Senior Risk Specialist - Independent Risk Management and Controls
Federal Reserve Bank of San Francisco
Location: San Francisco, California
Type: Full Time
Internal Number: R-0000001002
The FRBSF’s Supervision and Credit Division supervises financial institutions and service providers to financial institutions in the western United States. Our mission is to ensure a safe, sound, and accessible financial system. Under delegated authority from the Board of Governors, the FRBSF provides regulatory oversight of SVB Financial Group (SVBFG). SVBFG reported $142 billion in total assets as of March 31, 2021 and will become a new entrant into the Federal Reserve’s Large and Foreign Banking Organizations (LFBO) program subject to tailored Category IV Dodd-Frank Act (DFA) Enhanced Prudential standards (EPS). SVBFG is headquartered in Santa Clara, CA and provides financial services to clients in the emerging technology and private wine industries. The organization’s primary focus is serving clients engaged in creating/sustaining innovation with industries including hardware, software, fintech, life science/healthcare, and clean energy, while cultivating strong global relationships with venture capital and private equity firms.
We have an excellent opportunity on the FRBSF’s SVBFG dedicated supervisory team to serve in the role of Senior Risk Specialist, covering Independent Risk Management and Controls. As part of the Federal Reserve’s LFBO program, you would report to the SVBFG Operational Resiliency Manager on a team of risk specialists responsible for the assessment of SVBFG’s Governance and Controls under the Federal Reserve’s Large Financial Institution’s Rating Framework, as well as the assessment of various rating components under the interagency CAMELS rating framework. You would lead the development and execution of a strong supervisory program for Independent Risk Management and Controls, requiring a comprehensive understanding of firm practices in these areas. You would act as Examiner-in-Charge of related supervisory events; conduct horizontal and coordinated reviews; and routinely interact with internal and System-level colleagues, other regulators, and the firm’s senior management and staff. This is an exciting time to be a part of the SVBFG supervisory team as the firm transitions to a DFA EPS Category IV firm with heightened regulatory scrutiny.
This role is an internal rotational position of generally five years with the expectation that you remain in the role for a minimum of three years.
Lead the supervisory assessments of Independent Risk Management and Controls, and use knowledge of relevant areas of the firm and results of supervisory reviews to draw sound conclusions and support overall ratings
Develop and execute a strong risk-focused supervisory program for Independent Risk Management and Controls with the LFBO Management Group’s program requirements
Define and conduct ongoing risk-focused supervisory activities, including leading routine meetings with SVBFG management to develop a deep and broad understanding of the firm’s second line risk management function covering credit, liquidity, market, operations, legal and compliance risk
Develop creative approaches for evaluating coverage areas and related risk management practices relative to peer companies. Devise methods to efficiently incorporate internal and market-based surveillance data into the ongoing supervision process
Collaborate with other risk specialists on the team and California Department of Financial Protection and Innovation (DFPI) examiners to develop a comprehensive understanding of SVBFG’s operational and financial risks and the associated controls and oversight provided by the second line independent risk management function
Demonstrate agility and leadership through ability to cover other risk topics not specifically captured in areas of coverage, based on team need
Build and maintain effective working relationships within the team, with peers, within FRBSF, within the Federal Reserve System, with other regulatory agencies (especially the DFPI), and with the supervised firm
Ensure high quality and timely completion of required supervisory work products and perform quality control to ensure compliance with local policies/procedures and System requirements
Interpret regulatory guidance and evaluate the potential impact on the firm’s safety and soundness. Maintain an awareness of potential changes to key rules, laws and regulations, and supervisory policies as applicable to SVBFG.
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
Bachelor’s degree in business administration, finance, economics, or other related field is required; advanced degree and/or professional certifications (FRM, CIA, CFA, or CPA) is preferred
An active examiner commission from a federal or state banking supervisory agency or the relevant experience and training required for entry into Interim Examiner Commissioning Program for Large Financial Institution Supervision
Typically seven or more years of direct supervisory or comparable banking, financial industry, or banking supervision experience in relevant activities, such as: enterprise risk management, operations risk management, or internal audit
Working knowledge of relevant supervisory standards on independent risk management and controls at large financial institutions required. Experience with the Federal Reserve’s guidance on the Consolidated Supervision Framework for Large Financial Institutions and LFI rating (e.g. SR 12-17 & SR 19-3); Board of Directors’ Effectiveness (e.g. SR 21-3); and Risk Management and Internal Controls (SR 95-51)
Strong written and verbal communication skills
Advanced analytical skills and the ability to apply and explain complex regulatory concepts
Experience evaluating independent risk management and controls
Capacity to pursue multiple initiatives at the same time and deliver successful outcomes
Ability to travel at least 15 percent (up to 50% if located in Los Angeles or Salt Lake City)
A consistent track record of performance in technical and behavioral competencies. Primary behavioral competencies to be evaluated include: Leadership, Emotional Intelligence, Critical Thinking, Accountability, Collaboration, Development, Influence, and Innovation.
Effective October 1, 2021, all employees must be fully vaccinated against COVID-19 or qualify for an accommodation from the Bank’s vaccination policy; the Bank will provide accommodations as required by law for individuals unable to be vaccinated due to medical condition or sincerely held religious belief.
The Federal Reserve Bank of San Francisco is an Equal Opportunity Employer.
While the SF Fed is a Reserve Bank, we’re not what you might expect. We’re unreserved here. That means we seek new and diverse perspectives. We spark conversations and encourage debate. We build opportunity. We pursue careers that are true to ourselves, from economists and cash processors to bank supervisors and cloud engineers. When you join the SF Fed, you join a team of people working together to promote an inclusive economy that works for everyone. If that’s the kind of impact you’d like to make with your everyday work, find your next career opportunity here.