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Sandra C. Krieger
Sandra C. Krieger is executive vice president, chief risk officer and head of the Risk Group at the Federal Reserve Bank of New York. The Group leads and coordinates the Bank's work on payments policy and on the Bank’s financial and operational risk profiles. The functions within the Group are: Payments Policy, Credit Risk Management, Risk Analytics, the Administration Office for the Subcommittee on Credit Risk Management, the Credit Risk Management Technology Support Function, Operational Risk, and Group Support. Ms. Krieger also is a member of the Bank's Management Committee.
The Payments Policy Function coordinates policy work and promotes interdisciplinary perspectives on payments policy issues with payments experts in the business and policy areas in the Bank. It provides leadership and analytical resources for domestic and international work on payments policy issues and assists areas in developing the next generation of payments experts in the Bank.
The Credit Risk Management Function monitors and assesses the Bank’s financial risk exposures arising from extensions of intraday credit, discount window lending, special lending arrangements, and foreign and domestic open market trading activity. The function also focuses on core activities of administering the Federal Reserve’s Payment System Risk policy. In addition, the function’s mandate is to measure actual and potential credit exposures across all of the Bank’s financial activity, and facilitate internal discussions around the trade-offs between policy benefits and risk exposure from extending credit.
The Credit Risk Management Function also provides support for the Bank’s Risk Oversight Committee (ROC) which Ms. Krieger chairs. The ROC is a subcommittee of the Management Committee and has responsibility to review the Bank’s management of risks that could have a material impact on its financial statement and reputation.
Risk Analytics creates customized solutions to complex valuation and risk management issues faced by the Bank and the Federal Reserve System; provides independent valuation and risk assessments of loans, securities, and other financial exposures to support business line decision-making, risk management, and financial reporting; leads the development of and execution of model validation processes to mitigate model risk; and identifies, assesses and elevates emerging risks.
The Administration Office for the Subcommittee on Credit Risk Management (SCRM) provides administrative, project management, budget, resource coordination and IT support to the SCRM community. (SCRM is a committee of the Credit Risk Management leaders at the Reserve Banks that supports development and implementation of payment system risk, discount window lending and condition monitoring policies and guidelines, and promotes coordination and communication among the Reserve Banks with respect to these matters.) The Credit Risk Management Technology Support Function provides management and oversight for the consolidated information technology applications that support Credit Risk Management in the Reserve Banks.
The Operational Risk Function is responsible for the coordination and administration the Bank's Operational Risk Management Program, including a methodology for managers to identify, mitigate and monitor operational risks. The function also provides Secretariat support for the Bank’s Operational Risk Committee (ORC), also a subcommittee of the Bank’s Management Committee. The ORC discusses common risk issues, lessons learned from internal control issues, and methods for addressing internal and external developments that may affect the Bank's risk profile.
The Group Support Function provides centralized support for the Group’s management of its budget, facilities, administrative support, data, and internal communications, and helps the Group to implement Bank policies and programs, such as pertaining to operational risk, business continuity, vendor management and human resources.
Ms. Krieger was a senior vice president in the Payment Studies Function in the Research and Market Analysis Group between July 2002 and May 2004. Between 1985 and 2002, she was involved in domestic reserves management, with responsibilities for the management of domestic open market trading, market analysis and discount window operations in the Bank. Ms. Krieger joined the Bank in 1981 as an economist in monetary research.
Ms. Krieger holds a bachelor's degree in mathematical economics from Wesleyan University and a doctorate in economics from the University of California.