Risk Management Specialist - Asset Wealth Management

Federal Reserve Bank of Chicago The Federal Reserve Bank of Chicago is one of 12 regional reserve banks in the United States, along with the Federal Reserve Board of Governors in Washington, D.C., which make up the nation's central bank. The Bank is committed to adhering to a culture of excellence, respect, integrity and responsibility.

As part of its core mission, the Supervision & Regulation (S&R) Department of the Federal Reserve Bank of Chicago is responsible for supervising and regulating state-chartered banks that are members of the Federal Reserve System, bank holding companies, and financial holding companies. Organizations within the boundaries of the Seventh District are located within Illinois, Indiana, Michigan, Wisconsin, and Iowa. Our duty is to foster the stability, integrity and efficiency of the nation's monetary, financial and payment systems to promote optimal economic performance.

The Risk Management Specialist (RMS) will be part of a team that participates in the examination of financial institutions regulated by the Federal Reserve System that offer asset and wealth management (AWM) services, such as personal trust, retirement accounts, investment advisory, corporate trust, custody, fund services, broker/dealer, etc.

The Risk Management job family focuses on risk-driven supervision and analytics for a broad array of risk areas, products areas, and institutions engaged in moderately complex to complex activities. Members of the Risk Management family provide horizontal analytics and engage with internal stakeholders and institution executives who have a deep knowledge of their functional or risk area. Members of this family also have exposure to and an impact on how the industry manages complex operations and activities.

The RMS provides in-depth knowledge when participating and/or consulting in reviews and examinations of financial institutions or service providers. The RMS will draw on professional experience and knowledge to execute supervisory program requirements, prepare supervisory data, conduct research as needed, and develop and perform moderately complex to complex analysis. The RMS will also provide summary analysis regarding financial institutions’ AWM service offerings and evolving industry trends through meetings with management, review of management reports, participating on and leading onsite visitations, writing reports, and monitoring remediation of supervisory issues. You will be a risk management resource for the Reserve Bank, Federal Reserve System, and Board of Governors colleagues.

The level of work is generally considered intermediate, and staff must be able to work under general supervision. This position has no direct reports.

• Monitors a variety of institutions or service providers offering AWM services to uncover potential risk exposures and risk management gaps as well as evolving risks
• Plan, lead, and coordinate ongoing supervision and targeted risk-focused reviews as Examiner in Charge including mandated exams and ratings assignments per the Uniform Interagency Trust Rating System
• Assesses the adequacy of risk management systems, policies and procedures, and compliance with laws and regulations
• Understands the interrelationship of banking risks and applies an integrated risk management approach in assessing an institution’s or service provider’s performance
• Discusses and opines with examination teams on supervisory strategies of institutions or service providers of varying complexity
• Provides horizontal risk perspectives to examination/project plans, timelines and milestones
• Creates and provides assessments, documents, and other correspondence to internal and external stakeholders
• Consults and serves as a technical resource in assigned risk area for a limited range of supervisory issues within the department, District and System
• Gathers and organizes information, derives sound analysis, supports findings and conclusions, makes recommendations, and follows up as appropriate
• Prepares and presents both orally and in written form, conclusions and recommendations of varying complexity to internal and external stakeholders
• Develops relationships within the team, division and department
• Provides guidance, training and constructive feedback to less experienced staff

• Bachelor’s degree, relevant accreditation or equivalent experience
• Four plus years of direct work-related experience
• Two plus years in risk area of expertise required
• Demonstrate an understanding of risks facing financial institutions that offer AWM services
• Demonstrates an understanding of institutional enterprise risk management and of discrete risks (e.g. operational, compliance) as they apply to fiduciary activities and AWM services
• Demonstrates the ability to understand and execute risk focused supervision and processes; demonstrates the ability to apply the knowledge in completing assignments
• Demonstrates intermediate to advanced analytical and problem solving skills
• Demonstrates independent and critical thinking and decision making abilities as well as have solid written and oral communication abilities
• Possesses the ability to provide guidance and constructive feedback to less experienced staff
• Possesses strong teamwork skills and the ability to build and work collaboratively within and across work teams
• Demonstrates the ability to manage time and projects effectively by adjusting quickly to new and different priorities
• Demonstrates aptitude to leverage relevant technology and software applications
• Possesses general business acumen

• Ability and willingness to travel up to 5%
• 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 applicable background checks 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.
• 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

Full time Regular Yes Bank Examination First (United States of America)