Senior New Activity Risk Manager - Institutional Clients Group, Banking and Services (APAC) - Senior

Employer
Citi
Location
Singapore, Singapore
Salary
Competitive
Posted
15 Nov 2022
Closes
26 Nov 2022
Ref
17518420
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 , business operating models and capabilities that impact Citi's clients (collectively referred as "new activities").

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

The new activities space is also an area in which wide-ranging enhancements are taking place, within a broader program of change due to be completed in 2024.

Citi's Institutional Clients Group (ICG), Banking and Services business' include
  • Treasury and Trade Solutions (TTS), which provides integrated cash management, working capital and trade finance solutions to multinational corporations, financial institutions and public sector organizations worldwide, using the industry's most comprehensive suite of digitally enabled platforms, tools and analytics;
  • Securities Services (SS), which provides a full suite of solutions including custody, clearing, asset servicing, fund administration, ETF services, middle office, agency securities lending, collateral management, transfer agency, and fiduciary services;
  • Commercial Bank (CCB), which supports commercial clients in addressing challenges of operational and geographic growth by providing high quality financial advice and delivering actionable insights, ideas and comprehensive banking solutions; and
  • Banking, Capital Markets and Advisory (BCMA), which works with the other ICG businesses to deliver a range of strategic corporate finance and advisory solutions.


The New Activity Risk Manager (NARM) will lead and coordinate a wide range of ongoing risk management and monitoring activities to assist with the management of the new activity approval process for the Banking and Services businesses, working with 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.

In this role, the candidate is expected to develop an in-depth knowledge of Banking and Services activities, clients, and issues that impact our clients and the firm. NARM professionals are also expected to keep abreast of developments in the TTS, SS, CCB and BCMA industries, and the macroeconomic environment to proactively identify risks that may impact the business.

Key Responsibilities

New Activity Risk Management:

Responsible for assisting with the management and coordination of the end-to-end activities of the New Activity approval process, including but not limited to:
  • Ensure strong governance, appropriate senior management engagement, and the delivery of strong risk management decisions in a commercial timeframe and manner throughout the new activity lifecycle.
  • Engage with businesses and stakeholders across different businesses, geographies, and functions to initially pre-screen, assess and advise on their new activity proposals;
  • Work with individual businesses to advise, review and assist in preparation of proposals that are to be brought for review;
  • Schedule and manage NARM Committee meetings and/or Technical Due Diligence reviews depending on the approval Pathways;
  • Assist businesses with validation and closure of any approval conditions assigned through the review process;
  • Maintain formal documentation, proceedings and records of approved new activity proposals; and
  • Effectively manage and ensure delivery of Post Execution Reviews to ensure execution occurred in a manner consistent with parameters and risk appetite defined during the new activity approval process.


Planning and Consultation:

  • Engage with global risk colleagues and NARMs, as well as other senior control functional partners and business heads across regions, to drive the NARM transformation and implementation;
  • Advise businesses on implementing, improving and maintaining risk management best practices, and identify, address and resolve issues. Where necessary, ensure escalation to Senior Management; and
  • Advise businesses on new activity development and innovation to ensure compliance to Citi policies, and in consideration of country and global regulatory requirements.


Monitoring and Strategy:

  • Establish processes for consistent and ongoing Banking and Services product risk monitoring across Asia Pacific businesses;
  • Liaise with regional control functions and in-business control and surveillance functions to ensure visibility of issues across businesses;
  • Engage with regional and country teams and regional control functions in overseeing Banking and Services activities, demonstrating particular consideration for the firm's reputation and safeguarding Citi, its clients and assets, by driving compliance with applicable laws, rules and regulations, ensuring adherence to Citi's policies and standards, applying robust risk management oversight over business conduct and practices, and escalating risk and control issues with transparency;
  • Represent the team as required at designated governance committees/ forums and demonstrate both a credible challenge to, and strong influence on covered businesses;
  • Investigate anomalies found through business monitoring, and partner with stakeholders to establish agreement and oversight of corrective action plans thereafter;
  • Monitor financial markets and industry/product trends to identify emerging risks and engage businesses accordingly; and
  • Follow regulatory developments with respect to Banking and Services activities and assist in relationship management with regulators as required.


Developmental Value

Gain a broad understanding of Citi's Banking, Services and other ICG businesses, and exposure to similar new activity and other product approval committees across different Citi businesses. The developmental opportunities include:

  • Unparalleled organizational exposure and opportunities to interact with senior members of Citi businesses and control functions;
  • Develop an understanding of Citi's risk and control areas and their key issues and considerations;
  • Learn the key issues associated with developing new activities and how to address them; and
  • Gain insight into franchise risk management issues and regulatory considerations.


Qualifications

  • 10-12 years' related work experience;
  • Master's degree. Advanced degree in business, finance, law or economics desirable; and
  • CFA and/or other financial professional designations would be an advantage.


Knowledge / Experience

  • Strong understanding of risk management practices;
  • Knowledge of Citi's businesses and products, or the equivalent at organizations of similar complexity and maturity; and
  • Excellent communication and presentation skills;
  • Strong work ethics, takes pride of ownership of deliverables and the activities of the team;
  • Sound ethical and moral compass with the ability to make difficult decisions and communicate/document those decisions effectively;
  • Intellectually curious; conceptual and innovative thinking; ability to see the "big picture" without losing sight of details;
  • Flexibility in thought and approach; able to introduce creative solutions and enact reasonable judgement to complex issues;
  • Attuned to macroeconomic, industry and regulatory events/trends;
  • Quantitative and analytical capabilities;
  • Ability to manage and influence divergent views across the organization;
  • Ability to connect with people across geographies and functions and create and maintain strong relationships; and
  • Open to expanding responsibilities outside of direct experience.


Job Family Group:
Risk Management

Job Family:
Investment Product Risk Mgmt

Time Type:
Full time

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