Credit Risk Specialist

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: 

Our programs and benefits are designed to support you through all your life stages:

• 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.   

 

Apply now if you’re ready to join us in strengthening the U.S. economy together. Want to consider our other opportunities? Click here to see all our open roles.

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 TimeFull time

Regular / TemporaryRegular

Job Exempt (Yes / No)Yes

Job CategoryData Analytics Family Group

Work ShiftFirst (United States of America)