Risk Manager 3, Credit Risk Management

Federal Reserve System • Boston, MA

4d • $202,100 - $303,100 • Onsite

About The Position

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 Risk Manager to oversee System and local credit risk management policy initiatives. The CRM Unit contributes to FRBB’s mission to promote sound growth and financial stability in New England and the nation by effectively serving as a source of liquidity to depository institutions (DIs) by routinely 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 mitigate the risk posed by those that pose heightened risk to the Reserve Bank and/or 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. We actively lead and contribute to related System and local policy initiatives, particularly relating to collateral eligibility and valuation. Additionally, we are actively involved in the development and execution of emergency lending facilities.
SRC Managers are responsible for both day-to-day operations of a business function as well as contributions to strategic direction and planning within that function. SRC Managers serve as subject matter experts possessing broad and deep expertise in multiple complex functions. They are responsible for ensuring appropriate staffing levels, workflows and internal processes within their units, establishing unit and staff objectives, directing activities of staff, overseeing professional development and conducting performance management relative to high level, professional staff. SRC Managers engage in hands-on analysis as needed in connection with achieving unit objectives, including active participation in System level policy development & projects and department level initiatives.
This position is a primarily onsite role and you agree to work in the FRB Boston office. If ever working from your home office, you agree to have the appropriate office set up to support your full engagement and protection of Federal Reserve information.
Depending on the experience level, the ideal candidate will be eligible to be placed in any one of a range of positions within the job family, including Risk Manager 2 and Risk Manager 3.

Requirements

• Master’s degree and a minimum of 12+ years of work experience that demonstrates applicable technical knowledge or managerial skills.
• Effectiveness in team and project management, including the ability to build effective teams, manage conflict and appropriately delegate responsibilities.
• Strong leadership and command skills; managerial courage.
• Highly developed critical thinking, including the ability to deal with ambiguity, strong analytical, problem-solving, and decision-making capabilities.
• Ability to independently conduct and effectively review complex analyses completed by team members, and to make a judgment regarding the risk posed to the Reserve Bank and/or System, giving consideration to the current environment, business model, and leading indicators of risk.
• Ability to set priorities and adapt to changing circumstances; demonstrating commitment and flexibility to ensure that critical deadlines are met.
• Highly developed oral and written communications skills, including the ability to develop tailored, concise, and effective oral and written correspondence for both internal and external audiences.
• Negotiation skills facilitating the ability to influence change in internal and/or external stakeholders.
• A strong track record in positions of increasing responsibility (including in a managerial capacity).
• Must be a US Citizen or a permanent resident who also resided in the United States for at least three (3) years.
• Must undergo an enhanced background check and comply with all applicable information handling rules.
• Must be a "Protected Individual" as defined in U.S. federal immigration law.

Nice To Haves

• Law degree and/or payment system or bank regulation/supervision experience a plus.
• Awareness of policies, practices, trends, technologies, and information affecting the banking industry generally, understanding of the implications of changing business and market conditions, and thinking outside the box to develop creative solutions to emerging problems.
• Ability to interpret laws and regulations and analyze legal issues relating to secured transactions and securitizations.
• Business acumen, including at least an intermediate knowledge of all of the department’s core business activities.

Responsibilities

• Lead and coordinate the efforts of the Credit Risk Management function's policy team members in achieving the goals of providing high quality contributions to System and local policy initiatives, balancing the goals of protecting the Reserve Bank and the Treasury against credit risk related to loans or daylight/overnight overdrafts and providing liquidity to depository institutions, particularly during systemic risk events.
• Develop staff members as an empowered, engaged, interactive team having the skills and flexibility to provide support to any of the department’s professional functions while concurrently and independently managing their primary responsibilities.
• Evaluate and implement new System and Reserve Bank policies including preparing insightful Reserve Bank comments on policy proposals. Propose topics for presentation to the Reserve Bank's Credit and Risk Management Committee and, as required, lead/participate in presentations and provide support for management of the committee.
• Develop/maintain a strong understanding of relevant credit and legal risk issues and brief others on related developments in the banking industry. Perform a wide array of financial and/or business analyses that involve independently synthesizing multiple sources of information to produce well-supported and persuasive analyses. Identify emerging issues and trends in external market factors, assess the potential impact on various dimensions of credit risk, and effectively communicate issues, trends, and associated risks.
• Demonstrate good judgment, well-reasoned decision-making and a highly refined level of business acumen in situations that may involve complex or sensitive issues. In all internal and external communications, demonstrate strong interpersonal skills, including political savvy, understanding the motivation and needs of others, appropriate negotiation, strategic agility and conflict resolution.
• Maximize overall Department effectiveness by identifying and overseeing cross functional assignments to enhance staff breadth and depth, by designing transitional assignments to promote knowledge transfer and by proposing topics for presentation to senior management to promote awareness of emerging issues and/or Departmental goals and achievements.
• Promote effective communications among staff and department management. Create and maintain effective liaison relationships with other units and functions of the department to prevent duplication of effort, avoid gaps in analytical products, and ensure that services performed on their behalf meet quality and timeliness standards.
• Participate in strategic planning activities, including the development of goals and objectives, as well as budgeting, group level resource management and other management/ administrative responsibilities.
• Direct oversight of 4-6 staff members.

Benefits

• The Boston Fed believes in salary transparency. The final salary and offer will be determined by the applicant’s background, skills, internal equity, and alignment with market data. Whether you’re developing into the job or are a more seasoned candidate, we aim to pay competitively.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level