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.
This Job Description is within Quantitative Analytics Job Family and is aimed primarily for positions within the Financial Monitoring Group (FMG), Retail Risk Analysis (RRA), and Risk Assessment, Data Analysis and Research (RADAR) business lines; but could include anyone within the Supervision Regulation and Credit department that performs these tasks. An ideal candidate must have knowledge of and be able to perform actions that are related to activities in the designated business line.
The RADAR unit collects and maintains an array of very large consumer and real estate databases which it makes available to regulators and researches within the Federal Reserve System (FRS). The unit also conducts analysis and research on these data as part of a larger strategic initiative around data acquisition, data management, and consumer credit research. This candidate's role will serve as a subject matter expert on the various data, and lead multiple initiatives supporting RADAR's overall data management strategy, with opportunities to engage in original research on these data.
The Senior Quantitative Specialist possessing advanced expertise and experience in quantitative modeling and statistical analysis in one or more bank supervisory areas including credit risk, interest rate risk, model validation, and bank capital. He/she applies statistical analysis to banking, financial, and economic data, and develops and applies risk models or other quantitative tools to support the banking supervision function.
These activities typically include developing, maintaining, and implementing the supervisory models used for the annual Dodd Frank Act and Comprehensive Capital Analysis and Review stress tests. The Senior Quantitative Specialist also may conduct analytical or horizontal studies of bank safety and soundness or of matters related to financial stability of the banking system. He/she also may participate as a quantitative expert on supervisory examinations of banks' internal risk assessment models and processes.
The Senior Quantitative Specialist also may develop and conduct longer term research projects on consumer credit, bank risk, or regulatory policies pertaining to these matters, and serves as a System and Department subject matter expert in these areas, such as providing expert commentary on proposed revisions to policy and procedures.
Principal Duties and Responsibilities:
Applies advanced statistical analysis to banking, financial, and economic data. Develops and applies risk models or other quantitative tools to support quantitative areas of banking supervision including credit risk, model risk, and bank capital.
May conduct analytical or horizontal studies of bank safety and soundness or of matters related to the financial stability of the banking system. May participate as a quantitative expert on supervisory examinations of banks' internal risk assessment models and processes.
May develop and conduct research projects related to consumer credit, bank risk, or regulatory policies pertaining to these matters. Serves as a System and Department subject matter expert and mentor in these areas, such as providing expert commentary on proposed revisions to policy and procedures.
Prepares and presents conclusions and recommendations to internal and external stakeholders. Provides technical assistance and constructive feedback to all levels of staff.
Develops and maintains a high-level of technical and institutional expertise, including an awareness of potential changes to key accounting rules, laws and regulations, and supervisory policies. Builds and maintains strategic work relationships at other Reserve Banks, the Board of Governors, other regulatory agencies, academia, and industry
May participates on bank, department, or system projects. Fulfills job duties and responsibilities in conformance with sound safety practices.
Demonstrates effective SRC Core Competency skills for grade and position. Performs other related duties as assigned.
Scope Measurements :
To be considered for this position, you must submit a resume and cover letter.
Education and Experience:
Advanced degree in economics, finance, statistics or related quantitative field is required, with a minimum 8 years' experience in bank supervision, banking, or finance-related field required.
Knowledge and Skills:
Excellent communication and presentation skills, with an ability to synthesize complex information effectively in order to arrive at sound views, judgments, and conclusions. Independently presents findings and assessments concerning highly complex matters prepares and presents information and responses to highly complex inquiries; demonstrates the ability to manage the communication process; actively engages in transferring technical knowledge; assists others in their communication to achieve a consistent message, tone, style and format; diffuses conflict and builds consensus.
Demonstrates effective use of listening skills and the ability to manage the communication process. Strong record of developing research projects and leading efforts.
Excellent analytic and quantitative skills, including the ability to understand, interpret, and utilize complex data and financial information. Demonstrates excellent analytical skills; uses appropriate complex diagnostic- and root-cause analysis skills to identify direct and indirect causes of problems of unknown origin; gathers tangible and factual evidence from many sources; recognizes symptoms that may indicate more severe problems or issues; organizes data and information in a manner that effectively communicates issues and underlying causes.
Excellent Data analysis experience is required, including demonstrated use of at least one of the following: SAS, Stata, R, SQL, Matlab, C , or equivalent.
Excellent interpersonal skills. Demonstrates the ability to effectively lead a team; draws on experience to resolve highly complex issues; leads highly complex and diverse team efforts through technical expertise and leadership/skills of influence; leverages relationships and networks to accomplish goals and objectives; encourages and supports other team members to develop productive work relationships. Ability to interact with senior bank management and work cooperatively with supervisors in other bank regulatory agencies.
Excellent time management skills. An ability to draw upon a wide range of self-management skills, including the capability to take initiative and ownership of assignments, produce results under tight time constraints both independently and as a member of a team, and respond proactively to evolving priorities.
Subject to little to no oversight in work performed; serves as mentor/coach; coordinates and/or supervises activities of others; applies specific experience and expertise in business line and recommends preferred courses of action to guide management in highly complex matters.
Applicants must be able to provide work authorization to prove their eligibility to work in the United States. An applicant for employment also must be a U.S.
Citizen, U.S. National, or hold a permanent resident/green card with intent to become a U.S.
Note: This document indicates the general nature and level of work performed by employees within this position.
It is not a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job. An employee's responsibilities, tasks, and duties might differ from those outlined in the job description, and other duties, as assigned, are a part of the job. The Federal Reserve Bank of Philadelphia reserves the right to modify the elements of this job description, as business needs require.
The Federal Reserve Bank of Philadelphia believes 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 Bank of Philadelphia is proud to be an equal opportunity workplace.
Federal Reserve Bank