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About the Role

The Markets Group of the Federal Reserve Bank of New York implements monetary policy, executes lender of last resort operations, provides payments and custody services, and serves as fiscal agent for the U.S. Treasury. Markets Risk and Control (MRC) supports the Markets Group’s senior management and business teams in adhering to the Bank’s risk management framework and three lines model by leading the execution of risk and compliance programs.

Responsibilities

Support the implementation of the Markets Group’s risk management program, including risk identification, analysis, response, communication, monitoring, and escalation.
Engage with Markets business areas to fulfill deliverables and initiatives relating to the Bank’s risk standards.
Assess audit findings, risk events, and technical incidents for root cause trends and process improvement opportunities.
Identify and monitor risks emerging from business process changes.
Analyze data and prepare reports, KRIs, and KPIs on risks impacting the Markets Group.
Communicate analysis effectively to stakeholders and management to influence decision-making and prioritization.
Conduct process walkthroughs, develop test plans, and request support documentation.
Perform independent tests of key controls for design and operating effectiveness.
Document test results, analyze exceptions, and assist management with control deficiency evaluations and remediation plans.
Perform follow-up testing to confirm effective and timely remediation.
Assess business impact and propose corrective actions to issues.
Prepare and present recommendations to business areas, MRC management, second line control functions, and Internal Audit.
Build and maintain strong relationships with business subject matter experts, technology partners, and other Bank or FRS stakeholders.
Provide consultation on the evaluation of process, risk, and control changes.
Apply AI models and tools to support day-to-day work, such as summarizing documentation, drafting reports, and analyzing data.
Help identify opportunities to use AI to improve the efficiency and quality of risk and control processes.
Contribute to the understanding of the risks associated with AI use in Markets.

Requirements

Knowledge of risk management frameworks, practices, and methodologies, including risk identification, assessment, monitoring, escalation, and the three lines model.
Understanding of operational, compliance, financial statement reporting, and technology control principles, including IT systems and controls.
Experience in auditing or testing for design and operating effectiveness, or other business process or IT controls assurance work.
Technical abilities in data compilation and analysis, attention to detail, and quantitative skills.
Engagement coordination skills, including the ability to organize and facilitate stakeholder interactions, manage competing priorities, and maintain clear communication across teams.
Basic proficiency in AI models and tools, including an understanding of their capabilities and limitations, effective prompt writing, and an awareness of the risks and the need to validate AI-generated outputs.
Proficiency in Microsoft Word, Excel, PowerPoint, Visio, SharePoint, and Tableau.
Demonstrated competencies, skills, and behaviors, including well-developed written and verbal communication skills.
Ability to convey risk and control information clearly to audiences ranging from business staff to senior management.
Familiarity with trading compliance risk and SOX 404 are a plus.
Experience with a GRC tool is a plus.
This position requires access to confidential supervisory information (CSI) and/or Federal Open Market Committee (FOMC) information.
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.

Skills

Risk management frameworks
Risk identification
Risk assessment
Risk monitoring
Risk escalation
Three lines model
Operational controls
Compliance controls
Financial statement reporting controls
Technology controls
IT systems and controls
Trading compliance risk
SOX 404
Auditing
Control testing
Business process assurance
IT controls assurance
Data compilation
Data analysis
Attention to detail
Quantitative skills
Engagement coordination
Stakeholder interaction
Priority management
Communication
AI models and tools
Prompt writing
Microsoft Word
Microsoft Excel
Microsoft PowerPoint
Microsoft Visio
Microsoft SharePoint
Tableau
GRC tool

Location

Onsite

Work Type

Full-time
Onsite

Experience Level

Minimal supervision

Salary/Compensations

$145,000 - $175,000 per year

Benefits

Educational assistance
Career development tools
Stretch opportunities
Parental leave
Adoption assistance
Back-up dependent and elder care
College planning resources
Comprehensive insurance plans
Leave policies
Onsite Health & Wellness Center
Onsite Fitness Center
Pension plan
401(k) with generous match
Financial planning resources
Subsidized public transportation program

About the Company

The Federal Reserve Bank of New York's mission-driven, curious, and dedicated colleagues apply their diverse perspectives and unique talents to support the strength of the U.S. economy and stability of the global financial system.
The Bank believes being physically together allows us to draw on our collective strengths, while recognizing that the ability to work flexibly from time to time remains important to achieving our mission.
Our culture is deeply grounded in our Touchstone Behaviors: Communicate Authentically, Collaborate Inclusively, Drive Progress, Develop Others, and Take Ownership.
The New York Fed expects its employees to perform their duties with honesty, integrity, and impartiality, and without improper preferential treatment of any person.

Equal Opportunity

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.
We value accessibility for all candidates and are happy to discuss an accommodation or assistance.