The Liquidity Management Services (LMS) Controls and Regulatory Management Head is a senior specialist who provides global oversight to the LMS Risk and Control environment, proactively supporting the Services LMS Head (“Business Head”) in managing and mitigating operational, compliance and regulatory risks, and executing risk and control responsibilities for the business as a First Line of Defense function.This role is responsible for working with the LMS Business and Product teams, the Services Controls and Regulatory Management teams, the Services Functional teams (Operations, Technology, Implementations, Sales, Innovation), and Second Line partners (Risk, Compliance, ORM, FRM, Legal) to establish and implement a robust framework that enables effective risk and control management across the LMS and Core Accounts businesses. This includes assessing and providing objective views on risks, controls, and trends, and implementing change as required.Core responsibilities include managing all risk and control processes and initiatives (including Third Party and Inter-affiliate): Policy, Standards and Procedures management, risk identification and analysis, Manager’s Control Assessment (MCA) coordination, issue escalation and management, corrective action plans (CAPs) design and implementation, franchise and regulatory review coordination, new product review and socialization, ‘Deep Dive’ control assessments.The LMS Controls and Regulatory Management team also supports the LMS Product teams in assessing the safety and soundness of LMS and Core Accounts products and solutions - how they are designed, produced and delivered to clients. This includes assessing risks and controls front-to-back across all risk stripes.The role is connected to the Franchise Risk and Control functions that cover Information Security, Business Continuity, Outsourcing, Fraud, Data, Compliance, AML, and Records Management.This position will report directly to the LMS Business Head and matrix to the Services Controls and Regulatory Management Head.Key responsibilities:
Drive the LMS Controls & Regulatory Management strategy and ensure it is aligned to Services strategy globally
Work with Services Controls & Regulatory Management Heads and LMS Business and Product Heads to identify, quantify, prioritize, and report key risks and vulnerabilities within the Business; propagate these across other Services businesses and functions as relevant
Act as a subject matter expert on LMS and Core Accounts to provide specialist risk and control advice and guidance and enhance the underlying risk management and control processes to prevent, detect and mitigate existing risks and identify emerging risks
Assess applicability of global policies and impact of local legal and regulatory requirements
Maintain oversight over emerging and existing risks, issues, control weaknesses, control processes, corrective actions, control validations, and control enhancement initiatives
Coordinate the overall MCA and Annual Risk Assessment (ARA) processes for the LMS business, track progress to ensure timely completion, and work with the process owners to develop action plans that remediate the weaknesses
Establish and track KRIs including Issues and CAPs, deviations and risk acceptances, and escalate exceptions
Perform new product risk and control reviews and provide approvals through appropriate forums
Lead and build out the global LMS Controls and Regulatory Management team
Manage the monthly Global LMS and Core Accounts Risk and Control Forum and escalations to the Services Global BRCC; represent the LMS Business and participate in other risk and control committees and management meetings as needed
Ensure effective Continuity of Business (COB) plans are in place for area of remit and coordinate with Global/ Cluster Controls on effective execution. Utilize appropriate tools (i.e., COBTRAC) for management, monitoring and control of COB plan
Follow Escalation Policy and procedures to ensure effective escalation and socialization of material risk events and issues
Support the LMS business on all reviews and audits to ensure appropriate preparation, pre-review assessments and post-review remediation
Coordinate and support the Business in the implementation of global, cluster and local regulatory, risk and control projects
Skills and Experience
Bachelor’s Degree with at least 10+ years of experience in successfully managing risk and strategic programs. Risk Management qualifications desirable
Financial services industry experience required
Exceptional compliance, risk and/or control knowledge required
Sound knowledge of Services business and products
Ability to lead and drive controls across the products and functions irrespective of reporting lines
Ability to manage through influence (e.g. management in the absence of reporting lines or with matrix reporting)
Ability to build rapport and work closely with key senior stakeholders and partners within and outside the business
Up-to-date understanding of key risk and control concepts, tools and trends relating to risk identification, rating and prioritization, mitigation, and reporting, Operational Loss treatment, Anti-Money Laundering/ Anti-Terrorist Financing (AML/ATF)
Proven leadership skills as well as people and team building skills
Excellent communication skills (written and verbal)
Risk-based thinking and analytical mindset
Self-starter who can work independently
Strategy and execution skills to prioritize areas of focus while also driving implementation in a large, global, and matrixed environment
Ability to work on virtual projects and across virtual teams to get work done
Ability to multi-task and manage concurrent projects and deliverables
Proficient in the use of Microsoft applications (Word, Excel, PowerPoint)
Development Value
A broad view of large, diverse and complex Services business globally
Opportunity to grow in a challenging business environment
Engagement with all aspects of the business
Navigate a complex organization to meet enterprise requirements and facilitate a dynamic and growing business
Execute a robust risk strategy that enables business growth
Broaden network at Citi and Services through close interaction with the LMS Exco and partners, including 1st / 2nd / 3rd Lines of defense stakeholders.
Job Family Group:Risk ManagementJob Family:Business Risk & ControlTime Type:Full timePrimary Location:New York New York United StatesPrimary Location Full Time Salary Range:$200,000.00 - $300,000.00In 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.Anticipated Posting Close Date:Aug 05, 2024Citi 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 (https://www.citigroup.com/citi/accessibility/application-accessibility.htm) .View the "EEO is the Law (https://www.dol.gov/sites/dolgov/files/ofccp/regs/compliance/posters/pdf/eeopost.pdf) " poster. View the EEO is the Law Supplement (https://www.dol.gov/sites/dolgov/files/ofccp/regs/compliance/posters/pdf/OFCCPEEOSupplementFinalJRFQA508c.pdf) .View the EEO Policy Statement (http://citi.com/citi/diversity/assets/pdf/eeoaapolicy.pdf) .View the Pay Transparency Posting (https://www.dol.gov/sites/dolgov/files/ofccp/pdf/pay-transp%20EnglishformattedESQA508c.pdf)Citi is an equal opportunity and affirmative action employer.Minority/Female/Veteran/Individuals with Disabilities/Sexual Orientation/Gender Identity.
