Organization Overview:
Citi Markets Operations is currently at a pivotal point in its evolution and journey to implement a target operating model. We take pride and are passionate about our People and our culture. We are invested in people and their development. We are transforming and simplifying our operating model creating an exciting environment which encourages diversity of thought and inclusion.
We are a dynamic, global and diverse organization, with a presence in over 80 Countries covering all post execution Operations teams including product-aligned Middle Office groups, Settlements, Margin, Asset Servicing, Listed Derivative & Commodities Operations. We support an extensive range of Capital Markets products and services including:
- Fixed Income (FX, Rates, Credit, Muni, Cash and Derivatives) where Citi is consistently a dominant top 3 player in the market
- Equity (Cash, Derivatives, Prime Brokerage, Futures, Listed Derivs, FXPB) where Citi has a significant growth program to continue to build out its capabilities and services; and
- Syndicates where we support both FI and EQ new issues and IPOs.
Our Operations groups are core to the success of the Markets business and have significant impact across the lifecycle of a trade. We partner extensively with a range of internal stakeholders including Sales and Trading Desks, Compliance, Legal, Finance and HR; alongside having significant interaction with our external client base, playing a key role in the overall client experience. We have a Client Relationship Group dedicated to overseeing the group service performance and strategic partnership for our top tier client base, where we play a key role in supporting our global clients to ensure they have a first-class experience when doing business with Citi.
Our Digitization and Implementation Group works alongside our Operations teams delivering automation solutions to solve for operational challenges. We partner with Citis Innovation Labs to drive optimization and overall play a pivotal role in enabling us to transform to achieve our target operating model.
Our Technology partners develop and implement a wide range of applications that support the Operations, Change, Design and Implementation Groups in providing innovative products and solutions. We have re-imagined how to provide technology and service in our domain through the alignment of our team vision, culture, and aggressive retirement plan for legacy applications and adoption of a micro-based containerized cloud environment. We encourage our people to create, explore and be adventurous whilst taking measured risk, adopting safe practices to protect the firm. Data lineage and optimization is core to how we develop our ecosystem. We are growing our capabilities using artificial intelligence, natural language processing and machine learning.
Our roles entail ensuring we operate in a robust control environment, whilst in a fast-paced workplace. We comply with global regulations and internal policies and adopt a proactive approach to identifying opportunities to reduce risk through the continuous evaluation of our controls - to protect our clients, the firm, and our reputation. We work closely with our external global peers, partners, and regulators, and play an integral part in leading an agenda at the forefront to optimize and streamline processes and drive strategy across our industry.
Team Overview:
The Markets Operations COO Controls and Regulatory Management function is comprised of:
- Deeply embeddedControl Officers supporting product-aligned global Middle Office & Operations teams to support KPI/KRI oversight & challenge, ORE deep dive & escalation, proactive Control Reviews, MCA oversight & challenge, Enterprise & Ops specific Risk Initiatives, Audit Interface and oversight, Issues & CAP analysis/remediation, and Control Advisory
- A Centralized Controls function comprised of Regulatory Control & Governance, Control Solutions & Risk Remediation, and Risk Identification & Monitoring teams who partner to support operational risk related matters across functions and products.
Job Purpose:
The Business Risk and Control Group Manager reports into the Head of the newly formed Markets Ops COO Global Risk Identification and Monitoring team which will serve as a driving force in identifying and quantifying risk on an aggregate level, and delivering robust and consistent design, monitoring, and governance of the control framework across Markets Operations.
The incumbent will be responsible for central engagement with 3rd line of defense (internal/ external audit), 2nd line of defense (e.g., compliance functions, legal and enterprise risk management, Financial and Regulatory Risk Management, etc.), to ensure effective cross-product Issue & Corrective Action Plan Management, Operational Risk Event management including Escalation, and Internal & External Audit exam participation for Markets Operations globally .
Partnering with Markets Operations line staff, this role will be responsible for assisting in the proactive management of operational risk and remediation of control issues, Managers Control Assessment (MCA), SOX Governance/Adherence, Policy and Communication. The team enables Markets Operations to comply with Enterprise risk management policies and standards. The incumbent will be responsible for developing and maintaining comprehensive processes to identify and reduce operational risk. This requires co-ordination across numerous internal operations teams, as well as various other support and control groups within the 2nd and 3rd lines of defense within the organization.
Additionally, the Business Risk and Control Group Manager will support the wider teams Hunting for Risk Framework strategy design and implementation. The program objective is to accelerate our transition to proactive risk identification across the front-to-back trade lifecycle and all risk stripes. This will require partnership with Technology, Markets, Operations, and Program Execution teams to facilitate proactive, accurate risk quantification, monitoring and reporting via roadmap design for a federated reporting framework aligned to a central Data Mart and designing capabilities to assess/monitor benefits realization of cross-product remedial actions to close control gaps.
Key Responsibilities:
Organizational Oversight:
- Partner with Markets Operations globally to ensure we are set up to succeed. Execute vs a strategy that fosters a culture and environment where processes, risks and controls are continually monitored, and potential risks escalated on a timely basis as well as acting as a senior, central point of escalation.
- Embed an effective supervisory control framework that fully meets Audit, Compliance and Regulatory requirements. Implementing daily control framework for line managers.
- Partner with Audit and Line Control to ensure global consistency and perform independent spot checks.
- Manage high priority cross-product Audit, Compliance, Regulatory and self-identified Issues for Markets Operations to ensure timely completion of corrective action plans and issues remediation.
- Partner with Embedded Control Officers and the Markets Operations functional heads in the quality, completeness, and accuracy of the implementation of the Control Framework, including Risk Control Policy, Control Standard, Issue Management Policy, Lesson Learned Policy, and Control Inventory.
- Perform detailed analysis for identification of issue root cause, partnering with control and processowners to recommend holistic corrective actions and improvements, provide check andchallenge and ensure appropriate escalation in accordance with firm Issue Management and Escalation Policies, Standards and Procedures.
- Maintain strong working relationships with Markets Operations functional heads and their teams, Embedded Control Officers, In-business Risk Controllers, as well as the second and third lines of defense to support stakeholders in the definition of cross-product issues and corrective action plans (CAPs).
- Support Internal Audit (IA) reviews to ensure effective audit coordination, driving factual accuracy of findings independently and managing conflicts. Also ensure that appropriate IA CAPs are raised with right-placed issue and CAP ownership.
- Proactively collaborate with Markets Operations and other cross-functional, global stakeholders to ensure audit readiness.
- Apply knowledge of the business, products, or services to identify and implement control points and processes throughout the business.
- Review Issue and CAP closure documentation to ensure adequate evidence of risk mitigation and control design and operational effectiveness.
- Manage the Markets Operations SOX and FDICIA programs adherence, covering control scoping and risk assessment, control documentation, issues / deficiency evaluation and other program activities, working closely with Markets and Finance stakeholders and their Teams. Participate in identifying processes, risks, and controls relevant to financial reporting and in scope SOX processes.
- Full management responsibility of a team or multiple teams, including management of people, budget and planning, to include performance evaluation, compensation, hiring, disciplinary actions and terminations and budget approval.
- Supervise and train junior staff in the aforementioned risk and control responsibilities.
- 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:
- 10+ years of experience in in Big Four and/or audit capacity focused on internal controls, risk and compliance within the Banking/Finance industry with a focus on Capital Markets, Operations, Risk and Controls governance, regulatory and audit engagement responsibilities.
- Knowledge of Financial Markets Traded Products, and Front to Back trade lifecycle activities.
- Direct exposure to SOX programs or oversight of Business SOX adherence is desirable.
- Hands-on experience identifying and evaluating financial, regulatory, and related technology risks, evaluating the design of internal controls, and assisting in the adherence and governance of a global program that assess the effectiveness of ICFR.
- Requires specific Risk Management experience in the 1st &/or 2nd Line of Defense.
- Internal Audit expertise especially as related to issue and corrective action plan (CAP) remediation validations, measuring, and evidencing risk reduction, and control design and operational effectiveness testing (DEA/OET).
- Significant experience in Operational Risk management is a must. Other risk and control disciplines would be a plus credit, and market.
- Strong risk management and control mindset with a penchant for storytelling using data and visualizations to socialize findings and insights to key executives and stakeholders.
- Excellent communication skills required in order to negotiate internally, often at a senior level. Some external communication may be necessary,
- Exceptional interpersonal skills and ability to work collaboratively and with people at all levels of the organization within and across functions, business units, and project teams under tight timelines.
- Specifically, a demonstrated ability to effectively communicate technical and business issues and solutions to multiple organizational levels internally and externally as needed to support strategic goals.
- Strong verbal, written, presentation, and communications skills including the ability to track deliverables, and articulate complex problems and solutions through concise and clear messaging; developed communication and diplomacy skills are required to guide, influence, and potentially convince others, in particular colleagues in other areas of the firm (i.e., Internal Audit, Citis Regulatory Agencies, Compliance, Finance, etc.).
- Ability to effectively prioritize complex projects and the skills to adapt quickly to new challenges and concepts, capable of navigating ambiguity and problem-solving issues in a heavily matrixed corporate environment.
- Highly organized and motivated self-starter with strong attention to detail and a teamwork-oriented approach
- Self-reliant, good problem solver, results-oriented
- Strong awareness of both external and internal best practice perspectives, maintaining a balanced and fresh viewpoint.
- Proficiency in MS Office applications (advanced expertise in Excel, PowerPoint, SharePoint, Teams a plus).
Education:
- Bachelors/University degree, Masters degree preferred
This job description provides a high-level review of the types of work performed. Other job-related duties may be assigned as required.
Additional Responsibilities:
Transformation to Target State:
- Review our suite of controls and suggest change to uplift the risk profile throughout the Organization and its products
- Drive standardization of controls across regions and suggest opportunities for harmonization across teams
- Implement plans and execute vs milestones ensuring we meet deadlines
- Ensure our infrastructure and tools meet the needs in order to manage risk. Develop and suggest operating model changes in order to pivot the operations Organization towards digitization and a robust control environment
- Driving and supportingthe delivery of strategic platform re-engineering initiatives, with conscious intent to standardize and industrial flow, reducing manual touch points and aligning tech delivery vs. business goal and wallet share optimization
- Supporting the implementation of initiatives to continuously improve Straight Through Processing (STP) rates
Story Telling:
- Help drive comprehensive risk KPIs/Metrics for senior executive consumption for each product and function, working in close partnership with the Product Leaders
- Analyze risk metrics for trends and lessons learned
- Partner with the Ops product leaders to understand and update process flows, challenges and potential solutions and present opportunities to senior Management
- Articulate solutions vs current state for digitization, automation, low code solutions and straight through processing
People Agenda:
- Promote a culture of continuous improvement and cultivating a robust service and control environment
- Champion diversity and inclusion to create a working environment which allows our People to thrive and excel
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Job Family Group:
Risk Management------------------------------------------------------
Job Family:
Business Risk & Control------------------------------------------------------
Time Type:
Full time------------------------------------------------------
Primary Location:
Getzville New York United States------------------------------------------------------
Primary Location Full Time Salary Range:
$115,840.00 - $173,760.00
In addition to salary, Citis offerings may also include, for eligible employees, discretionary and formulaic incentive and retention awards. Citi offers competitive employee benefits, including: medical, dental & vision coverage; 401(k); life, accident, and disability insurance; and wellness programs. Citi also offers paid time off packages, including planned time off (vacation), unplanned time off (sick leave), and paid holidays. For additional information regarding Citi employee benefits, please visit citibenefits.com. Available offerings may vary by jurisdiction, job level, and date of hire.
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Anticipated Posting Close Date:
Oct 10, 2024------------------------------------------------------
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