Business Risk and Control Associate

Federal Reserve System • New York, NY

7d • $145,000 - $175,000 • Onsite

About The Position

The Markets Risk and Control (MRC) team supports senior management and business teams in the Markets Group with adherence to the Bank’s risk management framework and three lines model. MRC leads first-line business risk and compliance programs covering 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 Business Risk and Control Associate supports implementation of the Markets Group’s risk management program, engaging with business areas on risk-standard deliverables and initiatives. The role assesses audit findings, risk events, technical incidents, and process changes; analyzes risk data and prepares reports, KRIs, and KPIs; and communicates findings and recommendations to stakeholders and management. It also conducts control walkthroughs and testing, documents results, supports control deficiency evaluations and remediation, and performs follow-up testing. The associate builds relationships with business, technology, and other Bank or Federal Reserve System stakeholders, and uses AI tools in accordance with Bank policies to support and improve risk and control work.

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 abilities in data compilation and analysis, with 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 in AI models and tools, including understanding capabilities and limitations, effective prompt writing, awareness of risks such as accuracy and data confidentiality, and validation of AI-generated outputs.
• Proficiency in Microsoft Word, Excel, PowerPoint, Visio, SharePoint, and Tableau.
• Well-developed written and verbal communication skills, with the ability to convey risk and control information clearly to audiences from business staff to senior management.

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 relating to Bank risk standards, including technology, operational, compliance, third-party, and financial statement reporting risks.
• 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 reports, KRIs, and KPIs on risks affecting the Markets Group; communicate analysis and trends to stakeholders and management.
• 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 conduct follow-up testing.
• Assess business impact and propose corrective actions for issues such as control testing results, risk events, and audit findings.
• Prepare and 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, providing consultation on process, risk, and control changes.
• Use AI models and tools to summarize documentation, draft reports and communications, and analyze data in accordance with Bank policies and validate outputs.
• Identify opportunities to use AI to improve risk and control processes and contribute to understanding risks associated with AI use in Markets.

Benefits

• Educational assistance, career development tools, and stretch opportunities.
• Parental leave, adoption assistance, back-up dependent and elder care, and college planning resources.
• Comprehensive insurance plans and leave policies.
• Onsite Health & Wellness Center and onsite Fitness Center.
• Pension plan.
• 401(k) with generous match.
• Financial planning resources.
• Subsidized public transportation program.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: No Education Listed