Operational Risk Officer - Control Assessment Vp Hybrid jobs at Citi Group in Luxembourg

POSITION OBJECTIVE

Reporting to the 2nd Line Operational Risk Senior Group Manager, who has responsibility for oversight of US Personal Banking (USPB) Operations. Chief Operating Office (COO) and Customer Experience coverage, this position works closely with 1st Line of Defense including, in-business Operational Risk and Control Managers, as well as Independent Risk and other control functions in fulfilling job responsibilities.

The Operational Risk Senior Officer is responsible for leading effective oversight and independent challenge of Citi’s US Personal Banking Collections and Recovery Operations to ensure that the first line of defense can demonstrate effective Risk Management disciplines which includes strong operational risk identification, controls, and monitoring. This role is expected to independently evaluate key data elements which inform the risk profile of the first line of defense and provide insights specific to trends, themes, control failures or Operational Loss Event drivers in support of continuous monitoring and oversight of the product, function and impacting external third-party suppliers. The Operational Risk Senior Officer performs the role through proactive and direct engagement with 1st line business partners through daily interaction, independent assurance, and participation in key business risk and control forums.

The scope of this role is specific to US Personal Banking Collections and Recovery Operations. Prime interfaces include but are not limited to:

• 1st line business process/risk owners
• USPB Head of Collections and Recovery
• USPB Operations In-Business Risk and Control Heads
• USPB ORM Head
• ORM Independent Senior Operational Risk Manager (ISORM) business coverage leads for other US Businesses and Functions
• Other ORM Executive Leadership Team(s) – Foundational Programs or Policy Teams
• USPB Compliance Officers
• USPB Senior Operational Risk Managers
• Enterprise ORM Risk Category Owners (e.g., Fraud, Tech & Cyber, Data Management, Model, Third Party Risk).

Governance & Oversight

• Ensure business adherence to operational risk policies, standards, and procedures
• Influence Risk Culture within USPB Collections and Recovery Operations and other product/function Control Heads
• Foster strong working relationships with first line stakeholders in support of establishing rapport and being viewed as a trusted risk resource and advisor while maintaining and protecting the integrity of an independent, second line of defense coverage model
• Understand material risks which align with Collections and Recovery processes to ensure that the Business is operating within Risk Appetite by leveraging existing knowledge, resources, and tools to draw accurate and sound conclusions in support of independent challenge
• Timely and effective escalation of operational risk events and/or control failures with thoughtful approach and ability to effectively influence business actions based on insights and learnings
• Lead the creation and development of risk and control related presentation materials for various governance forums (at many levels of the organization, including Internal Audit and external regulators)
• Keepabreast of latest operational risk management techniques, industry best practices and thematic trends
• Lead oversight routine execution of Collections and Recovery Operations

The Operational Risk Senior Officer leverages all the core tools that are part of the ORM framework viz., the Manager’s Control Assessment (RCSA), Risk Identification (Material Risk Inventory, Key Indicators, Scenario Analysis, Internal and External Loss Analysis as well as independent Risk Assessments to provide effective oversight and challenge of first line of defense. Risk identification, analysis and assessment of current and emerging issues also requires collaborating with Specialists in other second lines of defense as relevant for individual risk types associated with the business or product. Specifically, the role will require the Operational Senior Risk Officer to:

• Proactively analyze various data sources to form an independent assessment/opinion of operational risk with prompt and effective escalation to business leadership
• Assess external Third-Party suppliers – including those which provide technology and servicing solutions
• Identify emerging operational risks by relying on monitoring of trends and mining of relevant metrics including business self-assessment, Internal Audit or Compliance reviews, Regulatory exams, internal and external loss data.
• Continuously assess, monitor, and effectively challenge Operational Risk metrics in Collections and Recovery Operations to ensure Business is taking appropriate action to establish Path to Green or effective remediation.
• Independently lead Operational Risk Independent Assurance, Control Testing, and Risk and Control framework assessments with an “anticipatory” approach vs. reacting to risk events and develop specific recommendations for the Business to action.
• Identify changes in business strategy or relevant regulations that may lead to an increase in Operational Risk with initiative-taking engagement with 1st line of defense
• Analyze horizontal Lessons Learned reports completed by the business to ensure that evidence of risk mitigation is evident where action is required
• Support USPB Scenario Analysis assessment efforts where there are active and open scenarios which require monitoring

• Challenge business proposed solutions to root causes of Operational Risk Events or control failures
• Assess business changes where improvements are required to strengthen risk identification tools
• Work as an independent partner to ensure that the business process controls mitigate risk and propose improvements to controls and/or monitoring proactively to prevent operational losses.
• Challenge business level Issues and Corrective Action Plans to ensure adequate severity level setting, reasonable target dates and effective corrective action plans.

QUALIFICATIONS

• Bachelor’s degree, Master’s degree preferred

• Work experience of 10+ years in the financial services industry with in-depth knowledge of Consumer Operations processes, including:
  • Revolving and Installment Products
  • Call Center
  • Collections
  • Loss Mitigation
  • Recovery
  • Bankruptcy
  • Third-Party Oversight – specifically Collections/Recovery outsourcing risks
• Minimum of 5 years prior experience in Risk Management (Operational or Credit) preferably in the 2nd line of defense.
• Strong understanding of US Consumer product regulations, obligations, and requirements
• Expertise and experience with business risk and control self-assessment processes (RCSA)
• Direct engagement with and routine presentation to Internal Audit function and Regulators

• Independent thought leader with focus on key operational risks which are most impactful to Consumer Collections and Recovery Operations.
• Well-versed in breaking down complex matters into core issues and root causes that can be more readily addressed including insightful analysis of relevant objective data
• Ability to identify and prioritize high impact risk issues promptly with senior leaders
• Well versed in developing innovative ideas and improving current processes to create improved effectiveness and/or efficiencies
• Ability to successfully influence without direct authority across businesses and functions
• Clear understanding and ability to articulate the processes supporting a business unit’s function, controls, issues, and risks associated with the operations to identify gaps and proactively help deliver ideas for solutions

• History of establishing an effective voice at the table of the senior most Business leaders to function as a valued and respected independent risk partner
• Adaptable to change and can navigate organizational complexity; demonstrates organizational savvy and intuition
• Effective collaborator and contributor in dynamic and shifting teams as well as virtual ones.

• Provides leadership in optimization and efficiencies in control practices for the business
• Fosters collaboration across businesses and across teams within ORM in the resolution of cross business issues
• Effectively influences and engages with business and functional managers to mitigate risks
• Thinks strategically and articulates concepts clearly considering all relevant and most viable options
• Effective planning and organization skills to ensure that individual and/or team priorities are delivered timely and are high quality
• Supports and willing to assist other priority areas across Consumer ORM coverage
• Makes well-reasoned decisions under pressure
• Open to others’ ideas or opinions and has the maturity to own mistakes to support lessons learned for future growth
• Continuously evaluates organizational design and optimizes to meet ORM needs, business objectives as well as people development
• Develops bench strength and recruits top talent in support of building high performing team

• Exceptional organizational, communication and presentation skills with ability to operate in fast-paced operating environment.
• Ability to produce and deliver high quality presentations to business leaders and/or Regulators
  • Superior writing skills in support of high-quality risk summaries which inform risk assessments and Regulatory updates, or Senior level Governance forums
• Expert proficiency MS Office applications – specifically PowerPoint and Excel

Anticipated Posting Close Date:

By Joining Citi, you will become part of a global organisation whose mission is to serve as a trusted partner to our clients by responsibly providing financial services that enable growth and economic progress. Citi has had a presence in Luxembourg since 1970, and it is a branch of Citibank Europe Plc, headquartered in Ireland.

Responsibilities:

• Regulatory Change Management and Controls: prompt identification of new or amended regulations impacting Citi activities in Luxembourg; perform impact assessment of the regulations; initiate the regulatory intake for the change management requirements and processes.
• Regulatory Inventory: Ensure that the regulatory inventory is up to date at all times, mapped to the applicable functions and business lines, along with the regulatory control framework for existing requirements.
• Management Information: Coordinate with regional and product ICRM stakeholders for escalating relevant ICRM information to local senior management.
• Compliance reviews: Perform independent testing activities to assess the design and effectiveness of key controls designed to address compliance risk.
• Credible challenge: Perform independent credible challenge on the first line of defence activities.
• Advisory role: advise the first line of defence stakeholders on any compliance related matters impacting them.
• ICRM Training: Ensuring that country elements of the ICRM global training plan are current and reflect local regulations while providing a fresh perspective on local trends and emerging regulation; ensuring that the training delivery method is tailored to the requirements of the subject matter and audience.
• Additional duties as assigned.

Qualifications:

• Demonstrated knowledge in area of Business in focus i.e. Investor Services and Issuer of securities.
• Work experience in Regulatory Compliance.
• Knowledge of EU and Luxembourg laws, rules, regulations, risks and typologies applicable to Credit Institutions.
• Strong interpersonal skills for building strong relationships with stakeholders and engaging teams
• Ability to work both independently and collaboratively and ability to navigate a complex organization.
• A proactive approach in communication, and strength in sustaining independent views
• Strong oral communication and writing skills in interacting with non-executives and executive management and across several business lines and control functions
• Must be a self-starter, flexible, innovative and adaptive
• Advanced analytical skills
• Excellent project management and organizational skills and capability to handle multiple projects at one time
• Proficient in MS Office applications (Excel, Word, PowerPoint)
• Prior experience of having worked for a large international Bank
• Proficient in English, French

Education:

• Bachelor’s degree; experience in compliance, legal or other control-related function in financial services firms, regulatory organization, or legal/consulting firm, or a combination thereof; Advanced degree a plus.

Time Type:

Responsibilities:

• Partner with multiple management teams to ensure appropriate integration of functions to meet goals as well as identify and define necessary system enhancements to deploy new products and process improvements
• Resolve variety of high impact problems/projects through in-depth evaluation of complex business processes, system processes, and industry standards
• Provide expertise in area and advanced knowledge of applications programming and ensure application design adheres to the overall architecture blueprint
• Utilize advanced knowledge of system flow and develop standards for coding, testing, debugging, and implementation
• Develop comprehensive knowledge of how areas of business, such as architecture and infrastructure, integrate to accomplish business goals
• Provide in-depth analysis with interpretive thinking to define issues and develop innovative solutions
• Serve as advisor or coach to mid-level developers and analysts, allocating work as necessary
• Appropriately assess risk when business decisions are made, demonstrating particular consideration for the firm's reputation and safeguarding Citigroup, 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.

Qualifications:

• 6-10 years of relevant experience in Apps Development or systems analysis role
• Extensive experience system analysis and in programming of software applications
• Experience in managing and implementing successful projects
• Subject Matter Expert (SME) in at least one area of Applications Development
• Ability to adjust priorities quickly as circumstances dictate
• Demonstrated leadership and project management skills
• Consistently demonstrates clear and concise written and verbal communication

• Experienced Python Developer to be part of a team working on strategic and tactical projects for the Wholesale Lending business

• Strong knowledge and development experience using Python

• Experience in python based streaming development is preferred

• Experience with any NOSQL DB preferred

• Hands on software engineer who will be writing code on a daily basis

• Experience in developing multi-tier web applications

• Experience in microservices

• Full Stack web development experience required

• Demonstrate knowledge on code quality, code performance, unit testing, and build processing in the CI/CD

• Understanding of both relational and non-relational databases

• Experience in the financial services industry preferred

• Familiarity with Windows and Linux operating systems and able to write shell & batch programs

• Ability to work independently with end users to gather requirements and design solutions

• Demonstrated Subject Matter Expert (SME) in area(s) of Applications Development

• Ability to adjust priorities quickly as circumstances dictate

• Demonstrated problem-solving and decision-making skills

• Experience in version control tools like GIT, SVN and Bitbucket

• Enthusiasm for learning and pursuing development of new skills

Education:

• Bachelor’s degree/University degree or equivalent experience
• Master’s degree preferred

This job description provides a high-level review of the types of work performed. Other job-related duties may be assigned as required.

Anticipated Posting Close Date:

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USPB DCRM Lead will provide execution oversight and support throughout the Data Concern life cycle to include:

• Serve as EDO representative / liaison for USPB
• Coordinate the DCRM program across USBO
• Engage stakeholders to ensure USPB meets all EDO DCRM requirements, deliverables,
• Disseminate EDO DCRM procedures and ensure compliance
• Provide timely communication on status, issues and roadblocks to EDO and USPB Leadership

Responsibilities:

• Serve as EDO (Enterprise Data Office) representative / liaison for USPB
• Coordinate the DCRM program across USPB
• Engage stakeholders to ensure USPB meets all EDO DCRM requirements, and deliverables
• Disseminate EDO DCRM procedures and ensure compliance
• Provide timely communication on status, issues and roadblocks to EDO and USPB Leadership

• Directs DCRM based key initiatives within the business through the collection, analysis, review, reporting, documentation and communication of business needs and requirements
• Manages resource allocation of work on key projects/initiatives
• Deals with complex and highly variable issues with substantial potential business impact
• Applies ingenuity and creativity to problem analysis and resolution in complicated and/or novel situations
• Acts as an advisor or coach to new or lower-level personnel in the business processes and procedures of the business
• Provides in-depth and sophisticated analysis with interpretive thinking to define problems and develop innovative solutions
• Influences strategic functional decisions through advice, counsel or provided services that have direct impact on the business
• Designs/analyzes complex reports to satisfy management requirements
• Uses broad discretion in developing solutions for broad-based business reporting issues
• Leads reengineering efforts in business's methodology, strategy, and organizational goals
• Applies/demonstrates advanced understanding of processes, procedures, and policies for the aligned business
• Possesses a comprehensive understanding of how own area and others collectively integrate to contribute towards achieving enterprise objectives
• Automation, controls & process efficiency mindset

Qualifications:

• 10+ years of experience, Banking or Finance industry preferred
• Experience / Certifications in Agile Methodology preferred
• Experience monitoring and managing Data Quality on an ongoing basis, including identifying and resolving issues; executing against Data Quality strategies and policies
• Communicates effectively, develops and delivers multi-mode communications that convey a clear understanding of the unique needs of different audiences; able to drive consensus, and influence relationships at all levels
• Collaborates effectively by building partnerships and working well with others to meet shared objectives
• Strong negotiation, influencing and stakeholder management skills across a variety of stakeholders at different levels
• Optimizes work processes by balancing effective / efficient processes with a focus on continuous improvement. Demonstrates ability to balance between understanding the “big picture” while paying close attention to detail
• Organizational savvy; understands systems, management processes, knows where to go for information and how to interpret them

Education:

• Bachelor's/University degree, Master's degree preferred

Anticipated Posting Close Date:

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Citi’s explains what we do, and our

POSITION OBJECTIVE

Reporting to the 2nd Line Independent Senior Operational Risk Officer who has responsibility for oversight of US Personal Banking and Cards coverage, this position works closely with 1st Line of Defense including, In-Business Operational Risk and Control Managers, as well as Independent Risk and other control functions (Compliance, Legal) in carrying out job responsibilities.

The scope of this role is focused on US Branded Cards & Lending with prime interfaces that include but are not limited to:

• Consumer Operational Risk coverage (Independent Senior Operational Risk Managers and their respective teams who cover other Products in US – e.g., Retail Bank/ Mortgage, Operations, etc.)
• Risk Category Owners (RCO) from other Citi level ORM functions such as Third Party, Fraud, Technology & Data Management, etc.
• Independent Credit Risk and Compliance Risk Management
• In-Business Risk and Control partners

Oversight & Challenge

• Foster strong working relationships with business stakeholders in support of establishing rapport and being viewed as a trusted risk resource/ advisor while maintaining and protecting the integrity of an independent, second line of defense coverage model.
• Keepabreast of latest operational risk management techniques, industry best practices and trends using an anticipatory lens.
• Lead the creation and development of risk and control related presentation materials for various governance forums (at many levels of the organization, including Internal Audit and External Regulators)
• Ensure business adherence to operational risk policies, standards, and procedures.
• Understand key or material risks which align with US Branded cards & Lending Products to ensure that the Business is operating within Risk Appetite by leveraging resources and tools to draw accurate and sound conclusions for escalation to business.
• Escalate Operational Risk events within the Business and within ORM as appropriate with thoughtful approach and insights based on use of data.

The Operational Risk Officer leverages all the core tools that are part of the ORM framework viz., the Material Risk Inventory (MRI), Key Risk Indicators monitoring process, Scenario Analysis, Manager’s Control Assessment Challenge (RCSA), Internal and External Loss Analysis as well as Independent Risk Reviews to provide effective oversight and challenge of first line of defense. Risk identification, analysis and assessment of current and emerging issues may also require working with Specialists in other second lines of defense as relevant for individual risk types associated with the business or product. Specifically, the role will require the Risk Officer to:

• Proactively analyze various data sources to form an independent assessment/opinion of operational risk with prompt and effective escalation to business leadership.
• Assess and monitor external Third-Party suppliers risk taking – including those which provide technology solutions.
• Identify emerging operational risks by relying on monitoring of trends and mining of relevant metrics including business self-assessment, Internal Audit reviews, Regulatory exams, internal and external loss data.
• Continuously assess, monitor, and effectively challenge US Branded Cards & Lending Key Operational Risks and related Key Indicators to ensure the Business is taking appropriate action to establish Path to Green or effective remediation where control failures are a driver.
• Support Operational Risk Reviews as well as Risk and Control framework assessments to proactively identify significant risks in the Business and develop specific recommendations for the Business to action.
• Monitor and identify changes in business strategy or relevant regulations that may lead to an increase in Operational Risk
• Analyze horizontal Lessons Learned reports completed by the business to ensure that evidence of risk mitigation is evident where action is required.
• Support broader US Personal Banking Scenario Analysis assessment efforts where there are active and open scenarios within the coverage remit which require monitoring.

• Challenge business proposed solutions to root causes of Operational Risk Events or control failures.
• Assess business changes where improvements are required to strengthen risk identification tools.
• Work as an independent partner to ensure that the business controls mitigate risk and propose improvements to controls and/or monitoring proactively to prevent operational losses.
• Challenge business level Issues and Corrective Action Plans to ensure adequate severity level setting, reasonable target dates and effective corrective action plans.

Qualifications:

• Bachelor’s degree in business, Finance, or another relevant field preferred

• Work experience of 7+ years in the financial services industry with deep knowledge of Cards & Lending products and prior experience in Operational Risk Management
• Well versed in breaking down complex issues and challenging root causes that can be more readily addressed and effectively remediated.
• Knowledge of business self-assessment processes (RCSA/MCA) viz. bottoms up risk assessment program experience.

• Independent thought leader with ability to effectively identify key operational risks which are most impactful to US Retail Banking and Mortgage business with an anticipatory approach.
• Ability to lead credible challenge and effectively influence and convince business to improve Controls where gaps are identified.
• Effective partner with demonstrated ability to work collaboratively across different teams, functions, and Lines of Defense.

• Exceptional organizational, communication and presentation skills
• Proficient in MS Office applications necessary for executing on job responsibilities – especially PowerPoint and Excel
• Excellent data / quantitative analysis skills
• Superior writing skills in support of high-quality risk summaries which inform presentations that feed into Operational Risk Reviews, Regulatory updates, or Governance forums.
• Demonstrated ability to prioritize, drive and manage multiple initiatives in parallel with compressed time limits.

Anticipated Posting Close Date:

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The Luxembourg Controls & Governance function is responsible for monitoring and assessing the internal controls environment of both the Luxembourg Operations teams and the Offshore Service Providers (OSPs) servicing Luxembourg Clients. As this is a senior role, you will be expected to engage with department heads across all of our businesses and the wider franchise to ensure an effective controls environment is in place to ensure excellence in delivering operational services to our internal and external clients.

Activities expected of theFunds Services Oversight Governance Managercover the following areas:

Governance of off-shored and outsourced functions:

• Ensure relevant governance documentation is in place, up to date and in compliance with applicable regulatory requirements for CSSF, ECB, EBA, etc.
• Liaise with peer Risk and Control groups to ensure corporate Governance Oversight best practice is being followed.
• Ensure that appropriate governance and oversight is executed for onshore/offshore locations and external vendors.
• Provide support to Third Party Management Forum and any updates to Luxembourg Risk and Controls Committee (BRCC) on any Offshoring activities
• Liaise with key stakeholders outside of Funds to ensure all off-shore and outsourced arrangements and migration plans are within Citi policies, influencing policy changes where necessary.
• Drive opportunities to develop and broaden the scope of the off-shored/outsourced Governance framework and review opportunities to implement the framework across the wider Luxembourg site.

Audit:

• Senior lead in the coordination of audit reviews/requests from clients, risk, compliance, Internal Audit, Regulators.
• Coordination and management of client and investor due diligence requests and visits to Citi offices.

Operational Controls:

• Review monthly MCA results through Governance Risk and Controls System (‘GRC’) and monitor the completion of any corrective actions arising from these reviews.
• Lead the monthly Risk and Control Forum.
• Co-ordinate and manage regulatory matters including notifications to regulator, regulatory visits and follow ups.
• Evaluation of Significant Control Events (e.g. negative metrics trends, operating losses and “at risk” balance, frauds) for area of responsibility.
• Participation in significant Operations Projects to provide proactive support and control evaluations (e.g. system development or major process/policy changes ensuring deficiencies/concerns are addressed prior to implementation etc.).

Client Error Reporting:

• Review and coordinate client error/incident reporting, ensuring appropriate root cause identification and preventative action.
• Agree corrective actions, assign accountability, tracking actions to closure as well as ensure appropriate updates to Citi internal controls systems.
• Create and publish control metrics - agree remediation actions based on issues / error trends.

Knowledge/Experience:

• Good understanding of Fund Administration and regional regulatory requirements is a must.
• Understand Controls, Governance and Oversight particularly in the field of Fund Administration.
• Ability to manage multiple workstreams and deliver to a high level - Project Management skills is a bonus.
• Audit experience desirable (either internal audit or practice) within financial services industry.
• Experience interfacing with external auditors and regulators.

People and Communication Skills:

• Curious, fair-minded, direct and diplomatic communication skills.
• Strong relationship management and partnership with a large array of constituents; ability to manage by influence to promote change.
• Proactive in escalating negative news to relevant parties in appropriate context but also able to point out successes.
• Ability to represent the Controls agenda in key regional governance forums including Risk Committees, Metrics Reviews, Business Control Committees and Service Reviews.

Competencies:

• Ability to juggle priorities in an environment subject to change and uncertainty.
• Demonstrate success in bringing initiatives to timely closure.
• Ability to drive and lead the introduction of complex change in a challenging environment.

Time Type:

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