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SVP, Operational Risk Sr Officer I

Job Req ID 21350528 Primary Location Elk Grove Village, Illinois; Atlanta, Georgia Job Category Risk Management
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· Strategic leader in first line of defense operational risk management to Consumer Retail Services, enhancing senior management's ability to dimension, anticipate and manage operational risks effectively;

· Designs, implements and sustains the Operational Risk Framework throughout Consumer Retail Services, ensuring alignment with the enterprise-wide ORM strategy for the management of operational risk (ORM), including articulation of the operational risk profile and risk appetite for Consumer Retail Services;

· Ensure the effective implementation and execution of Operational Risk programs in Consumer Retail Services

Including event data collection, key risk indicators, scenario analysis, and risk and control identification and assessment

· Proactively identify, measure, and analyze operational risks in Consumer Retail Services, providing mitigation strategies where appropriate

· Oversees the adequacy and strength of the control environment throughout Consumer Retail Services and recommends management action to ensure the operational risk profile supports the achievement of business objectives

· Provide leadership on operational risk reviews and feedback on the operational risk impact of major change initiatives, process improvements and transformational projects

· Align operational risk activities with other assessment activities to ensure Consumer Retail Services assessment units receive a fully coordinated assessment of operational risks.

· Drives the effort to ensure the Consumer Retail Services Operational Risk Program is in full compliance with the Global Operational Risk Framework, Policy, and Standards and will implement specific Policies/Standards/Procedures as necessary in support of the Enterprise requirements.

PRIMARY RESPONSIBILITIES

Strategic Drivers:

· Lead role in performing an enterprise-wide risk role, “joining the dots” on disparate areas of the risk profile allowing management to make strategic decisions informed by risk information;

· Actively design, implement and manage the strategy and programs for operational risk management along with senior Consumer Retail Services unit leaders;

· Manage all levels of governance including direct interaction with CEO, CRO as well as Board level committee;

· Full development of Operational Risk Management programs in Consumer Retail Services, ensuring it is fit for purpose in a Retail business while adhering to the Operational Risk Framework;

· Assists in Developing Risk Appetite statement and helps the business to proactively manage to this standard;

· Implement the Operational Risk Framework in Consumer Retail Services (and where applicable, i.e. for specific jurisdictions, ensures operational risk framework components meet regulatory expectations);

· Provide risk mitigation strategies to Consumer Retail Services and/or the assigned businesses within the Segment;

· Support the implementation of operational risk analytics with insight into their key risk areas both on a current basis as well as on a predictive basis;

· Drive the Implementation of operational risk tolerance limits for Consumer Retail Services and Key Risk Indicators. Partner effectively with the business line to resolve tolerance breaches leading to a stable risk profile;

· Represent Citi at operational risk industry events and provide visibility to Citi as an industry leader.

Program Management:

· Lead the design, implementation and sustainability of operational risk management programs and practices (Scenario Analysis, Event Data Collection, Risk and Control Assessment, Key Risk Indicators)

· Key driver in the design of op risk policies and lead in the implementation of the policies within Consumer Retail Services

· Creates and maintains standards and processes for the execution of operational risk programs in Consumer Retail services

· Works with Senior OR Directors across Citi to determine appropriate requirements for policies, standards, technology tools and processes necessary for the effective execution of ORM programs

· Maintains documentation on program execution outcomes

· Establishes and implements appropriate oversight to ensure that policies and standards are being adhered to and

Exceptions are escalated as appropriate Risk Identification, Assessment and Measurement:

· Promote a strong culture of control awareness and risk mitigation in all dealings with the business and additional risk partners.

· Identify and quantify key operational risk exposures within Consumer Retail Services

· Participate in evaluation of operational loss events within Consumer Retail Services with focus on understanding opportunities to minimize losses go forward

· Key role in performing operational risk assessments in a fully coordinated manner with other groups and in accordance with Citi Enterprise Operational Risk Management Framework.

· Facilitates assessment and analysis work as required on Product Risk Review, problematic processes, outsource

Arrangements, key initiatives, significant loss events, what if scenarios for industry events, etc.

· Analyze external events and liaise with the business to ascertain if similar exposures exist within Consumer Retail Services, assess the impact on the risk profile and develop mitigation strategies if required.

Risk and Control Governance:

· Assesses the adequacy and strength of controls in Consumer Retail Services, analyzes the risk reward trade-off, and recommends management action to ensure a stable risk profile.

· Provide management oversight, analysis, and monitoring of all control environment information pertaining to Consumer Retail Services· Report operational risk profiles, analysis and exposures to Senior Management on a regular basis which is actionable by senior leaders. Reporting should include existing and emerging areas of risk, implications for operational risk appetite, and the ability of the risk management and control infrastructure to support business activities

· Ensures dissemination of information on Consumer Retail Services operational risk management practices and programs to foster sound operational risk management at Citi leading to embedding an operational risk mindset in the business

· Serve as first line of defense in working with individual business units and control teams in order to provide feedback as to operational risks residing within those areas

· Oversees the Policy/Standard/Procedure program ensuring all enterprise policies are tracked, reported, and approved with tracking of implementation and appropriate reporting to senior management

· Ensures there are effective operational risk management programs and/or controls in place at each of the Consumer Retail Services significant or material vendors

Program Management:

  • Leads the design, implementation and sustainability of operational risk management programs and practices (Scenario Analysis, Event Data Collection, Business Environment Internal Control Framework, Key Risk Indicators)
  • Key driver  in the design of op risk policies and lead in the implementation of the policies within the business
  • Creates and maintains standards and processes for the execution of operational risk programs in Consumer Retail Services
  • Works with Senior Operational Risk Directors across Citi to determine appropriate requirements for policies, standards, technology tools and processes necessary for the effective execution of ORM programs
  • Maintains documentation on program execution outcomes
  • Establishes and implements appropriate oversight to ensure that policies and standards are being adhered to and exceptions are escalated as appropriate

Risk Identification, Assessment and Measurement:

  • Promote a strong culture of control awareness and risk mitigation in all dealings with the business and additional risk partners (e.g. ORM and IR).
  • Identify and quantify key operational risk exposures within Consumer Retail Services  
  • Oversee operational loss event data collection within Consumer Retail Services, maintain log of all events and report results to senior management
  • Facilitates assessment and analysis work as required on Product Risk Review, problematic processes outsource arrangements, key initiatives, significant loss events, what if scenarios for industry events, etc.
  • Analyze external events and liaise with the business to ascertain if similar exposures exist within CitiMortgage, assess the impact on the risk profile and develop mitigation strategies if required.

Risk and Control Governance:

  • Assesses the adequacy and strength of controls in Consumer Retail Services through analysis of key numerical information, analyzes the risk reward trade-off, and recommends management action to ensure a stable risk profile.
  • Provides management oversight, analysis, and monitoring of all control environment information pertaining to Consumer Retail Services
  • Reports operational risk profiles, analysis and exposures to Senior Management on a regular basis which is actionable by senior leaders. Reporting should include existing and emerging areas of risk, implications for operational risk appetite, and the ability of the risk management and control infrastructure to support business activities
  • Ensures dissemination of information on Consumer Retail Services operational risk management practices and programs to foster sound operational risk management at Citi leading to embedding an operational risk mindset in the business
  • Serves as first line of defense in working with individual business units and control teams in order to provide feedback as to operational risks residing within those areas
  • Oversees the Policy/Standard/Procedure program ensuring all enterprise policies are tracked, reported, and approved with tracking of implementation and appropriate reporting to senior management
  • Ensures there are effective operational risk management programs and/or controls in place at each of the Consumer Retail Services significant or material vendors

Qualifications

REQUIRED JOB SPECIFICATIONS

• Bachelor’s Degree, or equivalent;

• Minimum 10 years of experience in Financial Services industry or related Consumer industry;

• 5 years of experience in Risk Assessment & Evaluation

• Sound understanding of risk Assessment Principles;

• Proven leadership qualities collaborating with both First Line-of-Defense (LOD) units and Second LOD functions;

• Strategic mindset, with excellent knowledge and understanding of Citi businesses and organization;

• Excellent communication and presentation skills;

• Proven track record of building strong relationships across business functions;

• Maturity level and skill/judgment to be able to deal effectively with senior managers

• Strong problem solving, analytical (including qualitative analysis), research, and quantitative skills;

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Job Family Group:

Risk Management

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Job Family:

Operational Risk

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Time Type:

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