Press Release
Edward Smith to Retire as Executive Vice President and General Auditor
October 27, 2014

NEW YORK—Edward (Ted) C. Smith, executive vice president and general auditor of the Federal Reserve Bank of New York, today announced his intention to retire from the Bank in May 2015. 

Mr. Smith will leave the Bank after more than ten years of service.  In his current role, Mr. Smith led the Bank’s internal audit function, including serving as liaison to the Office of Inspector General of the Board of Governors and to the Government Accountability Office.  His direction has helped the Bank strengthen and reshape its approach to risk management and compliance.

Mr. Smith’s influence as a leader in risk and controls has been pervasive across the Federal Reserve System and internationally.  In that regard, Mr. Smith has chaired the System’s Conference of General Auditors as well as many of its sub–committees.  Mr. Smith has served as chair, member, and led important working groups of the Central Bank Internal Auditors Group of the Bank for International Settlements.

Beyond his direct role, he championed diversity within the organization and was always connected to employees at large as a mentor, coach and advisor.
“Ted is an innovator and a gifted leader, whose work has greatly influenced and improved the Federal Reserve’s approach to internal audit,” said William C. Dudley, president and chief executive officer of the New York Fed.  “He will be missed by all who have come to rely on his sound judgment and insight.”

Mr. Smith joined the Bank in March 2005 as general auditor and senior vice president, and was appointed to executive vice president in 2008.  Previously, he worked for more than 40 years in the financial services industry, including serving as senior vice president and general auditor at the Global Financial Services Division of American Express Company.  Mr. Smith also held senior positions at Bank of America, American National Bank of Chicago and Dresdner Bank, all in London, England.

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