Governance & Controls Associate
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 an academic—all combined with a passion for public service. What we do: The Large and Foreign Banking Organization (LFBO) Function within the Supervision Group at the Federal Reserve Bank of New York monitors and assesses the safety and soundness of Second District firms that are domestic or foreign-owned with U.S. operations over $100 billion in assets, excluding the Large Institution Supervision Coordinating Committee (LISCC) firms. This is accomplished through system horizontal reviews, target examinations and continuous monitoring programs. The Governance and Controls (G&C) Associate monitors and assesses governance and controls practices across a firm's major businesses. These may include board effectiveness, management of business lines, and independent risk management and controls. You will help execute business line and independent risk management and controls reviews, in collaboration with DST members and risk specialists, in the areas of governance, strategy, risk management, and business line accountability. You will also help develop activities to evaluate board effectiveness, and help monitor the firm's major businesses, which include capital markets, wealth management, asset management and City National Bank subsidiary. You will report to the DST’s CPC, with daily activities overseen by the DST’s Deputy CPC/G&C Lead. Your role as Governance and Controls Associate:
Qualifications: What we are looking for:
- Contribute to evaluation of the adequacy of governance and controls practices across major business lines and independent risk management and control functions, through monitoring and examination activities, with a focus on:
- Governance: Ensure senior management maintains a risk management framework, and enables and enforces prudent risk taking behaviors and business practices.
- S trategy: Confirm business line activities are performed in a manner consistent with their strategy and risk appetite.
- Risk Management: Ensure that inherent risk is identified and measured, and that this information is provided to senior management.
- B usiness Line Accountability: Evaluate management's ability to ensure employees operate within established policies, act in compliance with applicable laws, regulations, and supervisory expectations.
- Contribute to evaluation of board effectiveness, including through review of board-level reports, MIS packages, and board meeting minutes.
- Collaborate on, and contribute to, G&C-related internal supervisory assessments and communications to them, including quarterly LFBO internal ratings assessments and the Annual Roll-Up, working closely with the DST’s Deputy CPC/G&C Lead.
- Participate in regular meetings with firm senior management across business line, independent risk, and control functions to develop comprehensive views of governance and controls practices.
- Analyze management reporting/MIS to identify potential changes in risk profile or strategy.
- Develop communication channels with business line and risk functions to facilitate flow of information and the remediation of identified supervisory issues.
- Develop relationships with other DST members, risk specialists, LFBO System and Board of Governors colleagues, and other U.S. bank regulators and OSFI to support assessment activities and the remediation of identified supervisory issues.
- Ensure execution of supervisory activities and products in line with LFBO operating procedures.
- Participate in other DST priorities and system-wide LFBO horizontal reviews as needed (e.g., mandated exams, topical horizontal coordinated reviews, cyber horizontal, horizontal capital review, horizontal liquidity review, or other Board of Governors-required reviews).
- Bachelor’s degree required, Master’s Degree in economics, business, finance, or public policy preferred
- Minimum 5 years of professional experience
- Experience producing sound analysis
- Execution capabilities, with track record of producing quality work products within desired timeframes
- Support interaction with colleagues across the Bank, Federal Reserve System, and management/staff at the supervised firm
- Experience with complex financial institution supervision a plus
- Commissioned examiner welcome; otherwise willing to undertake commissioning training
- Some travel may be required for examinations, vettings, training, and meetings
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. 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 and comply with all applicable information handling rules.
- 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
- Flexible Work Arrangements
- And more
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.