The Portfolio Management Group (PMG) is an independent function in the 2nd Line of Defense Risk organization that seeks to apply portfolio management techniques on a macro basis, primarily for the global wholesale lending and counterparty credit risk portfolio. PMG, which reports into the Banking and International Risk CRO, conducts portfolio oversight & challenge and focuses on several key initiatives to ensure robust execution of limit frameworks and enhance Citi’s risk management discipline. The key activities of PMG include risk appetite & limit setting, breach and concentration risk management, risk mitigation (hedging strategies), portfolio oversight and optimization, stress testing, and other regulatory deliverables. The group offers a lean structure with the potential for career progression, significant senior management exposure and works closely with many partners throughout the organization globally including all areas of Risk and Business. This position will be primarily focused on the risk mitigation pillar of the portfolio management mandate.
Responsibilities:- Support PMG, an independent second line of defense team, with facilitation of all secondary risk mitigation activities across the corporate lending portfolio and also provide oversight on counterparty credit risk (CCR) hedge activities.
- Act as effective second line challenger to first line counterparts in proposal of risk mitigation plans, and oversee the process of directing risk mitigation orders to the public side trading desk.
- Manage the real time hedging framework and other risk mitigation processes, and serve as the control function for all activities conducted by public side trading desks.
- Monitor, report on, and discuss strategies on aged inventory of risk mitigation orders that are pending execution on the desk.
- Become a subject matter expert of Citi’s Risk policies, often guiding Risk and Banking stakeholders on hedging requirements and policy or process nuances, and enforcing applicable governance plus applying best practices.
- Stay up to date on relevant issues within the financial markets as it pertains to risk management which may influence business decisions in the portfolio.
- Analyze idiosyncratic, emerging, and correlated risk factors within the wholesale lending and counterparty credit risk portfolio. Make recommendations for risk mitigation strategies.
- Participate in ad-hoc projects to analyze and implement strategic frameworks in the bank to enhance risk mitigation processes and technology systems, expedite problem recognition, and improve capital efficiency across the portfolio.
- Facilitate the ongoing risk mitigation processes and communication to ensure timely actions in support of limits and portfolio management activities.
Qualifications:
- Undergraduate degree and about 5 years of relevant experience in credit risk management, underwriting, capital management, or related roles in the financial services industry. Graduate degree is a plus.
- Strong subject matter expertise of risk mitigation tools available in corporate portfolio management, including Credit Default Swaps (CDS), asset sales (via assignment or sub-participation), CLNs, synthetic risk transfers (SRT), etc. and their impact on capital / Basel relief and risk-weighted assets.
- Basic understanding of wholesale lending and counterparty credit risk activities and financial statement analysis / key risk metrics.
- Experience working alongside first line of defense underwriting and business stakeholders, and public side trading desks.
- Efficient technical skills in the form of Microsoft Excel, Word, and PowerPoint, and ability to quickly learn new systems / processes.
- Ability to work in a demanding and fast-paced environment, exhibiting a high degree of flexibility and ability to multi-task, while often operating independently as a key contact for credit risk managers, underwriters, and relationship managers.
- Strong inter-personal communication and organizational skills, high level of attention to detail, confidence to interact with senior internal management and a wide range of other key stakeholders across Risk and Banking departments.
- Team oriented, with an interest in developing proficiencies and mentoring other junior employees.
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