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Operational Risk Senior Group Manager – New Activity and Product Governance and Global PB Operations Entities

Job Req ID 22485006 Primary Location Irving, Texas; New Castle, Delaware Job Category Risk Management
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    Operational 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 remediation


    Reporting to the Operational Risk Executive Group Manager who heads New Activity/Product Governance for PBWM, the Operational Risk Senior Group Manager will lead top of the house oversight and challenge of Personal Banking Wealth Management (PBWM) Product Governance & New Activity (PG/NA) risk management, as well as Global PB Operations Entities and any other responsibilities assigned from time to time by the Operational Risk Executive Group Manager or the PBWM ORM Head. This role provides oversight of PBWM’s implementation of key pillars of the ORM framework viz. risk identification, assessment, monitoring and mitigation of risk across all operational risk categories for the Product Governance organization and activities in PBWM. This role works closely with ORM SMEs like Fraud, Technology and Cyber, Data Management, Third Party risk in both risk identification and risk appetite responsibilities.

    The Operational Risk Senior Group Manager performs the role through proactive engagement with Front Line Business Units, and through effective oversight and challenge - in formal governance forums and in day-to-day management processes.  The objective is to ensure compliance with Citi’s Operational Risk Framework and policies (especially including Citi’s New Activity Governance Standard and Guidance) as well as to meet regulatory “Heightened Standards” for the 2nd Line of Defense.


    To support this role, the lead will interact directly with several key interfaces which include, but are not limited to the following:

    • IR New Activity Risk Management (NARM) Team leadership
    • PBWM PG Head and team
    • PBWM Product Owners and directs
    • PBWM CBORC Senior Operational Risk Manager and teams (1st Line Risk)
    • PBWM Global Operations Entities Leadership
    • Consumer ORM Independent Senior Operational Risk Manager (ISORM) business coverage leads for US Businesses and Functions as well as International Regions where NAC activities occur
    • ORM Subject Matter Experts (e.g., Fraud, Tech & Cyber, Data Management, Model, Third Party Risk, Processing Risk)


    Responsible for end-to-end Product Governance/ New Activity (PG/NA) and Global PB Operations Entities from an operational risk perspective :

    • Provide review and challenge for the 1LOD implementation of the operational risk elements in the PG/NA risk management framework.
    • Provide independent assessment of 1LOD adherence to operational risk and PG/NA framework requirement
    • Oversee the Product Governance lifecycle across Product Inventory, Rating, Refresh
    • Review and evaluate appropriateness of 1LOD risk identification, assessments at Product level
    • Create aggregated operational risk profile for Products using a combination of first line and independent second line assessments
    • Review and challenge the Operational Risk Profile of Products at the risk prescribed frequency and ongoing monitoring on a quarterly cadence.
    • Lead PBWM ORM to deliver review and challenge of the operational risk assessments for new activities and Global PB Operations Entities & manage the ongoing risk monitoring and challenge
    • Where necessary, conduct independent second line risk assessments (e.g., reviewing significant control breaks that impact multiple risk categories, lessons learned and near misses)
    • Escalate significant or unaddressed risk issues and control environment concerns to Business/ Region/LV and Risk Leadership
    • Evaluate appropriateness and adequacy of skills and experience and capacity for managing operational risks within the Business/ Region/LV and escalate as needed.
    • In partnership with the 1LOD Enterprise Risk and Control function, provide the Business/ Region/LV with operational risk guidance and advice through proactive engagement in strategic business initiatives / transactions and large remediation efforts.
    • When required represent ORM as a voting member in relevant New Activity Governance forums and provide oversight of Product Governance requirements from an operational risk perspective.
    • Partner with Product Risk Governance team, 1LOD and coordinate across ORM to develop an ORM engagement model in PG/NA and establish PBWM appropriate protocols
    • Be a leader and the voice of PBWM ORM in evolving the overarching new activity risk management policy, standards and procedures
    • Define and advocate for the target state new activity operational risk workflow tool requirements to drive control effectiveness and process efficiency
    • Develop appropriate trainings and guidelines for the PBWM ORM organization in the new activity and product inventory risk reviews to ensure a strong and consistent approach across ORM
    • Foster and maintain strong working relationship with the Business as a valued and respected colleague


    • Broad and in-depth experience in operational risk management including a successful track record of evaluating complex enterprise-wide risk management programs at a large financial services organization
    • Business understanding of the products and services PBWM offers and how risk management practices impact downstream 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
    • 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 communication skills – verbal and written- and ability to develop high quality executive communication materials


    • 15+ years of domain experience in Retail banking businesses with at least 5+ years in 2nd or 3rd line senior positions preferably
    • Proven subject matter expertise in Operational Risk management including controls engineering
    • Subject matter expertise and first hand experience of sound risk management in Product/New Activity governance
    • Track record of success in implementing / managing risk management and governance related to product and activity change
    • Master’s Degree/specialized training in risk management preferred


    Job Family Group:

    Risk Management


    Job Family:

    Operational Risk


    Time Type:

    Full time


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    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.

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