Corporate Functions Specialist - Supervision Group
- New York, NY, USA
- Permanent, Full time
- Federal Reserve Bank of New York
- 28 Sep 16
See job description for details
The Supervision Group at the Federal Reserve Bank of New York supervises and regulates financial institutions in the Second District. The Group’s mission is to ensure a safe, sound, and accessible financial system. The Large and Foreign Banking Organization (LFBO) Function is responsible for monitoring and assessing the safety and soundness of Second District firms that are domestic or foreign-owned with U.S. operations over $50 billion in assets, excluding the LISCC firms. This is accomplished through an examination and continuous monitoring program to ensure that sound prudential risk management practices are in place, identifying potential vulnerabilities and assessing key inherent risks and compensating controls. The portfolio is distributed based on various factors, including U.S. and global business strategy and geographic location.
The on-site team’s Corporate Functions Specialist is primarily responsible for developing and implementing a supervisory program around Corporate Governance and Intermediate Holding Company (“IHC”) expectations as outlined in Regulation YY – Enhanced Prudential Standards (“EPS”) for Bank Holding Companies and Foreign Banking Organizations and the Federal Reserve’s Consolidated Supervision Framework, outlined in SR 12-17. The CFS is also responsible for oversight of Compliance areas including Enforcement actions, BSA/AML/OFAC, Corporate and Volcker. The Corporate Functions Specialist will have opportunities to interact with the LFBO and firm senior management, including taking part in and/or leading a wide range of supervisory projects and work streams to support the oversight and supervisory activities of the firm.
Corporate Governance / EPS
· Evaluate and understand the firm’s overall corporate governance oversight, including Board and Senior Management governance structure, risk culture, risk appetite and enterprise risk management framework at both the IHC and CUSO level.
- Together with on-site team colleagues, evaluate the firm’s compliance with IHC and EPS requirements
· Analyze the firm’s legal entity structure and global operational footprint (including the rationale for certain businesses being booked in certain legal entities of the firm and systemic and/or firm specific risks that may arise), evaluate the nature and degree of legal entity inter-connectedness, and assess the effectiveness of the firm’s internal processes for legal entity management.
- Apprise the on-site team of salient issues referenced in the firm’s Board and Risk Committee materials
- Understand and evaluate the firm’s incentive compensation structure, monitoring and validation program
· Determine the impact to the firm of significant legal, regulatory, conduct and reputational risk issues at the firm, as well as evaluate the effectiveness of the firm’s Corporate Compliance programs (including monitoring for improvements against remediation plans of the firm’s BSA-AML-OFAC compliance program).
· Work with FRBNY Enforcement Team, Legal and Board Staff in designing enforcement actions, monitoring and evaluating the firm’s remediation efforts, and when appropriate the lifting of such actions.
· Collaborate with on-site team peers to evaluate the effectiveness of conduct and compliance programs in core business lines.
- Build relationships with domestic and foreign regulators to enhance information sharing and participate in on-going interagency discussions to coordinate supervisory efforts
- Cultivate close partnership with LFBO peers and Board analysts and ensure timely and appropriate distribution of supervisory information
- Keep abreast of regulatory developments pertaining to EPS, resolution planning and[incentive compensation, as well as other legal and regulatory actions material to the firm
- Support the on-site team with broad supervisory efforts, including the annual assessment.
- Lead or participate in LFBO Function or Federal Reserve System projects
- Lead or participate in examinations, enhanced continuous monitoring events and regular continuous monitoring meetings.
The Corporate Functions specialist should be a quick-study, self-starter, versatile, highly inquisitive, and capable of undertaking multiple roles and projects. The CFS will be required to integrate the views of other subject matter experts into the CFS’s assessment of the supervisory matters and drive supervisory insights that result in well-articulated supervisory assessments and recommendations. Specific qualifications should include
· Strong analytical and communication skills – ability to synthesize information and to form a view of the assigned areas of coverage, and to appropriately communicate the supervisory perspective within the onsite team, FRBNY, Federal Reserve System, or to the firm;
· Competence and presence to interact with senior business leaders at the firm;
· Strong collaboration skills allowing the CFS to draw upon a wide range of technical/risk experts to develop a holistic view of his/her assigned coverage area;
· Master’s Degree or equivalent (e.g. CFA, FRM, CPA) in relevant field; and
· 7-10 years of relevant experience;
o Subject matter expertise in one or more of the following areas is required: corporate governance, legal & compliance risk or BSA/AML/OFAC;
o Demonstrated project management experience
o Additional subject matter expertise in one or more of the following areas would be helpful: capital markets, sales & trading, retail/consumer lending, wholesale credit and / or syndicated lending, product control/operations;
o Desired, but not essential, candidates will have at 3 - 5 years of financial institution supervision (regulatory) or internal audit experience
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.
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.
All interested candidates should submit a cover letter and resume through the Bank’s FedCareers website and apply to req 247160.