Significant Service Provider

Company

Federal Reserve Bank of ChicagoThis position plays a key role in collaborating with technology professionals to fulfill our mission to strengthen and protect our economic, financial and payments systems. We dedicate more than $1 billion to technology each year to support the Federal Reserve and our economy, and we’re building a dynamic and diverse team for our future.

The Central Point of Contact (Lead Risk Management Specialist) will lead a team that examines information technology systems and operations, governance and controls, cybersecurity, and risk management program of a Significant Service Provider (SSP) that provide critical technology and services to financial institutions and are regulated by the Federal Reserve System. The CPC will prepare, review, monitor, and execute risk-focused information technology supervisory activities by following the Federal Financial Institutions Examination Council's (FFIEC) booklet, "Supervision of Technology Service Providers". Through oversight of service providers, the team helps ensure that safety and soundness concerns that could impact the critical services of a broad range of financial institutions are identified and remediated on time.

The level of work is generally considered advanced and staff must be able to work under minimal supervision. This position has no direct reports.

Your Responsibilities:

The Significant Service Provider (SSP) Central Point of Contact’s (CPC) (Lead Risk Management Specialist) primary responsibilities include coordinating the interagency SSP examination process including creating all aspects of a sound supervisory program. The CPC is also required to coordinate supervision with their assigned Board Analyst, the Portfolio Coordination Group (PCG), as well as the SSP Management Group (MG).

Develops an institutional profile, risk assessments and risk-focused supervisory plan

Manages and executes all examination activities including identification of resource requirements

Serves as Examiner-in-Charge of examination events

Develops and coordinates horizontal or idiosyncratic examinations within established timeframes

Discusses conclusions with the senior management of the institution and its board of directors

Tracks and follows-up on examination findings and enforcement actions

Ensures findings, recommendations, and communications to the firm are consistent and appropriate

Coordinates ongoing monitoring activities

Maintains knowledge of the firm’s financial condition, risk management practices, management structure, strategic plans, emerging risks and ongoing developments in the service provider community

Keeps Reserve Bank management, including Regional District Supervisory Officer (RDSO), apprised of supervisory developments and emerging risks

Coordinates and effectively collaborates across Federal Banking Agency (FBA) CPCs, RDSOs and Washington Offices (WO)

Participates in Significant Service Provider Management Group (MG) vetting's and local Reserve Bank vetting's

Develops and maintains effective working relationships with the Board of Governors staff, and Interagency regulatory counterparts regarding supervisory matters

Responds to incidents, including:

reports incidents affecting their assigned institutions

collects incident information and updates Cyber Event Repository (CER)

leads supervisory follow-up for covered institutions

communicates and coordinates with supervisory Board analyst, Reserve Bank supervisory management, Cybersecurity Analytics Support Team (CAST), and other Reserve Bank stakeholders.

monitors the response of covered institutions to cyber threats and incidents

Builds and maintains strategic working relationships and networks with internal and external stakeholders

Proactively serves as a mentor and/or coach; advises others, proactively identifies the training needs of less experienced staff members, provides technical expertise, guidance/training and constructive feedback to all levels of staff and management

Your Background:

Bachelor's degree, relevant accreditation or equivalent experience; Information Technology or related degree is preferred

Ten plus years of direct work-related experience

Seven plus years of experience in risk area of expertise required

Examiner Commission preferred

Prior experience as a Deputy CPC preferred

Knowledge of operational risk, information security, cybersecurity concepts, IT risk management supervision, fundamentals of a strong audit function; the Uniform Rating System for Information Technology (URSIT) rating framework; knowledge of Payments Systems is a plus

General knowledge of enterprise risk management, and basic knowledge of non-IT risks including general safety and soundness

Familiarity with key elements of a sound risk management framework including the three lines of defense

Demonstrates the ability to lead others to understand and execute risk focus supervision and processes; demonstrates the ability to apply complex concepts and inter-dependencies in completing tasks

Demonstrates highly advanced analytical and problem-solving skills

Demonstrates independent thinking and decision-making abilities as well as have advanced written and oral communication abilities

Possesses the ability to provide effective direction or consultation

Possesses the ability to coach/guide and provide guidance and constructive feedback to all levels of staff

Possesses strong teamwork skills and the ability to build and work collaboratively within and across work teams

Demonstrates the ability to effectively lead and influence a team to resolve complex to highly complex issues without authority, especially in a leader’s absence

Demonstrates the ability to manage time and projects effectively by adjusting quickly to new and different priorities

Demonstrates aptitude to leverage relevant technology and software applications

What we Offer:

Comprehensive benefits package, including medical, dental, vision, prescription drug coverage, 401k savings plan, retirement plan, paid time off and transit benefit.

A continuous learning environment with opportunities to gain new skills and grow your career.

A wide range of Diversity, Equity, and Inclusion community groups as well as active employee resource groups and mentorship programs.

Onsite gym and subsidized cafeteria.

Location:

This is a hybrid role. Your presence will be expected at one of the 7th District offices—Chicago, Des Moines or Detroit.

Other Requirements:

Ability and willingness to travel up to 25%.

As a condition of employment, Federal Reserve Bank of Chicago employees must comply with the Bank’s ethics rules which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the recruiter for this posting, who can provide you contact information for our ethics official if necessary.

This position requires access to confidential supervisory information and/or FOMC information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are not U.S. citizens or U.S. permanent residents may be eligible for the information access required for this position and sponsorship for a work visa, and subsequently for permanent residence, if they sign a declaration of intent to become a U.S. citizen and meet other eligibility requirements. In addition, all candidates must undergo applicable background checks and comply with all applicable information handling rules, and all non-U.S. citizens must sign a declaration of intent to become a U.S. Citizen and pursue a path to citizenship.

This position has additional screening requirements due to the information accessed while performing the job. These additional screenings would be initiated at the time of offer acceptance and can take approximately two months to be completed. The screening covers areas such as education/employment verification, criminal history, credit history, and reaches out to your references and people that know you well.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Bank Examination

Work Shift

First (United States of America)

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