CRMSO Risk & Compliance Business Specialist

Company

Federal Reserve Bank of Chicago

The Credit Risk Management Support Office (CRMSO) facilitates an enterprise approach to activities that support the Credit Risk Management (CRM) business line. The CRM business line manages credit risk arising from Discount Window lending and Master Account management (overdrafts and overall payment system risk).

The CRMSO, hosted by the Federal Reserve Bank of Chicago, is primarily responsible for leading the development and execution of strategic priorities and initiatives and facilitating enterprise decision-making.

Additional CRMSO function responsibilities include:
• Making decisions as delegated by the Payments Committee and promoting and driving effective decision making to achieve consistent approaches to business delivery.
• Assessing the resources needed to support enterprise-oriented CRM activities.
• Identifying and organizing adequate resources to ensure CRM business groups and initiatives are optimally organized and staffed to support CRM business and technology functions.
• Overseeing, managing, and reporting on the progress of enterprise projects and initiatives.

The Risk & Compliance Business Specialist supports the national Credit Risk Management Support Office (CRMSO), providing professional and specialized expertise and leadership through their role as subject matter expert on risk and compliance-related matters related to Credit Risk Management (financial markets, financial risk management, payments system risk, and monetary policy). This role is highly visible and responsible for researching and assessing risks posed to the Federal Reserve System as well as developing and implementing guidance to mitigate such risks. The role works closely with key stakeholders across the System (including Credit Risk Management colleagues, senior management, Board of Governors staff, and local and System Audit and Financial Accounting staff) to help the organization make decisions and improve organizational response and performance. The role leads enterprise-level initiatives related to compliance (SOX), audit, and risk management matters guidance that impact System lending, account and risk management, and collateral eligibility and valuation as it pertains to Discount Window and payment system risk policy. Additionally, the role may lead forward-looking efforts to evolve the business line’s resiliency, training, analytics, automation, and communications practices in response to emerging risks and innovations.   

Your Responsibilities:

• Manage and evolve the support office’s compliance, audit, and risk business processes. Lead work with senior leaders to establish metrics and targets to be used to analyze and determine organizational performance.

• Administer and monitor the support office’s compliance and control environment activities.
• Coordinate, as needed, action plans, management responses, reports, meetings, and other responses to compliance and audit-related issues.
• Plan and facilitate regular meetings with staff in Board Reserve Bank Operations & Payment Systems (RBOPS), local and Board Legal, FRB Chicago Audit, FRB Chicago Financial Accounting, and FRB Chicago Enterprise Risk Management (ERM) to inform and stay abreast of emerging and ongoing issues.
• Liaise, as needed, with appropriate stakeholder groups for System CRM audit engagements and SOX/COSO testing activities.
• Serve as the primary point of contact for compliance-, audit-, and risk-related questions and issues impacting the broader CRM business line.
• Update and maintain the CRM Risk Event Register and produce related reporting.
• Lead the 12 Reserve Banks in the regular review and updating of the CRM key COSO controls.
• Organize and maintain compliance- and risk- related documentation.
• Identify and assess impact of audit exceptions or findings, then make appropriate recommendations for remediation.
• Assess the adequacy of corrective actions taken to address audit exceptions or findings.
• Utilize problem-solving, decision-making, and analytical skills to meet changing business needs, identify and execute opportunities to realize efficiencies, effectiveness, and consistency.
• Create briefing materials and presentations for the Bank and Federal Reserve System management and present to senior leadership as needed.
• Maintain expert knowledge and monitor trends in areas of auditing, compliance, and risk management by keeping abreast of Federal Reserve and other regulations, and System and Bank initiatives impacting the Credit Risk Management business line. Prepare recommendations to senior leadership to proactively respond to opportunities that mitigate risk and improve operations.

Your Background:

Education & Experie