Counterparty Credit Risk Specialist

Company

Federal Reserve Bank of New York

Working at the Federal Reserve Bank of New York 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 foster and support the safety, soundness, and vitality of our economic and financial systems.

The Bank believes in work flexibility to balance the demands of work and life while also connecting and collaborating with our colleagues in person. Employees can expect to be in the office a couple of days per week as needed for meetings and team collaboration and should live within a commutable distance.

What we do:

The Supervision Group of the Federal Reserve Bank of New York (FRBNY) supervises banks in the Second District. The objectives of supervision are to:

• Evaluate and promote the overall safety and soundness of supervised institutions

• Ensure supervised institutions’ compliance with relevant laws and regulations, including consumer protection

• Facilitate the stability of the financial system of the United States

• Support the growth and stability of the U.S. economy

Supervision is carried out through a combination of methods, including on-site and off-site examinations involving staff dedicated to the supervision of an individual firm and other professionals focused on analytical, policy and risk matters. Supervision is coordinated with other US agencies.

The Large Institution Supervision Coordinating Committee (LISCC) Program function is responsible for executing the LISCC supervisory program (covering Capital, Governance and Controls, Liquidity, Recovery and Resolution Planning, and Monitoring and Analysis) for domestic global systemically important banks (G-SIBs).  This supervision is accomplished through close coordination and in partnership with LISCC Dedicated Supervisory Teams (LISCC - DST) assigned to supervise individual firms, other Group business leaders, as well as LISCC leadership at the Board of Governors and other Federal Reserve Banks.

This role within the Supervision Group supports the LISCC supervision program, specifically within the Capital Program on the Counterparty Credit Risk team. The Capital Program is led by the Capital Steering Committee (SC) and Program Leadership Group (PLG) and is responsible for the execution of all capital-related supervisory activities for the LISCC supervision program. The Counterparty Credit Risk Team within the LISCC Capital program is responsible for monitoring, examining, and assessing the counterparty credit risk management and measurement capabilities and controls, as well as related capital adequacy and planning processes of the largest bank holding companies.

Your role as a Counterparty Credit Risk Specialist:

As a Counterparty Credit Risk Specialist within the LISCC Capital Program, you will report to the deputy horizontal team lead and have responsibility for monitoring and leading examinations of counterparty credit risk management practices of LISCC firms. In this role, you will maintain deep subject matter expertise in many facets of counterparty credit risk, including credit underwriting and due diligence, margining, risk measurement and management, and stress testing practices.  You will also closely collaborate with LISCC supervisory colleagues including those on the Trading Monitoring Risk & Analytics team, the Market Risk team, dedicated supervisory teams (DST), as well as other LISCC programs to maintain robust knowledge of supervised institutions of evolving industry practices in traded products.

Specific responsibilities include:

• Lead and execute examination work and monitoring events for counterparty credit risk.

• Serve as a subject matter expert on the counterparty credit risk team and participate in the development of examination scope memos, work programs, conclusion memorandums, supervisory feedback letters, and internal range of practices.

• Deliver clear written and verbal supervisory feedback to firm senior management in collaboration with other Capital Program participants and the Dedicated Supervisory Teams, and interface directly with supervised institutions and senior management.

• Develop deep knowledge and expertise of the counterparty credit risk management practices for covered LISCC firms and monitor and report on changes in risk profile and risk management practices.

• Analyze trends and developments across LISCC firms using regulatory and financial data from a variety of sources including firm management information systems, cross-firm reports, and internal data sources.

• Proactively coordi