17 days old

Account Risk Management Associate

Federal Reserve Bank (FRB)
New York, NY 10007
  • Job Code
    R-0000011761

Company

Federal Reserve Bank of New York

Working at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies. You will work in an environment with a diverse group of experienced professionals to foster and support the safety, soundness, and vitality of our economic and financial systems.

The Bank believes in work flexibility to balance the demands of work and life while also connecting and collaborating with our colleagues in person. Employees can expect to be in the office a couple of days per week as needed for meetings and team collaboration and should live within a commutable distance.

What we do:

The New York Fed, on behalf of the Federal Reserve System, offers correspondent banking and custody services to foreign central banks and international monetary authorities (FIMA) and the System Open Market Account (SOMA) to facilitate their official financial operations, as well as support financial stability operations in the U.S. and abroad. The Central Bank and International Account Services (CBIAS) area of the New York Fed's Markets Group serves the U.S. dollar reserve management needs of its official customers by offering payments, custodial, clearing and settlement, collateral management, and investment and liquidity services. CBIAS has a long history of providing safe and efficient banking services to its customer base by managing over $7 trillion for FIMA customers and SOMA with transaction volume presently exceeding $300 billion per day. CBIAS maintains two operating locations, in New York City and Richmond, Virginia.

The Account Risk Analytics (ARA) staff is one of three units in the Account Risk Management (ARM) Directorate within CBIAS. The ARM Directorate is responsible for account control and risk management activities. We are looking for an Account Risk Management Associate for the ARA staff, to support the team of analysts with responsibility for the administration and operation of account control and legal and reputational risk management activities, and the execution of anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) compliance programs as the first line of defense for the management of business risk.

Your role as Account Risk Management Associate:

  • Monitor and analyze payment activity to ensure compliance with OFAC requirements and Bank and CBIAS AML policy.

  • Develop and maintain customer profiles that identify key areas of activity and potential transactional risk using a variety of available tools, including analytical software and other databases, including MS Office Suite.

  • Monitor international geopolitical, economic, and regulatory developments that may affect customer activity and/or governance, including changes in U.S. government sanctions programs.

  • Develop regional geographic specialization to better understand risks presented by global customer base.

  • Review and escalate transactions for OFAC, AML, fraud, and other concerning activity.

  • Liaise with other teams in CBIAS to understand account usage and transactional activity.

  • Provide concise, articulate, and insightful analysis in written and verbal form on customer trends and activity related to global activity.

  • Proficiency in working with data to identify trends, patterns, and anomalies.

  • Participate in initiatives geared toward technological enhancements, risk reduction and improved customer service.

  • Author and present briefings to senior management and second-line support on relevant transaction typologies, customer or geopolitical developments, or other topics which may present undesired compliance or reputational risk to the Federal Reserve.

  • Analyze and manage the distribution of intelligence derived from opensource research, transaction analysis, and other sources.

  • Participate in analytical endeavors aimed at understanding account holder behaviors, identifying trends, and reporting on customer account activity relative to developments in global markets

What we are looking for:

  • Previous knowledge or experience with OFAC and automated AML screening tools is helpful.

  • Strong oral and written communication skills and ability to succinctly present information to management.

  • Proven quantitative and qualitative analytical skills.

  • Strong organizational skills and attention to detail.

  • Demonstrated problem solving and decision-making skills.

  • Strong Microsoft Excel, Access, and SharePoint experience desirable.

  • Strong personal and professional interest in international relations and knowledge of global affairs and current events encouraged.

  • Knowledge of SWIFT and/or Fedwire a plus.

  • Flexibility to travel between New York and Richmond, VA sites.

Touchstone Behaviors set clear expectations for leading with impact at every stage of our careers and aspire to achieve in our continued growth and development.
Communicate Authentically: Empathetically engage one another with direct and transparent dialogue and listening. Actively discuss viewpoints with respect and compassion in a timely and candid manner, taking into account verbal and nonverbal cues. Ask questions, learn from each other, and share information widely to move the Bank's work forward.
Collaborate Inclusively: Inspire a diverse and inclusive environment that empowers others to contribute meaningfully. Intentionally bring a diverse set of people together to achieve positive business results.
Drive Progress: Grow and adapt to changing priorities in the Bank. Experiment with new concepts and take appropriate risk to drive innovation. Remain curious and action oriented, navigating through ambiguity and uncertainty to drive outcomes.
Develop Others: Equitably champion, mentor, and develop others to grow professionally. Demonstrate vulnerability and empathy to create a trusted environment.
Take Ownership: Establish an environment of action and excellence by holding self and others accountable to execute to the highest standard.

Benefits:

Our organization offers benefits that are the best fit for you at every stage of your career:

  • Fully paid Pension plan and 401k with Generous Match

  • Comprehensive Insurance Plans (Medical, Dental and Vision including Flexible Spending Accounts and HSA)

  • Subsidized Public Transportation Program

  • Tuition Assistance Program

  • Onsite Fitness & Wellness Center

  • And more

Please note that the 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. Candidates who are permanent residents may be eligible for the information access required for this position if they sign a declaration of intent to become a U.S. citizen and pursue a path to citizenship and meet other eligibility requirements.

In addition, all candidates must undergo an enhanced background check, comply with all applicable information handling rules, and will be tested for all controlled substances prohibited by federal law, to include marijuana.

The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

The successful candidate must be fully vaccinated against COVID-19, and receive a booster shot within 30 days of being eligible to do so, unless the Bank grants an exemption based on a medical condition or sincerely held religious belief.

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

Markets

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. 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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Posted: 2022-08-02 Expires: 2022-08-31
Sponsored by:
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Sponsored by:
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Account Risk Management Associate

Federal Reserve Bank (FRB)
New York, NY 10007

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