The Federal Reserve tailors its regulatory requirements for and supervision of foreign banking organizations (FBOs) to account for the size, complexity, risk profile and financial activities of their U.S. operations. In the supervision and regulation of FBOs, the Federal Reserve gives due regard to the principle of national treatment and equality of competitive opportunity.
Large foreign banking organizations (Large FBOs) are FBOs with combined U.S. assets of $100 billion or more. With respect to regulation, Large FBOs are subject to prudential requirements set forth in the Board’s regulations, including Regulation YY. The enhanced prudential standards in Regulation YY include liquidity standards and requirements for overall risk management of the combined U.S. operations of a Large FBO. In addition, Regulation YY requires FBOs with U.S. non-branch assets of $50 billion or more to form a U.S. intermediate holding company (IHC) and tailors capital, liquidity, and risk-management requirements to that IHC based on its risk profile.
Less complex foreign banking organizations (Less Complex FBOs) are FBOs with combined U.S. assets of $100 billion or less. These FBOs mostly operate in the United States through branches and agencies and have relatively small non-branch activities.
FBOs with more than one banking office also receive a combined U.S. operations (CUSO) rating, based on a holistic assessment of the U.S. operations, taking into account the rating assigned to any prudentially supervised entity and an assessment of other U.S. offices.
The CUSO/IHC Local Regulatory Reporting Department is seeking a Vice President to assist in the implementation of the required regulatory reports submitted to the Federal Reserve Bank, and other regulators.
The job’s main responsibility is to review all required regulatory and financial reports and to ensure their correctness, consistency and prompt submission. The position requires intensive involvement in special projects relating to the CUSO/IHC regulatory reporting tool maintenance and upgrades, GL system interfaces and the introduction of new banking products.
This position reports to the Head of CUSO/IHC Local Regulatory Reporting.
Candidate Success Factors:
Candidates are measured on the following four performance drivers, which will dictate how individual impact is considered on the Americas platform:
- Results and Impact
- Able to influence peers and team.
- Demonstrates good judgement when making decisions of high complexity and impact.
- Exercise appropriate autonomy in the execution and delivery of work.
- Responsible for driving outcomes, which have meaningful effect on team or department.
- Leadership and Collaboration:
- Creates trust with colleagues.
- Acts in leadership capacity for projects, processes, or programs.
- Client, Customer and Stakeholder Focus:
- Able to build relationships with a mix of colleagues and clients.
- Interacts regularly with management and department leaders.
- Demonstrates the ability to influence stakeholders at the team level.
- Compliance Culture and Conduct:
- Takes full responsibility for personal actions and demonstrates courage in facing problems and conflicts.
- Perceived as a person of high moral character; upholds corporate values and displays high ethical standards.
· Assist in maintaining and enhancing the BAU production process and control framework around the CIB/IHC Regulatory Reporting processes
· Assist in the preparation and submission of the IHC Regulatory Reports including but not limited to the following:
- FR Y-9C Report – Consolidated Financial Statements for Bank Holding Companies
- FR Y-9LP Report – Parent Company Only Financial Statements
- FR Y-12 Report – Consolidated Report of Equity Investments in Nonfinancial Companies
- FR Y-15 Report – Banking Organization Systemic Risk Report
- FR Y-11/S Report – Financial Statements of U.S. Nonbank Subsidiaries of U.S. Bank Holding Companies
- FFIEC 009/a Report – Country Exposure Report/Country Exposure Information Report
- FR Y-7Q Report – Capital and Asset Report for Foreign Banking Organizations
- FFIEC 002 Report – Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks
- FFIEC 019 Report – Country Exposure Report for U.S. Branches and Agencies of Foreign Banks
- FR 2644 Report – Weekly Report of Selected Assets and Liabilities of Domestically Chartered Commercial Banks and U.S. Branches and Agencies of Foreign Banks
- FR 2900 Report – Report of Deposits and Vault Cash
- FR 2420 Report – Report of Selected Money Market Rates
- FR Y-10 Report – Report of Changes in Organizational Structure
- FR Y-6 Report – Annual Report of Holding Companies
- FR Y-7 Report – Annual Report of Foreign Banking Organizations
- FR Y-12A Report – Annual Report of Merchant Banking Investments Held for an Extended Period
- U.S. Department of Treasury International Capital Reports submitted to Federal Reserve Bank of New York (i.e. TIC B’s, TIC Form S, TIC Form SLT, SHCA & SHLA) (TIC B’s e.g. “Report of U.S. Dollar Claims/Liabilities of Depository Institutions Bank Holding Companies/Financial Holding Companies, Brokers, and Dealers on Foreigners” & Report of Foreign Currency Liabilities and Claims of Depository Institutions, Bank Holding Companies/Financial Holding Companies, Broker Dealers, and of their domestic Customers Vis-à-vis Foreigners
- U.S. Department of Commerce Reports (BE-605, BE-185, BE-12/15 annual)
- Liaise with various internal (i.e. Legal, Compliance, Audit, Territory Governance, Finance Project Office and Business Operations) and external constituencies (i.e. regulators, external auditors and consultants).
- Participate in bank examinations and internal and external audits.
- Identify, escalate and remediate data quality issues
- Knowledge of the bank’s current regulatory reporting tools, general ledgers, offered products and its related activities.
- Perform research on changes on new regulatory reporting requirements and accounting standards and its impact to the group’s reporting.
- Establish and maintain communication with the Financial Reporting Group, the Project Office Group, and the Control & Reconciliation Group and ensure that regulatory reporting requirements are properly addressed on all levels of system and procedural changes, including the introduction of new bank products.
- Assist with the implementation of the new Regulatory Reporting tool; including performing system testing and UAT reporting and continuing automation effort.
Minimum Required Qualifications:
· Minimum of 7 – 10 years of experience in Regulatory Reporting
· Bachelor’s degree in Accounting or Finance required
· Strong regulatory & financial reporting knowledge prevalent in banking/financial institutions
· Knowledge of U.S. GAAP including recent pronouncements
· Master degree in Accounting or Finance
· CPA is a plus
· Knowledge of FBO requirements and Axiom
FINRA Registrations Required:
- Not Applicable
CFTC Swap Dealer Associated Person (if yes, NFA Swaps Proficiency Program is required):
- Not Applicable
SEC Security-Based Swap Dealer Associated Person:
- Not Applicable
The expected starting salary range for this position in New Jersey is between $125,000 to $175,000 annually. The actual salary may vary based upon several factors including, but not limited to, relevant skills/experience, time in role, base salary of internal peers, prior performance, business line, and geographic/office location.
About BNP Paribas:
BNP Paribas is a leading bank in Europe with an international reach across the US, EMEA and APAC. It has a presence in 65 countries, with nearly 190,000 employees. In the United States, BNP Paribas has built a strong and diversified presence to support its client base. We continue to grow and strengthen our commitment to the US market through our Corporate & Institutional Banking activities. We are one of a few non-US banks to offer a full value chain for our clients, from trading to financing, and clearing and custody in the US with the international footprint and capacity to deliver both globally and locally. Leveraging the strength of our European roots, our network can support clients in virtually every region of the world, enabling more connectivity and efficiency wherever our clients conduct business. We take pride in our expertise and our ability to adapt while constantly looking ahead to create a more sustainable world.
The bank employs nearly 6,000 people and has a presence in the country since the late 1800s in major cities including New York, Jersey City, Chesterbrook, PA, San Francisco, Boston, Chicago, Denver and Washington, DC.
As an international company with a global footprint, the unique cultures and viewpoints of our team members are an integral part of the fabric of BNP Paribas. We are a company with a purpose – to be a responsible and sustainable global leader. We aim to create an environment where our employees feel empowered to drive change, make an impact and be true to themselves. We employ talented individuals from a wide variety of backgrounds, locally and globally, and are inspired by our employees who help us in cultivating a diverse, equitable and inclusive workplace through initiatives such as our Diversity, Equity & Inclusion (DEI) Leadership Forum and Employee Resource Group (ERG) communities. We strive to be a workplace where all team members can grow and thrive and offer robust training, development and mentoring opportunities to make that vision a reality. Our leaders are deeply committed to DEI and highly accessible to our employees, consistently soliciting feedback on how we can continue to support our employees to reach their highest potential.
BNP Paribas. The Bank for a Changing World – https://usa.bnpparibas/en/homepage/join-us/our-opportunities/
BNP Paribas is committed to providing a work environment that fosters diversity, inclusion, and equal employment opportunity without regard to race, color, gender, age, creed, sex, religion, national origin, disability (physical or mental), marital status, citizenship, ancestry, sexual orientation, gender identity and gender expression, or any other legally protected status.