Assistant Director or Deputy Associate Director, Stress Testing - Division of Supervision and Regulation (Finance)
Assistant Director
I. JOB SPECIFIC DUTIES AND RESPONSIBILITIES:
Reporting to the associate director, the assistant director has responsibility for providing oversight and guidance related to the supervision of Category I-IV financial institutions. Specifically, the assistant director supports the associate director with the oversight of the supervisory Stress Testing Program and oversees the Production and Analysis, Risk, Operations, and Synthesis sections of the Federal Reserve Board's stress testing function. The responsibilities include providing strategic direction and leadership on policy development and public disclosures related to the Federal Reserve's stress test.
Deputy Associate Director
I. JOB SPECIFIC DUTIES AND RESPONSIBILITIES:
Reporting to the associate director, the deputy associate director has responsibility for providing oversight and guidance related to the supervision of Category I-IV financial institutions. Specifically, the deputy associate director supports the associate director with the oversight of the supervisory Stress Testing Program and oversees the Production and Analysis, Risk, Operations, and Synthesis sections of the Federal Reserve Board's stress testing function. The responsibilities include providing strategic direction and leadership on policy development and public disclosures related to the Federal Reserve's stress test.
Duties for this role include the following:
1) Oversees four Board stress testing sections: (1) Stress Testing Production and Analysis, (2) Stress Testing Risk, (3) Stress Testing Operations, and (4) Stress Testing Synthesis. Works with Program leaders to oversee work of the sections.
2) Serves as a member of the Stress Testing Oversight Committee (STOC) for the Federal Reserve's Stress Testing Program as the officer responsible for policy development, public disclosures, and other public communications related to the supervisory stress test (Head of Stress Testing Synthesis).
a. Oversees the Function Leads (FLs) and teams that engage in the policy development, capital calculations, and disclosures for the Federal Reserve's annual stress test and provides clear performance objectives and feedback to the FLs.
b. Develops a long-term strategic plan, including staffing and succession planning for the Stress Testing Synthesis Function and contributes to strategy development for the overall Stress Testing Program.
c. Oversees the operations of the Synthesis function, including policy development, public disclosures, and other public communications related to the supervisory stress test.
d. Ensures divergent views are brought forward, discussed and resolved in a clear and transparent manner.
e. Ensures that the FLs provide clear performance objectives and feedback to team members.
f. Ensures the responsibilities of the Synthesis Function are executed as described in the Synthesis charter.
g. Engages with senior leaders in Board Supervision and Regulation (S&R) Policy and other divisions, such as Financial Stability, Research and Statistics, and Monetary Affairs, on stress-testing related matters as warranted.
3) Serves as the officer within the Stress Testing Function with responsibilities for leading on administrative matters at the Board.
a. Leads on matters related to the development of consistent practices for performance evaluations, promotion cases, and special awards.
b. In close collaboration with the Stress Testing National Program's Head of Operations, serves on Board and System committees related to data and budgets.
c. Leads on matters related to the operations of the Board's Stress Testing Function, including office space decisions and coordination of administrative support.
4) Represents the Board of Governors on stress-testing related matters in private and public forums, such as the Stress Testing Model Symposium, a forum for bankers and regulators to discuss best stress testing and capital planning practices.
5) As an officer of the Board of Governors, supports the bilateral relationships with peer banking regulators regarding stress testing, in coordination with the Development and Production Oversight (DPO) committee of the Federal Reserve's Stress Testing Program
a. Domestically, including the Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission (SEC), Commodities and Futures Trade Commission (CFTC) and U.S. Treasury Department
b. Internationally, including the Bank of England, the European Central Bank, the European Banking Authority, and Swiss Financial Market Supervisory Authority (FINMA).
6) Represents S&R via System activities and initiatives related to the supervisory Stress Testing Program.
7) Provides officer-level support to the national supervisory Stress Testing Program
a. Helps ensure awareness and alignment (where appropriate) of key stress testing policy and implementation developments among the various stakeholders.
b. Manages a complex multi-layered organization, including matrixed relationships.
8) Provides leadership to the Board stress testing sections, cross-portfolio function, and Supervision and Regulation (S&R) division.
a. Contributes to strategy development and execution, workforce planning activities, and operational initiatives.
b. Completes cross section, division, and board projects as assigned.
9) This position will require the successful completion of a Board Tier 4 background investigation.
10) Must be able to travel to meet the expectations for this role.
II. DIVISION SPECIFIC REQUIREMENTS:
Demonstrated expertise and leadership experience in the expectations of S&R officers:
This position is located in Washington DC. Employees are expected to spend a minimum of 4 days per month onsite, subject to change. Relocation assistance is available. Some travel (10-15%) within the United States and internationally might be required.
Assistant Director
III. KNOWLEDGE/SKILL/EDUCATION REQUIREMENTS:
1) Degree in Finance, Economics, Public Policy or a related field or equivalent experience. Advanced degree or equivalent experience preferred.
2) Five or more years of experience in stress testing or related areas in the Federal Reserve System.
3) Three or more years of experience in leading people, including setting strategy, establishing aligned performance expectations, providing clear and actionable feedback, and developing people.
4) Strategic thinker with demonstrated strong project execution and project management capabilities, analytical skills, political savvy, and conflict mediation skills.
5) Demonstrated experience and commitment to fostering collaboration and employee engagement.
6) Ability to lead and manage staff and projects effectively, set priorities, assess performance, guide staff development and make budgetary recommendations.
7) Ability to balance competing interests among a variety of clients and readily readjust priorities to respond to pressing and changing client demands. Must be able to anticipate and meet the clients' needs while maintaining high-quality end products.
8) Exceptional organization savvy and agility as demonstrated by ability to manage across organizational boundaries, building high performing teams, diminishing organizational silos, strengthening teams, and facilitating effective group and team dynamics.
9) Requires the ability to communicate effectively, both orally and in writing, with all levels of staff and management.
Deputy Associate Director
III. KNOWLEDGE/SKILL/EDUCATION REQUIREMENTS:
1) Degree in Finance, Economics, Public Policy or a related field or equivalent experience. Advanced degree or equivalent experience preferred.
2) Five or more years of experience in stress testing or related areas in the Federal Reserve System.
3) Five or more years of experience in leading people, including setting strategy, establishing aligned performance expectations, providing clear and actionable feedback, and developing people.
4) Three years of officer experience or officer equivalent experience, such as executive leadership responsibility.
5) Strategic thinker with demonstrated strong project execution and project management capabilities, analytical skills, political savvy, and conflict mediation skills.
6) Demonstrated experience and commitment to fostering collaboration and employee engagement.
7) Ability to lead and manage staff and projects effectively, set priorities, assess performance, guide staff development and make budgetary recommendations.
8) Ability to balance competing interests among a variety of clients and readily readjust priorities to respond to pressing and changing client demands. Must be able to anticipate and meet the clients' needs while maintaining high-quality end products.
9) Exceptional organizational savvy and agility as demonstrated by ability to manage across organizational boundaries, building high performing teams, diminishing organizational silos, strengthening teams, and facilitating effective group and team dynamics
10) Requires the ability to communicate effectively, both orally and in writing, with all levels of staff and management.
IV. OFFICER SPECIFIC POSITION RESPONSIBILITIES:
1) Acts as responsible steward to the function(s), Division, and Board by demonstrating proficiency in the Board's espoused competencies.
2) Balances and mitigates key organizational and functional risks where appropriate, and develops and executes sustainable risk mitigation strategies.
3) Fosters a continuous learning culture.
4) Exercises appropriate judgment and decision-making in complex situations.
5) Demonstrates innovation and thought leadership relevant to future-state organizational and functional people strategies.
6) Demonstrates strong leadership and management skills aligned to the Board's espoused values.
7) Keeps skills and knowledge current and aligned to best practices relative to key rules, regulations, and policies, as well as economic, political, and social trends that affect the organization. Understands near-term and long-term needs for the organization and determines how operations should be positioned to meet such needs.
8) Demonstrates proficiency in political savvy, organizational savvy, and interpersonal communication skills.
V. BOARD COMPETENCIES:
1) Decision Quality: Makes timely, thoughtful, strategic decisions
2) Learning Agility: Takes responsibility for building organizational agility
3) Drive for Excellence: Delivers results by developing shared vision and direction for the organization
4) Perspective and Strategic Agility: Leads and acts with the future in mind
5) Collaborative Relationships: Sets the tone for collaborative organization
6) Effective Communication: Effectively speaks and acts on behalf of the Board
Assistant Director
VI. PERSONAL RELATIONSHIPS:
1) Has regular contact with all staff in the function(s) to stay connected to the pulse of the division, provide leadership, and act as a role model.
2) Has frequent contact with senior staff and other professionals in the division, elsewhere at the Board, and the Reserve Banks regarding matters pertaining to area(s) of responsibility.
3) Has frequent contact with members of the Board, both in discussions and through memoranda, regarding matters pertaining to area(s) of responsibility.
4) Has frequent contact with individuals from other federal agencies, international organizations, and in the private sector regarding the subject matters in area(s) of responsibilities.
Deputy Associate Director
VI. PERSONAL RELATIONSHIPS:
1) Has frequent contact with members of the Board, both in discussions and through memoranda, regarding matters pertaining to area(s) of responsibility.
2) Has frequent contact with senior staff and other professionals in the division, elsewhere at the Board, and the Reserve Banks regarding matters pertaining to area(s) of responsibility.
3) Has regular contact with all staff in the function(s) to stay connected to the pulse of the division, provide leadership, and act as a role model.
4) Has frequent contact with individuals from other federal agencies, international organizations, and in the private sector regarding the subject matters in area(s) of responsibilities.
VII. INTERNAL MANAGEMENT RESPONSIBILITIES:
1) Provides guidance, coaching, and feedback to, and conducts performance reviews for managers and other direct reports, and ensures same is provided to all function staff.
2) Responsible for accomplishing approved program objectives for area(s) of responsibility within the financial and personnel resources allocated by the Board and the division's senior management.
3) Participates in the development of the division's strategic plan, goals, and budget. Recommends program objectives and their priorities for area(s) of responsibility.
4) Recommends personnel actions involving promotions, reclassifications, merit increases, and reassignments or separations in area(s) of responsibility.
VIII. POSITION DEMANDS:
1) Ability to exercise independent and sound judgment in establishing objectives for assigned area(s) of responsibility that provide support and services for the divisions and Board's missions.
2) Ability to translate customer service and organizational development theories and best practices into effective strategies for adoption in area(s) of responsibility to achieve and maintain high levels of customer service.
3) Ability to communicate effectively, both orally and in writing, to the Board and individual members thereof, senior Board staff, other Board and Reserve Bank staff: and staff at other government agencies and in the private sector on complex and technical matters.
4) Ability to be an effective spokesperson and advocate for the Board and the division in outside contacts, which may involve significant business dealings.
5) Ability to operate under pressure to meet deadlines accurately and in a timely manner.
