Job Description

Company

Federal Reserve Bank of Chicago

Federal Reserve Bank of Chicago

The Federal Reserve Bank of Chicago is one of 12 Reserve Banks that, along with the Board of Governors in Washington, D.C., constitute the Federal Reserve System, which was established by Congress in 1913.

The fundamental mission of the Federal Reserve System is to foster the stability, integrity and efficiency of the nation's monetary, financial and payment systems and to promote optimal economic performance.

To this end, the Federal Reserve Bank of Chicago serves the public interest by participating in the formulation and implementation of national monetary policy; supervising and regulating state member banks, bank holding companies and foreign bank branches; providing financial services to depository institutions, designated financial market utilities, and the U.S. government; and promoting consumer protection and community development.

The Seventh Federal Reserve District serves a five-state region, comprising all of Iowa and most of Illinois, Indiana, Michigan and Wisconsin. The Seventh District has more individual banks than any other Federal Reserve District. It also comprises a considerable part of the nation’s manufacturing base — especially capital goods and consumer durables — as well as agricultural production and food processing.

Supervision & Regulation Department

Supervision and Regulation (S&R) plays a critical role in The Federal Reserve Bank of Chicago's core mission, supervising state-chartered banks that are members of the Federal Reserve System, bank holding companies, financial holding companies and savings and loan holding companies. Our duty is to foster the stability, integrity and efficiency of the nation's monetary, financial and payment systems to promote optimal economic performance. We seek individuals who hold themselves to the highest standards, who flourish in an environment of collaboration and innovation. Our most successful staff have strong critical thinking skills, as well as strong verbal and written communications capability.

Job Summary

The Federal Reserve Bank of Chicago’s Wholesale Credit Risk Center (WCRC) uses data, analytics, and models to inform banking supervision. Whether creating analytical tools used for the ongoing monitoring of credit markets or modeling wholesale credit to identify emerging risks, the WCRC applies analysis in innovative ways to help supervise the financial system. As such, the WCRC is looking for an enthusiastic, technically skilled individual who can provide leadership in data analytics as well as subject matter expertise around available data, including third-party vendors.

As a Senior Data Scientist you will utilize best practices in programming, automation techniques, and statistical methods to develop, integrate, and operationalize analytical tools. You will be responsible for identifying and communicating current, emerging, and predicted wholesale credit risks through various venues.

This position is considered advanced level and performs work of moderate to high complexity. You will work under general supervision and may lead some efforts autonomously. You will not have any direct reports but may lead the work of junior staff.

Principal Duties and Responsibilities

• Researches, models, and designs complex problems, discovers unique insights, and creates sustainable code-driven advanced analytics solutions with the use of data analytics methods and computational modeling techniques.
• Obtains, prepares, cleans, and manipulates large, disparate datasets from internal and external sources by developing fully automated end-to-end code-driven ETL (extract, transform, load) data pipelines for current and future reports, dashboards, and for ad-hoc data requests, utilizing python, SQL, and other applicable software coding tools and languages.
• Translates ambiguous business questions into analytical frameworks, delivering insights and solutions.
• Oversees products and deliverables through the full development life cycle, from research to product launch.
• Drives projects to completion utilizing best practices and coding standards.
• Communicates results and insights in a clear and concise manner to a non-technical audience
• Demonstrates proficiency in utilizing AI coding ecosystems to accelerate code generation, unit testing, and sustainability.
• Demonstrates knowledge of responsible AI usage to maintain high code quality, data safety, and compliance boundaries.
• Delivers engaging presentations using strategies that connect with the audience
• Collaborates with teams and stakeholders across the organization to understand business needs for advanced analytics.

Qualifications

• Bachelor's degree in a related field, or commensurate specialized training, certification, or work experience. Ideal degree in Computational Finance. Advanced (Master and/or PhD) preferred.
• Minimum three years of work experience.

Knowledge & Skills:

• Advanced proficiency in coding and experience in several programming languages such as Python, PySpark, and SQL.
• Advanced proficiency in one or more data discovery/analysis platforms.
• Experience with operationalizing Machine Learning (ML) workflows using specialized frameworks.
• Advanced knowledge and understanding in statistical modeling and data analysis techniques.
• Advanced knowledge of software development practice.
• Advanced knowledge of cloud data platforms, technologies, frameworks, and solutions.
• Advanced analytical and problem-solving skills.
• Excellent verbal and written communication skills.
• Demonstrated ability to analyze and report on key statistical insights from financial data, including regulatory and licensed datasets
• Ability to proactively lead initiatives, set priorities, prepare proposals, and compile technical documentation with minimal guidance
• Proficient with source control such as Git
• Knowledge of wholesale credit risk preferred.

Other Requirements:

• As a condition of employment, Federal Reserve Bank of Chicago employees must comply with the Bank’s ethics rules which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities, and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the recruiter for this posting, who can provide you contact information for our ethics official if necessary.
• This position requires access to confidential supervisory information and/or FOMC information, 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, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are not U.S. citizens or U.S. permanent residents may be eligible for the information access required for this position and sponsorship for a work visa, and subsequently for permanent residence, if they sign a declaration of intent to become a U.S. citizen and meet other eligibility requirements. In addition, all candidates must undergo applicable background checks and comply with all applicable information handling rules, and all non-U.S. citizens must sign a declaration of intent to become a U.S. Citizen and pursue a path to citizenship.
• 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 approximately two months to be completed. The screening covers areas such as education/employment verification, criminal history, credit history, and reaches out to your references and people that know you well.

The expected starting salary range for this position is between $133,400 and $157,700 annually in addition to annual performance-based discretionary bonuses. Final salary and offer will be determined based on the applicant’s relevant experience, skills, internal equity, and alignment with geographic and other market data.

The Chicago Fed offers benefits to support overall health and financial security. Learn more about our benefits here: https://www.chicagofed.org/careers/thebenefits

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Data Analytics Family Group

Work Shift

First (United States of America)

The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.

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