Markets Specialist – Credit Risk Management

Federal Reserve Bank of Boston; Boston (MA); On-site; USD 165,000 - 248,000; Full time

Job summary

The Markets Specialist in the Credit Risk Management unit at the Federal Reserve Bank of Boston will develop analyses of risk, collateral, and policy adherence to support CRM initiatives. The role focuses on intraday and overnight credit risk, including lending activities and compliance with policy standards.

This is an onsite position based in Boston, with duties spanning interaction with internal teams, external institutions, and System-level colleagues.

Qualifications

• Master's degree in Finance, Economics or related discipline and/or a Juris Doctor degree
• 6 years of job-related experience evaluating financial institutions’ financial condition, including knowledge of financial statements and ratio analysis.

Responsibilities

• Perform analyses synthesizing multiple information sources to assess risks and communicate outcomes to senior leaders.
• Analyze facts driving complex problems, identify trends and underlying issues.
• Identify external market factors and assess impact on credit risk using an integrated risk approach.

Skills

Critical thinking

Oral and written communication

Multi-tasking

Team orientation

Education

Master's degree in Finance or Economics

Juris Doctor

Job description

Company

Federal Reserve Bank of Boston

Markets Specialist – Credit Risk Management

The Credit Risk Management (CRM) Unit of the Supervision, Regulation, and Credit Department of the Federal Reserve Bank of Boston (FRBB) has an opening for a Markets Specialist. The CRM Unit contributes to FRBB’s mission to promote sound growth and financial stability in New England and the nation by effectively serving as a source of liquidity to depository institutions (DIs) by routinely extending overnight credit to qualifying DIs through the Discount Window, providing emergency credit to the financial system during times of market stress, and administering the Board of Governors’ Payment System Risk policy governing the use of intraday credit. Our lending activities assist the Board and the Federal Reserve Open Market Committee in implementing monetary policy.

The CRM Unit manages the credit risk posed by intraday and overnight credit exposure by (i) monitoring the condition of DIs, taking actions to mitigate the risk posed by those that pose heightened risk to the Reserve Bank and/or the financial industry, and coordinating DI failures; and (ii) ensuring that all extensions of credit are secured to the satisfaction of the Reserve Bank by making ongoing determinations as to the acceptability and valuation/margining of collateral pledged by DIs. Additionally, we actively contribute to System and local policy initiatives, with a focus on payment systems.

The Markets Specialist in this position will use sound reason in developing conclusions and recommendations on complex analyses and compliance work in support of CRM strategic initiatives, including initiatives related to Reserve Bank counterparty credit risk management, lending activities, and/or determining adherence to regulatory/policy standards, identifying and advising management on lending and collateral policy issues.

This position is a primarily onsite role and you agree to work in the FRB Boston office. If ever working from your home office, you agree to have the appropriate office set up to support your full engagement and protection of Federal Reserve information.

Depending on the experience level, the ideal candidate will be eligible to be placed in any one of a range of positions within the job family, including Specialist or Senior Specialist.

Principal Accountabilities

• Perform a wide array of analyses that involve independently synthesizing multiple sources of information to assess legal, financial/safety and soundness, systemic, and reputational risks; produce informative, well-supported and persuasive analyses and effectively communicate outcomes to Reserve Bank and System senior leaders.
• Analyze relevant facts and events driving more complex problems, recognizing trends/cause-effect relationships and symptoms that may indicate more significant problems or issues, and identify underlying issues or problems.
• Identify existing and emerging issues and trends in external market factors, assess the potential impact on various dimensions of credit risk, applying an integrated risk management approach, and effectively communicate issues, trends, and associated risks considering the related impact on current policy.
• Develop/maintain a highly advanced understanding of CRM policies, processes, and procedures, as well as the relevant credit, liquidity and legal risk issues, and brief others on related developments in the banking industry.
• Analyze legal issues, particularly those related to lending agreements and the perfection of security interests in pledged loans and securities under the Uniform Commercial Code, consulting in-house legal counsel as necessary.
• Manage projects effectively where guidance is unclear, adjusting quickly to new and different priorities, including adjusting and realigning scope, assignments, deliverables, and deadlines.
• Effectively interact with internal and System-level colleagues, Reserve Bank management and external contacts, including senior management of banking institutions.
• Be a team or System resource by leading or participating on high-level projects, workgroups and strategic initiatives.
• Maintain current awareness of regulations, market structure and products, and ongoing trends and developments in the broader financial services industry.
• Influence others and motivate positive change; advocate for needed solutions covering highly complex matters within area of focus with peer in other units, other departments, other Reserve Banks, and at the Board and to ensure Boston's needs are represented; effective in influencing financial institutions on regulatory and/or risk matters.

Knowledge And Experience

MINIMUM QUALIFICATIONS AND ANY SPECIAL REQUIREMENTS

• Knowledge and experience normally acquired through, or equivalent to, the completion of a Master's degree in Finance, Economics or a related discipline and/or a Juris Doctor degree, and 6 years of job-related experience evaluating financial institutions’ financial condition, including extensive knowledge of financial statements and ratio analysis. Financial institution supervisory or legal experience or knowledge of payment systems a plus.

Key Competencies

• Very strong critical thinking traits, including analytical, problem solving, and decision-making capabilities when guidance is unclear.
• Demonstrated oral and written communications skills, including ability to develop tailored, concise, and effective oral and written correspondence for both internal and external audiences.
• Ability to effectively multi-task, prioritize, and meet competing deadlines, and strong attention to detail.
• Strong team orientation.
• Awareness of policies, practices, trends, and technologies affecting the banking industry generally, and understanding of the implications of changing business and market conditions.
• Thinking outside of the box to develop creative solutions to emerging problems.

The salary range for this position is $165,200.00 - 206,500.00 - 247,800.00. The Boston Fed believes in salary transparency. The final salary and offer will be determined by the applicant’s background, skills, internal equity, and alignment with market data. Whether you’re developing into the job or are a more seasoned candidate, we aim to pay competitively.

As a condition of employment, all Federal Reserve Bank of Boston employees must comply with the Bank's ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning financial interests – such stocks or bonds – from banks, savings associations, and systemically important financial institutions or their affiliates, such as bank holding companies or savings and loan holding companies. If you, your spouse or domestic partner, or your minor child own such assets and would be unwilling or unable to divest them if you were to accept a job offer, you should raise this issue with our recruitment team. Applicants should review the Bank's Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.

This position requires access to confidential supervisory information and/or FOMC 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, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe.

For this job, any offer of employment is contingent upon successfully passing a two-phase security screening. The first phase consists of the satisfactory completion of a physical examination (including a drug screening), reference checks, and a security investigation consisting of credit and criminal history checks.

The second phase, which might not be complete until after you begin working at the Reserve Bank, is an additional risk-based security screening determined by the risk rating of the position. Depending upon the sensitivity of the position, this phase may include, and is not limited to, work and residency eligibility verification, and personal interviews with the candidate, references, and prior employers.

All applicants must have been a US Citizen or a permanent resident who also resided in the United States for at least three (3) years.

All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years. All candidates must undergo an enhanced background check and comply with all applicable information handling rules.

The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Supervision 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.

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