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Volcker Rule Office Program Manager - Markets and Securities ServicesApply Now Locations: New York, New York Job Function: Institutional Trading Employee Status: Regular Job ID: 20155092
The Markets & Securities Services (MSS) Transformation Team works across the MSS business and functions including Legal, Risk, Compliance, Finance and O&T to identify, mobilize and execute major business change programs for MSS business lines, products and entities. The team’s mandate also includes implementation of change in response to evolving regulations.
The Volcker Rule is one of the most significant regulation impacting financial markets globally. As a major US global bank, the impact on Citi is significant resulting in this being one of the highest profile and important initiatives in the organization.
The Volcker Rule requires that Citi have robust trading desk procedures and controls in place to ensure compliance with the applicable requirements. This is a critical role that will deliver integrated solutions in line with regulatory expectations, working closely with the front office, risk and other control functions.
Volcker Mandate development, maintenance and compliance:
- Partner with business, risk and legal stakeholders to monitor changes in business activity; assess Volcker implications and support business in ensuring Volcker compliance requirements are met on an ongoing basis
- Review, document and analyze individual Desk’s trading and hedging strategies
- Ensure Business’ Volcker Mandate documentation is updated to reflect changing business priorities, roles and structures
- Ensure documentation and procedures meet current and upcoming regulatory requirements
- Responsible for product classification by Volcker exemption / exclusion in partnership with risk and business partners
- Work with Technology teams to develop sustainable solutions supporting the Volcker program
Reasonably Expected Near Term Demand (RENTD):
- Analysis of customer demand for Trading Desks, and assessment of adequate level of assets/risk for client inventory
- Work with the trading business to analyze the trading and associated risk activity of each desk, within the necessary frameworks
- Assessment of hedges used for risk management with principal risk in market making inventory
- Analysis of Volcker metrics results for Markets – involving Finance, Risk, and Customer activity data
- Design analytical frameworks, develop tools for data validation
Volcker Program Management:
- Develop regulatory and business understanding to ensure compliance with the applicable rules, exemptions and exclusions by business and assist in analyzing how changing business needs and goals align to the regulatory environment
- Assist in the response of regulatory inquiries and regulatory examinations; gather information, interpret and analyze data and liaise with regulators.
- Project Manager for specific strategic actions outlined by MSS Transformation and ICG management as it pertains to Volcker compliance
- Partner with audit and independent testing teams to ensure compliance with Volcker requirements
- Accountable for the successful delivery of work stream deliverables in line with overall project objectives and timescales
- Senior Management reporting of program and key project status and progress
- Supervision of contractual staff, junior resources
Knowledge and Experience:
- Understanding of cash and derivative instruments across asset classes, market risk management is desirable
- Understanding of Front Office trading processes across the full trade lifecycle within a large bank/dealer covering multiple asset classes
- Experience in analyzing legal and regulatory material and impacts to business processes
Skills and Competencies:
- Strong analytical and problem solving skills
- Capable of handling multiple, simultaneous, and various ad-hoc requests
- Strong project management skills; ability to gain consensus among staff and drive initiatives to completion effectively
- Strong interpersonal, influencing and organizational skills to mobilize and motivate delivery in a co-operative and collaborative working environment across trading and support/infrastructure/control functions
- Excellent verbal and written communication skills, to effectively produce procedural documentation and communicate with senior management. Ability to seamlessly communicate complex technical issues to non-technical colleagues
- Relevant Capital Markets industry experience
- Bachelor’s degree, Masters/MBA a plus
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Citi is an equal opportunity and affirmative action employer.
Minority/Female/Veteran/Individuals with Disabilities/Sexual Orientation/Gender Identity.
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