Citi Country Officer (CCO) Australia
Job Description (Draft)
Citi Country Officer (CCO) Australia and New Zealand
Job Function Business Strategy, Management & Admin
Job Family Business Management
C-Level C16 Managing Director
FLSA Status (US only) Manager
Context and Purpose:
The CCO is the face of Citi in the country, playing the crucial role of leading and protecting the Citi franchise. In both leading the business and protecting the franchise, the CCO must achieve collaboration and alignment across all stakeholders – effectively managing a large matrix team.
Citi in Australia and New Zealand has operated since the early 20th century but was formally established over 30 years ago. Australia is a large, mature economy with a highly competitive financial services sector, dominated by four very large local banks, and most of the large global banks also have strong representation. The economy is mature and resilient and continues to expand at an annual rate of around 2-3% pa (which has been stable over the past 3 decades). Both inflation and unemployment remain at relatively low levels and the political environment is stable. The economy is primarily driven by both the primary (commodities and agriculture) and services (financial services and manufacturing) sectors.
The Citi franchise in Australia is ICG focused, while also supporting a Transition Services Agreement with National Australia Bank following the divestiture of the consumer franchise. This role also manages the New Zealand franchise (ICG only). The NZ CCO reports to the Australia CCO.
In FY2021, Australia/NZ ICG produced revenues of approximately $700MM and EBIT of approximately $325MM. The ICG franchise is balanced across Banking, Services, and Markets, with strong market share position. The franchise has a headcount of approximately 900 employees with material locations in Sydney and Melbourne.
Australia has very proactive and sophisticated regulators that undertake close scrutiny of the domestic and international financial services firms and have strong legislative powers. The two primary regulators are APRA (Australian Prudential Regulatory Authority) and ASIC (Australian Securities and Investments Commission).
Australian Prudential Responsibilities
Citi Australia comes under the Bank Executive Accountability Regime (“BEAR”). As a
result, the CCO will have prudential responsibilities in the following capacity:
- CEO, Citi Australia (as defined by local prudential and legislative purposes)
- Executive Director, Citigroup Pty Limited
- Senior Manager, CBNA Sydney Branch
Leading the Business
- Ensuring that the annual business plan is approved by all respective businesses, product lines and functions as well as the North and East Asia Cluster Heads and the Regional CEO, with performance against that plan monitored regularly.
- Managing directly and through matrix reporting, all businesses, product lines and functions based in Australia and New Zealand.
- The CCO does not directly manage offshored and outsources services, but relies on the heads of products and functions, some located outside Australia to manage associated services relevant to their areas.
- Acting as a single, coordinated face to the local marketplace and the lead Citi representative in the country in front of external stakeholders including clients, regulators, government, community, media and actively raising Citi’s profile.
- Being involved in the decision-making process for acquisitions/investments/divestments for proprietary M&A in the country.
- Providing oversight for all critical country and other risk limits and for country scenario planning.
- Ensuring a realistic succession plan is in place for key country roles, to include at minimum permanent members of CCC. In partnership with HR, executing Citi’s Talent agenda and overseeing franchise-wide Talent review and development activities.
Protecting the Franchise
- Protecting Citi’s reputation in Australia and New Zealand.
- Ensuring compliance with all applicable laws and regulations (local and US).
- Ensuring compliance with all applicable requirements regarding “financial inclusion”.
- Ensuring compliance with all corporate policies, including ethical standards, corporate governance standards and business practice requirements.
- Leading management and coordination of governmental and regulatory relationships.
- Promoting a strong culture of timely escalation, ethics, compliance, and control.
- Identifying, assessing, mitigating, communicating and anticipating all types of risks through the development and sustainability of appropriate control mechanisms.
- Leading and coordinating consistent application of Managers Controls Assessment (MCA) process across the franchise.
- Managing the organization and corporate governance of country-based legal entities and their regulatory reporting.
- Leading Citi’s response to a franchise-wide event, e.g. crisis or disaster. In such a situation, all business and function heads must work under the CCO’s direction.
Further details of the CCO Role and Responsibilities can be found in the Citi Country Officer Guide - https://www.citi.net/Documents/ifm/CCO%20Guide%20Web.pdf and the Country Governance Policy- https://policydirectory.citi.net/cpd/_layouts/15/DocIdRedir.aspx?ID=CPDPROD-13-9116
WORK EXPERIENCE, KNOWLEDGE / SKILLS, LEADERSHIP CAPABILITY, EDUCATION AND OTHER REQUIREMENTS
The ideal CCO profile should be viewed in context. Each country has its own cultural, business, political and security environment. Each CCO has a unique set of capabilities and operates in constantly changing markets. At the same time there is a core set of work experience, skills, knowledge, and leadership capabilities which are desirable across all CCO roles:
Previous experience of managing Risk, Finance and Controls.
Business Management and running a P&L.
Managing medium/large teams across a matrix organization.
Relationship/stakeholder management with both internal and external stakeholders.
Cultural sensitivity gained through working in more than one country.
Navigating corporate governance frameworks.
Understanding and translating global/regional strategy.
Previous experience within Citi, or comparable experience in competitor organizations, is considered preferable
Knowledge and Skills
Core product knowledge and ability to use diagnostic capabilities to bring the potential of the Firm together for the client.
Impact and Influence
Exceptional speaking and written communication skills.
Strong listening skills and ability to influence key stakeholders.
Exhibits credibility, flexibility and authenticity when communicating with clients, employees, internal partners, regulators, media, and other key stakeholders.
Builds strong and lasting relationships with clients and partners.
Navigates internal and external networks to drive value for clients and
Risk, Finance and Controls
Familiar with Citi’s Risk culture, Risk and Finance framework and their application at a country level.
Sound understanding of credit, price, interest rate, liquidity,
operational, reputation, strategic and compliance risk.
Sound understanding of capital allocation.
Familiar with Citi’s franchise governance framework.
Creates alignment between the global strategy and local execution, while balancing resources among front, middle and back office
Ensures timely issue escalation within and from the country.
Strengthens relationships with external stakeholders, especially regulators, industry associations and policy makers.
Understands the importance of local corporate governance
requirements with the subsidiary board, where applicable, and often
with outside directors.
Prior Board experience is considered preferable
Leadership Capability (Leadership Standards)
Develops our People
Builds talent and teams for Citi by creating a culture of meritocracy and transparency, and celebrating excellence, initiative, and courage.
Inspires and empowers the team to work collaboratively to achieve superior results.
Creates an environment where people hold themselves to the highest ethical standards.
Models personal growth and consistently provides coaching and feedback in support of ongoing development and retention.
Attracts great talent, builds a diverse talent pipeline, and recognizes, rewards, and promotes based on performance.
Drives Value for Clients
Enables economic value and positive social impact for clients, companies, governments and communities.
Puts clients first by anticipating, understanding and exceeding their expectations and needs.
Acts as trusted partner to clients by delivering superior honest advice, and quality products and services.
Brings the best of Citi and knowledge of global issues and market trends to create value and goodwill with clients.
Drives innovation, competitive differentiation, and speed to market by actively learning from others.
Works as a Partner
Works collaboratively across the Firm and encourages others to achieve the best results for Citi and our clients.
Exemplifies global leadership by embracing unique perspectives from across Citi to achieve the best solutions.
Challenges self and colleagues to higher levels of performance by actively listening and engaging in constructive dialogue.
Treats people with respect and assumes the intentions of others are based on common goals and shared purpose.
Champions a culture of high standards, pushes for progress, embraces change and challenges the status quo in support of Citi’s vision and global strategy.
Communicates a vision that is forward looking and responsive to changes in the environment.
Inspires enthusiasm and mobilizes resources for productive and innovative change.
Exhibits confidence and agility in challenging times.
Sets a positive tone when implementing Citi-wide change initiatives.
Lives our Values
Ensures systemically responsible outcomes while driving performance and balancing short- and long-term risks.
Sets the standard for the highest integrity in every decision.
Leads by example: willing to make difficult choices in support of Citi and our stakeholders.
Makes Citi better for all by putting clients’ and Citi’s interests ahead of individual or team.
Has the courage to always do what’s right and the humility to learn from mistakes.
Sets high standards and achieves performance objectives by creating a clear path toward ethical and sustainable results.
Translates Citi’s strategy into effective plans for growth or optimization while proactively overcoming obstacles.
Prioritizes and provides a clear line of sight to the most critical work.
Sets goals and measures progress to ensure the organization is focused on ethics, execution and results.
Expects self and team to consistently meet/exceed expectations.
Strong academic background, MBA preferable. 15+ years of experience,
including 10+ years' senior leadership experience.
The incumbent will participate as a fully contributing member of the Australia/New Zealand Executive Committee (including the holding of BEAR responsibility).
Job Family Group:Business Strategy, Management & Administration
Job Family:Business Management
Time Type:Full time
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Qualified applicants will receive consideration without regard to their race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.
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