TTS Global In-Business Product Risk/ Operational Resilience Head – Treasury and Trade Solutions (TTS) - MD
The Treasury and Trade Solutions In-Business Product Risk/ Operational Resilience Head is a business, product and risk specialist who proactively supports the Treasury and Trade Solutions business in managing and mitigating product risks, operational resilience and executing related risk and control responsibilities for the business as a First Line of Defense function.
The TTS In-Business Product Risk/ Operational Resilience Head has the responsibility to work with the TTS product managers (global/ regional and country) the global In Business Risk, Regulatory and Control team, the TTS Partner teams (Operations and Technology, Implementations, Sales, Innovation) and second line partners (Risk, , Finance, Compliance, ORM, FRM, Legal) on product risks including operational resilience, to establish a robust and consistent framework across all product areas that enables effective risk and control management by the TTS business. This includes assessing and providing objective views on risks, controls, and trends, and advising and guiding the business on risk and control while aligning/ governing processes including New Activities Governance, Product Approval Programs, New Product Approval process, Solution/ Initiative Risk Reviews, Product/ Service design risk, model and booking controls risk, Resolution and Recovery planning, Critical Business Services, MRA management, settlement and payment risk).
The TTS In-Business Product Risk/ Operational Resilience Head is responsible for establishing, running, and continuously enhancing the TTS Business’ Product risk program in conjunction with partners in the business and in compliance with the Citi / ICG and TTS programs and guidelines across GRC Risk Stripes and includes the following key responsibilities and activities:
In Business Controls Governance for TTS ProductsEnd-to-end Process Management for TTS Products across all risk and control processes and initiatives (including Third Party and Inter-affiliate). Includes ensuring completion and maintenance of accurate and updated process maps as required for all products, including:
Critical Business Services (CBS) process mapping and maintenance
Operational Resilience process maps
Data traceability process maps (in conjunction with Data Governance team)
Risk Identification, Analysis, and Management for TTS Products from design through commercializationStandards and Procedures Coordination, including Continuity of Business for TTS ProductsTTS Product Issue Escalation and Socialization for TTS ProductsNew Product and Business Practice ReviewsTTS Product Manager’s Control Assessment (MCA) Oversight and Quality ExecutionTTS Product Issue management and Corrective Action Plan (CAP) Coordination, Monitoring and Escalation TTS Product Audits, Franchise Reviews and Regulatory Examination ManagementRisk and Control Project Management associated with Product Risks and Product MRAsTTS Product ‘Deep Dive’ Review coordinationTTS Product Risk/ Operational Resilience Training and Awareness
GRC Risk Taxonomy:
Within Primary Responsibility:
- Fraud and Theft
- Data management risk
- Reporting risk
- Model risk
- Physical Damage risk
- Human Capital risk
- Processing risk
- Third Party Risk
- Cyber Risk
- Information Security
- Technology Risk
- Risk Governance framework errors
- Money Laundering Risk
- Sanctions Risk
- Bribery Risk
- Market Practices Risk
- Customer Client Protections
- Governance & Prudential Risk
- Risk identification
- Risk appetite and limits
- Risk monitoring and reporting
- Escalation management
- Emerging Risks
- Issue management, root cause identification and QA
- Internal Controls, MCA and associated processes
Within Ancillary Responsibility:
TTS In-business Product Controls Governance
- Maintain front-to-back line-of-sight on risks and controls across all TTS Products and sub-products from an end-to-end perspective including risks associated with the technology, infrastructure and operational support of those products
- Represent the Business on risk and control matters in various forums as appropriate and maintain oversight over emerging and existing key risks, issues, control weaknesses, control processes, corrective actions, control validations, and control enhancement initiatives front-to-back for the TTS Products.
- Participate in relevant risk and control committees, management meetings, and forums (e.g. Business Risk, Compliance, and Control (BRCC) committee, AML BGC, Sanctions meetings, Legal Vehicle Governance Committees, MCA committees, Operational Risk Metrics committee etc.) to represent the risk and control aspects of the TTS Products.
- For functions and processes that are outsourced internally to a CSC or to an external third party: establish an appropriate risk and control framework and work with the product/function heads to ensure that the process owners are tightly managing the processes and controls end-to-end up to and including third parties; establish and maintain strong linkage with the CSC’s Risk and Control functions; perform risk assessment, analysis and trending; escalate control breaks.
End-to-end Process Management (Including Third Parties and Inter-affiliate)
- Create consistency across how TTS products implement risk and control processes and procedures.
- Work with the TTS products and functions to map and document processes including those that tie into third parties (external and internal).
- Use the process maps to support the product and function owners in identifying risks and incorporating appropriate controls (as outlined in #3 below) to ensure compliance with process and control requirements as laid down by local regulations as well as internal Citi policies and procedures.
- Work with Global Head of Strategic Partnerships and Innovation and TTS TPM Global Head for onboarding of any new third party partnerships to ensure compliance with Citi TPM Policies and procedures
- Work with Operations and Technology partners on improving resiliency across sub-products
Risk Identification, Analysis, and Management
- Work with Global IBC Head, Product Risk Managers and Product Managers to identify, quantify, prioritize, and report key risks and vulnerabilities within the Business, document lessons learned, and propagate these across other ICG businesses and functions as relevant. This also links in with the MCA Process. The coverage of risk identification, analysis and management also covers the GRC Risk Stripes outlined in the GRC Risk taxonomy.
- Review, provide guidance and sign off on Product Approval Programs to ensure identified inherent risks have been appropriately mitigated and residual risk is within Risk Appetite and acceptable with business strategy.
- Provide specialist risk and control advice and guidance to the product heads and functions.
- Lead and support the root cause analysis of material risk events and control breaks, and establish an effective feedback loop with product teams, country teams and regional/global business and control management. Support the business in drafting appropriate corrective and preventive actions plans.
- Assess, evaluate, and validate controls through processes and tools such as the MCA and KRIs, and work with the process owners to develop action plans that remediate the weaknesses. Establish reasonable thresholds for KRIs, and supplement KRIs to cater for local regulatory requirements.
- Support the business in reviewing, maintaining, and enhancing Permanent Control Readiness
Standards and Procedures Coordination including Continuity of Business
- Support the product heads and functions on gap analysis and the implementation of global policy requirements and regional standards, and on the assessment of legal and regulatory requirements with Country Legal and Compliance as well as the development of local procedures.
- Coordinate periodic reviews of the Business’s processes and controls, and validate changes as a result of such reviews.
- Track and review deviations and risk acceptances when raised and at the time of renewal to assess the need for deviations, and ascertain that the business have implemented and documented effective compensating controls.
- Specifically, in conjunction with the product, functions and regulatory risk heads to perform gap analysis of processes and procedures and incorporate legal and regulatory requirements; coordinate with the product and functions head to remediate gaps.
- Ensure effective Continuity of Business (COB) plans are in place for products and coordinate with Global/ Regional IBC teams on effective execution. Utilize appropriate tools (i.e. COBTRAC) for management, monitoring and control of COB plan.
Issue Escalation and Socialization
- Follow Escalation Policy and procedures to ensure effective escalation and socialization of material risk events and issues across business for area of remit/ responsibility
- Escalate material risk events and issues to appropriate levels in accordance with policy.
- Maintain an escalations tracker, and lead and support root cause analysis, trending, and lessons learned as per Lessons Learned Policy and procedures
New Product and Business Practice Reviews
- Participate in the appropriate design of controls for new products
- Perform new product risk and control reviews (including Solution/ Initiative Risk Review, or SIRR), and provide approvals through appropriate forums (e.g. SIRR, PAP, New Product Approval Committee).
- Analyze new product issues and draft lessons learned to prevent recurrence.
- Support the In Business Risk Strip Heads in the rollout of global, regional and local business practice requirements, and perform exception and trend analysis on customer complaints including recommended corrective actions.
Manager’s Control Assessment (MCA) Oversight and Quality Execution
- Work closely with Global Operational Risk Head and Product In Business Risk managers to ensure consistent execution of the overall MCA and Annual Risk Assessment (ARA) processes for the Business, track their status, ensure timely completion, and escalate exceptions.
- Support the products in performing their ARA based on the analysis of internally raised risks and issues (management-raised issues, Compliance review issues, Internal Audit review issues etc) and externally raised risks and issues (regulatory issues, KPMG observations, etc).
- Coordinate and track the appropriate training of MCA testers based on the MCA training program and escalate exceptions.
- Perform sampling-based quality assurance on MCA results and corrective actions arising from identified exceptions.
- Analyze MCA issues and trends. Work with the business on implementing appropriate corrective actions, and share best practices.
- NOTE: MCA execution (monitoring/testing) should be performed by the AU owner/ product and functions heads, not the In Business Risk/ IBC Head.
Issue management and Corrective Action Plan (CAP) Management, Coordination and Escalation
- Assist products in creation of issues/ CAPs in iCAPS as needed (issues and CAPs owned by Product/ Region business owner)
- Track issue and CAP status and progress across products and proactively escalate as appropriate to the COO, TTS Product Heads and Global Operational Risk Head (escalation as per procedures and key focus areas of the firm such as past due items, items at risk of missing target dates)
- Review and document management-raised issues and CAPs in the iCAPs system (while ownership for the issues and CAPs remains with the Business and Function Heads), including compensating controls and the Issues Being Addressed by Management (IBAM) checklist.
- Validate completed CAPs in the iCAPs system prior to validation by other control and assessment functions such as Internal Audit and ORM.
Audits, Franchise Reviews and Regulatory Examination Management
- Support the Products and functions on reviews and audits
- Work with Global In Business Regulatory Head on all product-specific reviews and audits to ensure appropriate preparation, pre-review assessments and post-review remediation.
- Notify ‘at-risk’ audits to the COO, appropriate Product Head and to the appropriate Global In Business Risk Stripe Heads.
Risk and Control Project Management
- Coordinate and support the Business in the implementation of global, regional and local regulatory, risk and control projects.
- Ensure high quality execution across area of remit for any Citi or ICG initiated programs, in coordination with Global In Business Risk/ IBC team
- Provide support for the implementation of process enhancements, control improvements, and best practices resulting from engagement with the Global In Business Risk/ IBC team and networking with peers
‘Deep Dive’ Reviews
- Participate and coordinate process deep dives and analysis, and report on issues and recommendations.
- Participate in 'health check' peer reviews.
- Provide support for the implementation of process enhancements, control improvements, and best practices
Training and Awareness
- Perform training on risk and control concepts, processes, tools, and on effective issue self-identification and testing. Customize global and regional training programs to cater for product specific or local requirements and nuances.
- Create Permanent Control Readiness awareness across all sub-products globally.
Skills and Experience
- Minimum fifteen years in the Financial Services industry
- Knowledge of TTS business and products
- Minimum five years in a combination of Product, Risk Management, or Control Management-related role
- Ability to lead and drive controls across the products and functions irrespective of reporting lines
- Ability to manage through influence (e.g. management in the absence of reporting lines or with matrix reporting)
- Ability to build rapport and work closely with key senior stakeholders and partners within and outside the business
- Up-to-date understanding of key risk and control concepts, tools and trends relating to risk identification, rating and prioritization, mitigation, and reporting, Operational Loss treatment, Anti-Money Laundering/ Anti-Terrorist Financing (AML/ATF) as well as the Basel Committee on Banking Supervision Accords (Basel I / II / III) and the COSO framework
- Proven leadership skills as well as people and team building skills
- Excellent communication skills (written and verbal)
- Risk-based thinking and analytical mindset
- Self-starter who can work independently
- Strategy and execution skills to prioritize areas of focus while also driving implementation in a large, global, and matrixed environment
- Ability to work on virtual projects and across virtual teams to get work done
- Ability to multi-task and manage concurrent projects and deliverables
- Proficient in the use of basic Microsoft applications (Word, Excel, PowerPoint)
- A broad view of large, diverse and complex TTS business globally
- Opportunity to grow in a challenging business environment
- Engagement with all aspects of the business
Job Family Group:Risk Management
Job Family:Business Risk & Controls
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