Operational Risk Senior Associate – Special Investments Management recruitment
In response to the financial crisis, the Federal Reserve Bank of New York created certain special lending facilities to extend support to specific institutions and investors in key credit markets. The Special Investments Management Group (SIMG) is responsible for managing the facilities, that is comprised of the following:
- The Investment Support Office (ISO) is responsible for the three Maiden Lane Facilities: ML LLC, which was formed to facilitate the merger of Bear Stearns with JPMorgan Chase, and ML II LLC and ML III LLC, which were formed as part of the restructuring of the government's financial support to AIG. The ISO and its external vendors monitor and managing the facilities in order to fully repay the New York Fed's outstanding loans to the LLCs.
- The Term Asset-Backed Loan Facility (TALF) is responsible for monitoring the TALF loan portfolio collateralized by asset-backed securities (ABS) backed by auto loans, student loans, credit card loans, equipment loans, floorplan loans, insurance premium finance loans, loans guaranteed by the Small Business Administration, residential mortgage servicing advances, or commercial mortgage loans. TALF and its external vendors manage the day-to-day activities, including the receipt of monthly principal and interest payments due to the New York Fed and TALF LLC as well as the processing of voluntary prepayments in order to realize full repayment of outstanding loans.
Responsibilities
Work closely with the portfolio teams and perform vendor oversight activities:o Conduct vendor reviews: determine scope, understand and document key processes, identify risks and assess internal controls, prepare risk matrices and test plans, perform testing, identify and present issues and recommendations for improvement, follow-up on corrective action, prepare reports, prepare comprehensive workpapers, etc;
o Update vendor scorecards/metrics and facilitate feedback from portfolio teams regarding vendors' performance and compliance with the legal agreements; o Build constructive and effective business relationships with external vendors.
Assist with coordination of vendor reviews for other areas of the Bank (i.e., Compliance, Information Security, Internal Audit, etc.).
Ensure adherence with the Bank's risk and vendor management related policies and programs including OB # 1, 10, and 47:o Update operational, vendor, compliance and fraud risk assessments, utilizing Archer;o Identify, report, track, and analyze risk events, utilizing Archer;o Maintain the Business Continuity Plan in myCOOP and coordinate testing;
o Assist with obtaining VIP approvals, CRM credit reviews, Information Security assessments, etc;
o Assist with vendor due diligence activities.
Review vendors' annual SSAE 16 reports and Reg AB reports to assess coverage of key processes and controls, assess gaps and remediation efforts, perform additional testing, and present results to the Bank's and LLCs' external auditors.
Participate in the Bank's vendor management related initiatives/work groups, etc.
Participate in BPE projects.
Assist with coordinating internal and external reviews of the LLCs activities.
Assist with preparing periodic reports, analyses and presentations, as needed or requested
Skills
The Vendor Oversight Risk Management team supports the ISO and TALF's efforts to oversee the external service providers, and is responsible for monitoring and mitigating the risk exposures arising from the activities. Requirements
- Degree in Business Administration, Accounting or Public Policy or equivalent education;
- 8+ years internal controls and/or internal audit, risk management experience;
- Strong knowledge of IT (i.e., application controls, general computer controls, etc.) and operational/ process-related risks, internal controls;
- Strong knowledge of risk-based methodologies and a top down approach;
- Skilled in preparing process documents (i.e., flowcharts, process maps, process narratives, etc.), risk matrices and test plans; performing testing; and preparing comprehensive workpapers;
- Ability to identify vulnerabilities and recommendations for improvement;
- Strong analytical and problem solving skills;
- Excellent oral and written communication skills;
- Excellent organizational and time management skills;
- Strong ability to multi-task and meet competing deadlines;
- Detail-oriented;
- Pro-active and results-oriented;
- Excellent interpersonal skills;
- Flexible/open to new ideas/suggestions/approaches;
- Strong work ethic and commitment to get things done;
- Proficiency with the Microsoft Office suite (Word, Excel, PowerPoint, Visio); and
- Able to travel up to 20%.