Asia CGW Retail Bank Risk & Control #risk2023

7 days left

Singapore, Singapore
14 May 2023
13 Jun 2023
Job Function
Risk Management
Industry Sector
Finance - General
Employment Type
Full Time
Job Title:

Asia CGW Retail Bank Risk and Control


Citi Global Wealth



Reporting to:

Asia CGW CG/CPC Risk & Control Lead




C14 / Individual Contributor

Job Purpose:

Business Overview

Citi's Asia CGW Business serves two of the fastest growing cities, Singapore and Hongkong through our Retail, IPB and Private Bank Business. Asia CGW business offers a diversified range of products ranging from insurance products to complex wealth management products, including FX Products to in excess of 115M customers, with US$260B in client volumes, US$2.4B of total revenue, Asset Under Management of US$42B along with a deposit book of US$90 Billion. These customers are serviced by 1000 odd Relationship and Private Bankers. With more than a century of enviable brand, Best-in-Class digital client acquisition, diverse Wealth Management product capability and market leadership, we are competitively well-positioned to grow a high-quality customer base that benefits most from our product and network capabilities.

Objective Overview

This role is part of the Asia CGW In-Business Risk and Control team and is integral to establishing a robust Wealth sales control that enables effective risk and control management by the CGW Wealth business in Asia.

Reporting to the Asia CGW Retail Bank Risk and Control Lead, this role will be responsible for leading and managing the Retail Bank controls including Wealth Sales Control framework across three business i.e Singapore Consumer, IPB Singapore and HK Consumer & IPB. The role will include evaluating effectiveness of existing controls, engaging with business to recommend incremental controls and design controls as part of new process or products being rolled out by business.

Key Responsibilities:

Wealth Management Sales Control Program:
  • Continuously engage with Retail business team and In Business Risk & Control team to facilitate risk-based management, identify emerging risks, risk concentrations, and work closely to evaluate corrective and preventive actions.
  • Identify opportunities of inconsistent controls across three business on sales process across Investment, Insurance and FX products from perspective of client engagement, transaction booking, post-sale control etc and engage with business on rationale of inconsistency together with evaluating the need to implement consistent risk process and controls.
  • Implement a continuous control monitoring and reporting framework to enable the timely and accurate analysis, reporting and escalation of qualitative and quantitative MIS that enable risk and control awareness.
  • Engage with CG/CPC business leadership team to implement effective sales code of conduct for RMs and sales teams across markets to drive ethical sales behavior.
  • Assess the effectiveness of existing controls through horizontal process-based reviews. Wherever, gaps are identified, work with business to develop and implement corrective action plan.
  • Work with CAATTS team to develop Digital Monitoring Tools for the controls to ensure gaps if any are identified at population level instead of relying only on sample-based reviews.
  • Support Asia CGW Retail Bank Risk & Control lead in preparing for relevant new product approval committees covering Retail Bank and Insurance related initiatives. Objective is to assess each new product or process rolled out have effective controls embedded as part of the process and wherever required are duly tested/validated through MCA and/or reviewed as part of DMTs.
  • Support business on gap analysis and the implementation of global policy requirements and regional standards. Incorporate the updates in the relevant procedures as required. Closely engage with second line of defense on interpretation and implementation of policies and procedures.
  • Engage closely with all Wealth business related to Internal Audit, Compliance Testing and any external reviews. Ensure the IBAM rate is above the thresholds for the business, corrective action plans are clear, implementable, and tracked for closure on timely basis.
  • Perform lesson learned exercise based on issues identified in one market to evaluate its applicability across the region. This issues may emanate from internal/external reviews or self-identified.
  • Participate and report in CGW Asia governance forums/committee on control issues identified as part of any self-identified or internal and external review including surveillance findings.
  • Engage with global team on CG/CPC business related risk and control items and ensure tracking its implementation across Asia business.
  • Lead the Annual Risk Assessment exercise and review the results of the quarterly Manager's Control Assessment and ensure that the risk and control environment of the unit is satisfactory.
  • Drive critical MCA program enhancements through alignment with evolving risks as well as changing business needs and policy/regulatory requirements, assigning appropriately selected and trained MCA testers, performing quality reviews including the mapping of the Regulatory Control Matrix to the MCA
Retail Bank Product
  • Continuity of Business (CoB) related activities - Business Recovery Coordinator (BRC) for the Regional Corporate Treasury & Regional Investments Treasury department; coordinate CoB testing and drills (e.g. Denial of access to office, testing of applications, coordinate call tree tests, etc.) in partnership with Singapore country COB team and IT support; update and maintain CoB records in CoBTrac; update Business Impact Analysis (BIA) and Business Continuity Planning (BRP)
  • Information Security & Records Management activities - Record Management - approval on Physical records storage (CISCO recall archive, retrieval, elimination) and voice records (retrieval, investigation assistance); manage information security issues (e.g. reporting social engineering calls incidents); work with IT on treasury system and trading warehouse maintenance (e.g. e-dealer); coordinate premises sweeps; system approvals (e.g. One Approval); provide regular updates and advisory to the group
  • Manager's Control Assessment (MCA) - perform independent testing, reporting and Annual Risk Assessment (ARA)
  • Continuous review/ adoption of FX Consent Order related MCRTs
  • Subject Matter Expert in DMA related activities
  • Maintain an up-to-date Conflict of Interest Register
  • Ensure Desk's Operating Procedures, Supervisory Procedure Manual, Volcker Mandates are approved and current
  • Manager Third Party arrangements with RTO.
  • Issue and Corrective Action Plan (CAP) coordination
  • Coordinate Internal/External Audits and Regulatory Exam enquiries
  • 'Deep Dive' Reviews
  • Ensure the group's compliance with training requirements and mandatory absence
I ncumbent Specification

Knowledge/Experience/Technical skills:
  • The ideal candidate will have more than 10 years' experience within Financial Institutions of which should include:-
  • At least 7 years of successful experience in leading a team with diverse cultural background and managing priorities, process and processing components to achieve expected (or better-than-expected) results
  • Strong understanding of regional Retail Bank business landscape, regional customer portfolio and business trends.
  • Good understanding of Retail Distribution of Investment Products and Services Policy and Standards (RDIP), Insurance Policies and Sales Surveillance processes and the associated risk
  • Must have extensive experience in managing and executing written program communications for engaging senior staff and broader groups of interested parties - this candidate needs to be a very good writer.
  • Previous experience should include a multi geography exposure / remit and understanding across Asia and preferably EMEA.
  • The ideal candidate should have strong partnering and negotiating abilities / skills and experience in dealing with senior management teams and all three lines of business.
  • The ideal candidate should have a deep understanding of controls and risks associated with the consumer products.
  • The individual should have considerable experience in establishing, executing and building governance and controls within the consumer banking space.
  • Microsoft Office Suite
Personal Skills:
  • Several years' experience leading or liaising with teams with data analysis experience
  • Exceptional communication and interpersonal skill in senior management interaction & engagement, influencing business decision through adoption of analytics solution
  • Ability to negotiate with and influence Regional Line of Business Leaders, and In-Country Program Teams to achieve results that will impact the Regional CGW business significantly
  • Ability to manage, develop and motivate virtual teams, and delivering results both as an individual and through virtual teams
  • Demonstrate through delivery of projects the ability to motivate and influence business partners to deliver on milestones/commitments
  • Willingness to travel, as required (5-10%)

Job Family Group:
Risk Management

Job Family:
Business Risk & Controls

Time Type:
Full time

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