Working at the Federal Reserve Bank 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.
Overview of Team/ Function:
The Credit Risk Management (CRM) Unit of the Supervision, Regulation, and Credit Department of the Federal Reserve Bank of Boston (FRBB) has an opening for a Senior Risk Analyst I/II. The CRM Unit contributes to FRBB’s mission to promote sound growth and financial stability in New England and the nation by serving as a source of liquidity to depository institutions (DIs) by extending overnight credit to qualifying DIs through the Discount Window, providing emergency credit to the financial system during times of market stress, and administering the Board of Governors’ Payment System Risk policy governing the use of intraday credit. Our lending activities assist the Board and the Federal Reserve Open Market Committee in implementing monetary policy.
The CRM Unit manages the credit risk posed by intraday and overnight credit exposure by (i) monitoring the condition of DIs, taking actions to avoid the risk posed by those that pose heightened risk to the Reserve Bank and the financial industry, and coordinating DI failures; and (ii) ensuring that all extensions of credit are secured to the satisfaction of the Reserve Bank by making ongoing determinations as to the acceptability and valuation/margining of collateral pledged by DIs. Additionally, we actively contribute to System and local policy initiatives, and, on behalf of the System, lead those relating to collateral eligibility and valuation.
Reporting to the Risk Manager, you will perform complex data functions, including complex analyses and compliance work to support CRM strategic initiatives, including Reserve Bank counterparty credit risk management, lending activities, and determining adherence to regulatory/policy standards, identifying and advising management on lending and collateral policy issues, and participating in local or Federal Reserve System projects, workgroups and strategic initiatives.
- Maintain a working knowledge of the functionality of, and data housed within, Credit Risk Management applications. Build databases, create and validate queries, and prepare reports, dashboards, and analyses for unit management, and Bank senior management and Board of Directors.
- Analyze data in tandem with other sources of information to assess financial/safety and soundness, systemic, legal, and reputational risks and produce well-supported and compelling analyses to support System policy development and local Discount Window, collateral, or condition monitoring initiatives.
- Develop/maintain an understanding of CRM policies, processes, and procedures, and related developments in the banking industry.
- Perform a wide array of analyses that involve independently blending information from multiple sources to assess legal, financial/safety and soundness, systemic, and reputational risks and produce well-supported and compelling written analyses.
- Identify new issues and trends in external market factors, assess the potential impact on multiple dimensions of credit risk, applying an integrated risk management approach, and communicate issues, trends, and associated risks.
- Manage projects where guidance is unclear, adjusting quickly to new and different priorities, including adjusting and realigning scope, assignments, deliverables, and deadlines.
- Work with internal and System-level colleagues, Reserve Bank management and external contacts.
- Experience acquired through Master’s degree (or equivalent), and 3+ years of job-related experience.
- Data-driven (e.g., Access, SAS, SQL) and understanding of functional area data sources. Awareness of policies, trends, and technologies affecting the banking industry and understanding of the effects of changing business and market conditions.
- Proven data-driven analytical skills (e.g., experience applying data analysis to solve business problems/questions).
- Thinking outside of the box to develop creative solutions to problems.
- Tailor concise and effective communications for different audiences.
- Field a steady flow of emergencies/deliverables, ensuring high priority goals are met.
- Partner with others in a team environment.