The Senior Risk Specialist, Accounting Policy, is responsible for conducting analyses and assessments of accounting practices, issues, and trends in support of large financial institution supervision, regulation and credit functions. The Senior Risk Specialist applies technical expertise and knowledge of complex technical accounting rules and practices to perform original research, contribute to policy deliberations, analyze issues and trends, and participate on accounting and audit focused examinations of the largest and most complex financial institutions. As a recognized expert in specific areas of accounting, including derivatives and structured products, audit, internal controls and/or corporate governance; plays a leadership role in support of Reserve Bank or Federal Reserve System (System) projects or initiatives and facilitates the exchange of technical knowledge with management and staff.
Principal Accountabilities of a Senior Risk Specialist:
• Maintain a very high level of technical expertise and current knowledge of complex accounting rules and practices, including those that relate to derivatives and structured products, and a solid understanding of how U.S. GAAP measures of equity translate into bank regulatory capital measures.
Support high priority System supervisory efforts and needs of Reserve Banks’ onsite supervisory teams to promote the safety and soundness of large financial institutions. Lead or participate in onsite supervisory reviews of large, complex banking organizations within the Reserve Bank and across the System that require accounting, audit, internal controls, or corporate governance expertise. Leverages System relationships and/or affinity groups to inform extant or new efforts.
Contribute to the System's development and implementation of regulation, guidance, and policy through engaging in research and analysis with the objective of influencing and/or informing Board of Governors policy staff, providing expert commentary on proposed revisions to policy and guidance, and representing the Reserve Bank in various communities of specialists involved in supervision programs.
Identify and assess developments and issues in applicable technical areas that could have a significant impact on the financial services industry and/or supervisory activities. Communicate with affected units or functions; recommend or lead appropriate action.
Serve as the primary point of contact for Reserve Bank management and staff inquiries regarding the application of accounting and audit standards.
Collaborate and sustain positive working relationships with other business areas including other Supervision, Regulation and Credit units, System personnel, Board staff, and the Research department. Ensure effective communication of relevant information between such contacts and appropriate Reserve Bank management, including senior management. Assist these stakeholders in understanding and/or resolving technical accounting issues as they apply to their areas of the department and/or bank.
Build, maintain and expand a national network of contacts within the regulatory and accounting communities to augment monitoring, research and analytical efforts.
Provide System leadership in facilitating the exchange of accounting knowledge via roles such as course instructor, conference presenter or network/affinity group leader.
Demonstrate strong judgment and well-reasoned decision making in situations that may involve highly complex issues, public scrutiny, market reactions, and potentially challenging reaction from key constituents.
Serve as a mentor, advisor, coach, or trainer to more junior staff. Serve as a role model by playing a leadership role in promoting teamwork and in fostering a positive work environment. Provide constructive and actionable feedback to management and team members and assume accountability for the resolution of problem issues.
Perform other duties as assigned.
This position is not expected to directly supervise anyone.
Knowledge and Experience:
Knowledge and experience normally acquired through the completion of a Master's degree in a business-related discipline and a minimum of 8 years related experience, preferably in the financial services industry. Current CPA designation required. Prior accounting policy, bank supervision or regulatory experience, other designations (e.g., CFA, FRM, PRM, etc.) a plus. Ability to travel is required.
Staff members in this position are expected to possess the following essential skills:
Proficient technical knowledge in a highly complex risk area, for example advanced credit risk measurement and accounting, derivatives accounting, and structured products.
Highly developed and demonstrated critical thinking, including strong analytical, problem solving and decision-making capabilities.
Able to navigate ambiguity, in particular within contexts where regulatory guidance is unclear.
Strong business acumen; ability to set priorities and readily adapt to changing priorities.
Highly developed oral and written communications skills, including negotiating ability to influence change in internal and/or external stakeholders.
Effectiveness in team and project management, including the ability to motivate others, manage conflict and take the initiative, as needed.
This position requires access to confidential supervisory information, access to which is limited to "Protected Individuals" as defined by regulation of the Board of Governors of the Federal Reserve System. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and lawful permanent resident aliens (also known as "green card holders") who are eligible for and seeking United States citizenship within the requisite timeframes.
All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.
The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.
As part of the Central bank of the United States, the Boston Fed works to promote sound growth and financial stability in New England and the nation. We contribute to communities, the region, and the nation by conducting economic research, participating in monetary policy-making, supervising certain financial institutions, providing financial services and payments, playing a leadership role in the payments industry, and supporting economic well-being in communities through a variety of efforts.