Chief Compliance Officer – China Futures

The Chief Compliance Officer, China Futures will be a member of the ICRM organization (Second Line of Defense).The CCO serves as the single point of contact for legal entity-level risk matters relating to Citigroup Futures (China) Company Limited.  He or she represents the interests of the legal entity in ICRM and regulatory matters, while ensuring timely escalation and resolution of legal entity-level risk issues.

In compliance with local regulations governing the futures businesses in China, the China Futures CCO will assume the role of CRO as prescribed under local regulations and be principally responsible for establishing and implementing the risk management framework to identify, monitor, and manage compliance risks.  The candidate will have the unique opportunity to work in the fast-paced environment of a new business, contributing significantly to initiatives that are critical to Citi’s regulatory compliance and risk management framework.

The role will be required to pass the PRC Futures Practicing Qualification Exam organized by the China Futures Association as well as the Competency Test for Senior Management Personnel of Futures Companies.  Article 5 of the Provisions state that the China Securities Regulatory Commission (CSRC) and its agencies shall be responsible for the supervision and management of the chief risk officers in accordance with law.  The role carries significant and specific regulatory expectations in addition to the individual needing to obtain the required licenses.

Key responsibilities are as follows.

• Fulfill the requirements of a Chief Risk Officer as defined in the Provisions on Administration of Chief Risk Officers of Futures Companies (for Trial Implementation), issued by the China Securities Regulatory Commission (CSRC)
  • Serve as a senior manager who reports the legality and compliance of the futures company’s business and risk management to the general manager, the board of directors, and the CSRC
  • Investigate possible violations and hidden risks in the business management of the futures company; verify whether the futures company has established and effectively implemented key bylaws according to laws, administrative regulations, and relevant provisions
  • Report any illegal act or one that has major hidden risk to the CSRC, the board of directors, and the board of supervisors
  • Submit a quarterly report to the CSRC summarizing the compliance, risk management, and internal controls of the futures company and his or her performance of duties, including any due diligence investigations and rectifications put forward
  • Take part in trainings organized or recognized by the CSRC
• Serve as the primary 2nd LOD representative of Independent Compliance Risk Management for all legal entity-level risk issues and deliver a compliance risk management framework that maintains risk levels within the firm's risk appetite and protect the franchise
  • Provide oversight for the ICRM organization for the legal entity; support franchise strategy to operate within acceptable risk parameters and appetite and in compliance with Citigroup Risk standards and local regulatory policies and guidelines
  • Co-Chair Risk Management Committee (or equivalent) to monitor and address aggregate risk issues impacting the legal entity.  Serve as a 2nd LOD representative of ICRM for the legal entity on applicable governance committees and councils
  • Coordinate the identification, sharing, and vetting of common risk concerns and sensitivities and the development of coordinated solutions in response to factors such as adverse developments in local regulatory and political landscapes and deterioration in industry lending practices

• Act as a 2nd LOD Independent Risk Management partner to the CEO and country senior management on compliance risk-related regulatory matters for the Legal Entity
  • Provide guidance to the CEO and other senior managers on regulatory requirements and potential compliance implications on business strategies and initiatives
  • Facilitate and coordinate responses to inquiries and requests from regulators
• Execute the following duties for comprehensive and independent compliance risk management
  • Ensure compliance with ICRM policies, standards, guidelines, and best practices within the relevant Businesses; act as the focal point for best practice and knowledge sharing across the businesses
  • Responsible for identifying, monitoring, aggregating, and reporting key existing and emerging risks in the businesses and portfolios to senior management teams
  • Drive the development and implementation of legal entity regulatory and compliance framework

Qualifications:

• 15+ years of relevant experience
• Comprehensive understanding of the industry and direct competitors' products and services
• Comprehensive understanding of strategic direction of the function
• In-depth conceptual/practical grounding in the function and/or expertise in related subject areas
• Have the experience of engaging in futures business for three years and more and serving as a futures company's head in charge of transaction, settlement, risk management or business compliance for at least two years; the experience of engaging in futures business for one year and more and engaging in risk management or business compliance in securities companies or other financial institutions for three years and more.

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