Markets Risk and Control Associate

CompanyFederal Reserve Bank of New York

Working at the Federal Reserve Bank of New York (FRBNY) positions you at the center of the financial world with a unique perspective on national and international markets and economies. You will work in an environment with a diverse group of experienced professionals to foster and support the safety, soundness, and vitality of our economic and financial systems.
The Bank believes in work flexibility to balance the demands of work and life while also connecting and collaborating with our colleagues in person. Employees can expect to be in the office a couple of days per week as needed for meetings and team collaboration and should live within a commutable distance.

What we do:  

Markets Risk and Control (MRC) supports the Markets Group’s senior management and business team’s adherence with the Bank’s risk management framework and three lines of defense model. MRC leads execution of first-line business risk and compliance programs that include vendor and third-party risk management, business continuity and resiliency, business process modeling, 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. 

Your role as a Markets Risk and Control Associate: 

The Markets Group relies upon vendors and other third parties to help support these objectives. The Vendor Risk Management (VRM) function in the Markets Group Risk and Control Directorate promotes the activities to help the business comply with the Bank’s policy and risk management expectations, while performing third-party risk management (TPRM) control activities specific to the Markets Group business. As a Business Risk and Control Associate supporting Markets VRM, you will be responsible the following work streams: 

Third-Party Risk Management 

• Liaise with the Bank’s Procurement Group and other stakeholders across the Bank and FRS as necessary to ensure compliance with policies and standards that govern Third Party Risk Management. 

• Oversee and regularly update procedures. 

• Coordinate with the System External Service Provider Risk Assessment (ESPRA) and FRBNY Information Security Teams to prepare reviews of critical vendors focusing on business operations, information security, business continuation and resiliency. 

• Assist the business vendor relationship managers with compliance for the Bank’s TPRM Policy, Standard and Procedures by reviewing and providing regular updates of supporting artifacts. 

• Partner with Bank and FRS stakeholders such as Markets Business, Information Security, Technology Group and other 2nd line groups to coordinate risk assessments and manage related risk exceptions and action plans. 

• Produce regular program updates, vendor scorecards and risk reporting to business management and the Bank’s oversight areas. 

• Partner with the business to coordinate on-site or virtual reviews of third-party vendors. 

• Identify process improvements and implement solutions. 

 Vendor Administration 

• Serve as a point of contact for Markets to ensure the accuracy of vendor information in the BWise Risk System.

• Liaise with the Bank’s Procurement Group and stakeholders across the Markets Group, Bank and FRS to ensure compliance with policies and standards that govern vendor acquisitions. 

• Support monthly and quarterly vendor inventory analysis and distribution. 

• Assist with organization of the team resources such as Excel, Power Bi, MS Teams and, SharePoint sites. 

Markets Risk and Control Initiatives 

• Assist with other Markets Risk and Control initiatives, as needed, which include execution of first-line business risk and compliance programs that include business continuity and resiliency, business process modeling, 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. 

What we are looking for: 

• Proven experience with third party and/or risk management. 

• Capability to understand TPRM principles, best practices, and project management methodologies. 

• Demonstrated verbal and written communication skills, with the ability to understand and help the business manage vendor relationships, support service level agreements, and work on vendor management related projects. 

• Flexibility to pivot and change priorities as business conditions change. 

• Strong attention to detail and analytical skills. 

• Proficient in Excel, PowerPoint, PowerBI, Tableau, Teams and SharePoint. Visio a plus. 

Full Time / Part TimeFull time

Regular / TemporaryRegular

Job Exempt (Yes / No)Yes

Job CategoryRisk Management

Work ShiftFirst (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.

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