Accounting Policy Specialist Job in Boston 02108, Massachusetts US
The Accounting Specialist, reporting to the Director of Accounting Policy and Analysis, is responsible for conducting analyses and assessments of accounting practices, issues and trends in support of financial institution supervision, regulation and credit functions. Primary responsibilities include: applying technical expertise and knowledge to analyze issues and trends, and participating on accounting and audit focused examinations. As a recognized specialist in specific areas of accounting, audit, internal controls and corporate governance; plays a role in support of Reserve Bank or Federal Reserve System projects or initiatives and facilitates the exchange of technical knowledge with management and staff.
Maintain a high level of technical expertise and current knowledge of accounting rules and practices. Also maintain comprehensive knowledge of audit, internal controls and corporate governance standards and practices.
Identify and assess developments and issues in applicable technical areas that could have a significant impact on the financial services industry and/or supervisory activities. Communicate with Accounting Director, affected units or functions; recommend or lead appropriate action.
Participate in onsite supervisory reviews of large, complex banking organizations within the Reserve Bank and across the System that require accounting, audit, internal controls, or corporate governance expertise.
Assist the Director or directly contribute to the System's development and implementation of regulation, guidance, and policy by engaging in research and analysis with the objective of influencing and/or informing Board of Governors policy staff, providing expert commentary on proposed revisions to policy and guidance, and representing the Reserve Bank in various communities of specialists involved in supervision programs.
Respond to Reserve Bank management and staff inquiries regarding the application of accounting and audit standards.
Collaborate and sustain positive working relationships with other business areas including other SRC units. Ensure effective communication of relevant information between such contacts and appropriate Reserve Bank management, including senior management.
Build, maintain and expand a national network of contacts within the regulatory and accounting communities to augment monitoring, research and analytical efforts.
Assist in facilitating the exchange of accounting knowledge via participation in education initiatives, conferences, and network/affinity groups.
Demonstrate strong judgment and well-reasoned decision making in situations that may involve highly complex issues, public scrutiny, market reactions, and potentially challenging reactions from key constituents.
The position is structurally within the Risk and Policy Analysis Unit of the Bank’s Supervision, Regulation and Credit department but supports all units in the department.
The accounting policy specialist and accounting policy director comprise the Accounting Team. A key function of the Accounting Team is to provide support to supervisory activities. The team is expected to be the first point of contact when there is an accounting, audit or corporate governance issue with a supervised institution. The team also acts as a liaison between our Reserve Bank (RB) and others RBs around the System. The team meets on a regular basis with other RB accounting contacts and staff at the Board of Governors (BOG) in Washington, DC to identify areas of common concern, ensure issues are handled consistently, and share best practices.
In support of our supervisory role, the Accounting Team is also tasked with interpreting any new accounting, audit or governance related rules/guidance issued by authoritative groups or regulatory agencies. This requires in depth analysis, communicating with those impacted and providing some level of training or implementation support.
The Accounting Team is expected to participate in examinations that require accounting or audit expertise. Based on availability and risk based prioritization, participation has been mainly on large bank examinations and continuous monitoring reviews.
The accounting team is also expected to play a role in policy and other areas deemed to be a high priority for the Department. This often requires building in depth knowledge and experience on certain identified topics. Currently there is a desire to develop more expertise in areas that impact on systemic risk. Fair value, pro-cyclical dynamics, and consolidation accounting have become a primary focus for more in depth analysis and original research.
The accounting team is also responsible for providing SRC staff with an appropriate level of accounting training and coaching. Accounting training is supported principally through System sponsored training initiatives; however there is on occasion a need to supplement system training with local Reserve Bank support.
This position requires access to confidential supervisory information, access to which is limited to "Protected Individuals" as defined by regulation of the Board of Governors of the Federal Reserve System. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and lawful permanent resident aliens (also known as "green card holders") who are eligible for and seeking United States citizenship within the requisite timeframes.
All employees assigned to this position will be subject to an FBI fingerprint/criminal background check and Patriot Act / Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.