Significant Service Provider (SSP) Central Point of Contact (Lead RMS) Lead Risk Management Specialists

Company

Federal Reserve Bank of Chicago

This position plays a key role in collaborating with technology professionals to fulfill our mission to strengthen and protect our economic, financial and payments systems. We dedicate more than $1 billion to technology each year to support the Federal Reserve and our economy, and we’re building a dynamic and diverse team for our future. 

The Central Point of Contact (Lead Risk Management Specialist) will lead a team that examines information technology systems and operations, governance and controls, cybersecurity, and risk management program of a Significant Service Provider (SSP) that provide critical technology and services to financial institutions and are regulated by the Federal Reserve System. The CPC will prepare, review, monitor, and execute risk-focused information technology supervisory activities by following the Federal Financial Institutions Examination Council's (FFIEC) booklet, "Supervision of Technology Service Providers". Through oversight of service providers, the team helps ensure that safety and soundness concerns that could impact the critical services of a broad range of financial institutions are identified and remediated on time.

The level of work is generally considered advanced and staff must be able to work under minimal supervision. This position has no direct reports.

Your Responsibilities:

The Significant Service Provider (SSP) Central Point of Contact’s (CPC) (Lead Risk Management Specialist) primary responsibilities include coordinating the interagency SSP examination process including creating all aspects of a sound supervisory program.  The CPC is also required to coordinate supervision with their assigned Board Analyst, the Portfolio Coordination Group (PCG), as well as the SSP Management Group (MG).

• Develops an institutional profile, risk assessments and risk-focused supervisory plan

• Manages and executes all examination activities including identification of resource requirements

• Serves as Examiner-in-Charge of examination events

• Develops and coordinates horizontal or idiosyncratic examinations within established timeframes

• Discusses conclusions with the senior management of the institution and its board of directors

• Tracks and follows-up on examination findings and enforcement actions

• Ensures findings, recommendations, and communications to the firm are consistent and appropriate

• Coordinates ongoing monitoring activities

• Maintains knowledge of the firm’s financial condition, risk management practices, management structure, strategic plans, emerging risks and ongoing developments in the service provider community

• Keeps Reserve Bank management, including Regional District Supervisory Officer (RDSO), apprised of supervisory developments and emerging risks

• Coordinates and effectively collaborates across Federal Banking Agency (FBA) CPCs, RDSOs and Washington Offices (WO)

• Participates in Significant Service Provider Management Group (MG) vetting's and local Reserve Bank vetting's

• Develops and maintains effective working relationships with the Board of Governors staff, and Interagency regulatory counterparts regarding supervisory matters

• Responds to incidents, including:

  • reports incidents affecting their assigned institutions

  • collects incident information and updates Cyber Event Repository (CER)

  • leads supervisory follow-up for covered institutions

  • communicates and coordinates with supervisory Board analyst, Reserve Bank supervisory management, Cybersecurity Analytics Support Team (CAST), and other Reserve Bank stakeholders.

  • monitors the response of covered institutions to cyber threats and incidents

• Builds and maintains strategic working relationships and networks with internal and external stakeholders

• Proactively serves as a mentor and/or coach; advises others, proactively identifies the training needs of less experienced staff members, provides technical expertise, guidance/training and constructive feedback to all levels of staff and management

Your Background:

• Bachelor's degree, relevant accreditation or equivalent experience; Information Technology or related degree is preferred

• Ten plus years of direct work-related experience

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