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 as well as administers the Bank's Operational Risk framework and Enterprise Risk Management Program.. The functions within the Group are: Payments Policy, Credit Risk Management, Risk Analytics, Enterprise Risk Management, Central Operational Risk, Credit Risk Management Technology Support 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 helps to develop the next generation of payments experts in the Bank.
The Credit Risk Management Function monitors and assesses the Bank's financial risk exposures including those 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.
Risk Group staff also provide support for the Bank's Risk SubCommittee (RsC) which Ms. Krieger chairs. The RsC is a subcommittee of the Management Committee. The Committee works to bring greater integration, alignment and efficiency to the Bank's consideration of risk management issues and provide leadership in implementation which effectively guides Bank staff in performing their responsibilities (including operations, activities and conduct) within the Bank's risk framework. The Committee additionally discusses significant potential, emerging and existing risks for the purpose of awareness, to suggest forward looking approaches to managing these risks, and to assess the resource costs and benefits of additions to the risk management framework and its implementation.
Risk Analytics creates customized solutions to complex valuation and risk management issues faced by the Bank; 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 Enterprise Risk Management (ERM) Function supports the Bank's Enterprise Risk Management program. The ERM program is designed to provide a unified view of the risks of most consequence to the Bank's ability to achieve its mission and to enable more efficient and effective responses to mitigate threats and to capitalize on opportunities.
The Central 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 Credit Risk Management Technology Support Function (CRM TSF) provides management and oversight for the Reserve Banks' consolidated IT application portfolio for credit risk management. The primary objective is to ensure that business needs are continuously met by these applications.
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 appointed executive vice president with responsibilities for the Risk Group effective July of 2008. Ms. Krieger was a senior vice president in various capacities in the Bank between July 2002 and June 2008, including in the Payment Studies Function in the Research and Market Analysis Group. Between 1987 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.