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 defence 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 remediation

POSITION OBJECTIVE

Reporting to the Director – Global CGW Products Lead, this position provides effective oversight of Business operational risk identification, assessment, monitoring, articulation and mitigation processes. “Business” in this context refers to the CGW Global Products functions (CIO & Investments, Banking and Lending) as well as the product support teams and vendors supporting or used by the P&L owners who own the Risk. The CGW Products ORM coverage team performs the role through proactive engagement with the Business management, and through effective challenge - in formal governance forums and in day-to-day interactions as well as working with peer 2LoD groups, e.g., ICRM. This role will also work with Regional ORM coverage in the International Regions for resolution of issues and/or emerging risks that have global or regional implications in the Products space.

BUSINESS COVERAGE SCOPE

The primary focus of this role is oversight of Citi Global Wealth Products globally and any other risk management responsibilities assigned by the CGW Products Lead. CGW is a newly integrated business within the Personal Bank and Wealth Management (PBWM) segment providing product and services across the whole customer wealth spectrum from mass affluent to private banking. It has aggressive growth plans in the next 3 to 5 years in terms or clients, revenue and staff. Current revenue is $7.5B, client assets of $814B, ~500K clients and ~3K client advisors in a global market estimated to be worth over $275T by 2024.This role will be key in ensuring that the products business across all Regions is clearly managing, mitigating and articulating its operational risk environment whilst it achieves this plan.

The CGW Products team role covers Products globally within CGW with activities related to:

• Distribution channels across all tiers from Consumer Wealth (minimum account funding starting at $200,000) to Private Bank (minimum account funding starting at $10 million) including Wealth at Work which spans all tiers.
• Investment products across all client tiers, the product spectrum includes equities, fixed interest, structured products, funds (e.g., mutual, hedge, PE, RE), discretionary investment management, capital markets
• Banking products across all client tiers, including payments, deposit programmes, custody
• Lending products across all client tiers, including overdrafts, margin loans, mortgages
• Trust products for the Private Bank client tier only providing client wealth structuring solutions

Prime interfaces for CGW Products ORM Coverage include:

• CGW Global Products Head and team
• In-Region ORM team members who play a role in products oversight and seek to ensure that any regional operational risks related to CGW products are clearly understood locally in terms of geography and legal vehicle
• Other PBWM ORM Business Coverage teams to ensure consistent standards in oversight execution, challenge of dependencies as well as transfer of lessons learnt
• Risk Specialists from ORM (Fraud, Technology, Cyber, Data Management, Third Party) as well as regional Independent Risk Management to leverage expertise and solicit their participation in risk reviews
• ORM Governance, Audit and Regulatory Relations team to ensure effective business management and regulatory interactions.
• ORM Reporting team within Franchise Risk to support business risk profiling and reporting

KEY RESPONSIBILITIES

• Support independent assessment of 1st Line adherence to operational risk framework requirements (e.g., reviewing significant control breaks that impact multiple risk categories, lessons learned and near misses)
• Ensure business adherence to operational risk policies, standards, and procedures and escalate significant or unaddressed risk issues and control environment concerns to Business/ Region/LV and Risk Leadership
• Provide inputs to aggregated operational risk profile picture using a combination of first line and independent second line assessments
• Lead the creation and development of risk and control related presentation materials for various governance forums (at many levels of the organization, including Internal Audit and external regulators)
• Provide oversight to ensure operational risk for the products manufactured by CGW and/or distributed within the CGW channel is managed within defined Risk Appetite or Tolerance levels. Provide support to the CGW Products Lead in relevant New Activity Governance forums. In case risk levels are in potential and/or actual breach of defined thresholds, ensure risk exposure is well understood and there is a robust Path to Green to avert/remediate breach within an acceptable time frame.
• Support review of appropriateness and completeness of first line risk identification, assessments (i.e. KORs, MCA, scenario analyses, third party reviews) to ensure 1LOD is operating within Risk Appetite or Tolerance for operational risk categories
• Identify trends, themes, emerging operational risks by mining for trends in relevant metrics, loss data and external events. Effectively communicate learnings to CGW in order to drive necessary responses
• Identify changes in business strategy, market conditions, industry trends, regulatory environment, macro-economic factors etc. that may lead to an increase in operational risk
• Leverage knowledge of the current economic, regulatory and business environment to proactively identify potential risk and develop specific recommendations for CGW to action

JOB QUALIFICATIONS & LEADERSHIP CHARACTERISTICS

• Experience in risk management including a successful track record of working in large complex enterprise-wide risk management programs at a large financial services organization
• Managing internal relationships and partnering with a range of stakeholders (e.g., business, functions) in leading sustained change and change management efforts
• Well-developed listening skills and a strong ability to communicate and engage at the senior management level, both orally and in writing
• 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

Education, Knowledge & Experience

• Bachelor’s Degree in Business, Finance, or another relevant field preferred
• 7+ years of experience years in the financial services industry with knowledge of Wealth Management products and prior experience in Operational Risk Management
• Practical experience in capital markets, banking, lending or portfolio manager roles preferable
• In-depth knowledge of risks most relevant for wealth management e.g., fiduciary, suitability risk, concentration, processing risk etc.
• Strong analytical skills with an ability to understand complex workflows
• Proficient in MS Office applications necessary for executing on job responsibilities – especially PowerPoint and Excel
• Proficiency in SQL and VBA (Excel, Access, SQL Server) preferable
• Ability to handle multiple tasks in a timely and effective manner and thrive in a fast-paced environment that lends itself to changing priorities and quick turnaround
• Strong communication skills with demonstrated ability to communicate effectively verbally and in writing

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