Credit Risk Specialist

Federal Reserve Bank of Philadelphia • New York, NY

1d • Onsite

About The Position

The Credit Risk Specialist works on the Counterparty Credit Risk (CCR) team within the Federal Reserve Bank of New York’s Markets Group. The FRBNY is exposed to credit risk through services to depository institutions, market operations conducted at the direction of the FOMC, and activities performed as fiscal agent of the United States and for official account holders. Exposure arises from Discount Window lending, intraday credit through payment systems and services, open market activities, Federal Reserve lending facilities and liquidity programs, and other operations, including securities transactions, repo and reverse repo agreements, foreign exchange transactions, and foreign exchange swaps.

The CCR team monitors and assesses the credit risk of diverse counterparties, identifies institutions posing heightened risk, measures the scale of that risk, and implements controls. The team also contributes to internal discussions about the policy benefits and risks of extending credit and other financial issues.

The specialist performs credit analysis of depository institutions, maintains internal risk ratings, and applies risk mitigation measures under Federal Reserve System and FRBNY policies. The role monitors institutions and relevant industry, regulatory, and macroeconomic developments; supports intraday credit decisions; coordinates mitigation for higher-risk counterparties; and may implement the CCR failing bank process. The specialist also reviews account applications, guides junior analysts, liaises with supervisory authorities and internal stakeholders, and contributes to operational work, policies, technology initiatives, and data quality efforts.

This is a full-time, regular position. Employees work full-time onsite with their teams, with some flexibility from time to time. The role is exempt and requires access to confidential supervisory information and/or FOMC information, subject to the eligibility and declaration requirements described in the posting.

Requirements

• Subject matter expertise in counterparty credit analysis and management.
• Expertise in several relevant areas, including bank regulation with a focus on credit risk management; credit risk measurement and scenario analysis; risk reporting; credit markets and collateralized lending; Federal Reserve payments services; or Federal Reserve Payment System Risk and Condition Monitoring policies.
• Exceptional analytical and quantitative skills, including the ability to assimilate new information, understand complex topics, and reach sound analyses and judgments.
• Strong communication, interpersonal, and influencing skills.
• Ability to work in a team environment.
• Ability to manage large projects independently and with limited oversight.
• Ability to build trust and develop collaborative, inclusive relationships through candor, reliability, and authenticity.
• Ability to represent the business area and the Bank with external counterparts on credit risk management issues, as appropriate.
• Ability to communicate authentically and effectively, verbally and in writing, with all levels of the organization.

Nice To Haves

• Experience with related Federal Reserve System policies, frameworks, information systems, and governance bodies is highly desirable.

Responsibilities

• Perform credit analyses of depository institutions with FRBNY accounts and/or services, maintain internal risk ratings, and implement credit risk mitigation measures in accordance with FRS and FRBNY policies.
• Provide input into intraday credit decisions.
• Monitor depository institutions’ financial condition, industry trends, and regulatory and macroeconomic developments.
• Identify early warning signals and communicate risks and potential implications effectively.
• Recommend and coordinate risk mitigation approaches for higher-risk counterparties with FRBNY Supervision, Financial Services, business teams, and other stakeholders.
• Implement CCR’s failing bank process when needed, coordinating with Legal, Supervision, Discount Window, Financial Services, other Reserve Banks, regulators, and stakeholders.
• Review account applications to ensure that providing accounts does not pose excess credit risk to the FRBNY, coordinating with internal stakeholders.
• Guide the work of more junior analysts.
• Liaise with FRBNY Supervision and other supervisory authorities, including the OCC and NCUA, to optimize communication and information transfer regarding supervised depository institutions.
• Guide or contribute to operational aspects of CCR’s work, including records management mandates and maintaining and streamlining policies and procedures.
• Lead or participate in internal and cross-district workgroups, projects, and initiatives related to policy, technology solutions, and data quality.

Benefits

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

What This Job Offers

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