Corporate Credit Facilities (CCF) Operations & Risk Team Member

267137 Requisition #

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. It is a challenge that demands the skills of a financial service professional and the intelligence of an academic—all combined with a passion for public service.

What we do: 
The Corporate Credit Facilities (CCFs) were established in March 2020 to support credit to large US employers; the Primary Market Corporate Credit Facility (PMCCF) for new bond and loan issuance and the Secondary Market Corporate Credit Facility (SMCCF) to provide liquidity for outstanding corporate bonds. The CCFs allow companies access to credit so that they are better able to maintain business operations and capacity during the period of dislocations related to the pandemic. The Board of Governors announced the termination of these facilities effective December 31, 2020. While active, the SMCCF acquired a multi-billion dollar holdings of corporate bonds and corporate bond ETFs which will require ongoing management. Therefore this role has an approximate 5 year duration.

The CCFs are looking for an Operations & Risk Team Member to cover operations and operations risk management for the SMCCF. You will work with other CCF team members and a broad set of FRBNY stakeholders. We offer a unique opportunity to participate in the Federal Reserve's mission-critical work in response to the challenges posed by the Coronavirus pandemic.

Your role as Operations & Risk Team Member:

  • Pro-actively identify, escalate, and assess operational risks and issues within CCF internal operations and across vendors; ensure that controls are implemented, documented, and functioning as intended, and maintain risk control self-assessments, SOX narratives and other risk documentation, coordinating with other CCF team members, internal stakeholders, and external investment manager(s), custodian, and fund administrator
  • Oversee processing and control of CCF transactional activity on the investment and cash reinvestment portfolios
  • Serve as CCF team contact for audit, Federal Reserve Board, GAO, and other governmental parties, working with FRBNY stakeholders; and coordinate remediation efforts following internal and external reviews
  • Work with vendors and internal partners such as Risk, Information Security (cyber), Legal, and Compliance
  • Ensure that access control policies and procedures are well maintained and functional

What we are looking for:

  • 8 or more years of experience in securities markets operations and infrastructure, including operational risk management
  • Expertise in market operational and trading practices for corporate bonds, ETFs, Treasury and agency securities, or cash management
  • Experience in risk assessments, process documentation, and development of operational procedures
  • Build effective and collaborative relationships and create cross-functional synergies

Our organization offers benefits that are the best fit for you at every stage of your career:

  • Fully paid Pension plan and 401k with Generous Match
  • Comprehensive Insurance Plans (Medical, Dental and Vision including Flexible Spending Accounts and HSA)
  • Subsidized Public Transportation Program
  • Tuition Assistance Program
  • Onsite Fitness & Wellness Center
  • Flexible Work Arrangements
  • And more which you can find here

Candidates must undergo an enhanced background check and will be tested for all controlled substances prohibited by federal law, to include marijuana.

The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

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.

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