Senior Vice President / Vice President – Financial Management

Job Description

ABOUT THE FEDERAL RESERVE BANK OF BOSTON

The Federal Reserve System (System) was founded by Congress in 1913 and serves as the central bank of the United States. Its fundamental mission is to foster the stability, integrity, and efficiency of the nation’s monetary, financial, and payment systems to promote optimal economic performance.

As part of the nation’s central bank, the Boston Reserve Bank promotes sound growth and financial stability in New England (Connecticut – except Fairfield County, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont) and the nation. The Bank’s unique contributions to its local communities, region, and the nation are founded on high-quality research and bank supervisory activities, excellence in supporting financial services and financial markets stability, leadership in payments innovation, and a commitment to supporting economic well-being in communities. The Bank holds several key System roles, including leading the Financial Support Office, which manages the System budget. The Bank also develops and leads innovative payments programs and played a central leadership role in the Federal Reserve’s crisis responses both during the Great Financial Crisis (2008) and global pandemic (2020). The Bank is a thought leader and innovator in numerous areas. Among its most critical responsibilities:

• Conducting leading-edge research and education on monetary policy, financial markets and stability, and important regional and national economic concerns.
• Providing financial stability expertise through a deep knowledge of money markets and the institutions key to those markets.
• Conducting dynamic, comprehensive bank supervision through on-site examination and by monitoring banking conditions, practices, and emerging issues.
• Providing efficient, high-quality payments services for depository institutions.
• Transforming the nation’s payments system by leading the development of the FedNowSM Service (“FedNow”), a real-time gross payments settlement system.
• Pursuing cooperative endeavors with business, community, and government leaders to address key local and regional economic issues, often with a focus on community development and economic opportunity.
• Supporting and improving economic outcomes for the broader community, particularly low- and moderate-income individuals. This commitment is reflected in our research on race and its link to economic well-being, our Working Places community development programs, and our initiative to improve the quality of low-wage jobs.
• Building institutional expertise and flexibility by identifying, engaging, and developing a highly trained and diverse staff.
• Providing leadership to System initiatives and interacting with other regulatory bodies and central banks.

The Bank is a business leader in Greater Boston and throughout the First District. We serve as an important business community advisor in areas of economic and workforce development. Our President and Bank leaders are engaged with numerous organizations that support the First District community, including professional associations and academic boards.

The Bank’s approximately 1,300 employees are based mostly in the First District. Its annual budget in 2023 is over $400 million. We are proud of our strong organizational culture, which is built on our four core values: integrity, leadership, diversity and inclusion, and innovation.

ABOUT THE Division / Department

The Financial Support Office (“FSO”), headquartered in the Federal Reserve Bank of Boston, is a national function providing financial management leadership for all twelve Federal Reserve Banks and the business lines and support areas they host, an operation with a $5.6 billion operating budget and nearly $1 billion capital budget. The FSO is responsible for developing and maintaining key technology applications including the General Ledger of record and the customer account tool for depository institutions. The team serves as the product owner for the financial tools in the Workday platform. The FSO also acts as a shared service center, providing centralized accounting and travel reimbursement services for Federal Reserve Banks as well as customer service technology support for depository institutions. The Financial Management team within the FSO is responsible for leading the development and management of strategically aligned budgets and forecasts, overseeing the cost accounting methodology and implementation, partnering with business leaders on financial projections, and ensuring the development of annual financial services cost and revenue components in support of reporting on the financial performance of the Federal Reserve’s financial product offerings to depository institutions.

Position Summary

The Senior Vice President / Vice President (SVP/VP), Financial Management, is a key member of the FSO leadership team. They will partner with other FSO leaders to build a diverse and inclusive FSO community committed to driving strategy, innovation and delivery excellence. The SVP/VP is also an important member of the Federal Reserve System’s financial community. They will both partner and lead System CFOs in enabling financially informed decisions and the best use of resources through integrated planning, reporting and analytics.

The SVP/VP is responsible for overseeing the Financial Planning and Analysis and Cost Accounting teams, providing leadership and guidance in an evolving financial management ecosystem. The SVP/VP is expected to be both a strategic and tactical leader, keeping the big picture in mind while being equally engaged in the details, contributing alongside team members. They will provide dependable and recurring financial analysis to support business leaders in strategic planning and decisions. They will ensure the Federal Reserve’s financial technology meets the needs of practitioners at all levels, advocating for prioritized improvements and advances as necessary. They will unify the financial community, finding common solutions and consistent approaches to tactical and strategic financial practices that simplify work and analysis for all. They will oversee the cost accounting structure and playbook, updating and streamlining where appropriate while managing for unintended consequences of change. They will develop the financial services cost and revenue components that support pricing for the Federal Reserve Financial Services products (private sector adjustment factor, net income on clearing balances and pension plan costs). They will find ways to incorporate automation, RPA and AI to streamline operations and add analytic value across all groups. As the leader overseeing Financial Management, they will have a full understanding of the financial position of the Federal Reserve System and its component parts.

The SVP/VP will represent the FSO on financial matters to key leadership communities across the Federal Reserve System. They will convey critical issues, data, and recommendations in a simple, digestible fashion for decision-making. They will listen to feedback and concerns, incorporate suggestions and drive towards consensus, while maintaining fiscal integrity and a commitment to advancing the Federal Reserve’s mission.

KEY RESPONSIBILITIES

The SVP/VP will be expected, at a minimum, to:

KEY Requirements

Candidate must have knowledge and experience normally acquired through, or equivalent to, the completion of an advanced degree in Business Administration, Finance or Accounting and a minimum of fifteen plus years of progressively more responsible professional experience, including ten plus years of people/leadership experience.

Candidate must be curious, innovative, creative, and resourceful. The FSO team works hard and values team-players who pitch in regardless of level and take pride in delivering high-quality, accurate and insightful products that make a difference.

Candidate must also possess:

• Extensive experience in data driven analytics and the use of data in decision making.
• Experience in financial modeling, budgeting, forecasting and the development of both financial and corporate-wide strategies.
• Experience leading a dynamic workforce involved in varied and complex challenges.
• Ability to adapt to a rapidly changing environment and generate effective and innovative solutions to address change.
• Proven record of dealing successfully with ambiguity and exhibiting strong business acumen and judgment.
• Demonstrated ability to develop a clear vision for the future while simultaneously identifying actions that ultimately support achievement of the vision.
• Outstanding and persuasive oral, written and visual communication skills that effectively reach all levels of an organization.
• Ability to lead through influence rather than direct authority.
• Proven inspirational leadership style that generates engagement and support.
• High degree of emotional intelligence. Accurate self-awareness and an ability to effectively read people and situations.
• Proven ability to prioritize, reprioritize; agility to manage competing and sometimes conflicting priorities.

Successful candidates will also demonstrate:

• Sound business acumen and the ability to understand the cultural and strategic environment as well as articulate the business case for change.
• Strong problem solving and analytical skills with the ability to present insights in a clear, straightforward manner.
• Experience with Workday financials and Adaptive planning.
• The ability to uphold the FSO brand through consistent and positive stakeholder facilitation and engagement.

Core LEADERSHIP CAPABILITIES

As a Bank and FSO leader, the SVP/VP will:

• Champion an inclusive environment to lead the System’s Diversity, Equity, and Inclusion goals.
• Lead with a strategic, action-oriented mindset that is focused on performance, accountability, and outcomes.
• Drive results that are beneficial to System and local efforts (demands).
• Be a role model and serve as an active talent champion, coach, mentor, and connector.
• Engage in intellectual curiosity, agility, and experimentation to drive innovation.
• Build trust and serve as a helpful and contributing colleague.
• Embrace and demonstrate a growth mindset including the new principles and practices as the future of work evolves.

Additional FRBB Leadership Competencies for this Role:

• Ensures Accountability: Holds self and others accountable to meet commitments
• Manages Ambiguity: Operates effectively, even when things are uncertain or the way forward is unclear
• Organizational Savvy: Maneuvers comfortably through complex policy, process and people-related organizational and system dynamics
• Strategic Mindset: Sees ahead to future possibilities and translating them into breakthrough strategies
• Drives Vision and Purpose: Paints a compelling picture of the vision and strategy that motivates others to action
• Empowerment: Promotes autonomy and ownership of work across all levels of the organization
• Diversity and Inclusion: Works effectively within and across teams, maximizing participation and building a diverse and inclusive environment.
• No Surprises: Creates a clear and transparent understanding while creating an environment where speaking up is expected and expected.
• Resiliency: Being prepared for changes and bouncing back quickly from setbacks

ethics considersations and PROHIBITED ACTIVITIES

It is indispensable to the proper functioning of, and the maintenance of public confidence in, the Federal Reserve, for the Bank and the System to function properly and maintain high public confidence, it is essential for every employee to perform his or her duties with honesty, integrity, and impartiality, without improper preferential treatment of any person or organization. Bank employees are subject to federal criminal statutes that prohibit financial conflicts of interest, e.g., an employee working on any matter in which he/she or certain affiliated parties has a financial interest. In addition, the Bank’s code of conduct generally prohibits activities such as:

• Outside activities that are inconsistent with the employee’s duties and responsibilities, e.g., holding a position as a director of a publicly traded company
• Certain partisan political activities, such as fundraising or holding partisan elected office.

OTHER REQUIREMENTS

• Residency in the First District within commuting distance of the office to manage a team with a frequent on-site presence.
• Willingness to travel, both domestically and internationally.
• Position level of Senior Vice President or Vice President will be determined by the qualifications of selected candidate.

The Bank provides comprehensive and highly competitive benefits.

The Federal Reserve Bank of Boston is committed to a diverse and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.