Business Risk and Control Associate

Company

Federal Reserve Bank of New YorkWhen 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 Markets Group of the Federal Reserve Bank of New York implements monetary policy on behalf of the Federal Reserve System, executes lender of last resort operations for depository institutions in the Second District, provides payments and custody services to foreign central banks and international monetary authorities, 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’ adherence with the Bank’s risk management framework and three lines model.  MRC leads execution of first-line business risk and compliance programs that include risk management (e.g., risk assessments, risk events, etc.), vendor and third-party risk management, business continuity and resiliency, business process modeling and change management, internal controls over financial reporting, and trading compliance, among other core areas that promote effective risk management and resilience of the Group’s critical processes.

How You’ll Make an Impact as a Risk and Control Associate:

• Support the implementation of the Markets Group’s risk management program (i.e., risk identification, analysis, response, communication, monitoring and escalation). Under minimal supervision, engage with Markets business areas (e.g. Central Bank and International Account Services, Domestic and International Markets) in fulfilling deliverables and initiatives relating to the Bank’s risk standards (e.g., technology, operational, compliance, third-party, and financial statement reporting).
• 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 to identify themes or trends, communicate analysis effectively to stakeholders and management to influence decision-making and prioritization.
• Conduct process walkthroughs, develop test plans, request support documentation, and perform independent tests of key controls for design and operating effectiveness. Document test results, analyze exceptions, assist management with control deficiency evaluations and the development of remediation plans, and perform follow-up testing to confirm effective and timely remediation.
• Assess business impact and propose corrective actions to issues (e.g., control testing, risk events, audit findings); prepare and present recommendations to business area, 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 to 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 communications, and analyzing data, in accordance with Bank policies and with appropriate validation of outputs. Help identify opportunities to use AI to improve the efficiency and quality of risk and control processes and contribute to understanding of the risks associated with AI use in Markets.

The Unique Skill Sets We’re Looking For: 

• Knowledge of risk management frameworks, practices and methodologies, including risk identification, assessment, monitoring and escalation, and the three lines model.
• Understanding of operational, compliance, financial statement reporting and technology control principles, including IT systems and controls. Familiarity with trading compliance risk and SOX 404 are a plus.
• 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, managing competing priorities and maintaining 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 (e.g. accuracy, data confidentiality) and the need to validate AI-generated outputs.
• Proficiency in Microsoft Word, Excel, PowerPoint, Visio, SharePoint and Tableau. Experience with a GRC tool is a plus.
• Demonstrated competencies, skills and behaviors, including well-developed written and verbal communication skills, with the ability to convey risk and control information clearly to audiences ranging from business staff to senior management.

Other Things to Know:   

Salary Range: $145000 - $175000 / year  

We believe in transparency at the New York Fed. This salary range reflects a variety of skills and experiences candidates may bring to the job. We pay individuals along this range based on their unique backgrounds. Whether you’re stretching into the job or are a more seasoned candidate, we aim to pay competitively for your contributions.    

How We’ll Support You:  

Our programs and benefits are designed to support you through all your life stages: 

• Learning & Growing: Educational assistance, career development tools, and stretch opportunities 

• Supporting Your Family: Parental leave, adoption assistance, back-up dependent and elder care, college planning resources, and more 

• Managing Your Health: Comprehensive insurance plans, leave policies, onsite Health & Wellness Center, and onsite Fitness Center 

• Optimizing Your Finances: Pension plan, 401(k) with generous match, financial planning resources, and subsidized public transportation program 

Our Culture is deeply grounded in our Touchstone Behaviors— By working with us, you’ll have the opportunity to develop and demonstrate your ability to Communicate Authentically, Collaborate Inclusively, Drive Progress, Develop Others, and Take Ownership. These competencies shape our culture here at the Bank. They also provide a shared language for how we work together and achieve success and set clear expectations for leading with impact at every stage of your career. Learn more.    

Apply now if you’re ready to join us in strengthening the U.S. economy together. Want to consider our other opportunities? Click here to see all our open roles. 

The New York Fed expects its employees to perform their duties with honesty, integrity, and impartiality, and without improper preferential treatment of any person. Learn more about our code of conduct and conflicts of interest rules.  

We value accessibility for all candidates and are happy to discuss an accommodation or assistance. Visit our careers page for more information about requesting an accommodation during the recruiting process. 

This position requires access to confidential supervisory information (CSI) and/or Federal Open Market Committee (FOMC) information. Access to CSI and FOMC information is limited to U.S. citizens, lawful permanent residents, individuals who meet the definition of “protected individual” under 8 U.S.C. § 1324b(a)(3), and certain other nonimmigrants. 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.  

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

Internal Oversight & Governance Family Group

Work Shift

First (United States of America)

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.

Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.

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