Financial Services Group: Operational Risk Associate Financial Services Group: Operational Risk  …

Federal Reserve Bank of New York
in New York, NY, United States
Permanent, Full time
Be the first to apply
Competitive
Federal Reserve Bank of New York
in New York, NY, United States
Permanent, Full time
Be the first to apply
Competitive
Financial Services Group: Operational Risk Associate
At the Federal Reserve Bank of New York, the work we do is consequential and challenging. Our environment encourages growth and diversity. Our employees flourish in a team-oriented atmosphere and are dedicated to the important mission of the New York Fed.

What we do:

The Financial Services Group (FSG) operates, delivers, and oversees payments system processing for the Federal Reserve Bank of New York and for wholesale services on behalf of the Federal Reserve System. FSG provides depository institutions with various financial services - including access to funds, securities, and national settlement services and depository institution access to currency and coin - as part of its central banking mission to ensure an efficient, effective, and accessible financial services system. The Federal Reserve System’s goal is to be the most trusted and respected provider of financial services in the world.

A Shared Services Risk team is embedded in the business and engages the Bank’s Risk framework that applies the “three lines of defense” model to support management in maintaining a strong first line of defense against risk for the FSG’s major business lines:
  • Cash and Custody: ensures that sufficient currency and coin are in circulation to meet public demand. In addition to paying, receiving, verifying, and authenticating currency on behalf of depository institutions in the Second District, the Function holds and manages the largest known depository of gold, and in support of strategic direction set forth by the Cash Product Office, manages International Currency Services on behalf of the Federal Reserve System.

  • Wholesale Product Office (WPO): is responsible for managing the Fedwire Funds Service, the Fedwire Securities Service, and the National Settlement Service (NSS) on behalf of the Federal Reserve System. Collectively, these services clear and settle financial transactions exceeding $4 trillion per day and are a foundational underpinning of the United States financial system.

  • The Group also includes a newly designed Administrative Reserve Bank (ARB) team that responsible for establishing and managing the practices and policies related to the provision of master accounts and Federal Reserve Financial Services for all Second District financial institution.


Your role as an Operational Risk Associate:

The Shared Services team is seeking to hire an associate to contribute to the execution of a variety of Compliance/Control risk activities in support of the FSG operations.

The team is located at the East Rutherford, New Jersey Operations Center; however, we will consider candidates interested in working from the New York Lower Manhattan headquarters. Travel between both locations will be required.
  • Support the Group’s activities for account management and global currency services from a risk perspective on adherence with procedures addressing Anti-Money Laundering (AML) and Banking Secrecy Act (BSA) legislation and adherence with Office of Foreign Assets and Control (OFAC) sanctioning requirements.
  • Participate in the Group’s annual SOX program including completion of in-scope process documentation (e.g., narratives, flow charts, risk and control matrices, etc.) and testing of key controls to support business objectives.
  • Work with business teams to review and consult on practices and procedures.
  • Collect and analyze information (e.g., risk assessments, risk events, root cause analysis, audit findings, key risk indicators, etc.) to identify: risks, process and control improvement opportunities, and effective mitigation strategies.
  • Monitor controls, the identification of vulnerabilities; and the development of remediation plans to enhance the overall control environment.
  • Create reports utilizing graphs and charts to interpret data themes or trends.
  • Execute ad hoc assignments, special projects, or other risk management initiatives.



The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

Qualifications:
What we are looking for:
  • Bachelor’s degree, preferably in finance, accounting, business administration, or equivalent work experience in the financial services industry;
  • 3-7 years of experience in risk management or internal/external audit and BSA/AML and OFAC compliance;
  • Demonstrated Anti-Money laundering core skills related to financial products and processes;
  • Experience utilizing Excel for data visualization and creating narrative to identify themes or trends;
  • Proficiency Access, Word, and compliance screening software, such as World Check.
  • Certifications a plus (CPA, CIA, CISA, CRMA, CAMS);
  • Exceptional communication (verbal, written, and presentation) skills;
  • Outstanding interpersonal and customer service skills; ability to work independently and as part of a team with all levels of staff and management;
  • Excellent analytical, problem solving, independent thinking and decision making skills.
This position has additional screening requirements due to the information accessed while performing the job. These additional screenings would be initiated at the time of offer acceptance. The screening is in areas such as education/employment verification, criminal history, credit history, and outreach to personal and professional references that you have provided during the pre-employment process.

Why the Fed:

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 talented professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. It is a challenge that demands the skills of a financial service professional and the intellectual curiosity of an academic—all combined with a passion for public service.
The Federal Reserve Bank of New York is committed to a work environment that respects and fully values the strengths and differences of its people. Working at the New York Fed provides talented professionals the chance to grow their skills at an institution that has served a critical role in the financial system of the United States and the world for over a century. An important component of the Bank’s diversity effort is our partnership with several professional non-profit organizations, including INROADS, JumpStart Advisory Group, NBDC Emerging Leaders, Seizing Every Opportunity, National Black MBA, Out for Undergrad, Prospanica and Reaching out MBA. Click here to learn more.
Federal Reserve Bank of New York logo
Close
Loading...