Business Risk and Control Associate

Federal Reserve Bank of Philadelphia•New York, NY

6d•Onsite

About The Position

The Business Risk and Control Associate supports the Markets Group of the Federal Reserve Bank of New York in implementing its risk management program and adhering to the Bank’s risk management framework and three lines model. The Markets Group carries out monetary policy operations, lender-of-last-resort operations, payments and custody services for foreign central banks and international monetary authorities, and fiscal agency services for the U.S. Treasury. Markets Risk and Control leads first-line risk and compliance programs across areas including risk management, vendor and third-party risk, business continuity and resiliency, business process modeling and change management, internal controls over financial reporting, and trading compliance. The associate works with Markets business areas under minimal supervision on risk standards and related initiatives. The role includes analyzing risk information and incidents, testing key controls, recommending and monitoring remediation, and advising stakeholders on process, risk, and control changes. It also uses AI models and tools to support routine work and help identify opportunities to improve risk and control processes, while following Bank policies and validating AI-generated output. The position is full-time and onsite. It requires access to confidential supervisory information and/or Federal Open Market Committee information, subject to applicable eligibility and access restrictions.

Requirements

Knowledge of risk management frameworks, practices, and methodologies, including risk identification, assessment, monitoring, escalation, and the three lines model.
Understanding of operational, compliance, financial statement reporting, and technology control principles, including IT systems and controls.
Experience in auditing or testing for design and operating effectiveness, or other business-process or IT-controls assurance work.
Technical ability in data compilation and analysis, attention to detail, and quantitative skills.
Engagement coordination skills, including organizing and facilitating stakeholder interactions, managing competing priorities, and maintaining clear communication across teams.
Basic proficiency with AI models and tools, including understanding their capabilities and limitations, effective prompt writing, awareness of risks such as accuracy and data confidentiality, and the need to validate AI-generated outputs.
Proficiency in Microsoft Word, Excel, PowerPoint, Visio, SharePoint, and Tableau.
Well-developed written and verbal communication skills, including the ability to explain risk and control information clearly to audiences from business staff to senior management.
Must meet the applicable eligibility requirements for access to confidential supervisory information and/or Federal Open Market Committee information.

Nice To Haves

Familiarity with trading compliance risk.
Familiarity with SOX 404.
Experience with a GRC tool.

Responsibilities

Support implementation of the Markets Group’s risk management program, including risk identification, analysis, response, communication, monitoring, and escalation.
Engage with Markets business areas on deliverables and initiatives related to the Bank’s technology, operational, compliance, third-party, and financial statement reporting risk standards.
Assess audit findings, risk events, and technical incidents for root-cause trends and process-improvement opportunities.
Identify and monitor risks emerging from business process changes.
Analyze data and prepare risk reports, KRIs, and KPIs; identify themes and trends and communicate analysis to stakeholders and management to inform decisions and priorities.
Conduct process walkthroughs, develop test plans, request supporting documentation, and independently test key controls for design and operating effectiveness.
Document test results, analyze exceptions, assist management with control-deficiency evaluations and remediation plans, and perform follow-up testing to confirm timely and effective remediation.
Assess business impact and propose corrective actions for control testing issues, risk events, and audit findings; present recommendations to business areas, MRC management, second-line control functions, and Internal Audit.
Build and maintain relationships with business subject matter experts, technology partners, and other Bank or Federal Reserve System stakeholders, and consult on process, risk, and control changes.
Use AI models and tools for tasks such as summarizing documentation, drafting reports and communications, and analyzing data, in accordance with Bank policies and with appropriate validation of outputs.
Identify opportunities to use AI to improve the efficiency and quality of risk and control processes and contribute to understanding risks associated with AI use in Markets.