The primary responsibility and role will involve the implementation and reporting resulting from the Federal Reserve’s new Tailoring Rules. The main focus will be the FR Y-15 reporting requirements and assisting with the new Single Counterparty Credit Limit (SCCL), the FR 2590 Report. The specialist will be responsible to prepare and submit these required regulatory reports to the Federal Reserve Bank (FRB).
- Be the lead specialist responsible for the submission of the FR Y-15 Report.
- Work with ITEC teams, along with Vermeg’s REG Reporter to identify and build the data elements necessary to produce the FR Y-15 report.
- Identify and coordinate with various SG Departments (e.g. Risk, Finance, Compliance, Legal, Operation, ITEC, etc.) to obtain the data needed to fulfill the FR Y-15 and SCCL reporting requirements.
- Lead the UAT and parallel testing associated with the creation of the FR Y-15 report and assist with the SCCL reporting.
- Perform a reconciliation of the FR Y-15 report to the FFIEC 002, FFIEC 019, FR Y- 7N, and Focus reports. Work with others to create a similar reconciliation for the SCCL reporting. Build a control environment to ensure high data quality.
- Assist the Regulatory Reporting Manager in identifying additional required resources to perform FR Y-15 reporting (if necessary).
- Investigate and respond to variance questions on the FR Y-15 report filed to the FRB
- Prepare documentation and procedures associated with FR Y-15 report.
- Assess impact and provide guidance on how new business products will affect FR Y-15 Reporting.
- Work with Internal Audit on their reviews of the FR Y-15 reports.
- Other task/projects (e.g., transaction testing, CDE documentations, issue log creation, etc.)