analysis to banking, financial, and economic data. Assists in the development and implementation of risk models or other quantitative tools to support quantitative areas of banking supervision including credit risk, model risk, and bank capital.
May participate in analytical or horizontal studies of bank safety and soundness or of matters related to financial stability of the banking system. May assist on supervisory examinations of banks' internal risk assessment models and processes.
May work on research projects related to consumer credit, bank risk, or regulatory policies pertaining to these matters. May participate in Department efforts to exert policy leadership in the supervisory community.
Develops and maintains a high-level of technical and institutional expertise and current knowledge of regulations, including an awareness of potential changes to key accounting rules, laws and regulations, and supervisory policies. Assists in building and maintaining strategic work relationships at other Reserve Banks, the Board of Governors, other regulatory agencies, academia, and industry.
May participates on bank, department, or system projects. Fulfills job duties and responsibilities in conformance with sound safety practices. Demonstrates effective SRC Core Competency skills for grade and position. Performs other related duties as assigned.
Education and Experience
Bachelor's degree in economics, finance, statistics or related quantitative field is required, with an advanced degree strongly preferred, with a minimum 5 years' experience (3 years with advanced degree) in bank supervision, banking, or finance-related field required.
Knowledge and Skills:
Strong written and oral communications skill; with an ability to synthesize complex information effectively in order to arrive at sound views, judgments, and conclusions. Independently presents findings and assessments concerning complex matters; demonstrates ability to discuss complex issues with any stakeholder either within or outside the Division; diffuses conflict and builds consensus; actively engages in transferring technical knowledge; demonstrates effective use of listening skills and the ability to manage the communication process.
Strong analytic and quantitative skills, including the ability to understand, interpret, and utilize complex data and financial information. Demonstrates strong analytical skills; uses appropriate complex diagnostic- and root-cause analysis skills to identify direct and indirect causes of problems of unknown origin; gathers tangible and factual evidence from many sources; recognizes symptoms that may indicate more severe problems or issues; organizes data and information in a manner that effectively communicates issues and underlying causes.
Strong Data analysis skill is strongly preferred, with a demonstrated ability to conduct analysis with statistical programming packages, using at least one of the following: SAS, Stata, R, SQL, Matlab, C , or equivalent.
Strong interpersonal skills. Demonstrates the ability to effectively lead a team; draws on experience to resolve complex issues; leads complex and diverse team efforts through technical expertise and leadership/skills of influence; leverages relationships and networks to accomplish goals and objectives; encourages and supports other team members to develop productive work relationships.
Strong time management skills. An ability to draw upon self-management skills, including the capability to take initiative and ownership of assignments, produce results under tight time constraints both independently and as a member of a team, and respond proactively to evolving priorities.
Subject to little to no oversight in work performed; serves as mentor/coach; coordinates and/or supervises activities of others; applies specific experience and expertise in business line and recommends preferred courses of action to guide management in complex matters.
Applicants must be able to provide work authorization to prove their eligibility to work in the United States.
An applicant for employment also must be a U.S. Citizen, U.S. National, or hold a permanent resident/green card with intent to become a U.S. Citizen.
Note: This document indicates the general nature and level of work performed by employees within this position. It is not a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job. An employee's responsibilities, tasks, and duties might differ from those outlined in the job description, and other duties, as assigned, are a part of the job. The Federal Reserve Bank of Philadelphia reserves the right to modify the elements of this job description, as business needs require.
The Federal Reserve Bank of Philadelphia believes 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 Bank of Philadelphia is proud to be an equal opportunity workplace.
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Federal Reserve Bank of New York
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