Credit Risk Specialist

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.

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 account holders. More specifically, counter party credit exposures arise from Discount Window lending, intraday extensions of credit through counter parties’ 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 Counter party Credit Risk (CCR) team of the Markets Group is responsible for monitoring and assessing the credit risk of a diverse group of counter parties, 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.

• 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 counter parties 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 work groups, projects and initiatives related to policy, technology solutions and data quality.

• Seasoned professional with subject matter expertise in counter party credit analysis and management.
• Experience with related Federal Reserve System policies, frameworks, information systems and governance bodies is highly…