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Company Federal Reserve Bank of Richmond
At the Richmond Fed, we're driven by our mission to strengthen the economy and our communities. We take great pride in what we do and it impacts everyday people every day. When you join our team, you'll become part of a culture that welcomes differences, cares about our communities, and empowers each other to lead from where we are to make things better. Bring your passion and we'll provide challenging and purposeful careers in a variety of fields, opportunities to grow and a wide range of benefits and perks that support your health and wealth. It's all part of what makes #MyRichmondFed a great place to work!About the Opportunity The Supervision, Regulation, and Credit (SRC) Department's Large Financial Institutions Supervision (LFIS) unit has an immediate opening for a highly motivated professional to join the Dedicated Supervision Team for Bank of America Corporation (BAC DST). In this position, the candidate will collaborate with talented regulatory professionals within SRC and across our nation's central bank, participating in the Federal Reserve System's Large Institution Supervision Coordination Committee's (LISCC) program. You will be an integral part of the BAC DST, and this position will give you an opportunity to assess an evolving set of key risks such as resilience, cybersecurity, technology and operations, risk management practices, modernization of payment systems, and digitalization trends. The ideal candidate will be team-spirited, display range, an enthusiastic learner, willing to take on a variety of assignments and have meaningful experiences in one or more of the following areas: operations, information technology, risk management, internal audit, compliance, BSA/AML, payments, data management and corporate governance. You will have ongoing responsibilities for at least one component of governance and controls (G&C) and will support your teammates with other G&C components. You will be asked to provide high-quality financial institution supervision through active dialogue with the firm, examinations, ongoing monitoring, horizontal activities, and special projects. You will actively collaborate with and support the LISCC G&C horizontal program as well as colleagues across the System. In executing these responsibilities, you will develop a comprehensive vertical view of the supervised firm. You will report to a Senior Manager.What You Will Do- Demonstrate leadership and supervisory perspective by leading and/or performing examinations. This includes working independently as well as executing responsibilities as directed, reviewing submitted materials, conducting meetings with management, the production of workpapers that substantiate conclusions, reviewing workpapers, drawing conclusions, presenting findings and preparing written correspondence.
- Conduct baseline monitoring, review information and lead ongoing meetings to draw conclusions, sharing observations and emerging risks and trends with the LISCC Program.
- Maintain professional working relationships with Bank of America stakeholders and proactively collaborate with LISCC colleagues internally, across the Federal Reserve System and other regulatory agencies to resolve issues and build consensus regarding supervisory matters.
- Synthesize information on the supervised firm in quarterly deliverables to escalate current and emerging risks and recommend a proposed supervisory response or activity.
- Prepare presentations for Reserve Bank management on examination conclusions, supervisory issues, emerging risks, or specific topics of interest.
- Participate in or lead projects, initiatives, and committees that are of strategic importance to SRC or the Federal Reserve System.
- Complete the Examiner Commissioning Program (if not commissioned).
- Must be comfortable with hybrid work environments and willing to travel (up to 25%) when normal operations resume depending on location. Extended work hours may be required at times.
- Early to mid-career professional with a minimum of three years of regulatory or industry experience.
- Bachelor's degree in relevant field is required. Graduate degrees, relevant professional certifications (CPA, CIA, CISA, etc.) and/or commissioned bank examiners are desirable.
- Proven ability to lead and work in a team environment and focus on high quality execution.
- Sound organizational, analytical, oral and written communication skills, including complex banking rules.
- Self-starter with a strong desire to learn and coach others, a positive attitude and exhibits flexibility to quickly change direction.
- Strong problem solving and analytical skills with the ability to analyze large amounts of information, enable sound decision-making and create meaningful change.
- Ability to work in a detailed manner as well as to look strategically across a function to develop connections and themes identifying risk and material concerns.
- Great medical benefits
- Pension and 401(k) with employer match
- Paid time off
- Tuition reimbursement
- Employee resource networks
- Paid volunteer leave
- Flexible work options
- Onsite amenities that make working here fun
- A requirement of this position is that the employee must be fully vaccinated against COVID-19; individuals who are unable to be vaccinated due to a medical condition or sincerely held religious belief may request an accommodation from the Bank.
- Candidates should review the Bank's Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.
- If you need assistance or an accommodation due to a disability, please notify rich.recruitment@rich.frb.org.
- An applicant posting for employment as a Federal Reserve examiner/analyst must be a U.S. citizen or hold a permanent residence visa/Green Card and be an intending citizen.
- Under conflict-of-interest guidelines administered by the Board of Governors of the Federal Reserve System, examining personnel may not participate on an examination of a financial institution or affiliate if the examiner was employed by the financial institution or affiliate within the past 12 months.
- Please review the FRB Employee Code of Conduct to ensure there are no major issues related to your previous employment and current financial interests. (The Code is available on the About Us, Careers webpage at www.richmondfed.org (relevant sections are 5.3 and Appendix B, Parts I, II and III). FRB ethics rules generally prohibit employees and their immediate families from owning investments in banks, savings associations or their holding companies (Section 5.3). Additionally, employees engaged in Supervision and Regulation may be subject to borrowing and deposit restrictions. These employees may need to recuse themselves from certain supervisory work based on:
- Their borrowing relationships (Appendix B Parts I.1, II.1 and II.2)
- If a financial institution employs a member of the employee's immediate family (i.e. spouse, child, parent, or sibling) (Appendix B Part I.3 and Part II.3)
- If the individual was employed by the financial institution or affiliate within the past 12 months (Appendix B Part I.3 and II.3).
- In certain cases, the recusal may be so extensive it could materially reduce the effectiveness of the prospective employee.
- Job title (Intermediate, Senior or Advanced) and salary offered will be based on the job responsibilities and the individual's knowledge, skills, and experience as defined in the job qualifications/experience. Salary range may be adjusted for your geographic location.
- The hiring range of the Examiner - LFI - Intermediate role is $84,100 - $105,100
- The hiring range of the Examiner - LFI - Senior role is $119,700 - $149,600
- Interested candidates are strongly encouraged to apply by May 20, 2022. Afterwards, applications are reviewed on a rolling basis.