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Operational Risk Sr Group Mgr

Company: Citi
Location: Rutherford
Posted on: November 26, 2022

Job Description:

The Operational Risk Sr Group Mgr manages multiple teams through other managers. In-depth understanding of how own sub-function contributes to achieving the objectives of the function. A good understanding of the industry, direct competitors' products and 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 relevant part of the business, combined with a solid conceptual/practical grounding in both the function and/or area of expertise and related subject areas. Excellent communication skills required in order to negotiate internally, often at a senior level. Some external communication/negotiation may be necessary. Responsible for executing functional strategy in area managed. Determines approach to implementing functional strategy. Accountable for end results, budgeting, planning, policy formulation and contribution to future strategy of the area(s). Impact reflects size of team managed, strategic influence on the business and interaction with other functions or businesses. Full management responsibility for multiple teams, including management of people, budget and planning, to include duties such as performance evaluation, compensation, hiring, disciplinary actions and terminations and budget approval. May be doing involved or responsible for diverse (cross-discipline) activities. Typically, a direct report to a C16 role and function as an intergral member of the functional leadership team within a country/site location, job family, or line of 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
    • Experienced in Operational Risk. Knowledge of other risk disciplines (market risk, credit risk) a plus.
    • Demonstrated analytical ability; asks insightful questions, break analytical challenges into workable components and draws meaningful conclusions. Well versed in breaking down complex matters into core issues and root causes that can be more readily addressed.
    • Proficient in developing new ideas to mitigate risk and improve current processes.
    • Prioritizes high impact potential problems effectively. 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.
    • Advanced Leadership skills Operates as a leader, with an understanding and appreciation for diverse backgrounds.Education:
      • Bachelor's/University degree, Master's degree preferred and managerial experiencePOSITION DESCRIPTIONCorporate Title: - - - - - - - - - - - - - - - - - Director (C-15)Functional Title: - - - - - - - - - - - - - - - - Operational Risk Senior Group Manager- Citi Global Wealth (CGW) Regional LeadReporting Line: - - - - - - - - - - - - - - - - - -Global CGW ORM Head (direct) , Regional ORM Head (matrix)BackgroundOperational 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 Provide business and product specific expertise in order to provide effective oversight of Business operational risk identification, assessment, monitoring, articulation and mitigation processes. - "Business" in this context includes the P&L owner for the Product as well as Operations functions and vendors supporting or used by the P&L owners who own the Risk. The regional ORM CGW 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 also coordinates with regional ORM team leads for resolution of issues and/or emerging risks that have global or regional implications.BUSINESS COVERAGE SCOPEThe primary focus of this role is oversight of Citi Global Wealth in North America Region and any other risk management responsibilities assigned by the PBWM ORM Head or CGW ORM Head of (e.g. global liaison for specific products). 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 regional business is clearly managing, mitigating and articulating its operational risk environment whilst it achieves this plan. -The Regional CGW ORM role covers :
        • Client sales 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
        • Operations across all client tiers and products covering all activitiesPrime interfaces for CGW Regional Business Coverage ORM include:
          • Regional ORM head to ensure that regional CGW operational risks 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 IRM 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 RESPONSIBILITIESThe Business Global Operational Risk Officers' key responsibilities include:
            • Drive implementation and maintenance of the operational risk management framework including: policies, standards, technology and tools, monitoring and governance for the -CGW Region. Provide independent assessment of 1st Line adherence to operational risk framework requirements.
            • Review, monitor and evaluate 1LOD the Appetite or Tolerance levels for Operational Risk categories together with the key indicators and thresholds for warning and breach.
            • Provide oversight to ensure Ops Risk for the CGW Region is managed within - defined Risk Appetite or Tolerance levels. 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.
            • Evaluate the quality and execution of the Region control assessments and drive business efforts as needed to strengthen risk management, controls and other risk mitigation efforts.
            • Escalate significant or unaddressed risk issues and control environment concerns to Business/ Region/ LV and Risk Leadership
            • Review and evaluate appropriateness and completeness of first line risk identification, assessments (i.e. KORs, MCA, scenario analyses, third party reviews)
            • Where necessary, conduct independent second line risk assessments (e.g., reviewing significant control breaks that impact multiple risk categories, lessons learned and near misses)
            • Create aggregated operational risk profile picture for the Region, using a combination of first line and independent second line assessments
            • Ensure Evaluate appropriateness and adequacy of skills and experience and capacity for managing non-financial risks operational risks within the CGW Region and escalate as needed.
            • In partnership with the 1LOD Enterprise Risk and Control function, provide the Business with operational risk guidance and advice through proactive engagement in strategic business initiatives / transactions and large remediation efforts.
            • Represent ORM as a voting member in relevant New Activity Governance forums as required and provide oversight of Product Governance requirements from an operational risk perspective.
            • 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
              • 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 skillsEducation, - Knowledge & Experience
                • Masters Degree/specialized training in risk management and/or engineering related fields highly preferred
                • 10+ years of domain experience in the Wealth Management in a leading financial institution or related businesses with at least 5+ years in 2nd or 3rd line senior positions. Experience should include providing oversight and challenge of the most senior levels of business management. - - - - - - - - - - -
                • Subject matter expert, and seasoned practitioner, in knowledge and application of all pillars of operational risk management framework with first-hand experience of effective challenge across risk identification, monitoring, mitigation, measurement and risk appetite including MCA, scenario analysis
                • Very sound knowledge of wealth solution businesses covering the breadth of the products and industry
                • In-depth knowledge of risks most relevant for wealth management e.g., fiduciary, suitability risk, processing risk etc.
                • Experienced in crisis management and turnaround situations-------------------------------------------------Job Family Group: Risk Management-------------------------------------------------Job Family:Operational Risk------------------------------------------------------Time Type:Full time------------------------------------------------------Primary Location:New York New York United States------------------------------------------------------Primary Location Salary Range:$170,000.00 - $300,000.00------------------------------------------------------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 .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, New York , Operational Risk Sr Group Mgr, Other , Rutherford, New York

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