Credit Risk Specialist

Federal Reserve Bank of Minneapolis; New York (NY); On-site; USD 240,000 - 270,000; Full time

Benefits offered by this job

Salary disclosed

Job summary

The Federal Reserve Bank of New York is seeking a Credit Risk Specialist for the Counterparty Credit Risk (CCR) team. You will analyze credit risk of depository institutions, monitor financial conditions, and collaborate with supervisors and business teams to mitigate risk.

Qualifications emphasize subject matter expertise in counterparty credit analysis and knowledge of Federal Reserve policies, with strong analytical and communication skills to drive risk-informed decisions.

Qualifications

• Seasoned professional with subject matter expertise in counterparty credit analysis.
• Experience with Federal Reserve System policies, frameworks, information systems and governance.
• Bank regulation focus on credit risk management.

Responsibilities

• Perform credit analyses of depository institutions with FRBNY accounts and/or services.
• Monitor financial condition and industry trends; identify early warning signals.
• Recommend risk mitigation approaches with FRBNY and stakeholders.
• Lead or participate in CCR-related projects and policy discussions.
• Review account applications to avoid excess credit risk and guide junior analysts.

Skills

Credit risk analysis

Policy understanding

Quantitative skills

Communication skills

Team collaboration

Project management

Relationship building

Education

Graduate degree in finance/economics

Tools

FRS policies

Job description

Company

Federal Reserve Bank of New York

When you work at the New York Fed, you have the opportunity to make an impact in our communities and across the nation. Our mission-driven, curious, and dedicated colleagues apply their diverse perspectives and unique talents to support the strength of the U.S. economy and stability of the global financial system. At the Bank, we work full-time onsite with our teams. We believe being physically together allows us to draw on our collective strengths, while recognizing that the ability to work flexibly from time to time remains important to achieving our mission.

Our Unique Work:

The FRBNY is exposed to credit risk through its provision of financial services to second district depository institutions and execution of market operations at the direction of the Federal Open Market Committee (FOMC), as fiscal agent of the United States and for various official accountholders. More specifically, counterparty credit exposures arise from Discount Window lending, intraday extensions of credit through counterparties' use of FRBNY payment systems and services, open market trading activities, Federal Reserve lending facilities and liquidity programs, and other activities. Trading activities include outright securities transactions, securities repurchase (repo) and reverse repo agreements, foreign exchange transactions, and foreign exchange swaps.

The Counterparty Credit Risk (CCR) team of the Markets Group

The Counterparty Credit Risk (CCR) team of the Markets Group is responsible for monitoring and assessing the credit risk of a diverse group of counterparties, identifying institutions that pose a heightened level of risk to the Bank, measuring the magnitude of such risk and implementing risk controls. CCR also participates in internal discussions concerning the trade-offs between policy benefits and risk exposure from extending credit and other topical financial issues.

How You'll Make an Impact as a Credit Risk Specialist:

• Perform credit analyses of various types of depository institutions with FRBNY accounts and/or services, maintain internal risk ratings, and implement credit risk mitigation measures in accordance with Federal Reserve System (FRS) and FRBNY policies. Provide input into intraday credit decisions.
• Monitor the financial condition of depository institutions, industry trends as well as regulatory and macro developments. Identify early warning signals and communicate risks and potential implications effectively.
• Recommend and coordinate risk mitigation approaches for higher risk counterparties in collaboration with FRBNY Supervision, Financial Services, business teams, and other key stakeholders.
• Implement CCR's failing bank process if needed, liaising with Legal, Supervision, Discount Window, Financial Services, other Reserve Banks, other regulators, and key stakeholders.
• Review account applications to ensure that provision of accounts does not pose excess credit risk to the FRBNY, liaising with internal stakeholders. Guide the work of more junior analysts
• Liaise with FRBNY Supervision and other supervisory authorities (e.g. OCC, NCUA) to optimize communication and information transfer regarding supervised depository institutions.
• Guide and/or contribute to operational aspects of CCR's work (e.g., implementing records management mandates; maintaining and streamlining policies and procedures).
• Lead or participate in, and contribute to, internal and cross-district workgroups, projects and initiatives related to policy, technology solutions and data quality.

The Unique Skill Sets We're Looking For:

• Seasoned professional with subject matter expertise in counterparty credit analysis and management. Experience with related Federal Reserve System policies, frameworks, information systems and governance bodies is highly desirable.
• Bank regulation with a focus on credit risk management
• Credit risk measurement and scenario analysis
• Risk reporting
• Credit markets and collateralized lending
• Federal Reserve payments services (e.g., Fedwire, ACH)
• Federal Reserve Payment System Risk and Condition Monitoring policies
• Exceptional analytical and quantitative skills demonstrated by the ability to assimilate new information, understand complex topics, and arrive at sound analysis and judgement.
• Strong communication, interpersonal and influencing skills. Ability to work in a team environment.
• Ability to manage large projects independently and with limited oversight.
• Demonstrated ability to build trust and develop strong collaborative and inclusive relationships through candor, reliability, and authenticity as a leader and colleague.
• Ability to effectively represent the business area and the Bank, as appropriate, with external counterparts on issues related to credit risk management.
• Proven ability to communicate authentically and effectively with all levels of the organization both verbally and in writing.

Other Things to Know:

• Salary Range: $240000 - $270000 / year
• We believe in transparency