$100K — $150K *
The Senior Vice President and Function Manager, Financial Support Office (FSO) supports Reserve Bank CFOs across the Federal Reserve System and other Finance functions through leadership of the budgeting and forecasting processes for the Fed. The Senior Vice President, FSO Function Manager will work with the Federal Reserve System’s Committee on Spend Stewardship and the Conference of First Vice Presidents to ensure that appropriate priorities and investments are being made across the Federal Reserve System, which has bank operating budgets totaling ~$5B. Additionally, the individual will direct overall FSO technology investment spending for Financial Management and manage a related technology and operations portfolio. This person will be a critical leader in continuing to drive and grow a strategic, investment-oriented approach to Finance at the Fed, helping the 12 Federal Reserve Banks align funding decisions in support of strategic priorities.
This person also has local functional responsibilities at the Federal Reserve Bank of Boston (FRBB), including serving as a member of the Bank’s Executive Committee and providing oversight of the Main Street Program lending facility administration and all FRBB financial management activities.
The individual in this position is a member of the FRBB Executive Committee and collaborates with other members of the Committee to establish the Bank’s strategic high priority objectives and to provide oversight for the execution of the Bank’s initiatives in support of the Bank’s mission. As an Executive Committee member, the individual demonstrates decisiveness and dynamic leadership to help the senior management team efficiently reach conclusions. The selected individual will also be a visible champion of the Bank’s Diversity, Equity and Inclusion efforts and culture.
The individual in this role is also responsible for executive oversight of the Reserve Bank’s administration of the Main Street Lending Program, an emergency lending facility that was authorized under section 13(3) of the Federal Reserve Act. The Main Street Lending Program was established to assist small and medium sized businesses during the pandemic-driven economic downturn by purchasing participations in loans made by eligible lenders. The Reserve Bank’s ongoing administration responsibilities include program loan portfolio operations, technology, and credit risk management activities; management of the program’s external vendors; program financial reporting, and identification and assessment of related policy issues.
The SVP also has executive oversight over all Reserve Bank financial activities, including the Accounting, Procurement, Financial Planning and Analysis, and Internal Controls over financial reporting functional areas. Frequent interactions with the Bank’s board of directors and subcommittees (i.e., Audit) as well as Federal Reserve System governance and operational committees are required.
- Lead budgeting, multi-year forecasting, financial management and related controls, for Federal Reserve System.
- Leverage data, analytics, and contemporary technology tools (e.g., Workday ERP) to create new ways to visualize and present numbers (e.g., dashboards, portfolios, and benchmarks) to drive Reserve Bank and FRS strategic decision-making and delivery.- - Manage and evolve internal Cost Accounting for Strategic Planning and Reporting (CASPR) methodology
- Drive FSO strategy and vision; including evolution of strategies to move to contemporary technology for critical business applications for general ledger and payments systems. Oversee related program and execution activities.
- Partner with Reserve Bank CFOs to strengthen the financial knowledge, capabilities, and discipline of financial management practitioners across the Fed.
- Work collaboratively with Federal Reserve System CIO to support investment strategies and prioritization.
- Provide thought leadership that raises awareness and creates followership.
- Oversee Main Street Lending Program administration.
- Collaborate on the development of and execution on Reserve Bank Strategic initiatives as a member of the Reserve Bank’s Executive Committee
- Oversee the activities of the Reserve Bank Financial Management Division (Accounting Department and the Financial Planning and Analysis Department)
- Alignment of FRS funding decisions and strategic priorities achieved through collaboration with the 12 Federal Reserve Banks
- Data-driven, strategic, investment-oriented approach to Finance at the Fed.
- Effective management of overall FSO strategic initiatives, operations, and technology investment spending.
- Establish standards for FRS budgeting, forecasting, controls, and FP&A activities
- Productive working relationships that yield targeted outcomes
- Effective and efficient Main Street program operations and technology, loan portfolio administration and credit risk management, and program financial reporting.
- Vocal and visible support, communication, and reinforcement of the Bank’s mission, vision, strategic high priority objectives, policies, values, and culture. Recognized as champion for DEI efforts.
- Well-controlled Reserve Bank financial management activities that support fair presentation of the Bank’s financial statements, multi-year financial planning efforts, budgeting, and forecasting, including FedNow Service program budget.
The ideal candidate will bring significant finance leadership experience specifically around leveraging metrics and contemporary technology to support data-driven business decisions within an organization. They will have a proven history in attracting, motivating, and retaining talent at all levels. They will possess strong business acumen with a demonstrated ability to evaluate the costs, risks and benefits associated with alternative actions before making decisions. This person will bring exceptional interpersonal, analytical, problem solving and project management skills. They will encourage efforts toward common goals and effectively manage change.
Leading in a highly matrixed organization
- Leadership experience navigating a complex matrixed organization with complicated decision-making processes and has influenced without authority across organizations, businesses, and external stakeholder groups.
Broad-based finance experience
- Knowledge of accounting & controls, treasury, and debt capital markets and/or financial planning & analysis, ideally, at a highly regarded institution known for developing top talent.
Data & analytical savvy
- Experience developing metrics to measure and forecast a company’s performance and leveraging contemporary enterprise software to enable more efficient and effective processes across finance and overall organization.
- Responsibility for technology planning, execution and operations including application development. Familiarity with current technologies and capabilities (i.e., cloud). Working knowledge of Workday and Ariba are preferred.
CRITICAL LEADERSHIP CAPABILITIES
- Makes decisions and resource allocations based on the organization’s most significant needs; aligns the numbers to key organizational priorities.
- Maintains a long-term perspective despite pressure to meet short-term objectives.
- Communicates new direction or changes with clear rationale and appeal; tells “the numbers story” in a compelling way.
- Adapts communication style and message to create followership across the organization.
Collaborating and Influencing
- Identifies and meets with key players and stakeholders to help them shape a consensus and engages in a dialogue to reach a final conclusion together, compromising as necessary for results.
- Builds credibility in every interaction by demonstrating depth of experience and expertise.
Valid through: 11/11/2021