Job description

The New York State Department of Financial Services seeks to build an equitable, more transparent and resilient financial system that benefits New Yorkers and supports business. Through engagement, data-driven regulation, and operational excellence, DFS is responsible for empowering consumers and protecting them from financial harm; ensuring the health and stability of the financial entities we regulate; and driving economic growth through responsible innovation.

The Department of Financial Services is seeking candidates for the position of Financial Insurance Supervisor and Risk Specialist in Insurance Division. Duties include, but are not limited to, the following:

• Participates in and provides capital markets expertise on examinations conducted by the Department of Financial Services;
• Reviews, evaluates, and summarizes insurers’ investment portfolios’ assets and risk exposures;
• Represents capital markets perspective on the enterprise risk management (“ERM”) component of examinations;
• Reviews Regulation 203 submissions and ORSA fillings;
• Provides capital markets expertise and assessment with respect to insurance companies’ derivative use plan (“DUP”) filings, as required by NYIL Section 1410;
• Provides primary and integral technical support, both quantitative and coding (software programming) in nature, of the Research & Analysis Bureau’s portfolio analysis system (aka “investment templates”);
• Supervises examiner performing desk audits and other examination or related work; and
• Other duties as assigned.

Preferred Qualifications

· Excellent knowledge and understanding of all fixed income securities and derivatives.

· Experience with financial guaranty insurance a plus.

· Strong computer coding skills with hands-on experience performing data analysis in a financial services setting; C++, VBA, SQL, or equivalent, programming skills.

· Institutional investment management or trading experience.

· Knowledge of computer modeling techniques.

· Ability to evaluate, assess, and critique existing valuation and risk management models.

· Bloomberg Terminal experience preferred.

· CFA charterholder a plus.

Appointment method:

Candidates must meet the minimum qualifications listed below in order to be eligible for appointment.

Non-Competitive: A Bachelor’s Degree and nine years of experience in one or more of the following areas:

· Trading, underwriting, hedging or analyzing risk management of capital markets instruments for financial institutions;

· Audit or regulatory examination of capital markets; or

· Research or teaching experience at a college or university in finance, economics or mathematics, including the study of capital markets instruments, trading and risk management in financial markets.

Substitutions: A Bachelor’s Degree in finance, economics, accounting, mathematics or business administration may substitute for two years of the experience. A Master’s Degree in the same fields may substitute for three years of the experience. A Ph.D. in the same fields may substitute for four years of the experience.

To Apply: Interested qualified candidates must submit a resume and letter of interest no later than April 5, 2023 to the email address listed below. Please include the Box # (Box FISRS-SRMS-02715) in the subject line of your email to ensure receipt of your application. Email submissions are preferred.

All candidates that apply may not be scheduled for an interview.

Public Service Loan Forgiveness

Employment with New York State qualifies an individual for Public Service Loan Forgiveness (PSLF). This program forgives the remaining balance on any Direct Student Loans after you have made 120 qualifying monthly payments while working full-time for a U.S. federal, state, local, or tribal government or not-for-profit organization. To learn more about the program and whether you would qualify, please visit: https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service

AMERICANS WITH DISABILITIES ACT: REASONABLE ACCOMMODATIONS

Under the Americans with Disabilities Act (ADA), the Department of Financial Services is required to provide reasonable accommodation for known physical or mental limitations of an otherwise qualified applicant with a disability if an accommodation would enable the applicant to perform the essential functions of the job. If the accommodation would constitute an undue hardship on the operations of the agency, the agency is not required to provide it.

Job Type: Full-time

Pay: $120,117.00 - $146,225.00 per year

Benefits:

• Health insurance

Schedule:

• 8 hour shift

Work Location: In person

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