Cash Management Responsibility Manager, CBIAS - Richmond
At the Federal Reserve Bank of New York, the work we do is consequential and challenging. Our environment encourages growth and diversity. Our employees flourish in a team-oriented atmosphere and are dedicated to the important mission of the New York Fed. What we do:
The New York Fed, on behalf of the Federal Reserve System, offers correspondent banking and custody services to central banks, monetary authorities and certain international organizations to facilitate their official financial operations. The Central Bank and International Account Services (CBIAS) area of the New York Fed's Markets Group serves the U.S. dollar reserve management needs of its official international customers by offering payment, custodial, clearing and settlement, collateral management, and investment and liquidity services. With more than $3.0 trillion of custodial holdings, representing about half of global U.S. dollar-denominated foreign reserves, CBIAS offers financial services that directly support the Bank’s role in international affairs, as well as monetary policy and financial stability. CBIAS currently runs a split operation with staff located in New York City and Richmond, Virginia.
The Cash Management (CM) team, which is part of the Customer Account Services (CAS) staff within CBIAS, is responsible for monitoring and managing the liquidity positions of central bank accounts and for investing customer funds in USD funding and government securities markets. CAS also conducts a variety of analysis and projects in support of liquidity management and the investment process. The role includes initiating and participating in dialogue with customers and their counterparties on account management issues. The candidate will be expected to travel periodically to the New York, NY office for training and/or coverage purposes. Your role as Cash Management Responsibility Manager:
Qualifications: What we are looking for:
- Working closely with the CM Staff Coordinator and other team members, the responsibility manager will supervise the organization and execution of daily operations to ensure that they are conducted in an efficient and well-controlled manner. The selected candidate also will be involved in a variety of project endeavors. More specifically, the Cash Management Responsibility Manager will:
- Lead the team in monitoring and managing customers' account activity, including recommending and executing investment actions such as the purchase and sale of Treasury securities as well as overnight investment in the customer repurchase agreement pool.
- Lead the investigation and resolution of business and application-related issues.
- Facilitate the development, review, and implementation of procedures and controls designed to maximize the efficiency of CM operational activities.
- Provide coaching to analysts, contribute staff goals and performance appraisals, and coordinate staff training and coverage.
- Participate in and guide analysts in analytical endeavors aimed at improving the effectiveness and efficiency of CM's business lines, developing a better understanding of customer needs and behaviors, and identifying trends in customer account activity relative to developments in global markets.
- Write and oversee communications to provide excellent customer service, while advancing FRBNY interests, especially as they relate to ensuring sufficient customer liquidity and effective management of the RP pool.
- Facilitate communication and team cohesiveness between the Richmond and New York locations.
This position requires access to Federal Open Market Committee Data, 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, U.S. permanent residents who are not yet eligible to apply for naturalization and U.S. permanent residents who have applied for naturalization within six months of being eligible to do so.
- Bachelors’ degree in business, economics, statistics, finance, or a related discipline with 7 or more years of relevant work experience, Masters’ degree a strong plus;
- Proven leadership skills, including the ability to effectively manage complex projects;
- Understanding of the economic and market factors that shape foreign currency reserve management decisions, including fixed income markets and basic portfolio management principles;
- Demonstrated aptitude for performing operational activities and customer service responsibilities under time pressure with a high degree of accuracy and strong attention to detail;
- Strong analytical, critical thinking and problem-solving skills with proven ability to recommend ways to enhance operational efficiencies and analytical work;
- Ability to provide concise, articulate and insightful analysis in written and verbal form.
- Strong interpersonal skills and ability to interact and collaborate effectively with team members, peers, senior management, and external parties;
- Strong sense of initiative and intellectual curiosity;
- Strong Microsoft Excel, Access, SharePoint and SQL, knowledge of Tableau desirable;
- Flexibility to travel to New York, NY on a periodic basis.
Screening Requirement: This position has additional screening requirements due to the information accessed while performing the job. These additional screenings would be initiated at the time of offer acceptance and can take a couple of months to be completed. You can begin work before the screening is completed; however, continued employment is contingent on acceptable screening results. The screening areas such as education/employment verification, criminal history, credit history, and reaches out to your references and people that know you well.
The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service. Why the Fed:
Working at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies. You'll work in an environment with a diverse group of talented professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. It's a challenge that demands the skills of a financial services professional and the intellectual curiosity of an academic—all combined with a passion for public service.
The Federal Reserve Bank of New York is committed to a work environment that respects and fully values the strengths and differences of its people. Working at the New York Fed provides talented professionals the chance to grow their skills at an institution that has served a critical role in the financial system of the United States and the world for over a century. An important component of the Bank’s diversity effort is our partnership with several professional non-profit organizations, including INROADS, JumpStart Advisory Group, NBDC Emerging Leaders, Seizing Every Opportunity, National Black MBA, Out for Undergrad, Prospanica and Reaching Out MBA.