As the Federal Reserve Bank of New York pushes ahead with its Dodd-Frank mandates, the souped up supervision division, newly renamed the Financial Institution Supervision Group (FISG), is on the lookout for a few good men and women.
Back in March, FISG head Sarah Dahlgren noted the need to increase resources. And now word is out that the Federal Reserve Bank of New York's supervisory division is on the lookout for consumer and wholesale credit risk managers, as well as IT, communications, and operations people.
Direct regulatory experience is certainly preferred. But financial services people with regulatory supervision duties inside of a bank or investment firm have an advantage. Consumer and wholesale credit risk spots require people with this specific expertise.
Meanwhile, the Securities and Exchange Commission is working on how public and private companies will comply with international financial reporting standards. And while no final decisions are yet made, it's expected to be a done deal. All that remains are the difficult details. Industry insiders are expecting accountants, IT and operations people to benefit from this one, as companies adapt to the changes and the merging of GAAP and IFRS.
Finally, the Financial Accounting Standards Board is working on new fair value disclosure requirements for GAAP. Public companies need to comply with the new requirements in annual reports issued after December 15, 2011. Private companies are also required to comply, starting with annual periods beginning after that date. CFOs, IT and operations people are sure to be under pressure from the additional requirements.