GF - Cluster ORM Head - ASEAN

GF - Cluster ORM Head - ASEAN

  • Primary Location: Singapore,Singapore,Singapore
  • Education: Bachelor's Degree
  • Job Function: Risk Management
  • Schedule: Full-time
  • Shift: Day Job
  • Employee Status: Regular
  • Travel Time: No
  • Job ID: 16062001


Description

Background:
The mission of Operational Risk Management (ORM) is to create lasting solutions for minimizing losses from failed internal processes, inadequate controls, and emerging risks.
ORM accomplishes its mission by:
  • Independently assessing risk, challenging both our historical and proposed practices and working as independent partners with our colleagues to improve our processes
  • Establishing and overseeing the application of operational risk policies, technology and tools, and governance processes
  • Monitoring and assessing the effectiveness of risk mitigation tools including internal controls
  • Maintaining an enterprise-wide assessment of the most significant, current, and emerging operational risks to business activities, and ensuring appropriate actions are in place to mitigate these risks
  • Identifying, assessing, anticipating, measuring, reporting and mitigating Citi's operational risk exposure
  • Determining operational risk capital requirements and allocations a s needed, driving projects aimed at strengthening controls to enable better decision making about products and service offers
Operational Risk Managers partner with the Business (1st Line of Defense) and the  respective Chief Risk Officers (CROs) to ensure effective implementation of the ORM Framework by focusing:
    • identification, analysis and assessment of operational risks
    • effective challenge, verification and validation of key control issues and operational risks
    • anticipation and mitigation of operational risk events.
Reporting to the Regional Head of ORM, the candidate will work closely with ASEAN CCO, Business, and functions managers, to provide leadership for all aspects of ORM responsibilities.

Key Responsibilities:
  • Ensuring compliance with ORM Policy and Standards for all legal vehicles in ASEAN Region - along the following dimensions:
  • KOR/KRCI development jointly with Business, approval and monitoring process (Quarterly)
  • Develop and maintain an Independent View  of the Business  Risk Profile
  • Scenario Analysis challenge
  • Operational Risk Policy compliance
  • New Product Approval  Process (NPAC, CPAC, DPAC, Insurance and Investment Committees)
  • MCA challenge (Quarterly)
  • Reporting
  • Oversight of in business Data Quality Processes and Procedures
  • Risk Identification Analysis and Assessment:
  • Identify trends, themes, tendencies that indicate emerging operational risks
  • Proactively analyze various data sources to form an independent assessment/opinion of op risk
  • Use leading indicators and metrics to identify areas of potential and emerging risk
  • Leverage knowledge of the current economic, regulatory, and business  environment to proactively identify potential risk
  • Identify changes in business strategy, market conditions, industry trends, regulatory environment, country macro-economic factors, etc. that may lead to an increase in Op Risk
  • Work with other second line of defense functions in the identification, analysis and assessment of key operational risks as relevant for individual businesses
  • Perform Thematic Risk Assessments and reviews as required to identify risks or causes leading to significant risk events
  • Escalate operational risk events as appropriate
  • Op Loss Analysis: understand how losses were incurred, determine lessons learned, identify root causes  and use for risk mitigation activities as outlined below
  • Review and approve new product proposals/product programs as well as the sale or purchase of any business
Risk Challenge:
  • Challenge both historical and proposed practices through a variety of means e.g., op risk reviews and deep dives: new product reviews, etc.
  • Perform independent, effective challenge and oversight of the business with respect to MCA.  In particular, form an independent assessment of risks and control effectiveness; based on assessment perform independent challenge of processes, risks and controls; and challenge entity ratings as appropriate
  • Engage and coordinate with specialists from other second line of defense functions in effective challenge of businesses
  • "Frame" issues to illustrate  root causes
Risk Mitigation:
  • Drive actions to root causes that potentially can lead to op risk
  • Develop actions or, as appropriate, projects to apply lessons learned across a product, business, segment, country or region.  Coordinate with ORM colleagues to determine applicability on a global basis
  • Work as an independent partner to mitigate risk and improve processes and controls
  • Work with the business to take action to mitigate op risks before they materialize into op losses
  • Evaluate  control issues and ensure adequacy of Event Root Cause Analysis and corrective action plans
  • Make control recommendations based on thematic reviews or event root cause analysis
  • New products reviews: recommend actions or modifications to address  risks identified
Ongoing Monitoring Activities:
  • Continuously monitor and review relevant data, reports, and trends to support Operational Risk profile assessments. In particular:
  • Review op losses and MCA results quarterly
  • Review indicators and metrics on a regular basis
  • Review internal audit and regulatory findings
  • Meet with business on a regular basis
  • For those areas where potential risk has been assessed to have increased or is high, determine if a deep dive and/or specific review is required
  • Review business strategy, plan, p&l, etc. Understand business strategy and profit drivers
  • Stay informed and current on news related to financial markets/industry, segment, region, country (depending on area of coverage)
  • Take into consideration the potential impact from an op risk perspective to reevaluate the risk profile of the coverage area
  • Governance and Oversight:
  • Provide operational risk policy framework oversight for ASEAN businesses
  • Drive operational risk agenda through significant risk and control meetings such as BRCC
  • Oversee training and application of operational risk and affiliated policies (e.g., Fraud) and technology and tools (CitiRisk, EDCS)
  • Ensure comprehensive op risk reporting conforms to policy requirements
  • Manage, execute, participate as appropriate in the Scenario Analysis process
  • Facilitate adherence to Op Risk specific regulatory requirements


Qualifications

The ideal candidate will have strong leadership and communication skills, in-depth detailed knowledge on a wide range of financial products and processes, and robust understanding of local business practices and associated regulatory requirements.  Prior experience in previous roles may include but not limited to front/middle/back offices, Operations, Compliance, Audit and Risk Management.
To qualify for this position, individuals must have a minimum of 10 years of experience in risk advisory, operational risk, and/or internal control related functions within the banking sector. Ideal candidate would have at least 10 years of domain experience in Consumer or ICG banking businesses in the front, middle, and/or back office capacities.
Specific Risk Experience:
  • Strong analytical skills applicable across businesses, products and customer classes
  • Well versed in breaking down complex matters into core issues and root causes that can be more readily addressed
  • Able to eliminate chaos and confusion
  • Prioritizes high impact potential problems effectively
  • Innovative
  • Well versed in developing new ideas and improving current processes
  • Has led and/or successfully influenced cross-functional and/or geographically diverse initiatives
  • Considers broad implications of decisions on different functions and units
  • Can clearly articulate the processes supporting a business unit's function, controls, business priorities, impact on financial reporting, issues and risks associated with the IT infrastructure; understands limitations, can identify gaps and proactively help develop solutions
  • Experience in Operational Risk with knowledge of credit risk and/or market risk a plus
  • Familiarity with a wide range of businesses; understands capital markets and retail products
Strong Leadership Skills:
  • Provides leadership in optimization and efficiencies in control practices for the business as well as the resolution of cross business issues.  Engages business and functional managers to mitigate risks
  • Thinks strategically and articulates concepts clearly
  • Focuses and guides the priorities of others
  • Makes well-reasoned decisions under pressure
  • Experienced negotiator - able to identify and influence key decision makers across various levels and functions within the organization; diffuse conflict and work toward agreement
  • Acts as a leader with an understanding and appreciation for diverse backgrounds
Excellent Communication Skills:
  • Both verbal and written
  • Experienced in using active listening techniques on a consistent basis
  • Strong Presentation skills - comfortable with public speaking across various forums and be able to effectively and logically communicate when ideas are being challenged in an open forum
  • Client Relationships/Business Partnerships:
  • Navigates organizational complexity; demonstrates organizational savvy
  • Builds partnerships across functions and regions; collaborates well with others
  • Networks regularly and builds relationships across Risk disciplines and with businesses