Head of Model Risk Management Framework Governance – Director

Citi • Tampa, FL

1d

About The Position

The Head of Model Risk Management (MRM) Framework Governance is a key role within MRM that is responsible for design, implementation, and maintenance of the MRM Governance Framework.

Requirements

• 15+ years of experience in model risk management, model development and, audit, or other control-related quantitative functions in the financial services industry.
• Subject matter expert in Model Risk governance, Supervisory Guidance related to Model Risk (e.g., SR 11-7, SR 15-18, OCC Handbook for Model Risk Management, etc.)
• Ability to identify, measure, and manage key risks and controls.
• Strong knowledge in the development and execution for controls.
• Proven experience in control related functions in the financial industry.
• Proven experience in implementing sustainable solutions and improving processes.
• Understanding of compliance laws, rules, regulations, and best practices.
• Understanding of Citi’s Policies, Standards, and Procedures.
• Strong analytical skills to evaluate complex risk and control activities and processes.
• Strong verbal and written communication skills, with a demonstrated ability to engage at the senior management level.
• Strong problem-solving and decision-making skills
• Ability to manage multiple tasks and priorities.
• Proficiency in Microsoft Office suite, particularly Excel, PowerPoint, and Word.
• Bachelor's/University degree, Master's degree preferred, in relevant Technical disciplines.
• Strong knowledge of model lifecycle, including model development and validation processes. The knowledge is leveraged in the position in the following aspects:
• Defining clear expectations at each model lifecycle stage, ensuring consistency and reducing ambiguity
• Designing governance expectation that are technically sound and practical
• Being able to credibly challenge existing development and validation processes, including comparing the practice across model areas
• Being able to provide consultation to model sponsors, developers and validators should any questions arise
• Strong knowledge in risk and control. The knowledge is leveraged in the position in the following aspects:
• Designing appropriate requirements and controls that balance between risk management rigor and operational practicality
• Applying risk-based approach for practical decision-making
• Establishing and managing model risk appetite and assessing model risk at firmwide level
• Understanding and able to comprehend supervisory and regulatory expectation related requirements. The knowledge is leveraged in the position in the following aspects:
• Translating regulatory expectation into actional items
• Ensuring the design of the MRM policies and standards are aliged with regulatory expectation and that the MRM framework is credible, risk-based and defensible
• Knowledge of financial products and business lines. The knowledge is leveraged in the position in the following aspects:
• Designing MRM framework requirements that can be adopted for different model types and business areas
• Communicating credibly with business stakeholders and giving guidance on how to execute the MRM framework in line with their business circumstance
• Lead the design and maintenance of the MRM Framework, including MRM Policy, Standard, Execution Manual, and templates
• Provide interpretative directive guidance to model sponsors, developers, validators and risk partners on MRM Policy and Standard requirement
• Advise and consult businesses and functions on how to comply with MRM Policy and Standard
• Take initiative and propose ideas to further fine-tune and strengthen the MRM Framework
• Drive adoption of any proposed enhancements to the MRM Framework, including socializing, negotiating and persuading stakeholders
• Manage team, including setting strategic priority, allocating work, ensuring quality, and developing team capability through coaching and knowledge sharing

Responsibilities

• Maintain and manage the Model Risk Management (MRM) Policy, Standard, Execution Manual, Guidelines and templates, including being accountable for significant and direct guidance to business and authoritative advice regarding the operations and requirements related to execution of the MRM Policy requirements
• Assess activities and processes as required per MRM Policy and Procedure to identify opportunities for enhancement and strengthen model risk management framework
• Manage interaction with businesses and functions across the firm and within MRM, including participating in 1LoD Model Risk forums, on matters related to model risk management
• Support the assessment of the effectiveness of existing model risk controls and processes, identifying areas for improvement, and implementing necessary changes.
• Review any new or updates to firmwide Policy documents (Framework, Policy, Standard, Procedure) outside of MRM to identify and assess impacts on MRM operations and to ensure the external Policy documents’ adherence to the MRM framework.
• Assess new or revised regulations and perform gap analysis to identify impact on the MRM Framework and design action plan for compliance
• Monitor and report on MRM Policy Dispensation and Policy Breaches and impact on Accountability Framework and management scorecards
• Collaborate with key stakeholders to develop comprehensive corrective action plans to address identified model risk control gaps or failures
• Participate in firmwide initiatives that involve model risk
• Manage regulatory and internal audit requests and deliverables and prepare management’s response to inquiries related to the MRM Framework
• Design and maintain the Model Risk Appetite Key Indicators and thresholds
• Lead the annual review of the Model Risk Appetite KIs and the quarterly metrics monitoring and reporting
• Engage with ORM on the quarterly assessment of firmwide Model Risk and model risk materiality
• Monitor and manage Operational Loss events related to Model Risk and follow-up actions
• Participate in the oversight of the operations of Citi's governance committees, including preparing Board/Committee materials, coordinating meetings, managing agendas, and ensuring follow-up on action items.
• Assist in the execution of Enterprise Risk Management Framework and adherence with Risk Management and Compliance Policies
• Appropriately assess risk when business decisions are made, demonstrating particular consideration for the firm's reputation and safeguarding Citigroup, its clients and assets, by driving compliance with applicable laws, rules and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues with transparency, as well as effectively supervise the activity of teams and create accountability with those who fail to maintain these standards
• Represent MRM in relevant 1LOD and 2LOD Governance Committees
• Oversee Conflict of Interest and Continuity of Business for Model Risk Management
• Lead and execute strategic initiatives (e.g., Operating Model Artificial Initiatives) related to MRM Framework.

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