Model Risk Examiner, Financial Market Infrastructure Function - Supervision Group-262184
Federal Reserve Bank of New York
Primary Location NY-New York City
Full-time / Part-time Full-time
Employee Status Regular
Overtime Status Exempt
Job Type Experienced
Travel Yes, 10 % of the Time
Shift Day Job
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 Supervision Group at the Federal Reserve Bank of New York supervises and regulates financial institutions in the Second District. The Group's mission is to ensure a safe, sound, and accessible financial system. Staff in the Group assess the safety and soundness of domestic banking institutions, operations of foreign banking organizations, systemically important banks and nonbanks including financial market utilities and significant service providers in the District. These efforts are achieved through onsite assessments and offsite analysis and surveillance. The Group identifies emerging supervisory risks, develops cross-firm perspectives and develop domestic and international supervisory policy.
The Financial Market Infrastructure Function (FMIF) within the Supervision Group is responsible for monitoring and assessing the safety and soundness of Financial Market Utilities (FMUs) designated as systemically important. FMIF seeks to mitigate systemic risk and promote financial stability through effective supervision and oversight of systemically important financial utilities that provide payment, clearance, and settlement (PCS) services related to US dollar payments, FX, and Securities within the U.S., and that are deemed critical to second district institutions.
The Financial Market Utility Risk team within FMIF collaborates with Dedicated Supervisory Teams to promote safety and soundness and to assess FMUs' risk management practices. The Risk team's core mission is to identify, understand and assess the effectiveness of firms' management of information technology, cybersecurity, model and operational risks and develop cross-institutional perspectives on risk management practices in these key risk disciplines.
The Model Risk Examiner is responsible for evaluating and assessing FMUs' Model Risk Management (MRM) frameworks by applying risk management standards referenced in Regulation HH of Title VIII of The Dodd-Frank Act and the Board's Policy on Payment System Risk (PSR Policy). The Model Risk Examiner will leverage industry knowledge and technical expertise in modeling techniques used by supervised institutions to evaluate key components of an FMU's MRM framework, including model development, implementation and use; model validation and effective challenge; internal controls; model risk monitoring and MIS; model identification and inventory; model risk governance; and supporting policies and procedures.
The Model Risk Examiner will collaborate with other model risk SMEs across the New York Fed and the Federal Reserve System to ensure the consistent application of supervisory standards for peer firms. The examiner will also share knowledge with other risk specialists in the Risk and Analytics department to facilitate the identification of emerging areas of risks such as those associated with artificial intelligence and machine learning technology.
To support these outcomes, for each of the FMUs in the FRBNY portfolio, the Model Risk Examiner will:
What we are looking for:
This position requires access to confidential supervisory information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected individuals include, but are not limited to, U.S. Citizens, U.S. Nationals, U.S. permanent residents who are not yet eligible to apply for naturalization and U.S. permanent residents who have applied for naturalization within six months of being eligible to do so.
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.
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'll 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's a challenge that demands the skills of a financial services 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. here to learn more.