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Senior Risk Specialist/Risk Specialist - Bank Secrecy Act at Federal Reserve Bank

Senior Risk Specialist/Risk Specialist - Bank Secrecy Act

Federal Reserve Bank Philadelphia, PA Full-Time
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The job description below reflects the higher level of a dual grade job posting.  Candidates who possess a slightly lower level of experience, education or qualifications may also be considered.

The Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. It helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.

Job Summary:

Supervision, Regulation and Credit (SRC) is responsible for the supervision and regulation of state member banks (SMBs), bank holding companies (BHCs), savings and loan holding companies (SLHCs), financial holding companies (FHCs), data service providers, trust companies and large and foreign banking organizations (LFBOs). Supervised financial organizations are located across the Third District and range in size and complexity from small community organizations to some of the largest banking organizations in the country.

A Senior Risk Specialist serves as a technical subject matter expert on a dedicated supervisory team or partners with a supervisory event team to develop supervisory strategies, participate on supervisory events, and provide expertise to support the supervision of District organizations. The individual maintains advanced skills in a specific risk specialty area including Bank-Secrecy/Anti-money Laundering, Information Technology, Credit and Asset/Liability Management, as well as other risk areas, as determined. A Risk Specialist generally performs the duties below for complex situations or financial organizations.

Principal Duties and Responsibilities: 

  • Conducts the assessments of Third District financial institution BSA/AML programs including areas such as customer / enhanced due diligence, Customers Identification Program, Office of Foreign Assets Control (OFAC), suspicious activity monitoring, and all other components of an effective BSA/AML program.
  • Assess an institution`s compliance with BSA/AML laws and regulations and the ability to identify BSA/AML program red flags, as well as an understanding of the pillars of BSA/AML.
  • Develops examination/project plans, timelines and milestones for supervisory events/projects of moderate complexity and acts to ensure plan goals are achieved.
  • Demonstrates advanced analytical and problem-solving skills, independent and critical thinking, and decision-making abilities.
  • Conveys opinions, draws conclusions and offers persuasive arguments in a written format that is clear, concise, and appropriate to the information needs of the audience; prepares well-supported, written reports that reflect advanced critical and independent thinking.
  • Participates in or conducts meetings with bank management or boards of directors, and conducts briefings on a regular and ad hoc basis for internal and external stakeholders involving complex issues or situations.
    • Develops relationships with supervisory risk specialist personnel across the Federal Reserve System, as well as with senior management and directors of supervised financial organizations.

To be considered for this opening, please submit a resume and cover letter.

We offer a great benefits package that features:

  • Medical (4 options), Prescription, Dental (3 options), and Vision Insurance
  • 401k/Thrift Plan with generous employer match
  • Employer-funded Pension Plan
  • Paid Vacation/Sick Time & Holidays
  • Monthly Commuter Allowance
  • Flexible Spending Accounts and Healthcare Spending Accounts
  • Flexible Work Schedule available in most departments
  • Tuition Reimbursement
  • Parental Leave
  • Onsite 24/7 Fitness Center including training classes, Peloton bikes and locker room / shower facilities
  • Onsite Cafeteria and Coffee Shop
  • Additional convenience benefits, discounts and more…


Education and Experience:

• Bachelor's degree (concentration in business, economics, finance, accounting, law or a related field preferred); or equivalent related work experience and education is required. Advanced degree preferred.

• Minimum of 8 years of direct or comparable banking, financial industry, or banking supervision experience with a focus on BSA/AML is required.

• CAMS certification is required.

• An active commission issued by the Board of Governors' of the Federal Reserve System is a plus.

This position requires access to confidential supervisory information and/or FOMC information, which is limited to “Protected Individuals” as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are permanent residents must sign a declaration of intent to become a U.S. citizen when eligible to do so and pursue a path to citizenship. Candidates who are not U.S. citizens or U.S. permanent residents may be eligible for the information access required for this position if they sign a declaration of intent to become a permanent resident and a U.S. citizen and meet other eligibility requirements.  In addition, all candidates must undergo an applicable background check and comply with all applicable information handling rules.

Background investigations including drug testing are required for all new hires as a condition of employment, after the job offer is made.   Employment may not begin until the Bank accepts the results of the background investigation.

The Federal Reserve Bank of Philadelphia believes that diversity and inclusion among our employees is essential to our success as an organization, and we want to recruit, develop and retain the most accomplished people from a diverse candidate pool. To support a workplace culture of belonging, we offer seven employee resource groups (ERGs) and a 100 percent rating on the Human Rights Campaign (HRC) Corporate Equality Index. The Federal Reserve Bank of Philadelphia is proud to be an equal opportunity workplace.

Recommended skills

Critical Thinking
Persuasive Skills
Information Technology
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