Senior Independent Risk Management and Controls Risk Specialist

Company Federal Reserve Bank of San Francisco We are the San Francisco Fed, public servants with a congressionally mandated mission to advance the nation’s monetary, financial, and payment systems to build a stronger economy for all Americans. We are a community engaged bank, and we are committed to understanding and serving the vibrant, diverse people of the Twelfth District. That means we seek and appreciate new perspectives. We respect people for what they do and for who they are. We build opportunities to learn and grow. When you join the SF Fed, you become part of a team united in its purpose to promote an economy that works for everyone. We empower our people to balance their life and work responsibilities. That’s why we offer a flexible hybrid work model that allows you to collaborate with office colleagues on some days, and work from home on others. We have an exciting opportunity to serve as a Risk Specialist on the dedicated supervisory team (DST) that provides regulatory oversight of Royal Bank of Canada’s (RBC) Combined U.S. operations (CUSO). RBC is Canada’s largest bank and one of the top 10 banks in the world, based on market capitalization. The firm employs over 89,000 people, and serves 17 million clients across Canada, the U.S. and 29 other countries. The U.S. operations of RBC include significant commercial banking, investment banking, brokerage, consumer banking and wealth management activities. In this role, your primary function is to be a key contributor to the DST’s evaluation and rating of the firm’s financial and operational resiliency. This is a rotational position of generally no longer than five years with the expectation that the candidate remains in this role for a minimum of three years. The Independent Risk Management Risk Specialist (IRMS) is responsible for assessing enterprise-wide independence risk management and controls (‘Second Line of Defense’) across several areas including Chief Risk Officer roles and responsibilities; risk appetite and limits; issues management, risk identification, measurement, effective challenge and reporting. The successful candidate will report to the RBC DST IT Team Manager. We seek an individual who possesses significant experience in bank examinations or audits or control assessments with a focus on independent risk management at large, complex financial institutions. A strong, working understanding of the three lines of defense concept is a must. Particular emphasis will be placed on candidates with experience covering areas such as enterprise-wide risk management, corporate governance, tools and risk control processes such as new product approvals, risk control self-assessments, and open issues management. As well, a strong understanding of the role of senior management and the board of directors, and ability to track and assess project management in a large bank environment is an essential complement to providing a robust supervisory assessment. Finally, you must possess the ability to collaborate with other risk specialists covering operational, credit, market, legal, and compliance risks. You will collaborate with the dedicated supervisory team members and other risk specialists to develop and execute the supervisory program and serve as a thought leader. Essential Responsibilities: The IRMS is expected to collaborate with FRS management and examiners from other regulatory agencies to identify and monitor emerging issues, trends, vulnerabilities, and ongoing developments in a supervised organization’s independent control environment. The ability to explain complex governance issues and concepts effectively to staff and management is essential to this position, as is the ability to foster strong, collaborative working relationships with various stakeholders, including the Federal Reserve Bank of San Francisco senior management, FRS staff and management, and other regulators. You should have strong written and oral communications skills with the ability to be clear and concise, focused on root-cause analysis, and well-supported conclusions consistent with regulatory standards. In addition, you will: Lead or participate in firm specific events and LFBO horizontal and coordinated reviews for the assigned coverage areas. Develop scope and objectives, implement exam procedures, engage Division and System partners and other regulators to consider broader perspectives, and develop supervisory products that provide well-supported conclusions. Conduct routine continuous monitoring activities, including MIS reviews and meetings with firm management to develop a deep and broad understanding of the firm’s strategies, risks and risk management practices. Perform timely and periodic risk analyses to determine the level and trend of risks and identify emerging issues. Incorporate internal and market-based surveillance data as well as peer practices into the ongoing supervisory assessment. Deliver well-supported supervisory products such as RCM summary memos and ratings assessments. Deliver clear supervisory messages to firm management that describe where the firm stands relative to supervisory expectations and required actions for addressing matters that require attention, as applicable. Contribute to the Capital, Liquidity and Governance and Controls ratings assessments under the LFI Ratings Framework, based on knowledge of relevant areas of the firm and results of supervisory reviews. Build and maintain an expanded level of knowledge and expertise in assigned coverage areas and related supervisory guidance, including existing regulatory requirements and guidance from relevant SR letters; proposed rules and guidance from the U.S. regulatory agencies; and standard methodologies identified during Federal Reserve horizontal reviews. Collaborate with other risk specialists on the DST, counterparts on other dedicated supervisory teams and the Risk Specialist Team to develop a comprehensive understanding and opinion of RBC’s financial and non-financial risks and businesses. Build and maintain effective working relationships with internal partners (i.e., within the Division, across the System and at the Board of Governors) and with other regulatory agencies (OCC, FDIC, SEC, etc.) Position Requirements: Bachelor’s degree in business, or related fields of study (or equivalent work experience). Comprehensive knowledge of, and experience evaluating, independent risk management risks facing complex global financial institutions and prudent practices for managing those and related risks (operational, reputational and financial). Typically requires ten or more years of direct supervisory or comparable banking, financial industry, or advisory experience in risk management, audit, finance functions. Strong problem solving and analytical skills that support and enable sound decision-making; ability to synthesize large amounts of complex, disparate information to formulate well-supported views. Ability to listen and communicate clearly, logically, and persuasively at multiple levels in the organization and effectively articulate themes and conclusions both verbally and in writing. Ability to cultivate collaborative working relationships with a variety of key internal and external partners. Travel 10% or more for San Francisco based applicant, and up to 15% for non-SF based applicants. This position requires access to confidential supervisory information, which is limited to “Protected Individuals.” Protected Individuals include, but are not limited to, U.S. citizens and U.S. nationals, U.S. permanent residents who are not yet eligible to apply for naturalization, and U.S. permanent residents who have applied for naturalization within six months of being eligible to do so or who will sign a declaration of intent to apply for naturalization before they begin employment. Preferred but not required: An examiner commission from a federal or a state banking supervisory agency or the relevant experience and training required for entry into the Interim Examiner Commissioning Program for Large Financial Institution Supervision. Working knowledge of the Federal Reserve’s Consolidated Supervision Framework for Large Financial Institutions (SR 12-17), LFI rating (SR 19-3) and Reg YY. Broader knowledge of other financial and operational resiliency areas (e.g. credit, market, interest rate risk, liquidity, operational, compliance, management of business divisions). #LI-Hybrid Base Salary Range: Min: $155,700 Mid: $205,600 Max: $255,300 (Location: San Francisco) Final salary and offer will be determined by the applicant’s background, experience, skills, internal equity, and alignment with geographic and other market data. At the Federal Reserve Bank of San Francisco, we offer a wonderful benefits package including Medical, Dental, Vision, Pretax Flexible Spending Account, Paid Family Leave Care, Backup Childcare Program, Pretax Day Care Flexible Spending Account, Vacation Days, Sick Days, Paid Holidays, Pet Insurance, Matching 401(k), and an unheard-of Retirement / Pension. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment. At the SF Fed, we believe in the diversity of our people, ideas, and experiences and are committed to building an inclusive culture that is representative of the communities we serve. The SF Fed is an Equal Opportunity Employer. The Bank's ethics rules 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. Employees in the S C group also must ensure there are no conflicts of interest related to their previous employment and current financial interests. S C employees may be subject to borrowing and deposit restrictions and may need to recuse themselves from certain supervisory work. Please review Section 5.3 and Appendix B of the Bank’s Code of Conduct to ensure compliance with the Code of Conduct conflict of interest rules and personal investment restrictions. 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) The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences. Privacy Notice OUR BANK has one of the most recognizable brands around the world. The Federal Reserve is the central bank of the United States—one of the world's most influential, trusted and prestigious financial organizations. The Federal Reserve is charged with the important mission of promoting a strong economy and a stable financial system and fulfills this responsibility by formulating national monetary policy, supervising and regulating banks and bank holding companies, and providing financial services for banks and the U.S. government. OUR PEOPLE are diverse in background and ideas, which allows for ongoing creativity and innovation. Ultimately, they are the ones who push our high-performance, exchange-driven culture forward. Why Our People Choose Us: Our reputation precedes us There will always be room for personal growth Our people are first You’ll find the right balance Your responsibilities will be meaningful We hope that you will be our future colleague.