Business Risk and Control Associate

About the Role

The Markets Group of the Federal Reserve Bank of New York implements monetary policy, executes lender of last resort operations, provides payments and custody services, and serves as fiscal agent for the U.S. Treasury. Markets Risk and Control (MRC) supports the Markets Group's senior management and business teams' adherence with the Bank’s risk management framework and three lines model. MRC leads execution of first-line business risk and compliance programs.

Key Responsibilities

• Support the implementation of the Markets Group’s risk management program (e.g., risk identification, analysis, response, communication, monitoring, and escalation).
• Engage with Markets business areas in fulfilling deliverables and initiatives relating to the Bank’s risk standards (e.g., technology, operational, compliance, third-party, and financial statement reporting).
• Assess audit findings, risk events, and technical incidents for root cause trends and process improvement opportunities.
• Identify and monitor risks emerging from business process changes.
• Analyze data and prepare reports, KRIs, and KPIs on risks impacting the Markets Group.
• Communicate analysis effectively to stakeholders and management to influence decision-making and prioritization.
• Conduct process walkthroughs, develop test plans, request support documentation, and perform independent tests of key controls for design and operating effectiveness.
• Document test results, analyze exceptions, assist management with control deficiency evaluations and the development of remediation plans.
• Perform follow-up testing to confirm effective and timely remediation.
• Assess business impact and propose corrective actions to issues (e.g., control testing, risk events, audit findings).
• Prepare and present recommendations to business areas, MRC management, second line control functions, and Internal Audit.
• Build and maintain strong relationships with business subject matter experts, technology partners, and other Bank or FRS stakeholders to provide consultation on the evaluation of process, risk, and control changes.
• Apply AI models and tools to support day-to-day work, such as summarizing documentation, drafting reports and communications, and analyzing data, in accordance with Bank policies and with appropriate validation of outputs.
• Help identify opportunities to use AI to improve the efficiency and quality of risk and control processes.
• Contribute to understanding the risks associated with AI use in Markets.

Requirements & Tech Stack

• Knowledge of risk management frameworks, practices, and methodologies, including risk identification, assessment, monitoring, and escalation, and the three lines model.
• Understanding of operational, compliance, financial statement reporting, and technology control principles, including IT systems and controls.
• Familiarity with trading compliance risk and SOX 404 are a plus.
• Experience in auditing or testing for design and operating effectiveness, or other business process or IT controls assurance work.
• Technical abilities in data compilation and analysis, attention to detail, and quantitative skills.
• Engagement coordination skills, including the ability to organize and facilitate stakeholder interactions, managing competing priorities, and maintaining clear communication across teams.
• Basic proficiency in AI models and tools, including an understanding of their capabilities and limitations, effective prompt writing, and an awareness of the risks (e.g., accuracy, data confidentiality) and the need to validate AI-generated outputs.
• Proficiency in Microsoft Word, Excel, PowerPoint, Visio, SharePoint, and Tableau.
• Experience with a GRC tool is a plus.
• Demonstrated competencies, skills, and behaviors, including well-developed written and verbal communication skills, with the ability to convey risk and control information clearly to audiences ranging from business staff to senior management.

Salary Range

$145,000 - $175,000 / year

Other Information

• This position requires access to confidential supervisory information (CSI) and/or Federal Open Market Committee (FOMC) information.
• Full Time / Regular
• Job Exempt (Yes)
• Job Category: Internal Oversight & Governance
• Work Shift: First (United States of America)