Quantitative Analyst - Federal Reserve Bank (FRB)

Company

Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is part of the nation’s central bank and we’ve provided many opportunities for professional growth during our history.

We’ve been named “One of Northeast Ohio’s Best Places to Work” by North Coast 99. This prestigious award honors organizations with outstanding employment practices, including compensation, benefits, training, recruitment, retention, community services, and employee communications.

Our People Make the Difference! The Federal Reserve Bank of Cleveland is seeking innovative thinkers with vision to build the framework that will carry the Bank into the future.

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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 not U.S. citizens or U.S. permanent residents may be eligible for the information access required for this position and sponsorship for a work visa, and subsequently for permanent residence, if they sign a declaration of intent to become a U.S. citizen and meet other eligibility requirements.

In addition, all candidates must undergo an enhanced background check and comply with all applicable information handling rules, and all non-U.S. citizens must sign a declaration of intent to become a U.S. citizen and pursue a path to citizenship.

General Responsibilities:

• Participates and, at times, leads in-District supervisory reviews that evaluate the models, modeling approaches and model risk management practices of supervised institutions to determine compliance with supervisory expectations. Participates on national horizontal reviews. Activities support supervisory assessments of business as usual; and stress testing models, risk management practices (notably, model development, model validation and implementation/use) for risk identification, risk measurement (e.g., credit risk, market risk, liquidity risk, and operational risk), capital adequacy (loss and revenue estimation) or other operational purposes. Evaluates the adequacy of quantitative techniques and methodologies, including AI/ML ones, used to measure, report, mitigate and control risks. Evaluates the effectiveness of governance, policies and procedures, risk exposure reporting, internal controls, and compliance with laws and regulations.
• Develops perspectives and shares insights regarding the effectiveness of in-District practices for model development, validation, and implementation and use across supervised institutions.
• Identifies and recommends appropriate supervisory actions to ensure sound risk management practices. Prepares clear and concise written summaries, workpapers, and supervisory products. Communicates effectively, in internal and external meetings with bank management.
• Makes informed contributions to strategic projects. Examples include acting as a model developer or validator for internal models used for risk identification or risk measurement or developing analytical approaches to support supervisory needs. Conducts outreach and training.
• Proficiently executes assignments consistent with established objectives, performance and timeliness requirements.
• Serves as a knowledge resource to peers, Reserve Bank/department management, and others to support their awareness and understanding of models and model risk management and related supervisory expectations. Is able to appropriately tailor the technical content of information shared to meet the needs of internal and external constituents.
• Develops effective relationships with supervised institution and others, including local supervisory staff, Federal Reserve System, and other bank regulator personnel.
• Maintains proficiency in advanced statistical and analytical approaches and methodologies. Monitors white papers, industry developments and other knowledge sources.
• Performs other duties as assigned or requested.

Education and Experience

• Master’s Degree in quantitative discipline (mathematics, mathematical finance, financial engineering, statistics or economics)
• 3+ years of work experience required in financial modeling and risk management with a focus on advanced quantitative modeling and risk measurement techniques and processes.

Knowledge and Skills

• Advanced knowledge of statistical and mathematical concepts forming the foundation of traditional and emerging modeling approaches
• Advanced knowledge of at least one widely used statistical or mathematical programming language (such as SAS, R, Python, MATLAB, etc.)
• Advanced problem solving and analytical
• Advance knowledge of Microsoft Office
• Intermediate knowledge of regulations, procedures and practices of a specific discipline (e.g. capital stress testing)
• Intermediate presentation
• Intermediate written and verbal communication
• Intermediate strategic thinking/planning
• Basic public speaking
• Basic knowledge of project management

Physical Demands and General Working Conditions

Traditional office environment: Employees typically sit most of the day, work with a computer and may answer/respond to phone calls. Physical movement consists of walking for meetings, breaks, etc. Ability to lift items weighing approximately 20 pounds on a limited basis is required. Employees will be required to travel by car/air.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Monetary And Economic Policy

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.

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