Director of Product Development Counterparty Credit Risk Measurements

Citi • New York, NY

5d • Hybrid

About The Position

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Our core activities are safeguarding assets, lending money, making payments, and accessing the capital markets on behalf of our clients. Citi’s Mission and Value Proposition explain what we do, and Strategy explain how we do it. Our mission is to serve as a trusted partner to our clients by responsibly providing financial services that enable growth and economic progress. We strive to earn and maintain our clients’ and the public’s trust by constantly adhering to the highest ethical standards and making a positive impact on the communities we serve. Given heightened expectations from regulators and a goal to build a strong and consistent global control environment, Citi continues to enhance its business governance framework and has created the Enterprise Data group. Enterprise Data is a critical component of Citi’s first line of defense for wholesale and counterparty credit risk management and works with Independent Risk teams to ensure best-in-class risk and controls, as well as client responsiveness. Key responsibilities of the group include credit analysis, documentation, risk identification, exposure monitoring and stress testing. Enterprise Data coordinates with credit management groups across institutional client businesses to ensure full alignment on business and regulatory goals, as well as consistency and best practices. The Counterparty Credit Risk (CCR) product development team within Enterprise Data Office is responsible for building tools to: provide in-depth quantitative or qualitative analysis to solve business problems and develop new, innovative solutions for risk management build tools to help measure, monitor and control counterparty credit risk for institutional clients and help analyze portfolios and businesses, with a focus on counter-party and collateral risk to ensure the risks are being properly measured and controlled in accordance with the Firm’s risk appetite.

Requirements

• 15+ years of experience in the financial industry and banking sector with primary focus on Traded products, with 8-10+ years' managerial experience leading cross-functional teams
• In depth knowledge of CCR product development landscape, Finance, Technology, and experience dealing with regulators, to address complex data/methodology issues and build robust risk infrastructure
• Sound knowledge of counterparty credit risk concepts, CCR metrices (PFE, NSE, Factor Sensitivities etc.), capital calculations, stress testing, data, system integration, and risk management processes
• Direct experience in product development leading delivery of high stake internal and regulatory projects, and knowledge of various analytical tools
• Understanding of financial market products – Derivatives (Bilateral & Cleared), Securities Financial Transactions (SFTs), Margin lending and financing
• Ability to collaborate and clearly communicate with senior members within organization (EMT -1 and EMT -2 level MDs, Trading Desk Heads, Sales teams, and Internal Audit). Ability to build networks and relationships internally and externally
• Strong analytical and problem-solving skills, product delivery, and project management skills with good attention to detail and a demonstrated aptitude for tackling issues
• Strong written and verbal communication skills with focus on stakeholder management
• Strong knowledge of MS suite of applications, and capability to work with large amount of data
• Ability to work well with cross-functional teams from Business, Risk, Technology and Compliance
• Able to showcase quality leadership by fostering a supportive and collaborative culture, emphasizing psychological safety, empowerment, and continuous learning by acting as facilitators who build trust and open communication to help individuals and teams thrive

Nice To Haves

• CFA/FRM certification will be a big plus

Responsibilities

• Lead product development teams to build and enhance tools for the measurement, monitoring, and reporting of Counterparty Credit Risk (CCR) Exposure measurements focusing on Potential Future Exposure (PFE), Settlement Risk and Intra Day Risk
• Provide senior oversight to influence and drive critical regulatory and risk management initiatives and lead interaction with Regulators, EMT -1 and EMT -2 level MDs, Trading Desk Heads, Sales teams and Internal Audit
• Lead delivery of a vast book of work including multiple regulatory initiatives for the FRB, PRA, ECB, Consent Order and Risk Management priorities to develop the strategic risk infrastructure and implement changes including cost optimization initiatives to benefit the business
• Lead the yearly budget collation and approval process across all Counterparty Credit Risk workstreams covering 1st and 2nd line priorities and investment requests
• Lead several stakeholder forums and council meetings bringing involved parties together for decisions on technology solutions
• Work in close co-ordination with in-business and first line risk managers, second line risk managers and risk senior stakeholders to understand their priorities, influence and drive critical regulatory and risk management initiatives and build the book of work
• Manage end-to-end product development lifecycle and scope product releases, track business priorities, define business requirements and UAT strategy incorporating regulatory and compliance requirements
• Represent CCR Product development team in various Internal audit and Regulatory discussions to provide firsthand information for all product dev and implementation related topics
• Partner with senior team members across organization and a widely distributed global user community to define and implement solutions
• Lead a team across locations and geographies with full management responsibility for delivery of projects, be responsible for teams’ overall professional development, performance evaluation, compensation, hiring, disciplinary actions and termination
• Drive progress and provide guidance for adherence to enterprise-wide guiding policies, practices, and standards for continued development of futuristic risk infrastructure for a proactive 1st and 2nd line risk management
• Influence execution and articulate a regional strategy for stakeholders including information technology, operations, marketing, finance, credit, fraud, and authorizations, to build next-generation risk solutions that improve the risk management experience and create sustainable business growth outcomes

Benefits

• 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.

What This Job Offers

• Job Type: Full-time
• Career Level: Director
• Number of Employees: 5,001-10,000 employees