261046 Requisition #

Financial Controller - Assistant Vice President/ Vice President



The Federal Reserve is developing a new interbank 24x7x365 real-time gross settlement (RTGS) service with integrated clearing functionality, called the FedNow service. This service will help enable financial institutions provide their customers with the ability to send and receive payments any time, any day, and have full access to those funds within seconds.  This position is a unique opportunity to be part of a new mission-critical Federal Reserve initiative that will be transformative to the payments landscape in the United States.


Position Contributions –

This position is responsible for overseeing the effective financial management of the FedNow intiative, including the Finance, Procurement, Audit, Compliance and Internal Controls over Financial Reporting functional areas. This position reports to the FedNow Chief Administrative Officer (CAO).



What will be expected of you –

  • Maintains direct accountability to the Chief Administrative Officer of FedNow for the accuracy and integrity of FedNow’s financial information

  • Leads the development and implementation of short- and long-term strategic goals and objectives for finance area

  • Leads the budgeting and business planning processes, and ensures the allocation of adequate resources to accomplish the short- and long-term goals and objectives of the FedNow program

  • Oversees and directs the financial activities of the FedNow initiative, including cost accounting, financial accounting, forecasting, modeling and controls; ensures the alignment of financial resources with FedNow’s most critical strategic priorities. Works collaboratively with various Finance teams across the System to achieve objectives

  • Works closely with Human Resources to integrate the workforce development strategy into the financial strategy

  • Works with the program management, technology and product management teams and System stakeholders on financial  strategy, cost/revenue strategy, pro forma financials

  • Asserts to the fair presentation of FedNow’s financial statements and the effectiveness of internal controls over financial reporting to the program’s external auditors, senior management, Board of Governors and the Board of Directors

  • Presents budgets, plans and financial results to FedNow Senior Management. Tracks and monitors all expenses from various entities

  • Administers, evaluates and establishes FedNow financial policies, practices and procedures.  Provides direction and ensures program wide compliance with pertinent System financial management, procurement, delegation of authority, and discretionary expenditure policies

  • Oversees and directs the administration of personnel related matters including performance management, salary administration, and professional development

  • Creates an environment that rewards and recognizes individuals for creative and innovative ideas, and appropriate risk taking that positively impacts functional performance


Expertise you would bring –

  • Knowledge and experience normally acquired through, or equivalent to, the completion of a Bachelor’s degree
    • At the AVP level: a minimum of 7-10 years of job related, including at least 4-5 years of management experience
    • At the VP level: a minimum of 11-13 years of job related, including at least 6-8 years of management experience

  • A Master’s Degree and/or CPA certification is desirable
  • A solid understanding and knowledge of external and internal, Federal Reserve financial and cost accounting standards, rules and regulations is preferred
  • Strong analytical, problem solving, customer service and communication skills are also required
  • May have supervisory responsibilities (direct or matrix)



Logistics & Requirements –

  • May include remote working arrangements and some required travel, which will vary during project plans


The Federal Reserve Bank of Boston is committed to a diverse and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

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.

For this job, any offer of employment is contingent upon successfully passing a two-phase security screening. The first phase consists of the satisfactory completion of a physical examination (including a drug screening), reference checks, and a security investigation consisting of credit and criminal history checks.

The second phase, which might not be complete until after you begin working at the Reserve Bank, is an additional risk-based security screening determined by the risk rating of the position.  Depending upon the sensitivity of the position, this phase may include, and is not limited to, work and residency eligibility verification, and personal interviews with the candidate, references, and prior employers.

All applicants must have resided in the United States for at least three (3) years.



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