Credit Risk Specialist

02B Federal Reserve Bank of New York; New York (NY); On-site; USD 240,000 - 270,000; Full time

Job summary

The Federal Reserve Bank of New York is seeking a Credit Risk Specialist to assess counterparty credit risk, monitor depository institutions, and contribute to risk governance. You will collaborate with CCR and other internal teams to manage credit risk exposures, analyze financial conditions, and implement mitigation strategies.

Strong quantitative and communication skills are essential. Salary range reflects senior responsibilities and federal requirements; full-time, on-site role with

Qualifications

• Expertise in counterparty credit analysis and management.
• Knowledge of Federal Reserve System policies and governance bodies.
• Experience with credit risk measurement and scenario analysis.

Responsibilities

• Perform credit analyses of depository institutions with FRBNY accounts; maintain internal risk ratings and mitigate risk.
• Provide input into intraday credit decisions.
• Monitor financial conditions of depository institutions and regulatory developments.
• Identify early warning signals and communicate risks effectively.
• Lead or contribute to CCR projects on policy, technology and data quality.

Skills

Counterparty credit analysis

Fed policy knowledge

Credit risk management

Risk reporting

Communication skills

Tools

Fedwire

ACH

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 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.
• Expertise in several of the following areas:
• 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 at the New York Fed. This salary range reflects a variety of skills and experiences candidates may bring to the job. We pay individuals along this range based on their unique backgrounds. Whether you’re stretching into the job or are a more seasoned candidate, we aim to pay competitively for your contributions.

How We’ll Support You:

• Learning & Growing: Educational assistance, career development tools, and stretch opportunities
• Supporting Your Family: Parental leave, adoption assistance, back-up dependent and elder care, college planning resources, and more
• Managing Your Health: Comprehensive insurance plans, leave policies, onsite Health & Wellness Center, and onsite Fitness Center
• Optimizing Your Finances: Pension plan, 401(k) with generous match, financial planning resources, and subsidized public transportation program

Our Culture is deeply grounded in our Touchstone Behaviors— By working with us, you’ll have the opportunity to develop and demonstrate your ability to Communicate Authentically, Collaborate Inclusively, Drive Progress, Develop Others, and Take Ownership. These competencies shape our culture here at the Bank. They also provide a shared language for how we work together and achieve success and set clear expectations for leading with impact at every stage of your career. Learn more.

The New York Fed expects its employees to perform their duties with honesty, integrity, and impartiality, and without improper preferential treatment of any person. Learn more about our code of conduct and conflicts of interest rules.

We value accessibility for all candidates and are happy to discuss an accommodation or assistance. Visit our careers page for more information about requesting an accommodation during the recruiting process.

This position requires access to confidential supervisory information (CSI) and/or Federal Open Market Committee (FOMC) information. Access to CSI and FOMC information is limited to U.S. citizens, lawful permanent residents, individuals who meet the definition of “protected individual” under 8 U.S.C. § 1324b(a)(3), and certain other nonimmigrants. All non-U.S. citizens authorized to access CSI and/or FOMC information must sign a declaration of intent to expeditiously become a lawful permanent resident and thereafter a U.S. citizen when eligible.

This is not necessarily an exhaustive list of all responsibilities, duties, performance standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, management reserves the right to revise the job or to require that other or different tasks be performed when circumstances change.

Full Time / Part Time Full time Regular / Temporary Regular Job Exempt (Yes / No) Yes Job Category Data Analytics Family Group Work Shift First (United States of America) The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

Privacy Notice

OUR BANK has one of the most recognizable brands around the world. The Federal Reserve is the central bank of the United States—one of the world's most influential, trusted and prestigious financial organizations. The Federal Reserve is charged with the important mission of promoting a strong economy and a stable financial system and fulfills this responsibility by formulating national monetary policy, supervising and regulating banks and bank holding companies, and providing financial services for banks and the U.S. government. OUR PEOPLE are diverse in background and ideas, which allows for ongoing creativity and innovation. Ultimately, they are the ones who push our high-performance, exchange-driven culture forward.

Why Our People Choose Us:

Our reputation precedes us There will always be room for personal growth Our people are first You’ll find the right balance Your responsibilities will be meaningful We hope that you will be our future colleague.