Credit Risk Specialist

Our Unique Work: 

The FRBNY is exposed to credit risk through its provision of financial services to second district depository institutions and execution of market operations at the direction of the Federal Open Market Committee (FOMC), as fiscal agent of the United States and for various official accountholders.  More specifically, counterparty credit exposures arise from Discount Window lending, intraday extensions of credit through counterparties’ use of FRBNY payment systems and services, open market trading activities, Federal Reserve lending facilities and liquidity programs, and other activities.  Trading activities include outright securities transactions, securities repurchase (repo) and reverse repo agreements, foreign exchange transactions, and foreign exchange swaps. 

The Counterparty Credit Risk (CCR) team of the Markets Group is responsible for monitoring and assessing the credit risk of a diverse group of counterparties, identifying institutions that pose a heightened level of risk to the Bank, measuring the magnitude of such risk and implementing risk controls.  CCR also participates in internal discussions concerning the trade-offs between policy benefits and risk exposure from extending credit and other topical financial issues.

How You’ll Make an Impact as a Credit Risk Specialist:

• Perform credit analyses of various types of depository institutions with FRBNY accounts and/or services, maintain internal risk ratings, and implement credit risk mitigation measures in accordance with Federal Reserve System (FRS) and FRBNY policies.  Provide input into intraday credit decisions.
• Monitor the financial condition of depository institutions, industry trends as well as regulatory and macro developments.  Identify early warning signals and communicate risks and potential implications effectively. 
• Recommend and coordinate risk mitigation approaches for higher risk counterparties in collaboration with FRBNY Supervision, Financial Services, business teams, and other key stakeholders.
• Implement CCR’s failing bank process if needed, liaising with Legal, Supervision, Discount Window, Financial Services, other Reserve Banks, other regulators, and key stakeholders.

• Review account applications to ensure that provision of accounts does not pose excess credit risk to the FRBNY, liaising with internal stakeholders. Guide the work of more junior analysts
• Liaise with FRBNY Supervision and other supervisory authorities (e.g. OCC, NCUA) to optimize communication and information transfer regarding supervised depository institutions.
• Guide and/or contribute to operational aspects of CCR’s work (e.g., implementing records management mandates; maintaining and streamlining policies and procedures).

• Lead or participate in, and contribute to, internal and cross-district workgroups, projects and initiatives related to policy, technology solutions and data quality.

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, management reserves the right to revise the job or to require that other or different tasks be performed when circumstances change.  

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.

Privacy Notice