SVP, PBWM ORM: CGW Global Oversight & Framework Risk Program Manager - C14 (Hybrid)

Operational Risk Management (ORM) is an enterprise level independent risk management function responsible for enterprise-wide oversight and aggregation of operational risk. Its mandate covers all business lines (PBWM, ICG, Global Functions & EO&T) spanning all geographies.

The ORM function oversees the design and implementation of the non-financial risk management framework. Key objectives of the risk management framework are:

Operating model, staffing and culture: Ensure the operating model across lines of defense is clear and consistent with sufficient resources, expertise, accountability, and stature, and that it is enabled by structured training and awareness program to effectively manage and oversee operational risk Operational risk appetite: Clearly articulate risk definitions and appetite and make sure they are aligned against the most critical business outcomes to ensure strategic relevance and application at business, country and entity levels and that Citi operates within its set risk appetite Control objectives and standards: Ensure Enterprise Control Standard and controls design requirements are clearly articulated, and that control objectives and requirements are defined at appropriate risk category and sub-category levels to ensure consistent control design and effectiveness Operational risk and control assessments and reporting: Oversee that MCA (Manager’s Control Assessment) is fit for purpose and is owned with full buy-in from the 1st line, and that it is supplemented by a suite of other fit-for-purpose assessments (e.g., risk category specific assessments, scenario analysis, and lessons learned). Ensure assessment results are communicated through clear reporting with thematic and actionable insights Strategic decision making: Oversee that Risk Management practices, insights and tools are consistently embedded in day-to-day business processes and strategic decision-making to enable proactive issue identification and comprehensive remediation

Description

• Position Objective: Reporting to the PBWM CGW ORM Risk Programs & Analysis Director, the Operational Risk Program Manager (SVP) provides oversight of the key pillars of the Operational Risk Management Framework (ORMF), including risk identification, assessment, monitoring and mitigation of risk across all Operational Risk categories. The role works closely with the Head of CGW ORM, CGW ORM Directors and ORM Subject Matter Experts (SMEs) like Fraud, Technology and Cyber, Data Management, and Third-Party risk in risk identification, risk appetite, analysis, and reporting responsibilities.
• This role also coordinates with the CGW ORM coverage teams with respect to Book of Work (BOW), Coverage Planning, Capacity Planning, Reporting, and Analysis. The objective is to ensure compliance with Citi’s ORMF, applicable Policies and Standards, as well as to meet regulatory “Heighted Standards” for the 2nd Line-of-Defense.

• Business Coverage Scope & Interfaces: The primary focus of this role is oversight of PBWM Operational Risk Framework execution against core pillars at the global level with specific focus on programs and analysis related to Citi Global Wealth and any other risk management responsibilities assigned by the PBWM ORM Head or CGW ORM Head (e.g., global liaison for specific products). CGW is a newly integrated business within the Personal Bank and Wealth Management (PBWM) segment providing product and services across the whole customer wealth spectrum from mass affluent to private banking. It has aggressive growth plans in the next 3 to 5 years in terms or clients, revenue, and staff. Current revenue is $7.5B, client assets of $814B, ~500K clients and ~3K client advisors in a global market estimated to be worth over $275T by 2024.This role will be key in ensuring that the regional business is clearly managing, mitigating and articulating its operational risk environment whilst it achieves this plan. 

The Framework & Analysis CGW ORM team covers the key ORM programs such as:

• Issue Management
• Manager’s Control Assessment (MCA)/Risk and Control Assessment (RCSA)
• Internal Losses
• Risk Appetite/Scenario Analysis
• Lessons Learned
• Key Operational Risks/Material Risk Inventory Assessment
• Operational Risk Reviews
• New Activity Governance
• Key Responsibilities: Responsibilities for this role include, but are not limited to:

Program Analysis and Reporting

• Monitor various data quality reporting impacting CGW (e.g., Loss Capture, Issues, etc.) to identify trends and determine need for escalation
• Develop MCA/RCSA metrics reporting for input into various ORM reporting, including CGW Business Risk and Control Forums and BRCC, regulators, etc.
• Assist with development of briefing and communication materials to business and risk leadership, as well as senior governance forums via analysis of emerging risk trends, Issues, Key Indicators, and other metrics
• Assist with coordination of Regional CGW ORM engagement
• Assist with coordination of CGW ORM BOW, Coverage and Capacity Planning, Reporting, and Analysis activities
• Ad-hoc projects as necessary

ORM Framework Execution

• Challenge CGW’s assessment, identification, and monitoring of its Key/Material Operational Risks based on analysis of relevant information or sources and including engagement with relevant ORM and other 2LoD Subject Matter Experts and escalate concerns
• Coordinate with CGW ORM Client Segments, Products and Operations teams and perform CGW MCA Challenges, including those for CGW Standard MCA Profiles and MCA Governance Entity Assessments; communicate results to MCA Owner and collaborate with first line of defense to ensure corrective action plans are adequate, if necessary
• Coordinate CGW ORM MCA challenge calendar and continuously monitor CGW risk and control health to determine if off-cycle/ad hoc MCA challenges are required considering external events, internal operational risk events, partner (Independent Compliance Risk Management, Independent Credit Risk, etc.) challenge, regulatory change, business strategy shift, etc.
• Support Lessons Learned framework with analytics
• Independently review and challenge key Issue attributes, CAPs, and closure activities for qualifying issues with a focus on detecting systemic weaknesses and communicating conclusions to relevant forums, as appropriate

• Assist coordination for CGW ORM review and challenge of product inventory operational risk rating assessments performed by the First Line of Defense
• Perform operational risk reviews and other ad hoc challenges to identify potential vulnerabilities and drive responsive action by 1LoD to avoid, mitigate, or reduce risks of operational loss and reputational damage
• Knowledge and Experience:
  • Work experience of 7+ years in the financial services industry primarily in operational risk or in/with similar positions/responsibilities
  • Deep knowledge of business operational risk self-assessment processes such as bottoms up risk assessment program experience with focus on risk mitigation and effective control monitoring
  • Experience within the Risk Management disciplines, Internal Audit, Compliance or related fields in wealth management is a plus
  • Ability to break down complex matters into core issues and root causes so they can be more readily addressed
  • Able to exhibit a strategic mindset along with a collaborative approach to achieve objectives
• Skills:
  • Strong data/quantitative analytic skills (e.g., Tableau)
  • Strong strategic and project management skills with solid analytic and financial acumen
  • Direct engagement with and presentation to Internal Audit, and senior leadership at internal risk governance forums
  • Exceptional organizational, communication, writing and presentation skills
  • Independent thinker
  • Ability to influence and convince without authority.

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