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SVP, Operational Risk Sr Officer - New Activity and Product Governance

Company: Citi
Location: The Colony
Posted on: November 25, 2022

Job Description:

Background

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 remediation Position Objective

    Reporting to the Operational Risk Senior Group Manager who heads New Activity/Product Governance for PBWM, the Operational Risk Senior Risk Officer will assit the Group manager in leading the top of the house oversight and challenge of Personal Banking Wealth Management (PBWM) Product Governance & New Activity (PG/NA) risk management, as well as Global PB Operations Entities and any other responsibilities assigned from time to time by the Operational Risk Senior Group Manager or the PBWM ORM Head. This role executes oversight of PBWM's implementation of key pillars of the ORM framework viz. risk identification, assessment, monitoring and mitigation of risk across all operational risk categories for the Product Governance organization and activities in PBWM. This will work closing with other ORM leads across the different stripes and products to ensure effective and efficient execution of the Product Risk Rating and Challenge and other aspects of the Product Governance 2nd line of defense role.

    The Operational Risk Senior Risk Officer 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. The objective is to ensure compliance with Citi's Operational Risk Framework and policies (especially including Citi's New Activity Governance Standard and Guidance) as well as to meet regulatory "Heightened Standards" for the 2nd Line of Defense.

    Responsibilities:
    • Provide review and challenge for the 1LOD implementation of the operational risk elements in the PG/NA risk management framework.
    • Provide independent assessment of 1LOD adherence to operational risk and PG/NA framework requirement
    • Assist in oversight of the Product Governance lifecycle across Product Inventory, Rating, Refresh
    • Review and evaluate appropriateness of 1LOD risk identification, assessments at Product level
    • Create aggregated operational risk profile for Products using a combination of first line and independent second line assessments
    • Review and challenge the Operational Risk Profile of Products at the risk prescribed frequency and ongoing monitoring on a quarterly cadence.
    • Provide assistance to PBWM ORM to deliver review and challenge of the operational risk assessments for new activities and manage the ongoing risk monitoring and challenge
    • Escalate significant or unaddressed risk issues and control environment concerns to Business/ Region/LV and Risk Leadership
    • Evaluate appropriateness and adequacy of skills and experience and capacity for managing operational risks within the Business/ Region/LV and escalate as needed.
    • Be a leader and the voice of PBWM ORM in evolving the overarching new activity risk management policy, standards, and procedures
    • Help create and deliver appropriate trainings and guidelines for the PBWM ORM organization in the new activity and product inventory risk reviews to ensure a strong and consistent approach across ORM
    • Develop strong working relationship with the business within scope to be a valued and respected partner
    • Together with the Business coverage lead establish an appropriate engagement process with the Business to enable meaningful challenge and oversight and participate in risk management focused forums
    • Assist Business Coverage lead / present relevant material as necessary at senior level governance forums such as Business Risk Reviews and Business Risk Compliance and Control Committees as well as for meetings with important stakeholders like the Regulators, 3rd Line of Defense and senior management.
    • Ensure business adherence to operational risk policies
    • Execute responsibilities articulated in the ORM Policy for independent operational risk managers including deep dives in to any significant current or emerging risk areas
    • Ensure adherence to Consumer Op Risk procedures for independent Business coverage risk managers and for the Business. Assist in the continuous improvement of these procedures to strengthen 2nd line of defense oversight. Qualifications
      • Bachelor's Degree / Master's Degree in Business, Finance, Accountancy, Law, Science, or other relevant fields.
      • Training/Certification or experience in database/MIS management tools a plus
      • Knowledge and Experience
        • Work experience of 10+ years in the financial services industry in risk and controls assessment
        • Leadership positions in Risk Management, Internal Audit, Compliance or related field a plus.
        • Well versed in breaking down complex matters into core issues and root causes so they can be more readily addressed.
        • Experience with CitiRisk and Controls and the Managers Control Framework a plus.
        • Business or Risk experience in Credit Card product/ business.
        • Training/Certification or experience in database/MIS management tools a plus Skills
          • Strong analytical and conceptual skills.
          • Independent thinker and able to perform a credible challenge of the Business. -

            Job Family Group:

            Risk Management -

            Job Family:

            Operational Risk

            Time Type:

            Full time

            Primary Location:

            Irving Texas United States

            Primary Location Salary Range:

            $134,310.00 - $201,470.00

            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 Accessibility at Citi .

            View the " EEO is the Law " poster. View the EEO is the Law Supplement .

            View the EEO Policy Statement .

            View the Pay Transparency Posting

            -

            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, The Colony , SVP, Operational Risk Sr Officer - New Activity and Product Governance, Accounting, Auditing , The Colony, Texas

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