Please note: A current CPA designation is required for this role.
Job Summary: In support of the Boston Fed’s Supervision, Regulation, and Credit department (SRC) and Federal Reserve System affinity groups, the Risk Specialist participates in the review of banks’ accounting policies and procedures, contributes to the analysis of accounting-related issues and trends, and engages on accounting and audit focused examinations of supervised institutions.
Principal Accountabilities of a Risk Specialist:
Generally proficient in fundamental concepts of accounting (e.g., accruals, materiality, etc.). Maintains current knowledge of regulations, trends, and accounting-related developments, including audit and internal control related developments.
Leads or participates in supervisory assessments of banks that require accounting, audit, internal controls, and/or corporate governance expertise. Among other things: assists in the preparation of bank examination parameters and vetting findings; provides targeted trainings on relevant accounting concepts/guidance to bank examiners and other stakeholders, including System colleagues.
Leads or participates in the identification and assessment of developments and issues in applicable technical areas that could have a significant impact on banks specifically, and/or the financial services industry more broadly.
With some oversight, builds and sustains positive working relationships with other business areas within SRC, System personnel and, Board staff. Assists these stakeholders in understanding and/or resolving accounting issues as they apply to their areas of the department and/or bank. Related, expands and maintains national network of contacts within the regulatory and accounting communities to augment monitoring and research efforts.
Communicates effectively as evidenced by near final form written reports, including technical updates that are audience aware.
With some oversight, generally navigates ambiguity, including in situations that may involve highly complex issues, public scrutiny, market reactions, and potentially challenging reaction from key constituents.
Team player; openly shares knowledge, is accessible to others; actions reflect strong values that align with the Boston Fed’s emphasis on both ethics and inclusiveness.
Other Accountabilities: Perform other duties as assigned.
Supervision: This position is not expected to directly supervise anyone.
Knowledge and Experience: Knowledge and experience normally acquired through the completion of a Master's degree in accounting or other business-related discipline and a minimum of 5 years relevant work experience.
Current CPA designation required.
Prior accounting policy, bank supervision or regulatory experience, and other designations (e.g., CFA, FRM, PRM, etc.) are a plus.
Ability to travel up to 20 percent is required.
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 FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.
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.
About Federal Reserve Bank of Boston
As part of the Central bank of the United States, the Boston Fed works to promote sound growth and financial stability in New England and the nation. We contribute to communities, the region, and the nation by conducting economic research, participating in monetary policy-making, supervising certain financial institutions, providing financial services and payments, playing a leadership role in the payments industry, and supporting economic well-being in communities through a variety of efforts.