VP of Credit Risk Management

CompanyFederal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is part of the nation’s central bank and we’ve provided many opportunities for professional growth during our history.
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Ensures the consistent execution of business strategies and the advancement of strategic objectives. Actively drives a culture of innovation and an environment of learning, which fosters engagement, risk taking and innovation; and will uphold these values in all of its responsibilities.

Functional areas of responsibility:

1. Credit Risk Management (locally Payment System Risk, Condition Monitoring, Discount Window Lending, & Collateral; System applications 4Snap and the PPPLF IDL) 

2. Reserves Administration

Essential Accountabilities

• Lead the Credit Risk Management team and provide strategic and operational oversight of credit and collateral administration and use of depository institution level collateral, financial, and operational data to mitigate risk of loss to the Reserve Bank.

• Oversee depository institution Master Account maintenance and intraday credit usage and controls, ensuring compliance with the Board’s Payment System Risk (PSR) Policy.

• Oversee development of, compliance for, and strategic investments in, System tools for advanced financial analysis; counterparty credit risk predictive modeling; and monetary policy implementation. Ensure compliance with System-level agreements covering these tools.

• Oversee the Reserves business line in accordance with the Board’s Elements of Performance.

• Oversee ongoing dialogue and open communication with representatives from financial institutions regarding compliance with reserves, borrowing, and collateral policies. Direct and act timely to remedy institutions’ noncompliance with regulations.

• Lead and participate on System committees and initiatives, ensuring the operational effectiveness of the national business lines. Ensure the Reserve Bank influences, informs, and makes meaningful contributions to related programs and priorities. Maintain awareness of System initiatives and contribute Fourth District resources, when appropriate.

• Support the President in her role as Chair of the Reserve Bank’s Credit Risk Management Committee.

• Collaborate and coordinate with the Board of Governors, Credit Risk Management Support Office (CRMSO), and District Supervision counterparts to execute operations in alignment with local/System expectations, promote discount window readiness, and support effective liquidity risk management practices at supervised institutions.

• Create and nurture an inclusive environment that provides a sense of belonging for all employees, inspires a team culture with high engagement, values diverse individuals and perspectives, and promotes ownership and growth mindset.

• Cultivate employee development with equal focus on both technical and leadership competencies and ensure talent depth and succession is in place for critical roles.

• Engage in intellectual curiosity, agility, and experimentation to drive responsible innovation, while ensuring the Credit Risk Management and Reserves teams’ focus evolves appropriately with business needs, industry trends, and local/System priorities.

• Champion, support, and/or lead the Credit Risk Management and Reserves teams through change by modeling a change ready mindset and building change management resiliency among team members.

• Proactively contribute to Bank and functional leadership teams.

Education and Experience

• Bachelor's degree

• 10+ years of related work experience (experience requirement may vary based on business need)

Knowledge and Skills

• Substantial experience leading or working on central bank lending policies and programs; credit risk and credit risk mitigation techniques; counterparty risk monitoring and management; data analysis, modeling, and the manipulation of large data sets; and central bank monetary policy implementation tools.

• Demonstrated organizational skills with the ability to identify priorities, pay attention to details, drive performance outcomes, and execute plans effectively and on schedule.

• Strong interpersonal, collaboration, communication skills as well as excellent presentation and persuasion capabilities, and management presence that demonstrates confidence and credibility.

• Demonstrated strategic and critical thinker with the analytical skills necessary to evaluate, organize, and direct complex projects and programs. Has the ability to identify key strategic issues affecting areas of responsibility, demonstrate an understanding of their implications, and proactively problem-solve.

• Excellent judgment when deciding which issues to resolve directly and which require executive leadership attention or coordination with other Reserve Bank/System functions.

• Strong leader who operates in a transparent manner, builds trust, encourages cooperation across the organization and functions, and builds consensus among diverse constituents whose interests often compete.

Skill Areas -Expert Level

• Ability to develop and cultivate productive and collaborative relationships with key stakeholders

• Ability to act strategically and think critically

• Communication skills

• Leadership skills

• Multi-tasking and time management skills

Other requirements

This position requires access to confidential supervisory information and/or FOMC information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are not U.S. citizens or U.S. permanent residents may be eligible for the information access required for this position and sponsorship for a work visa, and subsequently for permanent residence, if they sign a declaration of intent to become a U.S. citizen and meet other eligibility requirements.
 

In addition, all candidates must undergo an enhanced background check and comply with all applicable information handling rules, and all non-U.S. citizens must sign a declaration of intent to become a U.S. citizen and pursue a path to citizenship.

Physical Demands and General Working Conditions

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, the Federal Reserve Bank of Cleveland reserves the right to revise this or any job description at any time. 

Reasonable Accommodation Statement - The Federal Reserve Bank of Cleveland is committed to ensuring that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, perform essential job functions, and receive other benefits and privileges of employment. To request a reasonable accommodation for any part of the employment process, please send an email to [email protected].

Bank’s Ethics Rules and Drug Testing:

As a condition of employment, Federal Reserve Bank of Cleveland employees must comply with the Bank’s ethics rules which generally prohibit employees, their spouses/domestic partners, and minor children from owning or controlling, directly or indirectly, any debt or equity interest in a depository institution or an affiliate of a depository institution. A "depository institution" means a bank, a trust company, or any institution that accepts deposits, including a bank chartered under the laws of a foreign country. In addition, employees (and their spouses/domestic partners, and minor children) may not own shares of mutual funds, unit investment trusts or ETFs that have a policy, as stated in the prospectus, of concentrating in the financial services industry and that have underlying investments in banks or other depository institutions. 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.

In addition, as a condition of employment, candidates must undergo a background check and will be tested for all controlled substances prohibited by federal law, to include marijuana, prior to hire and for certain safety sensitive positions during employment.

​Always verify and apply to jobs on Federal Reserve System Careers or through verified Federal Reserve Bank social media channels

Full Time / Part TimeFull time

Regular / TemporaryRegular

Job Exempt (Yes / No)Yes

Job CategoryExecutive

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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