Cash Services - Compliance Specialist

Company

Federal Reserve Bank of Boston

As an employee of the Boston Fed, you will work to promote sound growth and financial stability in New England and the nation.

You will contribute to communities, the region, and the nation by conducting economic research, participating in monetary policy-making, supervising certain financial institutions, providing financial services and payments, playing a leadership role in the payments industry, and supporting economic well-being in communities through a variety of efforts.

The Boston Fed is one of 12 Reserve Banks and we serve all or parts of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.

Our mission is accomplished through our Bank's values: diversity, equity and inclusion, innovation, integrity, and leadership.

This job is essential to Bank operations and will be an onsite role.

Job Summary

This position is responsible for assisting in the assessment of the effectiveness and efficiency of the Cash operation and safeguarding of assets.

 

Principal Accountabilities


* Participate in all Cash management audit review activities, external audits and COSO testing under general supervision, including performing various tests, live observations and video review of all valuables handling areas, conducting financial audits, and reviewing financial reporting.

Ensure compliance with TCOM, CCPS, and procedures for the Cash Services Department and offsite locations by reviewing, verifying and analyzing transactions, records, and reports, trend analysis of differences and investigate unusual trends and outlier data or other unusual internal or external events.

Organize and maintain other compliance related documentation.


* Analyze internal and custody controls.

Evaluate risks and determine the effectiveness of controls regarding the reliability and integrity of financial and operational information, and compliance with applicable rules and regulations.

Identify and assess impact of audit exceptions or findings, then make appropriate recommendations for remediation.

Present clear, concise, and convincing explanations of the issues with management.

Prepare high quality and comprehensive written reports on observations.

Appraise the adequacy of corrective actions taken to address audit exceptions or findings.


* Maintain expert knowledge and monitor trends in areas of auditing, compliance, risk management and security by keeping abreast of Treasury and Federal Reserve and other regulations, and System and Bank initiatives impacting Cash.

Recommend changes to procedures and compliance requirements, formulate flowcharts of processes, and ensure department procedures are updated.

Develop new or revise existing compliance review programs to keep up with changes in national guidance.


* Research and analyze differences in incoming deposits associated with processed currency.

Perform research on customer claims and disputes.

Serve as the point of contact with all 1st ...