Specialized Risk Management – Risk Management Associate Job at Federal Reserve Bank of New York – 4.1 in New York, NY
Federal Reserve Bank of New York
Working at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies. You will work in an environment with a diverse group of experienced professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. It is a challenge that demands the skills of a financial service professional and the intelligence of an academic—all combined with a passion for public service.
This position will offer workplace flexibility e.g. working remotely or on site as needed/ desired during the week. Employees can expect to be in the office weekly as needed for meetings and team collaboration and should live within a commutable distance. The Bank believes in work flexibility to balance the demands of work and life while also connecting and collaborating with our colleagues in person a couple days a week.
What we do:
The New York Fed, on behalf of the Federal Reserve System, offers correspondent banking and custody services to central banks, monetary authorities and certain international organizations to facilitate their official financial operations. The Central Bank and International Account Services (CBIAS) area of the New York Fed’s Markets Group serves the U.S. dollar reserve management needs of its official international customers by offering payment, custodial, clearing and settlement, collateral management, and investment and liquidity services. With more than $3.0 trillion of custodial holdings, representing about half of global U.S. dollar-denominated foreign reserves, CBIAS offers financial services that directly support the Bank’s role in international affairs, as well as monetary policy and financial stability. CBIAS currently runs a split operation with staff located in New York City and Richmond, Virginia.
The Specialized Risk Management (SRM) staff is one of three units in the Account Risk Management (ARM) directorate within CBIAS. The ARM directorate is responsible for account control and risk management activities. As part of the Bank’s objectives, the directorate is responsible for implementing several risk management initiatives focused on the provision of currency services and supporting the provision of payments services to Foreign and International Monetary Authority (FIMA) accountholders, particularly those in the highest risk jurisdictions. Within CBIAS, the SRM team manages the provision of currency services to FIMA accountholders and supports specialized risk management programs for wire payments for the highest risk account holders.
Your role as Specialized Risk Management – Risk Management Associate:
Lead engagement with high risk FIMA accountholders, including tracking the development of accountholder risk management practices and coordination among internal and external stakeholders
Work closely with staff at FIMA accountholders to maintain, validate, and analyze accountholder data reporting
Conduct regular engagement with a global portfolio of central banks that receive currency services, to support due diligence efforts, customer service requests, and other analyses
Conduct period risk assessments of currency services customers, including analysis of publicly available reporting, transactional data, and the role of the US dollar in foreign jurisdictions
Contribute to the team’s operational responsibilities, including transaction monitoring and screening
What we are looking for:
Bachelor’s degree in business, international affairs, public policy, economics, risk management or a related field
4+ years of relevant financial services or international affairs experience
Proficiency in Microsoft Excel, PowerPoint and Tableau
Programming skills (e.g., Python, R, SQL, VBA) desirable
Subject matter interest in international economics/finance, policy and AML/CFT/sanctions issues preferred
Our organization offers benefits that are the best fit for you at every stage of your career:
Fully paid Pension plan and 401k with Generous Match
Comprehensive Insurance Plans (Medical, Dental and Vision including Flexible Spending Accounts and HSA)
Subsidized Public Transportation Program
Tuition Assistance Program
Onsite Fitness & Wellness Center
Please note that the 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 permanent residents may be eligible for the information access required for this position if they sign a declaration of intent to become a U.S. citizen and pursue a path to citizenship and meet other eligibility requirements.
In addition, all candidates must undergo an enhanced background check, comply with all applicable information handling rules, and will be tested for all controlled substances prohibited by federal law, to include marijuana.
The Federal Reserve Bank of New York 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.
Incumbent must be fully vaccinated against COVID-19, unless the Bank grants an exemption based on a medical condition or sincerely held religious belief.
This is not necessarily an exhaustive list of all responsibilities, duties , performance standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, management reserves the right to revise the job or to require that other or different tasks be performed when circumstances change.
Full Time / Part Time
Regular / Temporary
Job Exempt (Yes / No)
Credit Risk Management
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.
About the Company
Company: Federal Reserve Bank of New York – 4.1
Company Location: New York, NY