Chief Risk Officer

The Federal Home Loan Bank of Boston is a leading provider for wholesale funding for housing and community development finance in New England. We are currently seeking an experienced professional to help meet the challenges of a highly competitive, dynamic market.

 

SUMMARY OF POSITION:

 

Reporting to the President and Chief Executive Officer, the Chief Risk Officer (CRO) is responsible for developing and maintaining a comprehensive process for identifying, assessing, monitoring, and reporting key risks to facilitate the business objectives of the Federal Home Loan Bank of Boston (the Bank). The CRO ensures that risk limits are appropriate for the nature and complexity of the Bank?s business activities and are consistent with the risk appetite established by the board of directors. The CRO also makes sure that a consistent Enterprise Risk Management (ERM) approach exists throughout the Bank, enabling management to proactively manage risk for the Bank and respond to inquiries from third parties including regulatory agencies and members. This position directly oversees the following five departments comprising ERM: Market Risk Management, Risk Analytics, Financial Modeling Quality Control, Operational Risk & Risk Policy, and Transaction Management.

 

SPECIFIC RESPONSIBILITIES:

 

ERM Program Office Develop, maintain, and periodically update Bankwide policies and procedures for comprehensive risk management including: The Bank?s risk governance framework; The risk assessment process and focus; Risk infrastructure and reporting requirements; Loss data collection and analysis; Risk aggregation rules to determine retained earnings adequacy; Statement of risk appetite for board review and approval; Key risk indicators; Independent valuations; Model validation process; Process for identifying and addressing emerging risks (as they may be related to new products and/or changing market/business conditions); and Economic capital methodology (if used).

 

Business-Line Collaboration Coordinate training to ensure that business-line personnel are educated in the concepts of the risk-management program and its underlying principles; Collaborate with business line leaders to complete comprehensive annual written risk assessments (that is, thresholds, key risks) and assist in the development and implementation of corrective actions, as needed; Identify meaningful risk-management elements to be incorporated into the performance metrics of each line of business; and Ensure that the lines of business have the capability and resources to provide accurate, timely, and consistent risk-management information.

 

Senior Management Advise on risk related to strategic decision making; Share current intelligence on effective tools for identifying, measuring, monitoring, and managing categories of risk across all businesses; Provide aggregated and detailed reporting of Bank risks as defined by the framework, risk appetite and thresholds; and Keep management apprised of industry standards impacting risk management.

 

Committees Serve on the Bank?s Asset-Liability Committee, Credit Committee, Operational Risk Committee, Information Technology and Security Oversight Committee, Disclosure Committee, and other standing committees and ad hoc working groups and task forces, as required.

 

Testing Review management reports to monitor adherence to established limits by individual functional areas.

 

Third-Party Liaison Receive information/correspondence from regulatory authorities and disseminate it to the appropriate Bank staff. Cooperate/coordinate with the head of Internal Audit in the preparation for and in response to Bank examinations; Maintain open communication with regulatory authorities, internal and external auditors, and examiners; Liaise with regulatory agencies, including: Serving as point of contact for regulators Coordinating examination schedule Providing data to regulators Tracking resolution of outstanding issues; andCoordinate with third-party service providers when assistance is required relative to risk-management matters.

 

Ongoing Responsibilities

Periodically assess the adequacy of the risk management methodology. Reevaluate and update the risk-assessment process when there are substantial changes in core businesses, systems, and/or internal policies and procedures, as well as to reflect changes in regulatory and industry environments.

 

QUALIFICATIONS:

 

This executive must have 10 to 12 years of significant risk-management experience in a sophisticated financial organization. The CRO must have proven experience in developing an overall risk profile and implementing a firmwide framework for measuring, evaluating, and quantifying financial and operational risks. This executive must have a positive/proven history in dealing with regulators, including coordinating and providing responses to issues and reports. It is incumbent upon this executive to have strong experience in providing the appropriate tools for risk assessments (for example, self-assessment software, loss databases, and risk indicators) and ensuring adequate training of business-unit personnel.

 

Professional Competencies A minimum of 10 to 12 years of capital markets risk-management experience is required, developed in a complex, multifaceted, and well-respected financial institution. Experience with managing operational and a credit risk is highly desirable. Strong quantitative skills with in-depth knowledge of mortgages and related products, the use of derivatives and options to manage interest-rate risk, and financial modeling techniques, including model validation. An experienced manager with a proven ability to deal effectively with regulators and examiners of the institution. Demonstrated strategic leadership with proven ability to devise, implement, and communicate a clear risk-management plan. Strong interpersonal communication skills, with strong consensus-building, facilitation, and executive influencing skills.

 

Personal Characteristics Highly analytical. Must be a team player. Excellent communication skills, both oral and written. Strong organizational and planning skills. Strategic and tactical thinker. Solid work ethic, and the demonstrated ability to provide leadership and communicate effectively with peers and subordinates.

 

Education An undergraduate degree in accounting, finance, economics or a related field; M.A., M.S., or Ph.D. in economics, finance, or related field preferred.



Interested in this position? Check out our great benefits!

 

Equal Opportunity Employer

 

Please submit resume and cover letter, including salary requirements. No telephone calls, please.

By e-mail: careers@fhlbboston.com

By fax: 617-375-2241

By regular mail: Employment Manager

Federal Home Loan Bank of Boston

111 Huntington Avenue

Boston, MA 02199-7614