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Operational Risk Sr Group Manager-CGW Operations Lead

Company: Citi
Location: Mount Vernon
Posted on: January 26, 2023

Job Description:

The Operational Risk Sr Group Manager manages multiple teams through other managers. In-depth understanding of how own sub-function contributes to achieving the objectives of the function. A good understanding of the industry, direct competitors' products and services, is also necessary in order to contribute to the commercial objectives of the business. Requires thorough understanding of strategic direction of the function within the relevant part of the business, combined with a solid conceptual/practical grounding in both the function and/or area of expertise and related subject areas.


The primary focus of this role is oversight of Citi Global Wealth (CGW) Operations and any other risk management responsibilities assigned by the PBWM ORM Head or CGW ORM Head. CGW is a newly integrated business within the Personal Bank and Wealth Management (PBWM) segment providing product and services across the whole customer wealth spectrum from mass affluent to private banking.

The CGW Operations ORM Lead role covers Operations globally across all client tiers and products within CGW covering all activities such as related to:

  • Client onboarding and reporting
  • Investment products across all client tiers, the product spectrum includes equities, fixed interest, structured products, funds (e.g., mutual, hedge, PE, RE), discretionary investment management, capital markets
  • Banking products across all client tiers, including payments, deposit programs, custody
  • Lending products across all client tiers, including overdrafts, margin loans, mortgages
  • Trust products for the Private Bank client tier only providing client wealth structuring solutions Prime interfaces for CGW Operations ORM Coverage include:
    • CGW Global Operations Head and team
    • In-Region ORM team members who play a role in operations oversight and seek to ensure that any regional operational risks related to CGW operations are clearly understood locally in terms of geography and legal vehicle
    • Other PBWM ORM Business Coverage teams to ensure consistent standards in oversight execution, challenge of dependencies as well as transfer of lessons learnt
    • Risk Specialists from ORM (Fraud, Technology, Cyber, Data Management, Third Party) as well as regional Independent Risk Management to leverage expertise and solicit their participation in risk reviews
    • ORM Governance, Audit and Regulatory Relations team to ensure effective business management and regulatory interactions
    • ORM Reporting team within Franchise Risk to support business risk profiling and reportingResponsibilities:
      • Drive implementation and maintenance of the operational risk management framework including: policies, standards, technology and tools, monitoring and governance
      • Provide independent assessment of 1st Line adherence to operational risk framework requirements
      • Oversee a small team of direct reports who support the global coverage
      • Provide aggregated operational risk profile picture for CGW Operations globally to CGW ORM Head, using a combination of first line and independent second line assessments
      • Review, monitor and evaluate 1LOD Appetite or Tolerance levels for Operational Risk categories together with the key indicators and thresholds for warning and breach
      • Provide oversight to ensure operational risk for CGW Operations globally is managed within 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.
      • Evaluate the quality and execution of the control assessments related to CGW Operations 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/ Region/LV and Risk Leadership
      • Review and evaluate appropriateness and completeness of first line risk identification, assessments (i.e. KORs, MCA, scenario analyses, third party reviews)
      • Where necessary, conduct independent second line risk assessments (e.g., reviewing significant control breaks that impact multiple risk categories, lessons learned and near misses) Qualifications:
        • 10+ years of domain experience in the Wealth Management or Operations in a leading financial institution or related businesses with at least 5+ years in 2nd or 3rd line senior positions
        • Experience should include providing oversight and challenge of the most senior levels of business management
        • Subject matter expert, and seasoned practitioner, in knowledge and application of all pillars of operational risk management framework with first-hand experience of effective challenge across risk identification, monitoring, mitigation, measurement and risk appetite including MCA, scenario analysis
        • Very sound knowledge of wealth solution businesses covering the breadth of the products and industry
        • Solid conceptual/practical grounding in Operations across processes, life cycle events and standard systems
        • Strong project management skills and understanding of the impact of change on processes
        • Experience assessing the risk of large-scale initiatives to drive innovation, improve process efficiency and the client experience
        • In-depth knowledge of risks most relevant for wealth management e.g., fiduciary, processing risk, data risks, third party risk etc.
        • Experienced in crisis management and turnaround situations Education:
          • Master's Degree/specialized training in risk management and/or engineering related fields highly preferred
            • 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
            • 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
            • 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 -

              Job Family Group:

              Risk Management -

              Job Family:

              Operational Risk

              Time Type:

              Full time

              Primary Location:

              New York New York United States

              Primary Location Salary Range:

              $170,000.00 - $300,000.00

              Citi is an equal opportunity and affirmative action employer.

              Qualified applicants will receive consideration without regard to their race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.

              Citigroup Inc. and its subsidiaries ("Citi") invite all qualified interested applicants to apply for career opportunities. If you are a person with a disability and need a reasonable accommodation to use our search tools and/or apply for a career opportunity review Accessibility at Citi .

              View the " EEO is the Law " poster. View the EEO is the Law Supplement .

              View the EEO Policy Statement .

              View the Pay Transparency Posting


              Effective November 1, 2021, Citi requires that all successful applicants for positions located in the United States or Puerto Rico be fully vaccinated against COVID-19 as a condition of employment and provide proof of such vaccination prior to commencement of employment.

Keywords: Citi, Mount Vernon , Operational Risk Sr Group Manager-CGW Operations Lead, Executive , Mount Vernon, New York

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