Global Head of Operational Risk - Wealth

Citi • New York, NY

1d

About The Position

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 (U.S. Consumer Cards, Wealth Management, Services, Markets, Banking & International, and Client) 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 ORM Global Head of Wealth will face off with 1st line enterprise roles and will be working closely with L1 Risk Category Experts, Business and Cluster Operational Risk Officers and support 2LoD control partners (e.g. Compliance and Credit) to effectively execute 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.

Requirements

• 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
• 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
• 15+ years direct experience as a senior risk professional in a large financial services organization with responsibility for managing risks including operational processes related to the Wealth Business
• Proven subject matter expertise in Wealth product related regulations and industry standards including infrastructure requirements and related controls.
• 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
• 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

Responsibilities

• Drive implementation and maintenance of the operational risk management framework including: policies, standards, technology and tools, monitoring and governance for the business.
• Review and agree with 1LOD the Appetite or Tolerance levels for Operational Risk categories together with the key indicators and thresholds for warning and breach.
• Ensure that Ops Risk for the Business (and country/business/LV, as applicable) is managed to defined Risk Appetite or Tolerance levels. In case risk levels are in potential and/or actual breach of defined thresholds, ensure risk exposure is well understood and there is a robust Path to Green to avert/remediate breach within an acceptable time frame.
• Review and confirm appropriateness and adequacy of first line risk identification, assessments (i.e. Key Operations Risks (KORs), MCA, scenario analyses, third party reviews)
• Conduct independent second line operational risk assessments (e.g., reviewing control design and effectiveness of key processes, end to end deep dives of significant control breaks that impact multiple risk categories, lessons learned and near misses) and root cause assessments
• Create aggregated risk profile for the Business using a combination of first line and independent second line assessments Evaluate the quality and execution of the Business control design and effectiveness assessments and drive business efforts as needed to strengthen risk management, controls and other risk mitigation efforts.
• Escalate significant or unaddressed risk issues and control environment concerns to Business and Risk Leadership Assess that the Business has the appropriate skills and experience and capacity for managing operational risks, and for implementing the operational risk framework.
• Lead 2nd line operational risk oversight of Product and New Activity risk management including Wealth NAC approval/voting membership, as well as regular monitoring of the Business portfolio of Products and Services.
• In partnership with the 1LOD Risk and Control function, provide the Business with operational risk guidance and advice through proactive engagement in strategic business initiatives / transactions and large remediation efforts.

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: Executive