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Boston, Massachusetts Federal Reserve Bank of Boston
Policy Manager

The Credit Risk Management (CRM) Unit of the Supervision, Regulation, and Credit Department (SRC) of the Federal Reserve Bank of Boston (FRBB) has an opening for a Policy Manager to oversee System and local credit risk management policy projects. The CRM Unit contributes to FRBB s mission to promote sound growth and financial stability in New England and the nation by serving as a source of liquidity to depository institutions (DIs) by extending overnight credit to qualifying DIs through the Discount Window, providing emergency credit to the financial system during times of market stress, and administering the Board of Governors Payment System Risk policy governing the use of intraday credit. Our lending activities assist the Board and the Federal Reserve Open Market Committee in implementing monetary policy.
The Policy Manager will oversee both the daily operations of a group and the contributions to strategic direction and planning within that function. You will be an expert possessing broad expertise in multiple complex functions. Reporting to the AVP, you will ensure appropriate staffing levels, workflows and internal processes within their units, establishing unit and staff goals, directing activities of staff, overseeing professional development and conducting performance management relative to high-level, professional staff. You will contribute to hands-on analysis in connection with achieving unit goals, including active participation in System level policy development and projects and department level projects.

Depending on the experience level, you will be eligible to be placed in a range of positions within the Risk Manager job family, including Risk Manager II or Risk Manager III.

Principal Accountabilities of the Policy Manager, Credit Risk Management Unit:
Lead the efforts of the Credit Risk Management function's policy team members in achieving the goals of providing high-quality contributions to System and local policy projects, balancing the goals of protecting the Reserve Bank and the Treasury against credit risk related to loans or daylight/overnight overdrafts and providing liquidity to depository institutions, particularly during systemic risk events.
Develop staff members as an empowered, engaged, interactive team having the skills and fluidity to provide support to any of the department s professional functions while concurrently and independently managing their primary responsibilities.
Evaluate and implement new System and Reserve Bank policies including preparing insightful Reserve Bank comments on policy proposals. Propose topics for presentation to the Reserve Bank's Credit and Risk Management Committee and, lead/participate in presentations and provide support for management of the committee.
Develop/maintain an understanding of relevant credit and legal risk issues and brief others on related developments in the banking industry. Perform a wide array of financial and business analyses that involve independently combining multiple sources of information to produce well-supported and persuasive analyses. Identify new issues and trends in external market factors, assess the potential impact on multiple dimensions of credit risk, and communicate issues, trends, and associated risks.
Maximize group effectiveness by identifying and overseeing cross functional assignments to enhance staff scope and depth, by designing transitional assignments to promote knowledge transfer and by proposing topics for presentation to senior management to promote awareness of new issues and Departmental goals and achievements.
Promote communications among staff and department management. Create and maintain liaison relationships with other units to prevent duplication of effort, avoid gaps in products, and ensure that services performed on their behalf meet quality and readiness standards.
Participate in strategic planning activities, including the development of goals and objectives, and budgeting, group level resource management and other management/ administrative responsibilities.

Supervision:
Direct oversight of five staff members.

Qualifications:
A Master s degree
12+ years of work experience that shows, applicable technical knowledge or managerial skills.
Law degree or payment system or bank regulation/supervision experience a plus.
Effectiveness in team and project management, including the ability to build teams, manage conflict and delegate responsibilities.
Command skills; managerial courage.
Developed conceptualization with the capability to deal with vagueness, assess the situation/problem, and bring forth a conclusion.
Capability to independently conduct and review complex analyses completed by team members, and make a decision regarding the risk posed to the Reserve Bank and System, considering the current environment, business model, and leading indicators of risk.
Capability to set priorities and adapt to changing circumstances; demonstrate commitment that high priority goals are met.
Developed ability to develop tailored, concise oral and written correspondence for all of our audiences.
Negotiation skills facilitating the ability to influence change in stakeholders
A track record in positions of increasing responsibility (including in a managerial capacity).
Overnight travel of up to 10%

The following skills are desirable:
Awareness of policies, practices, trends, technologies, and information affecting the banking industry
Understanding of the effects of changing business and market conditions, and thinking creatively to develop solutions to new problems.
Capability to interpret laws and regulations and analyze legal issues relating to secured transactions and securitizations.

Our total rewards program offers benefits that are the best fit for you at every stage of your career:
Comprehensive healthcare options (Medical, Dental, and Vision)
401K match, and a fully funded pension plan
Paid vacation and holidays; flexible work environment, healthy workflow
Generously subsidized public transportation
Annual tuition reimbursement
Professional development programs, training and conferences
And more

The Federal Reserve Bank is committed to a diverse, equitable 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.

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.

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. All candidates must undergo an enhanced background check and comply with all applicable information handling rules.

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.

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