Operational Risk Exec Group Manager - Retail Bank
Company: Citi
Location: Oxford
Posted on: June 24, 2022
Job Description:
The Operational Risk Exec Grp Mgr manages multiple teams of
senior professionals through other senior managers. The job
requires a broad and comprehensive understanding of the different
systems, theories and practices relevant to a function as well as
practical experience of multiple business cycles. In-depth
knowledge of the industry and direct competitors' products/services
is also necessary in order to contribute to the commercial
objectives of the business. Requires thorough understanding of
strategic direction of the function within the business, combined
with a solid conceptual/practical grounding in both the function
and/ or area of expertise. Excellent communication skills required
in order to influence a wide range of audiences. The job is likely
to be involved in both internal and external negotiations which
will have a major impact on the area managed, and possibly on other
related areas and organization as a whole. Develops medium- to
long-term plans and executes functional strategies for a
large/complex country, cluster of countries, or business requiring
coordination and integration across units. Provides input into
strategic decisions affecting job family or function within a
region or business. Full management responsibility of multiple
teams, including management of people, budget and planning. Has
authority to negotiate and make independent decisions on
issues/activities that have critical impact or influence on company
revenues, capital or business operations. Typically, a direct
report to an EB role and sits on the highest functional leadership
team within a region,, or global business.Responsibilities:
- Establishes and oversees the application of operational risk
policies, technology and tools, and governance processes to create
lasting solutions for minimizing losses from failed internal
processes, inadequate controls, and emerging risks.
- independently asses risks and drive actions to address the root
causes that persistently lead to operational risk losses by
challenging both historical and proposed practices.
- Governance and oversight may include (not limited to)
technology operational risk, cyber risk for example.
- Works with colleagues in other areas of Risk Management,
Finance, Compliance/Control and the Businesses to assure
appropriate management of Operational Risk processes:
- Facilitates accurate and appropriate reporting of operational
risks to senior management and the Board of Directors.
- Promotes the use of risk indicators.
- Supports corporate initiatives, including those related to
Operational Risk and the alignment of capital assessments with risk
management objectives.
- Drives the strategic direction of Operational Risk Management
for the Consumer group, working with colleagues around the globe
to:
- Identifies emerging operational risks in the context of the
current economic, regulatory and business environment and assure
that measures are being taken to mitigate these risks.
- Analyzes operational risk data (typically losses, metrics or
assessment results) to identify areas of excessive risk and to
ensure that mitigation efforts are having the desired
effect(s).
- Investigates causes for metrics that are deviating from trends
and escalate situations that pose excessive risk(s).
- Identifies root causes of major internal losses and ensure
actions are taken to reduce the risk of loss from similar
causes.
- Upholds the Operational Risk Policy:
- Provides Operational Risk oversight to assure policy and
regulatory compliance.
- Facilitates adherence to specific regulatory requirements for
the Consumer franchise, including the International Convergence of
Capital Measurement and Capital Standards ('Basel II').
- Interfaces with Regulators on Operational Risk matters.
- Appropriately assess risk when business decisions are made,
demonstrating particular consideration for the firm's reputation
and safeguarding Citigroup, its clients and assets, by driving
compliance with applicable laws, rules and regulations, adhering to
Policy, applying sound ethical judgment regarding personal
behavior, conduct and business practices, and escalating, managing
and reporting control issues with transparency, as well as
effectively supervise the activity of others and create
accountability with those who fail to maintain these
standards.Qualifications:
- 15+ years relevant experience
- Consistently reads different situations accurately and takes
appropriate action to gain senior colleague/ client commitment.
Articulates clearly how risk technology supports unit's business,
as well as the issues due to gaps between the current technology
and known business requirements. Ability to measure and assess the
impact of stress shocks including fat-tailed risks. Well-versed in
reviewing the dimensions of franchise risk. Strong Leadership
skills-Operates as a leader, with an understanding and appreciation
for diverse backgrounds. Serves as a point of escalation for key
issues or time sensitive decisions. Acts decisively in high risk
scenarios, assessing a situation based on available data,
experience, intuition, and judgment. Ability to respond to
challenges with creative solutions, adapts to changing business
needs. Demonstrated ability to make sound judgment calls on issues
that can be both quantitative and qualitative in nature. Able to
manage issues associated with operational risk capital, in
partnership with the Consumer business and the Risk organization.
Acts as a role model for managing people, coaching, and serving as
a mentor. Champions diversity and seeks to recruit, retain, and
develop talent. Supports mobility. Excellent Communications skills
verbal & written. Active listening skills.Education:
- Bachelor's/University degree, Master's degree preferred;
managerial experienceBUSINESS OVERVIEWCiti is a leading global bank
with approximately 200 million customer accounts who conducts
business in over 100 countries and jurisdictions worldwide. Citi
provides consumers, corporations, governments, and institutions
with a broad range of financial products and services, including
consumer banking and credit, corporate and investment banking,
securities brokerage, transaction services, and wealth management.
Our core activities are safeguarding assets, lending money, making
payments, and accessing the capital markets on behalf of our
clients.Citi's -explains what we do, and our Leadership Principles
explain how we do it. Our mission is to serve as a trusted partner
to our clients by responsibly providing financial services that
enable growth and economic progress. We strive to earn and maintain
our clients' and the public's trust by constantly adhering to the
highest ethical standards and making a positive impact on the
communities we serve. Our Leadership Principles are a common set of
skills and expected behaviors that illustrate how our employees
should work every day to be successful and allows us to strengthen
our ability to execute against our strategic priorities.OPERATIONAL
RISK MANAGEMENT (ORM)Operational Risk Management (ORM) is an
enterprise level independent risk management function responsible
for enterprise-wide oversight and aggregation of operational risk.
Its mandate covers all business lines (PBWM, ICG, Global Functions
& EO&T) spanning all geographies.The ORM function oversees the
design and implementation of the non-financial risk management
framework. Key objectives of the risk management framework are:
- Operating model, staffing and culture: Ensure the operating
model across lines of defense is clear and consistent with
sufficient resources, expertise, accountability and stature, and
that it is enabled by structured training and awareness program to
effectively manage and oversee operational risk
- Operational risk appetite: Clearly articulate risk definitions
and appetite and make sure they are aligned against the most
critical business outcomes to ensure strategic relevance and
application at business, country and entity levels and that Citi
operates within its set risk appetite
- Control objectives and standards: Ensure Enterprise Control
Standard and controls design requirements are clearly articulated
and that control objectives and requirements are defined at
appropriate risk category and sub-category levels to ensure
consistent control design and effectiveness
- Operational risk and control assessments and reporting: Oversee
that MCA is fit for purpose and is owned with full buy-in from the
1st line, and that it is supplemented by a suite of other
fit-for-purpose assessments (e.g., risk category specific
assessments, scenario analysis, and lessons learned). Ensure
assessment results are communicated through clear reporting with
thematic and actionable insights
- Strategic decision making: Oversee that Risk Management
practices, insights and tools are consistently embedded in
-day-to-day business processes and strategic decision-making to
enable proactive issue identification and comprehensive
remediationPOSITION OBJECTIVE -Reporting to the Head of Consumer
ORM, the Operational Risk Executive Group Manager heads oversight
and challenge of the USPB Retail Bank Business and at the same time
will serve as Consumer ORMs' lead for Processing Risk.US Retail
Bank coverage includes not just products / services but also
oversight of the digital eco-system and platforms that are used for
the delivery of those products and services and to provide access
to customers. It also includes the fast evolving field of retail
payments as well as global payment network processes and
regulations.This role provides oversight of US Retail Banks
implementation of key pillars of the ORM framework viz. risk
identification, assessment, monitoring and mitigation of risk
across all operational risk categories. This role works closely
with ORM SMEs like Fraud, Technology and Cyber, Data Management,
Third Party risk in both risk identification and risk appetite
responsibilities. The Operational Risk Executive Group Manager
performs the role through proactive engagement with Front Line
Business Units, and through effective oversight and challenge - in
formal governance forums and in day-to-day management processes as
well as new Product Approval forums. -As Consumer ORM's lead for
Processing Risk this role will provide thought leadership on
identification and assessment of high risk processes in Personal
Banking as a whole including helping define how risk appetite for
this risk category should be established and monitored. It will
also work with the enterprise ORM-Processing Risk team to provide
input into risk management policies and standards for this risk
category.KEY RESPONSIBILITIES FOR BUSINESS OVERSIGHT - US Retail
BankResponsibilities include, but are not limited to:Governance &
Oversight
- Keep abreast of latest operational risk management and industry
best practices.
- Challenge the 1st line Operational Risk Appetite assessment as
needed for the function and/or individual operational risk
category.
- Ensure business adherence to operational risk policies,
standards, and procedures
- Execute responsibilities articulated in the ORM Policies,
Standards and Procedures for independent operational risk managers
including deep dives into any significant current or emerging risk
areas
- Timely and effective escalation of operational risk events to
the Business and across ORM as appropriate with relevant context
and factual accuracy based on risk assessment activitiesRisk
Identification and MitigationThe Operational Risk Executive Group
Manager leverages all the core tools that are part of the ORM
framework viz., the Key Operational Risk Identification and Key
Indicator monitoring process, Scenario Analysis, Manager's Control
Assessment and Ratings Challenges, Lessons Learned, Internal and
External Loss Analysis as well as Operational Risk Reviews to
provide effective oversight. Risk identification, analysis, and
assessment of current and emerging operational risks, as well as
concentration risk, also requires working with Specialists in other
second lines of defense as relevant for individual risk types
associated with the business or function. - Additional Risk
Identification responsibilities include, but are not limited to:
- Identify trends, themes, tendencies that indicate emerging
operational risks by relying on mining trends in relevant metrics,
loss data and external events. Effectively communicate learnings to
Business to drive necessary responses and action.
- Proactively analyze various data sources to form an independent
assessment/opinion of operational risk profile of GCB
Operations.
- Continuously monitor and challenge Key Operational Risks and
related Key Indicators to ensure the Business is taking appropriate
action to respond to breaches.
- Leverage knowledge of the current economic, regulatory, and
Business environment to proactively identify potential risk and
develop specific recommendations for the Business to action.
- Identify changes in business strategy, market conditions,
industry trends, regulatory environment, macro-economic factors,
etc. that may lead to an increase in Op Risk exposures
- Use risk analysis to understand how losses were incurred,
determine lessons learned, identify root causes, and use in
developing recommendations for risk mitigation
- Assess operational risk implications of the strategic and
operating plan for GCB Operations
- Evaluate control issues and ensure adequacy of Event Root Cause
Analysis and corrective action plans.
- Lead Operational Risk Reviews while coordinating with other ORM
teams or SMEs as necessaryOngoing Business Monitoring Activities
- For those areas where potential risk has been assessed to have
increased or is high, or there has been a significant recent loss,
determine if a deep dive and/or specific Operational Risk Review is
required
- Continuously monitor and review relevant data, reports, and
trends to develop and maintain Operational Risk profile assessments
for the Business
- Stay informed and current on financial markets/industry.
Consider the potential impact from an opKEY RESPONSIBILITIES -
Processing Risk LeadRisk Identification Analysis & Assessment
- Proactively analyze various data sources (losses, near misses,
indicators, corrective actions, self-assessments) to form an
independent assessment/opinion of operational risk for this
risk
- For those areas where potential risk has been assessed to have
increased or is high, determine if a deep dive and/or specific
review is required.
- Use leading indicators and metrics to identify areas of
potential and emerging risk
- Based on current economic, regulatory, and business environment
developments, proactively identify potential risks and develop
specific recommendations for the Business to action.Risk Mitigation
- Lead Consumer ORM involvement on Processing Risk specific
projects, e.g. Project Annapurna
- Drive solutions to root causes that potentially can lead to
processing risk
- Work as an independent partner to mitigate risk and improve
processes and controls
- Make control recommendations based on thematic reviews or event
root cause analysis and ensure CAPs developed and implementedGlobal
Processing Risk Framework Development
- Provide input into Processing Risk Framework development
- Facilitate adherence to Op Risk specific regulatory
requirements through proper usage of tools and participation in
programs (e.g. Scenario Analysis)
- Assist in roll out of various global Processing Risk
initiatives in USPBQUALIFICATIONSEducation
- Bachelor's degree in Business, Finance, Accounting or STEM
disciplines. Masters Degree preferredKnowledge /Experience
- Work experience of 10+ years in the financial services industry
with in-depth knowledge of Consumer -Banking products and
operations
- Minimum of 5 years prior experience in Operational Risk
Management preferably in the 2nd line.
- People manager and leadership positions in high volume Business
Operations, Risk Management, IA, Compliance, or related fields with
experience of interfacing with senior management
- Expertise in working with complex and rapidly changing,
technology enabled businesses with a strong understanding of
associated risks, and risks of reliance on third parties.
- US Consumer product related regulations and industry standards
including infrastructure requirements and related controls
- Foundational knowledge of business risk and control
self-assessment processes (e.g., Manager's Control Assessment/Risk
Control Self-Assessment)
- Direct engagement with and routine presentation to Regulators,
IA, and senior leadership at internal risk governance
forumsLeadership
- Broad experience in risk management including a successful
track record of managing large complex enterprise-wide risk
management programs at a large financial services organization
- Business understanding of the products and services Citi offers
and how risk management practices contribute to other work across
Citi / understand downstream impacts of decisions made
- Track record of managing internal relationships and partnering
with a range of stakeholders (e.g., business, functions) in leading
sustained change and change management efforts
- Ability to create and articulate sense of purpose and common
vision for Risk management
- Well-developed listening skills and a strong ability to
communicate and engage at the senior management level, both orally
and in writing
- Strong leadership skills with a proven track record of working
with a diverse range of skill sets and perspectives, recognizing
that the power of Citi is the sum of its parts
- Ability to constructively challenge others at all levels and
across boundaries to deliver better results
- Continuous improvement mind-set to solve for root causes,
assess impact of actions and adjust as needed; simplify and
standardize at every opportunity
- Strong regulatory engagement/ communication
skills-------------------------------------------------Job Family
Group: Risk
Management-------------------------------------------------Job
Family:Operational
Risk------------------------------------------------------Time
Type:Full
time------------------------------------------------------Citi is
an equal opportunity and affirmative action employer.Qualified
applicants will receive consideration without regard to their race,
color, religion, sex, sexual orientation, gender identity, national
origin, disability, or status as a protected veteran.Citigroup Inc.
and its subsidiaries ("Citi") invite all qualified interested
applicants to apply for career opportunities. If you are a person
with a disability and need a reasonable accommodation to use our
search tools and/or apply for a career opportunity review .View the
"" poster. View the .View the .View the
-----------------------------Effective November 1, 2021, Citi
requires that all successful applicants for positions located in
the United States or Puerto Rico be fully vaccinated against
COVID-19 as a condition of employment and provide proof of such
vaccination prior to commencement of employment.
Keywords: Citi, Wilmington , Operational Risk Exec Group Manager - Retail Bank, Accounting, Auditing , Oxford, Delaware
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