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.
The Federal Reserve Bank of Philadelphia is seeking a SeniorVice President / Chief Financial Officer.
The Senior Vice President (SVP) / Chief Financial Officer, is one of twelve Federal Reserve System officers who oversees a regional Reserve Bank’s Corporate Accounting function and manages the execution of national and local programs and projects. This senior leadership role is accountable to the President and First Vice President and engages directly with the System Financial Support Office, Board of Governors and Third District Board of Directors (including its Management and Budget Committee) in setting the strategic direction of the District's Financial Management Services and Risk Management functions.
Principal Duties and Responsibilities:
Provides executive management oversight for financial management functions, including general ledger, accounts payable, payroll, depository accounting, financial control, travel administration, procurement, and the centralized Federal Reserve System government billing operation.
Responsible for the executive oversight of the Bank's enterprise risk management functions, including strategic planning, budget, project monitoring and risk, financial planning and analytics, asset management, cost accounting and business continuity.
Regularly presents and interprets financial reports to the Management and Budget Committee of the Board of Directors.
Represents the Bank and is expected to assume significant leadership positions at the System level, including setting System strategic direction and advising senior System decision makers.
Responsible for the effective stewardship of District financial resources through oversight of the District's annual budget process in coordination with the Board of Governors.
Engages with District leadership on strategic and financial planning, risk management, policy, and compliance matters; provides recommendations for action, implements solutions, removes barriers, secures resources, measures and reports success; develops, recommends, and implements significant System initiatives related to areas of responsibilities.
Exercises appropriate judgment when deciding which issues to resolve directly and which require senior management attention of the Board of Directors, President, or First Vice President.
Encourages a diverse and inclusive environment that rewards and recognizes individuals for creative and innovative
ideas,and appropriate risk taking that positively impacts the District and System.
Fosters an environment in which employees are actively encouraged to identify and implement departmental and Bank-wide quality improvement initiatives.
Responsible for the application of, and compliance with, the Federal Reserve's financial accounting and cost accounting principles, generally accepted accounting principles, Federal Reserve Administrative Manual (FRAM), the System's policy for discretionary expenditures, and Model Acquisition Guidelines (MAG). Ensures adequate financial controls are in place through the Committee of Sponsoring Organizations (COSO) testing process.
Maintains accountability for the District's internal control framework and the annual COSO process, and preparation of the comparative financial statements and footnotes. Ensures assertion letters related to financial controls are supported by rigorous review and testing. Responsible for providing oversight to ensure accurate and timely comparative financial statements and footnotes are delivered for the District.
Acts as executive advisor to the International Operational Risk Working Group. The IORWG is a working group open to all Central Banks, Reserve Banks, and Monetary / Supervisory Authorities with more than one hundred members from different countries. Its focus is on; knowledge sharing, networking opportunities, developing insights on operational risk topics, hosting forums in the central banking industry, and the delivering advanced operational risk management practices in the central banking industry.
Serves on the PhillyFedCARES Volunteer Advisory Council (A Bank-wide Community Service and Volunteer Initiative).
Fulfills job duties and responsibilities in conformance with sound safety practices.
Performs other executive tasks as required.
This position requires direct, inline people management of the Financial Management Services and Enterprise Risk Management function. This position will oversee 4 direct reports (2 VP’s, 1 Officer and an Executive Secretary) and 32 indirect reports (including 1 AVP, 4 Managers and 3 non-exempt staff). The successful candidate will have a proven history in attracting, motivating, and retaining employees at all levels. This role may be required to oversee system-level initiatives which require oversight of indirect peers and employees.
The ideal candidate will possess the following Education and Experience:
Bachelor's degree in business related discipline. Master's degree preferred.
Minimum of 10 years’ progressive leadership experience required. Previous experience as a Chief Financial Officer is highly desirable.
Previous leadership experience in an Enterprise Risk Management function is highly desirable.
One or more of the following certifications is highly desirable: Certified Public Accountant (CPA), Chartered Financial Analyst (CFA), Risk Management Certifications or other relevant certifications.
FRS “Secret” Clearance or the ability to obtain this clearance.
The ideal candidate will possess the following Knowledge and Skills:
Strong business acumen with a demonstrated ability to evaluate the costs, risks and benefits associated with alternative actions before making decisions
Knowledge of financial management and controls
Knowledge of Enterprise Risk Management
Executive level leadership, presentation and organizational skills.
Exceptional interpersonal, analytical, problem solving, and project management skills
Ability to leverage influence to lead without authority
Superior oral and written communication skills
Ability to encourage efforts toward common goals and effectively manage change
Strong people leadership and talent management skills, including attracting and hiring talent, engagement with staff and a focus on individual and team development
Knowledge of the Federal Reserve’s Financial Accounting Manual (FAM) and General Accounting Principles (GAP) rules preferred
Working knowledge of WorkDay and Ariba preferred
Willingness to travel domestically and internationally (approximately 10%).
Background investigations including drug testing are required for all new hires as a condition of employment, after the job offer is made. Employment may not begin until the Bank accepts the results of the background investigation.
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.
The Federal Reserve Bank of Philadelphia 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.
It 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. The Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.