Central Bank and International Account Services Associate Director

About the position

When you work at the New York Fed, you have the opportunity to make an impact in our communities and across the nation. Our 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. At the Bank, we work full-time onsite with our teams. We believe 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 Unique Work: 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 operating locations in New York City (FRB-NY) and Richmond, Virginia (FRB-R). The Systems, Risk & Governance (SRG) team is one of three units in the Account Risk Management (ARM) Directorate within CBIAS. The ARM Directorate is responsible for risk management activities for its international account services. As the first line of defense for the FRBNY on these international accounts, ARM is principally focused on implementing anti-money laundering (AML), Office of Foreign Assets Control (OFAC) compliance, and fraud programs. The SRG team manages data and systems that support the other ARM teams of Account Risk & Analysis and Account Transaction Monitoring and is also tasked with governance and operational excellence responsibilities that support effective risk management for CBIAS. This posting is for an Associate Director to lead the SRG team and report to the Director of Account Risk Management

Responsibilities

  • Lead people and processes that encompass maintenance of operational systems and tools supporting ARM responsibilities (i.e. transaction monitoring; sanctions, AML, and anomaly detection screening systems; and KYC analysis), development and reporting of ARM metrics, calibration of transaction monitoring and screening systems, and other governance-related activities.
  • Ensure robust reporting and management of screening systems’ rule performance and effectiveness; maintain systems’ performance within the Bank’s risk appetite expectations.
  • Responsible for transaction monitoring and screening systems documentation, maintenance, upgrades, and testing as well as quality control.
  • Oversee ongoing maintenance of rules associated with real-time interdiction system.
  • Engage with Bank partners to ensure effective maintenance and delivery around these systems responsibilities.
  • Maintain relationships with key technical stakeholders for effective management of ARM systems.
  • Identify, escalate and communicate technical issues emerging from ARM interdiction and anomaly detection systems to ARM leadership and Bank stakeholders.
  • Develop and present reporting to Bank stakeholders on core risk management updates and metrics; manage ad hoc requests from stakeholders for reporting and data from ARM systems.
  • Oversee other first line risk management governance and administrative responsibilities including training on financial crime compliance topics, first line risk assessment for CBIAS business, development and maintenance of ARM procedures, quality control of core ARM responsibilities, and liaising and coordinating with oversight bodies.
  • Provide oversight, feedback and guidance to Systems, Risk & Governance team members.
  • Provide backup coverage for other Associate Directors within the Account Risk Management directorate.

Requirements

  • Demonstrated experience in leading staff, complex projects, and operations to achieve business needs and organization goals, with an emphasis on creating strong team dynamics within a sound control and risk environment.
  • A proven history of effective leadership with the ability to nurture and create an inclusive environment that fosters growth, collaboration and team development.
  • Experience with or knowledge of compliance with sanctions restrictions from the US Treasury’s Office of Foreign Sanctions Control (OFAC) including designation, expectations and screening responsibilities.
  • Excellent ability to create standard and ad hoc reporting that includes risk-based metrics to help inform decision-makers and escalate potential issues.
  • Exceptional communication and presentation skills, with ability to effectively communicate on a range of technical and reporting topics to both staff and executive audiences.
  • U.S. Citizenship required.

Nice-to-haves

  • Experience leading data teams responsible for creating and maintaining data analytic products with a strong focus on risk management; knowledge of best practices in data management and governance, including translating business requirements into analytics solutions would be a plus.
  • Experience with real-time financial crime compliance systems (e.g. sanction interdiction tools), including alert generation, management, and tuning approach would be valued.
  • Knowledge and experience with financial crime compliance (FCC) risks and associated control environments a plus.
  • Project management skills; experience sponsoring and implementing systems and technology projects a plus.
  • Knowledge of SWIFT and/or Fedwire a plus.
  • Flexibility to travel between New York City and Richmond, VA sites.

Benefits

  • Educational assistance
  • Career development tools
  • 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
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