Risk Manager 3, Credit Risk Management

About this role

Company Federal Reserve Bank of Boston

Risk Manager 3, 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 Risk Manager to oversee System and local credit risk management policy initiatives. 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. We actively lead and contribute to related System and local policy initiatives, particularly relating to collateral eligibility and valuation. Additionally, we are actively involved in the development and execution of emergency lending facilities.   SRC Managers are responsible for both day-to-day operations of a business function as well as contributions to strategic direction and planning within that function. SRC Managers serve as subject matter experts possessing broad and deep expertise in multiple complex functions. They are responsible for ensuring appropriate staffing levels, workflows and internal processes within their units, establishing unit and staff objectives, directing activities of staff, overseeing professional development and conducting performance management relative to high level, professional staff. SRC Managers engage in hands-on analysis as needed in connection with achieving unit objectives, including active participation in System level policy development & projects and department level initiatives. 

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 Risk Manager 2 and Risk Manager 3.    

Principal Accountabilities of the SRC Risk Manager, Credit Risk Management Unit: • Lead and coordinate the efforts of the Credit Risk Management function's policy team members in achieving the goals of providing high quality contributions to System and local policy initiatives, balancing the goals of protecting the Reserve Bank and the Treasury against credit risk related to loans or daylight/overnight overdrafts and providing liquidity to depository institutions, particularly during systemic risk events. • Develop staff members as an empowered, engaged, interactive team having the skills and flexibility to provide support to any of the department’s professional functions while concurrently and independently managing their primary responsibilities. • Evaluate and implement new System and Reserve Bank policies including preparing insightful Reserve Bank comments on policy proposals. Propose topics for presentation to the Reserve Bank's Credit and Risk Management Committee and, as required, lead/participate in presentations and provide support for management of the committee. • Develop/maintain a strong understanding of relevant credit and legal risk issues and brief others on related developments in the banking industry. Perform a wide array of financial and/or business analyses that involve independently synthesizing multiple sources of information to produce well-supported and persuasive analyses. Identify emerging issues and trends in external market factors, assess the potential impact on various dimensions of credit risk, and effectively communicate issues, trends, and associated risks. • Demonstrate good judgment, well-reasoned decision-making and a highly refined level of business acumen in situations that may involve complex or sensitive issues. In all internal and external communications, demonstrate strong interpersonal skills, including political savvy, understanding the motivation and needs of others, appropriate negotiation, strategic agility and conflict resolution. • Maximize overall Department effectiveness by identifying and overseeing cross functional assignments to enhance staff breadth and depth, by designing transitional assignments to promote knowledge transfer and by proposing topics for presentation to senior management to promote awareness of emerging issues and/or Departmental goals and achievements. • Promote effective communications among staff and department management. Create and maintain effective liaison relationships with other units and functions of the department to prevent duplication of effort, avoid gaps in analytical products, and ensure that services performed on their behalf meet quality and timeliness standards. • Participate in strategic planning activities, including the development of goals and objectives, as well as budgeting, group level resource management and other management/ administrative responsibilities.  

Supervision: • Direct oversight of 4-6 staff members.

MINIMUM QUALIFICATIONS AND ANY SPECIAL REQUIREMENTS

Knowledge and Experience: Knowledge and experience normally acquired thro

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