Account Risk Management Associate

Federal Reserve Bank of New York
  • Location
    New York, New York
  • Sector
    Government
  • Experience
    Early Career
  • Posted
    Aug 03

Position description

 

Working at the Federal Reserve Bank of New York 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:

The New York Fed, on behalf of the Federal Reserve System, offers correspondent banking and custody services to foreign central banks and international monetary authorities (FIMA) and the System Open Market Account (SOMA) to facilitate their official financial operations, as well as support financial stability operations in the U.S. and abroad. The Central Bank and International Account Services (CBIAS) area of the New York Fed's Markets Group serves the U.S. dollar reserve management needs of its official customers by offering payments, custodial, clearing and settlement, collateral management, and investment and liquidity services. CBIAS has a long history of providing safe and efficient banking services to its customer base by managing over $7 trillion for FIMA customers and SOMA with transaction volume presently exceeding $300 billion per day. CBIAS maintains two operating locations, in New York City and Richmond, Virginia.

The Account Risk Analytics (ARA) staff is one of three units in the Account Risk Management (ARM) Directorate within CBIAS. The ARM Directorate is responsible for account control and risk management activities. We are looking for an Account Risk Management Associate for the ARA staff, to support the team of analysts with responsibility for the administration and operation of account control and legal and reputational risk management activities, and the execution of anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) compliance programs as the first line of defense for the management of business risk.

Your role as Account Risk Management Associate:

  • Monitor and analyze payment activity to ensure compliance with OFAC requirements and Bank and CBIAS AML policy.

  • Develop and maintain customer profiles that identify key areas of activity and potential transactional risk using a variety of available tools, including analytical software and other databases, including MS Office Suite.

  • Monitor international geopolitical, economic, and regulatory developments that may affect customer activity and/or governance, including changes in U.S. government sanctions programs.

  • Develop regional geographic specialization to better understand risks presented by global customer base.

  • Review and escalate transactions for OFAC, AML, fraud, and other concerning activity.

  • Liaise with other teams in CBIAS to understand account usage and transactional activity.

  • Provide concise, articulate, and insightful analysis in written and verbal form on customer trends and activity related to global activity.

  • Proficiency in working with data to identify trends, patterns, and anomalies.

  • Participate in initiatives geared toward technological enhancements, risk reduction and improved customer service.

  • Author and present briefings to senior management and second-line support on relevant transaction typologies, customer or geopolitical developments, or other topics which may present undesired compliance or reputational risk to the Federal Reserve.

  • Analyze and manage the distribution of intelligence derived from openā€source research, transaction analysis, and other sources.

  • Participate in analytical endeavors aimed at understanding account holder behaviors, identifying trends, and reporting on customer account activity relative to developments in global markets

What we are looking for:

  • Previous knowledge or experience with OFAC and automated AML screening tools is helpful.

  • Strong oral and written communication skills and ability to succinctly present information to management.

  • Proven quantitative and qualitative analytical skills.

  • Strong organizational skills and attention to detail.

  • Demonstrated problem solving and decision-making skills.

  • Strong Microsoft Excel, Access, and SharePoint experience desirable.

  • Strong personal and professional interest in international relations and knowledge of global affairs and current events encouraged.

  • Knowledge of SWIFT and/or Fedwire a plus.

  • Flexibility to travel between New York and Richmond, VA sites.

 

Application instructions

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