Citi is a leading global bank with approximately 200 million customer accounts who does 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 Mission and Value Proposition 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 Standards is a common set of skills and expected behaviors that illustrate how our employees should work every day to be successful and strengthens our ability to execute against our strategic priorities.
Diversity is a key business imperative and a source of strength at Citi. We serve clients from every walk of life, every background, and every origin. Our goal is to have our workforce reflect this same diversity at all levels. Citi has made it a priority to foster a culture where the best people want to work, where individuals are promoted based on merit, where we value and demand respect for others and where opportunities to develop are widely available to all.
POSITION OBJECTIVE
Reporting to the 2nd Line Independent Senior Operational Risk Officer who has responsibility for oversight of US Personal Banking and Mortgage coverage, this position works closely with 1st Line of Defense including, in-business Operational Risk and Control Managers, as well as Independent Risk and other control functions (Compliance, Legal) in carrying out job responsibilities.
The Operational Risk Officer is responsible for supporting the effective oversight and challenge of US Retail Banking and Mortgage products with a heavy focus on end-to-end Controls, Monitoring and Risk oversight of key processes. This role is expected to evaluate key data elements which inform the risk profile of the business and provide insights specific to trends, themes, control failures or Operational Loss Event drivers in support of reporting and challenge activities (this includes Third Party service providers). The Operational Risk Officer performs the role through proactive and direct engagement with coverage leads and 1st line business partners through daily interaction and participation in key business risk and control forums.
BUSINESS COVERAGE SCOPE
The scope of this role is confined to US Retail Banking and Mortgage with prime interfaces that include but are not limited to:
- Consumer Operational Risk coverage (Independent Senior Operational Risk Managers and their respective teams who cover other Products in US – e.g., Cards, Operations, etc.)
- Risk Category Owners (RCO) from other Citi level ORM functions such as Third Party, Fraud, Technology & Data Management, etc.
- Independent Credit Risk and Compliance Risk Management
- In-Business Risk and Control partners
KEY RESPONSIBILITIES
Oversight & Challenge
- Foster strong working relationships with business stakeholders in support of establishing rapport and being viewed as a trusted risk resource/ advisor while maintaining and protecting the integrity of an independent, second line of defense coverage model.
- Keep abreast of latest operational risk management techniques, industry best practices and trends using an anticipatory lens.
- 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)
- Ensure business adherence to operational risk policies, standards, and procedures.
- Understand key or material risks which align with US Retail Bank and Mortgage Product to ensure that the Business is operating within Risk Appetite by leveraging resources and tools to draw accurate and sound conclusions for escalation to business.
- Escalate operational risk events within the Business and within ORM as appropriate with thoughtful approach and insights based on use of data.
Risk Identification, Analysis & Assessment
The Operational Risk Officer leverages all the core tools that are part of the ORM framework viz., the Material Risk Inventory (MRI), Key Risk Indicators monitoring process, Scenario Analysis, Manager’s Control Assessment Challenge (RCSA), Internal and External Loss Analysis as well as Independent Risk Reviews to provide effective oversight and challenge of first line of defense. Risk identification, analysis and assessment of current and emerging issues may also require working with Specialists in other second lines of defense as relevant for individual risk types associated with the business or product. Specifically, the role will require the Risk Officer to:
- Proactively analyze various data sources to form an independent assessment/opinion of operational risk with prompt and effective escalation to business leadership.
- Assess and monitor external Third-Party suppliers risk taking – including those which provide technology solutions.
- Identify emerging operational risks by relying on monitoring of trends and mining of relevant metrics including business self-assessment, Internal Audit reviews, Regulatory exams, internal and external loss data.
- Continuously assess, monitor, and effectively challenge US Retail Bank and Mortgage Key Operational Risks and related Key Indicators to ensure the Business is taking appropriate action to establish Path to Green or effective remediation where control failures are a driver.
- Support Operational Risk Reviews as well as Risk and Control framework assessments to proactively identify significant risks in the Business and develop specific recommendations for the Business to action.
- Monitor and identify changes in business strategy or relevant regulations that may lead to an increase in Operational Risk
- Analyze horizontal Lessons Learned reports completed by the business to ensure that evidence of risk mitigation is evident where action is required.
- Support broader US Personal Banking Scenario Analysis assessment efforts where there are active and open scenarios within the coverage remit which require monitoring.
Risk Mitigation
- Challenge business proposed solutions to root causes of Operational Risk Events or control failures.
- Assess business changes where improvements are required to strengthen risk identification tools.
- Work as an independent partner to ensure that the business controls mitigate risk and propose improvements to controls and/or monitoring proactively to prevent operational losses.
- Challenge business level Issues and Corrective Action Plans to ensure adequate severity level setting, reasonable target dates and effective corrective action plans.
Qualifications:
Education
- Bachelor’s Degree in Business, Finance, or another relevant field preferred
Knowledge /Experience
- Work experience of 7+ years in the financial services industry with deep knowledge of Retail Banking or Mortgage products and prior experience in Operational Risk Management
- Well versed in breaking down complex issues and challenging root causes that can be more readily addressed and effectively remediated.
- Foundational knowledge of business self-assessment processes (RCSA/MCA) viz. bottoms up risk assessment program experience.
Skills
- Independent thought leader with ability to effectively identify key operational risks which are most impactful to US Retail Banking and Mortgage business with an anticipatory approach.
- Ability to lead credible challenge and effectively influence and convince business to improve Controls where gaps are identified.
- Effective partner with demonstrated ability to work collaboratively across different teams, functions, and Lines of Defense.
Competencies
- Exceptional organizational, communication and presentation skills
- Proficient in MS Office applications necessary for executing on job responsibilities – especially PowerPoint and Excel
- Excellent data / quantitative analysis skills
- Superior writing skills in support of high-quality risk summaries which inform presentations that feed into Operational Risk Reviews, Regulatory updates, or Governance forums.
- Demonstrated ability to prioritize, drive and manage multiple initiatives in parallel with compressed time limits.
Job Family Group: Risk Management
Job Family:Operational Risk
Time Type:Full time
Primary Location:Irving Texas United States
Primary Location Full Time Salary Range:$114,720.00 - $172,080.00
In addition to salary, Citi’s 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.
Anticipated Posting Close Date:Oct 23, 2024
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.
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