Director of Risk Management

Company
Federal Reserve Bank of Boston
The Bank & Main Street Lending Program
As part of the Central bank of the United States, the Boston Fed works to promote sound growth and financial stability in New England and the nation. We contribute to communities, the region, and the nation by conducting economic research, participating in monetary policy-making, supervising certain financial institutions, providing financial services and payments, playing a leadership role in the payments industry, and supporting economic well-being in communities through a variety of efforts.
The Main Street Lending Program is designed to provide support to small and medium-sized businesses and their employees across the United States during the height of the COVID-19 pandemic by supporting the provision of credit to such businesses. The availability of additional credit was intended to help companies that were in sound financial condition prior to the onset of the pandemic maintain their operations and payroll until conditions normalize. Small and medium-sized businesses are integral to the U.S. economy and create jobs for a large share of the U.S. workforce.
This job is eligible for a hybrid schedule with some on-site work expected.
Job Summary:
The Role
This position is responsible for designing and implementing an effective control framework for Federal Reserve Bank of Boston (FRBB) lending facilities, including the management, identification and documentation of a full range of risks related to the Special Purpose Vehicle (SPV). The Director of Risk Management would be competent in the areas of compliance, fiduciary, accounting, capital markets, and credit.
Responsibilities & Key Output
• Oversee the identification and documentation of risks to SPV and design, implement, manage an effective control framework.
• Evaluate the effectiveness of the control framework and proactively make adjustments as needed.
• Ensure successful and thorough review and evaluation of vendor control reports - recommend appropriate response to FRBB executive team
• Lead documentation of controls and testing programs for SPV - work with FRBB director to integrate output into the overall FRBB assessment.
• Working with the operations lead, coordinate audits for SPV - define appropriate action plan based on audit results.
• Coordinate engagements with oversight bodies in support of audit reviews.
• Facilitate discussions and report-outs to Treasury contacts and others as needed.
Other Accountabilities
Perform other duties as assigned.
Supervision
This position will be required to directly supervise others.
What You Bring
Knowledge and experience normally acquired through, or equivalent to, the completion of a Master's Degree and/or obtainment of other advanced professional designations, licenses, or certifications and a minimum of 7 years of job related experience, at least 2 of which must be in a relevant specialty area.
Candidates must be highly proficient in a relevant specialty area and maintain current knowledge of related regulations, trends, and developments. In addition, candidates are expected to be proficient in risk management techniques and frameworks, including familiarity with audit and internal control practices.
How You Will Be Successful:
• Demonstrate good judgment and well-reasoned decision making in situations that may involve complex issues, public scrutiny, market reactions, and potentially adversarial circumstances.
• Manage relationships with excellent interpersonal skills as well as effective negotiation and conflict resolution.
• Prove to be a hands-on leader comfortable in building an operation from the ground up; someone that is truly not afraid to engage at all levels of work, with teammates at any level, for the greater good of the SVP.
• Integrate seamlessly as a risk expert that can communicate and effectively action plan with a variety of internal and external audit entities.
• Deliver excellent written and oral communications, with proven ability to effectively package and present material to senior executives.
• Show the ability to manage across to peers, vendors, as well as up to a matrixed executive team while being a consummate leader to direct reports and other resources.
All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.
The Federal Reserve Bank of Boston is committed to a diverse and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.
The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.
Full Time / Part Time
Full time
Regular / Temporary
Regular
Job Exempt (Yes / No)
Yes
Job Category
Supervisory/Management
Work Shift
First (United States of America)
The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.
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