CRMSO Risk & Compliance Business Specialist

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CRMSO Risk & Compliance Business Specialist

Location:

Chicago, IL

Description:

Company Federal Reserve Bank of Chicago The Credit Risk Management Support Office (CRMSO) facilitates an enterprise approach to activities that support the Credit Risk Management (CRM) business line. The CRM business line manages credit risk arising from Discount Window lending and Master Account management (overdrafts and overall payment system risk). The CRMSO, hosted by the Federal Reserve Bank of Chicago, is primarily responsible for leading the development and execution of strategic priorities and initiatives and facilitating enterprise decision-making. Additional CRMSO function responsibilities include: • Making decisions as delegated by the Payments Committee and promoting and driving effective decision making to achieve consistent approaches to business delivery. • Assessing the resources needed to support enterprise-oriented CRM activities. • Identifying and organizing adequate resources to ensure CRM business groups and initiatives are optimally organized and staffed to support CRM business and technology functions. • Overseeing, managing, and reporting on the progress of enterprise projects and initiatives. The Risk & Compliance Business Specialist supports the national Credit Risk Management Support Office (CRMSO), providing professional and specialized expertise and leadership through their role as subject matter expert on risk and compliance-related matters related to Credit Risk Management (financial markets, financial risk management, payments system risk, and monetary policy). This role is highly visible and responsible for researching and assessing risks posed to the Federal Reserve System as well as developing and implementing guidance to mitigate such risks. The role works closely with key stakeholders across the System (including Credit Risk Management colleagues, senior management, Board of Governors staff, and local and System Audit and Financial Accounting staff) to help the organization make decisions and improve organizational response and performance. The role leads enterprise-level initiatives related to compliance (SOX), audit, and risk management matters guidance that impact System lending, account and risk management, and collateral eligibility and valuation as it pertains to Discount Window and payment system risk policy. Additionally, the role may lead forward-looking efforts to evolve the business line’s resiliency, training, analytics, automation, and communications practices in response to emerging risks and innovations. Your Responsibilities: * Manage and evolve the support office’s compliance, audit, and risk business processes. Lead work with senior leaders to establish metrics and targets to be used to analyze and determine organizational performance. * Administer and monitor the support office’s compliance and control environment activities. * Coordinate, as needed, action plans, management responses, reports, meetings, and other responses to compliance and audit-related issues. * Plan and facilitate regular meetings with staff in Board Reserve Bank Operations & Payment Systems (RBOPS), local and Board Legal, FRB Chicago Audit, FRB Chicago Financial Accounting, and FRB Chicago Enterprise Risk Management (ERM) to inform and stay abreast of emerging and ongoing issues. * Liaise, as needed, with appropriate stakeholder groups for System CRM audit engagements and SOX/COSO testing activities. * Serve as the primary point of contact for compliance-, audit-, and risk-related questions and issues impacting the broader CRM business line. * Update and maintain the CRM Risk Event Register and produce related reporting. * Lead the 12 Reserve Banks in the regular review and updating of the CRM key COSO controls. * Organize and maintain compliance- and risk- related documentation. * Identify and assess impact of audit exceptions or findings, then make appropriate recommendations for remediation. * Assess the adequacy of corrective actions taken to address audit exceptions or findings. * Utilize problem-solving, decision-making, and analytical skills to meet changing business needs, identify and execute opportunities to realize efficiencies, effectiveness, and consistency. * Create briefing materials and presentations for the Bank and Federal Reserve System management and present to senior leadership as needed. * Maintain expert knowledge and monitor trends in areas of auditing, compliance, and risk management by keeping abreast of Federal Reserve and other regulations, and System and Bank initiatives impacting the Credit Risk Management business line. Prepare recommendations to senior leadership to proactively respond to opportunities that mitigate risk and improve operations. Your Background: Education & Experience * Master’s degree or Bachelor’s degree with equivalent experience * 8-10 years of related experience Knowledge & Skills * Knowledge: Required: In-depth knowledge of audit and Sarbanes-Oxley (SOX) compliance policies and practices. Strongly Preferred: Broad knowledge of banking operations and financial markets as well as the procedures and services of related areas. Desired: Familiarity with the Credit Risk Management business line and its shared services, as well as relevant Federal Reserve standard operating procedures and policies. * Communications: Excellent organizational and communication skills, creativity, attention to detail, and negotiation skills to interpret results, develop communications and recommend improvements. Able to present information within all settings in a credible, confident, and influential manner. Communicates in a concise, direct, and purposeful way. Excellent customer service skills and demonstrated ability to interact with anticipated audiences in a courteous, service-oriented manner. Ability to build productive business relationships and work collaboratively to effectively manage diverse perspectives of stakeholders. * Decision Making: Work independently and with a sense of urgency on broad assignments or under general directions as to scope or objectives. Achieves assigned/planned results by decisions and actions based on professional methods, training, business principles, and practical experience. Ability to create or apply decision-making frameworks around complex/unclear problems. Must be able to navigate ambiguity and balance competing priorities in a fast-paced, ever-evolving environment. * The level of work is considered advanced, and staff must be able to work under minimal supervision. This position has no direct reports. Other/Additional Requirements: * Applicants must be currently authorized to work in the United States without the need for visa sponsorship now or in the future. * This position has additional screening requirements due to the information accessed while performing the job. These additional screenings would be initiated at the time of offer acceptance and can take approximately two months to be completed. The screening covers areas such as education/employment verification, criminal history, credit history, and reaches out to your references and people that know you well. * As a condition of employment, Federal Reserve Bank of Chicago employees must comply with the Bank’s ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the recruiter for this posting, who can provide you contact information for our ethics official if necessary. * This document indicates the general nature and level of work performed by employees within this position. It is not a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job. An employee's responsibilities, tasks, and duties might differ from those outlined in the job description, and other duties, as assigned, are a part of the job. The Federal Reserve Bank of Chicago reserves the right to modify the elements of this job description, as business needs require. What we offer: * Comprehensive benefits package includes medical, dental, vision, prescription drug coverage, 401k savings plan, retirement plan, paid time off, transit benefit, onsite gym, and subsidized cafeteria. * A continuous learning environment with opportunities to gain new skills and grow your career. We are committed to equal employment opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, marital status, disability, gender, gender identity or expression, or veteran status. Full Time / Part Time Full time Regular / Temporary Regular Job Exempt (Yes / No) Yes Job Category Credit Risk Management 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. 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. Privacy Notice

Company:

Federal Reserve Bank

Posted:

October 29 on Equest

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CRMSO Risk & Compliance Business Specialist | Crmso Risk Compliance in Job Job at Federal Rese1

CRMSO Risk & Compliance Business Specialist

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