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Head of Compliance, Consumer Bank - Australia

Locations: Sydney, New South Wales Job Function: Compliance and Control, Independent Compliance Risk Management, Operations & Technology Employee Status: Regular Job ID: 20218928

Citi Australia has been providing financial services to Australian consumers, corporations, institutions, and governments for more than 30 years, counting more than 1 million individual clients and a thousand local corporate and institutional clients as valued customers. Classified as a large and complex country within Citi, Citi Australia’s Consumer business operates in an environment marked by stricter regulatory requirements and enhanced supervisory approach expected to affect the business both in the short and long run.

The purpose of this appointment is to ensure that Citi is appropriately managing the compliance risks related to its Consumer business in Australia as it undergoes the significant changes to the banking business environment. Hence, the Australia Head of Compliance for the Global Consumer Business (GCB) will be mainly responsible in managing these consumer compliance risks, and providing compliance support to the Citi Country Business Manager (CBM) and GCB country management in Australia.

Managing consumer compliance risks requires establishing internal strategies, policies, procedures, processes and programs to prevent violations of law, rule, or regulation. This also requires carrying out specific tasks consistent with Citi’s risk management framework, as well as partnering with Compliance product and function coverage teams to develop and apply solutions that meet business and customer needs in a matter consistent with the Citi risk management framework.

The Head of Consumer Compliance for Australia will directly report to the Chief Compliance Officer for GCB – APAC and EMEA, and will have a matrix reporting line to Citi Australia’s Country Compliance Officer (Australia CCCO).

Key responsibilities include:

  • Advise GCB country management proactively on compliance risks and developments that affect the business activity that Citi conducts in the country or from offshore. Support the CBM in franchise governance, regulatory relations, industry associations and partnerships.
  • Actively participate in country committee meetings, including CBM management meeting, Sales Surveillance review meeting, product approvals, customer complaint discussion meeting, and business’ Annual Risk Assessment facilitation sessions, among others, to timely catch up business status, communicate compliance related matters and provide credible challenge to the first-lines in their assessment and management of compliance risks.
  • Provide compliance related guidance on function/business/product rules and regulations relating to operational issues, transactional approvals and the application of internal compliance policies for day-to-day activities.
  • Direct the design, development, delivery and maintenance of a best-in-class Consumer Compliance program in Australia that enables robust, effective and efficient management and escalation of regulatory issues to the Business, GCB Country Risk Officer and GCB Compliance Management.
  • Manage a team or multiple teams of Compliance professionals. Develop, attract and retain talent. Recommend staffing to carry out the unit’s roles and responsibilities while establishing and adhering to the talent management processes and compensation and performance management programs. Mentor and develop junior staff.
  • Develop a working relationship with the regulators and represent Citi Australia’s Consumer business on critical regulatory matters as required. Serve as liaison with regulatory examiners, Internal Audit, and external auditors on critical Compliance issues.
  • Ensure sufficient management of regulatory examinations affecting the Consumer business, especially on issues raised by external regulators over matters that are the responsibility of ICRM or may have an impact on the franchise or Citi’s reputation.
  • Understand regulatory trends by monitoring regulatory changes, enforcement actions, exams and guidance to help the Consumer business in Australia avoid potential issues and concerns.
  • Review monitoring and testing reports to identify themes, trends and potential issues and problems of the Consumer business.
  • Support Consumer Compliance program management and oversight through standardized and periodic reports such as the monthly dashboard reporting, quarterly BRCC decks and various compliance related metrics such as KRIs, CAPs, trends and other associated MIS.
  • Collaborate with Legal, Operations and Technology, Finance and other Control Functions in the country to address compliance issues which may impact the assigned business/product/function.
  • Ensure that updated information on the country’s laws and regulations is included in GCB compliance training courses.

Skills and experiences required:

  • 10+ years in financial services including relevant compliance experience
  • 12+ years related experience in Compliance, Risk Management or similar function; experience in the design and implementation of Compliance programs
  • Solid understanding of the consumer and sales processes within a banking environment
  • Deep familiarity with the Australia bank and consumer laws, rules, regulations, practice requirements and standards
  • Experience with, and previous exposure to, internal or external control functions and regulators
  • Ability to interact and communicate effectively with senior leaders
  • Credibility as a subject matter expert and experience in dealing with issues that have a high impact at all levels of the organization
  • Demonstrated ability to assess complex issues through root cause analysis and other analytical techniques; structure potential solutions; drive to resolution with senior stakeholders
  • Ability to influence and lead people across cultures at a senior level using sound judgment and successful execution; understand how to operate effectively across diverse businesses and functions
  • An ability to be “hands on” and “in the trenches” with the direct team, while also bringing a sense of strategic vision and a global sensibility to the function
  • Ability to navigate and negotiate through conflicting demands to maintain focus on priority objectives while ensuring key stakeholders’ needs are met
  • Strong team leadership, communication, interpersonal and management skills, with a track record of leading through change and the ability to effectively communicate the strategic vision to various stakeholder groups
  • Demonstrate experience in partnering with first and second line units to drive change and enforce standards
  • The ability to thrive and execute in a complex, highly matrixed, global environment

Related certification/s is/are desirable

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Job Family Group:

Compliance and Control

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Job Family:

Product Compliance Risk Management

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Time Type:

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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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