Senior Independent Risk Management and Controls Risk Specialist

Company

Federal Reserve Bank of San Francisco

We are the San Francisco Fed, public servants with a congressionally mandated mission to advance the nation’s monetary, financial, and payment systems to build a stronger economy for all Americans. We are a community engaged bank, and we are committed to understanding and serving the vibrant, diverse people of the Twelfth District. That means we seek and appreciate new perspectives. We respect people for what they do and for who they are. We build opportunities to learn and grow. When you join the SF Fed, you become part of a team united in its purpose to promote an economy that works for everyone. We empower our people to balance their life and work responsibilities. That’s why we offer a flexible hybrid work model that allows you to collaborate with office colleagues on some days, and work from home on others.

We have an exciting opportunity to serve as a Risk Specialist on the dedicated supervisory team (DST) that provides regulatory oversight of Royal Bank of Canada’s (RBC) Combined U.S. operations (CUSO). RBC is Canada’s largest bank and one of the top 10 banks in the world, based on market capitalization.
The firm employs over 89,000 people, and serves 17 million clients across Canada, the U.S. and 29 other countries. The U.S. operations of RBC include significant commercial banking, investment banking, brokerage, consumer banking and wealth management activities.

In this role, your primary function is to be a key contributor to the DST’s evaluation and rating of the firm’s financial and operational resiliency. This is a rotational position of generally no longer than five years with the expectation that the candidate remains in this role for a minimum of three years.

The Independent Risk Management Risk Specialist (IRMS) is responsible for assessing enterprise-wide independence risk management and controls (‘Second Line of Defense’) across several areas including Chief Risk Officer roles and responsibilities; risk appetite and limits; issues management, risk identification, measurement, effective challenge and reporting. The successful candidate will report to the RBC DST IT Team Manager. 

We seek an individual who possesses significant experience in bank examinations or audits or control assessments with a focus on independent risk management at large, complex financial institutions. A strong, working understanding of the three lines of defense concept is a must. Particular emphasis will be placed on candidates with experience covering areas such as enterprise-wide risk management, corporate governance, tools and risk control processes such as new product approvals, risk control self-assessments, and open issues management. As well, a strong understanding of the role of senior management and the board of directors, and ability to track and assess project management in a large bank environment is an essential complement to providing a robust supervisory assessment.  Finally, you must possess the ability to collaborate with other risk specialists covering operational, credit, market, legal, and compliance risks.

You will collaborate with the dedicated supervisory team members and other risk specialists to develop and execute the supervisory program and serve as a thought leader. 
 

Essential Responsibilities:

The IRMS is expected to collaborate with FRS management and examiners from other regulatory agencies to identify and monitor emerging issues, trends, vulnerabilities, and ongoing developments in a supervised organization’s independent control environment.  The ability to explain complex governance issues and concepts effectively to staff and management is essential to this position, as is the ability to foster strong, collaborative working relationships with various stakeholders, including the Federal Reserve Bank of San Francisco senior management, FRS staff and management, and other regulators. You should have strong written and oral communications skills with the ability to be clear and concise, focused on root-cause analysis, and well-supported conclusions consistent with regulatory standards.  In addition, you will:

• Lead or participate in firm specific events and LFBO horizontal and coordinated reviews for the assigned coverage areas. Develop scope and objectives, implement exam procedures, engage Division and System partners and other regulators to consider broader perspectives, and develop supervisory products that provide well-supported conclusions.

• Conduct routine continuous monitoring activities, including MIS reviews and meetings with firm management to develop a deep and broad understanding of the firm’s strategies, risks and risk management practices. Perform timely and periodic risk analyses to determine the level and trend of risks and identify emerging issues. Incorporate internal and market-ba