MD APAC Head of New Activity Risk Management

Employer
Citi
Location
Singapore, Singapore
Salary
Competitive
Posted
14 Sep 2022
Closes
29 Sep 2022
Ref
16857995
Job Function
Risk Management
Industry Sector
Finance - General
Employment Type
Full Time
Education
Bachelors
Background

The New Activity Risk Management function provides unified governance and risk decision making for material changes to products , services , capabilities and business operating models that impact Citi's clients (collectively referred as "new activities").

New Activity Risk Management is part of Citi's Enterprise Risk Management function, within our second line of defense Independent Risk Management unit. New Activity Risk Management works closely with partners in first, second line of defense and enterprise support functions across Citi to provide robust due diligence, review, risk rating, risk decision approval of novel developments in the firm's business activities and ongoing monitoring of existing products and services, as part of the end-to-end governance over the product life cycle.

New Activity Risk Management operates as a global organization, and comprises of a team of new activity risk management specialists who are co-located close to business partners in the Americas, Europe Middle East and Africa, and Asia Pacific regions and are responsible for the review, approval and ongoing oversight of new activities at Citi; plus teams with global responsibility for certain cross-cutting functions, such as change delivery, process design, policy, technology infrastructure, reporting and data analytics, product inventory management and product taxonomy. Team members are based in New York, Fort Lauderdale, Mexico City, London, Belfast, Dublin, Frankfurt, Singapore, Hong Kong, Tokyo and Mumbai.

Citi is transforming to modernize and simplify the bank, improving how we serve our clients, changing the way we manage risk and making Citi an easier place to work. The new activities space is an area in which wide-ranging enhancements are taking place currently, within a broader program of change that was started in 2020 and is due to be completed in 2024

Job Description

The Asia Pacific Head of New Activity Risk Management will be based in Singapore and report to the Global Head of New Activity Risk Management, with a matrix reporting line to the Asia Pacific Chief Risk Officer.

The regional head is accountable for all matters relating to New Activity Risk Management within the relevant geography, working in conjunction with the heads of the cross-cutting global functions within New Activity Risk Management.

The regional head is a member of the New Activity Risk Management leadership team, and shares accountability with other members of that group for the overall performance of the function. The regional head may from time to time lead certain global initiatives on behalf of the Leadership team.

The regional head (or a delegate) co-chairs the senior regional Product Approval Committees (and in the future, their successor New Activity Committees) and works closely with partners in all business lines within the Institutional Client Group (ICG), Personal Banking and Wealth Management (PBWM) and Legacy Franchises. In Asia Pacific, these committees currently include the regional divisions of the New Product Approval Committee (NPAC, which focuses on ICG business), the Consumer Product Approval Committee (CPAC, which focuses on Consumer business), plus the Distribution Product Approval Committee and the Insurance Distribution Product Approval Committee (DPAC and IDPAC, which focus on investment and insurance products distributed to personal banking and wealth management clients). As part of our program of change, these committees will be succeeded by new governance structures, and the regional head will play a key role in effecting a smooth transition.

The regional head provides leadership and coordination for committee members, which include senior representatives from all major functional disciplines, including Independent Risk Management, Legal, Bank Regulatory, Compliance, Accounting Policy, Product Control, Treasury, Basel Interpretive Office, Tax, Operations, Technology, and Legal Vehicle Governance, among others. Critical to this role is consideration and coordination of issues across Citi's legal entities and primary regulatory authorities in the region, whilst also ensuring alignment with global regulatory expectations.

The regional head will typically interface with the most senior leaders of business, risk and control functions, often in connection with complex and critical business initiatives that pose novel risks to the firm. The regional head also represents Citi to our regulators in the region, on all aspects of the new activities space.

The regional head has authority delegated by the New Activity Committee to make independent risk decisions on select new activity proposals that have critical impact or influence on company revenues, capital or business operations. The regional head is also responsible for the overall oversight of the new activity review and product risk monitoring process in the region.

The regional head manages a team of staff who both support our "business as usual" new activity related processes and are also responsible for identifying the need for change, originating change requirements, and then receiving and implementing process and technology change, working closely with change specialists and software engineers in other parts of the organization.

Key Responsibilities

  • Co-chair, personally or via a delegate, the relevant Product Approval Committees / New Activity Committees, ensuring strong governance, appropriate senior management engagement, and the delivery of strong risk management decisions in a commercial timeframe and manner.
  • Independently review and provide approval (or denial) of select new activity proposals.
  • Serve as a point of escalation for key issues or time sensitive decisions. Make decisions on complex risk issues or products, deal structures for assigned region.
  • Provide subject matter expertise and serve as a trusted advisor to assist business partners in new activity design and actively manage new activity risk in a manner consistent with Citi's risk appetite
  • Appropriately assess risk when business decisions are made, demonstrating particular consideration for the firm's reputation and safeguarding Citi, 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 others and create accountability with those who fail to maintain these standards.
  • Manage the Asia Pacific New Activity Risk Management team, including all functional, resourcing, financial and escalation matters.
  • Implement global policies and standards in the new activity space, ensuring alignment to the Enterprise Risk Management Framework, Risk Appetite and regulatory expectations.
  • Ensure adherence to the new activity related requirements of the primary regulators in Asia Pacific.
  • Operate an efficient, performance-oriented "business as usual" process; originate and implement change where required.
  • Liaise globally with other regional heads within New Activity Risk Management
  • Represent New Activity Risk Management in regional committees, such as the Asia Region Risk Management Council and the APAC Risk Management Committee, various franchise, risk management and legal entity governance forums and regulatory meetings to support the effectiveness of the new activity process.
  • Participate in the design of the New Activity Frameworks under the Consent Order and support the implementation of the enhanced process
  • Foster and manage relationships with senior stakeholders across the Institutional Client Group, the Personal Banking and Wealth Management, Legacy Franchises, control functions, second line of defense Risk and Compliance functions, third line of defense Internal Audit functions, and material legal entity management.


Development Value

This role provides the opportunity to lead a critical part of Citi's New Activity Risk Management function, play a critical role in transforming the firm's new activity approval process and to contribute on a broad base across our mandate and organization. It provides unparalleled organizational exposure, with extensive interaction with senior managers in business lines, Independent Risk Management, control functions and legal entity management. The role gives unique visibility into new product and service initiatives, operating model changes and capabilities across the region and the firm.

Qualifications
  • Bachelor's/University degree;
  • Advanced degree in economics, finance, statistics, mathematics, or engineering and / or a professional qualification is preferred; managerial experience within a highly complex, global financial institution, regulator or related industry

Knowledge / Experience
  • Considerable experience in the field of financial services and/or banking
  • Strong understanding of risk management practices relevant to new activities
  • Knowledge of Citi's businesses and products, or the equivalent at organizations of similar complexity and maturity.
  • Knowledge of relevant regional business, regulatory and cultural background
  • Risk management or structuring background, covering market, credit, liquidity and operational risk, including risk controls and risk frameworks.
  • Experience of material legal entity risk is preferable
  • Substantial experience in strategic planning and project management, with experience of managing large scale processes in a financial institution.
  • Senior leadership experience of teams in different locations, preferably in a global / complex / matrix organization and ability to work in non-traditional organizational structures and reporting lines.
  • Proven track record of building high performing teams.
  • Recognized leader who embraces change and has proven experience of delivering strategic initiatives.
  • Excellent communication skills required in order to influence a wide range of audiences
  • A proven track record of advocacy and ability to liaise across diverse stakeholder groups; including regulators, senior managers, legal entity management, and large firm networks.
  • Significant relevant experience and applied knowledge in regulation, with sound understanding of regulatory requirements and the ability to interface with senior financial regulators as needed.


Job Family Group:
Risk Management

Job Family:
Underwriting & Distrib Risk

Time Type:
Full time

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