Global Head of Fraud Risk

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 (US Personal Banking, Wealth Management, Services, Markets and Banking) along with Functions (e.g., Technology, Finance, COO, HR, etc.) 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 Management Control Self- Assessment (MCA) 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

The 2nd LOD Global Head of Fraud Risk will face off with 1st line enterprise roles and will be working closely with Business and Cluster Operational and Fraud Risk Officers in dispensing their key risk oversight responsibilities to ensure well- coordinated risk assessments, risk identification, measurement/monitoring and timely remediation of key gaps including appropriate enterprise-level aggregation.

Key Responsibilities

-Define the Operational Risk Framework for Fraud Risk Category in sync with Global Operational Risk Policy.

-Manage the fraud policy exception process and approve any dispensations and waivers.  

-Approve Risk Category Appetite and associated metrics, with input from Business

Global Fraud and Operational Risk Officers.

-Manage the Operational Risk Appetite for the risk category. In case of Risk Appetite potential and/or breaches, ensure risk exposure is well understood and there is a robust Path to Green to avert/remediate breach within an acceptable time frame.

-Where necessary, conduct independent second line risk assessments (e.g., reviewing significant control breaks that impact multiple risk categories, lessons learned and near misses) and root cause assessments (e.g., reviewing themes of issues across multiple businesses/ clusters).

-Create aggregated risk picture for risk category at the enterprise level, using a combination of first line and independent second line assessments.

-In partnership with Business/ Cluster risk officers, approve significant exceptions to the Global Operational Risk Policy for the risk category and the Enterprise Fraud Risk Management Policy, and conduct periodic review of exceptions/ waivers.

-In partnership with the 1LOD Enterprise Risk and Control function owner, provide the Business with operational risk guidance and advice through proactive engagement in strategic business initiatives / transactions and large remediation efforts.

-Escalate significant or unaddressed risk issues and control environment concerns to BRCC and other governance forums as well as to Risk leadership.

-Oversee the Management of fraud risk tools development, design and implementation in conjunction with Global Product, Regions & Country Fraud 1st Line teams.

Management and Leadership Characteristics:

• Broad experience in risk management including a successful track record of managing large complex enterprise-wide risk management programs at a large financial services organization
• Business understanding of the products and services Citi offers and how risk management practices contribute to other work across Citi / understand downstream impacts of decisions made
• Track record of managing internal relationships and partnering with a range of stakeholders (e.g., business, functions) in leading sustained change and change management efforts
• Ability to create and articulate sense of purpose and common vision for Risk management
• Well-developed listening skills and a strong ability to communicate and engage at the senior management level, both orally and in writing
• Strong leadership skills with a proven track record of working with a diverse range of skill sets and perspectives, recognizing that the power of Citi is the sum of its parts
• Ability to constructively challenge others at all levels and across boundaries to deliver better results
• Continuous improvement mind-set to solve for root causes, assess impact of actions and adjust as needed; simplify and standardize at every opportunity
• Strong regulatory engagement/ communication skills

Education, Knowledge and Experience Qualifications:

• 15+ years direct experience as a senior risk professional in a large financial services organization with responsibility for managing fraud risks and related operational processes.
• Established Fraud subject matter expertise with deep understanding of External Fraud, Internal Fraud, & First Party Fraud and ability to work with other financial crime disciplines
• Proven subject matter expertise in operational risk management including process and controls engineering
• Strong working knowledge of operational risk management frameworks in a global organization
• Experienced in crisis management and turnaround situations
• Demonstrated success in managing risk policy/strategy
• Masters Degree/specialized training in operational risk management and/or operations management, engineering related fields highly preferred

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In addition to salary, Citi’s offerings may also include, for eligible employees, discretionary and formulaic incentive and retention awards. Citi offers competitive employee benefits, including: medical, dental & vision coverage; 401(k); life, accident, and disability insurance; and wellness programs. Citi also offers paid time off packages, including planned time off (vacation), unplanned time off (sick leave), and paid holidays. For additional information regarding Citi employee benefits, please visit citibenefits.com. Available offerings may vary by jurisdiction, job level, and date of hire.

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