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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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