Senior Risk Specialist, Model Risk

Company

Federal Reserve Bank of Boston

Working at the Federal Reserve Bank positions you at the center of the financial world with a unique perspective on national and international markets and economies. You will work in an environment with a diverse group of experienced professionals to support the safety, soundness, and vitality of our economic and financial systems. It is a challenge that demands the skills of a financial services professional and the intelligence of an academic—all combined with a passion for public service.

This job is eligible for a hybrid schedule with some onsite work expected. The individual is excepted to reside in the 1st District unless you were given an exception. Travel would be required for this role.

Description of Role:

The Senior Risk Specialist leads reviews and evaluates the effectiveness of risk management practices primarily for a large financial institution within the large and foreign banking organization (LFBO) portfolio of institutions supervised by the Federal Reserve System (System).  The individual would specialize in the field of applications of advanced modeling techniques to supervisory activities and demonstrate expert knowledge and ability to apply advanced quantitative modeling techniques in various aspects of banking supervision, including in-depth knowledge of and experience in model development and maintenance/model risk management (data preparation, modeling, monitoring model performance, model validation and replication). 
 

As a member of a dedicated supervisory team (DST), you will assess risk exposures and the risk management programs of the institution through participation in on-site examinations and regular monitoring practices of business activities to ensure they operate in a sound manner, and comply with applicable banking laws, regulations, and policy statements.  The Senior Risk Specialist will use sound analysis and reason to develop conclusions and recommendations on complex issues including elevating the effectiveness of management and risk management practices.  Through these recommendations, you will negotiate, influence their actions, and resolve any conflict that arises.  You will participate in cross-institutional reviews in your specialty area, provide leadership or coordinate assistance to support national supervision program management.  You will also share knowledge with local and System peers, being a valuable team member by holding yourself accountable and being receptive to performance feedback and the divergent views from others.

Responsibilities:

• Lead the oversight of risk measurement and model risk management at a large complex institution.  Maintain liaisons with Dedicated Supervisory Team staff, institution management, other regulatory agencies, and other System risk specialists.
• Lead targeted reviews, examinations, and or/special projects related to risk measurement and the processes and controls needed to support a sound risk measurement environment.  Demonstrate strong judgment and well-reasoned decision making in situations that may involve highly complex issues, public scrutiny, market reactions, and potentially adversarial circumstances.
• Lead the development of firm risk assessments and supervisory strategies, and the vetting of examination scopes and findings. Provide briefings to senior Federal Reserve staff and others in the supervisory community.
• Fully proficient in the application of advanced modeling techniques used in a variety of banking settings, such as: capital and liquidity planning and management; management of various types of risk (retail credit, wholesale credit, trading risk, interest rate risk, etc.); stress testing, etc.
• Prepare informative, well-supported supervisory products and work papers, on complex and problematic supervisory findings, including required actions to senior management and boards of directors.
• Prepare and deliver written analyses and presentations on firm specific as well as broader industry trends or emerging risks.
• Evaluate developments impacting firm’s risk profile through analysis of internal risk management reports and interactions with institution management.
• Identify emerging institutional, regional, economic, and industry issues and their potential impact.  Maintain a very high level of technical expertise and current knowledge of regulations, trends and developments in order to effectively challenge the conceptual soundness and implementation of risk measurement processes. 
• Be a team and System resource by leading or participating on high-level projects, workgroups, and strategic projects. Contribute to the understanding of latest risk, risk management practices and changes in policies, procedures, tools or guidance on a System basis.
• Oversee assigned resources in meeting project, ongoing monitoring, or e