Assistant Vice President - Cash Operations (Project Management)

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.

Assistant Vice President Cash Operations

ABOUT THE FEDERAL RESERVE BANK OF BOSTON

The Federal Reserve Bank of Boston is one of the 12 Federal Reserve Banks that, together with the Board of Governors in Washington, D.C. make up the Federal Reserve System. We (the “Boston Fed,” the “Bank”) serve the First Federal Reserve District that includes the six New England states: Connecticut (excluding Fairfield County), Massachusetts, Maine, New Hampshire, Rhode Island, and Vermont.

With the overarching vision of a vibrant economy that works for all, the Boston Fed promotes sound growth and financial stability in our region and the nation and helps to formulate and implement monetary policy. Our contributions to the First District 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 an active commitment to supporting economic well-being in communities. 

The Bank holds several key System roles, including leading the Financial Support Office, which directs financial management for the System, including managing the budget and related technology programs. The Bank develops and leads innovative payments programs. One example is the recently launched FedNowSM Service (“FedNow”), a real-time gross payments settlement system. The Bank also played a central leadership role in the Federal Reserve's crisis responses during both the Great Financial Crisis (2008) and the global pandemic (2020). The Bank is a thought leader and innovator in numerous areas, including financial stability, monetary policy, and community development.

The Boston Fed employs approximately 1,300 people, based primarily in the First District, with an annual budget in 2024 of $440+ million. We are proud of our strong organizational culture, which is built on our four core values: diversity and inclusion, innovation, integrity, and leadership. We build institutional expertise and flexibility by identifying, engaging, and developing a highly trained and diverse workforce.  Our inclusive work environment respects and fully values our employees' individual strengths, including their different backgrounds, personalities, and thought processes.  

We are a visible business leader in Greater Boston and throughout the First District, serving as an important business community advisor and nonpartisan convener of ideas 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 nonprofit and academic boards.

ABOUT THE POSITION

Department Overview
The mission for FedCash® Services is to supply currency and coin to meet both domestic and international demand, maintain the quality and integrity of currency in circulation, and ensure depository institutions have ready access to Cash Services. Our primary goal is to maintain confidence in U.S. currency through well-controlled operations with sufficient capacity to meet the needs of the marketplace on a daily basis and in times of stress.

Position Overview

Under the direction of System and Bank senior leadership, directs the Operations of the Cash Services Department exercising judgment based on experience and knowledge of the industry and/or individual functions.

All Bank officers are expected to help drive and support the Bank's mission, strategy and culture through active engagement in key dialogues, demonstrating intentional and inclusive leadership, and volunteering for Bank activities to serve as a role model for our employees and the communities we serve.

The scope of the role includes, but is not limited to:

• Provides engaged and proactive oversight to the High Speed, Paying and Receiving, and Coin units for Cash Services.
• Participates in the development and execution of a business plan, talent management plan, and high priority objectives for the department.
• Provides leadership to a varying level of management and staff to accomplish objectives and budget, quality, and productivity measures.
• Attracts, develops, and retains a high caliber staff with diverse capabilities, and develops successors in our cooperative team-oriented environment.  Communicates/coaches' subordinate staff on performance expectations and progress.
• Monitors internal controls and security safeguards relating to Cash Operations for the protection of Bank employees and assets; ensures maximum control and security of operations. Ensures compliance with all applicable Treasury, FR System and other applicable internal and external policies and procedures, standards and quality measures, to ensure the highest level of public confidence and operational integrity. Ensures preparedness for all Treasury reviews, Office of Compliance reviews, and Department audits.
• Monitors the forecasting of currency and coin receipt and payout volumes and maintains appropriate facilities for the storage and security of valuables; ensures adequate inventories of currency (including new and fit) and coin in vault area; ensures close working relationships with the carriers to promote the use of coin depots (and terminals) to reduce coin activity at the Bank.
• Leads or participates in strategic and other projects related to department, District or System initiatives.  Manages the effective execution of assigned project initiatives for the department
• Represents the department in communication with the U.S. Treasury, Mint, Secret Service, Board of Governors, other FRB Offices, vendor personnel and financial institutions.

EXPECTATIONS & REQUIREMENTS
 

• Bachelors Degree required; Masters Degree or Professional Certifications preferred
• Typically, 7 or more years of relevant experience, with at least 5 years of people management / leadership experience

LEADERSHIP CAPABILITIES
 

• Lead with a strategic, action-oriented mindset that is focused on performance, accountability, and outcomes.
• Champion an inclusive environment to lead the Bank's commitment to inclusion and belonging are celebrated, curated, and implemented.  
• 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.

OTHER REQUIREMENTS

• Residency in the First District within commuting distance of the office to manage a team with required regular on-site presence approaching 100% of the time.
• Willingness to travel, both domestically and internationally.

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.

All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch lists at least once every five years.

The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities, or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.

ETHICS CONSIDERATIONS & 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 their 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 cannot work on any matter in which they or certain employee-affiliated parties have 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

PHYSICAL REQUIREMENTS

Work is performed in an office environment and requires the ability to operate standard office equipment and keyboards.  At times, officers may be required to work evenings and/or over the weekend.  Additionally, due to the valuables handling control rich environment, management is required to continuously monitor and assess operational activities through on-site observation and by video surveillance to ensure compliance with all applicable Internal Custody Control standards, Treasury Requirements and Department Procedures while also making risk informed decisions.  This will require, but not limited to, routinely perform the following activities: sitting, standing, walking, talking, hearing, seeing and seeing for intensive analytical purposes

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Executive Family Group

Work Shift

First (United States of America)

The Federal Reserve Banks believe 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 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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