Operational Risk Senior Officer, Senior Vice President
The Operational Risk Sr Officer I is a strategic professional who closely follows latest trends in own field and adapts them for application within own job and the business. Typically a small number of people within the business that provide the same level of expertise. Excellent communication skills required in order to negotiate internally, often at a senior level. Developed communication and diplomacy skills are required in order to guide, influence and convince others, in particular colleagues in other areas and occasional external customers. Accountable for significant direct business results or authoritative advice regarding the operations of the business. Necessitates a degree of responsibility over technical strategy. Primarily affects a sub-function. Responsible for handling staff management issues, including resource management and allocation of work within the team/project. Responsibilities:
- Establishes and oversees the application of operational risk policies, technology and tools, and governance processes to create lasting solutions for minimizing losses from failed internal processes, inadequate controls, and emerging risks.
- independently asses risks and drive actions to address the root causes that persistently lead to operational risk losses by challenging both historical and proposed practices.
- Governance and oversight may include (not limited to) technology operational risk, cyber risk for example.
- Serves as a subject matter expert for all performance issues that surface.
- Issues Management (KPI/KRI/Corrective Action Plans)
- Resolves transactional level escalations coming from the vendor or internal partners
- Analyzes a multitude of scorecards/performance management tools in an attempt to mitigate exposure (risk/financial/regulatory)
- Monitors goals are met through performance, risk and relationship oversight of our extended supply chain and ensures compliance
- Collaborates to resolve any issues which fall within the terms of the contract. Escalate those that require commercial or legal support.
- Develops and maintains relationships across the business users and Lines of Defense to better understand and deliver customer requirements by responding to changes in the internal and external business environment
- 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.
- 10+ years relevant experience
- Outstanding communication and influencing skills through all levels of the organization and with external partners and vendors. Exceptional relationship management skills; must be able to address and resolve conflict while maintaining relationships. In depth knowledge of Mortgage Servicing Operational processes and technology platforms supporting the Operations. Ability to effectively communicate complex topics to a broad audience.
- Detailed oriented with analytical skills, as the role requires a large amount of data manipulation and presentation. Expert in Microsoft Office Tools.
- Third Party Oversight/Vendor Oversight experience preferred
- Bachelor's/University degree, Master's degree preferred
The Senior VP - Operational Risk Management would be responsible for,
Governance & Oversight
-Represent Hong Kong ORM and drive ORM agenda at senior level governance forums such as BRCCs, RCSA meetings and other Business Review forums as well as senior management meetings with Regulators or IA.
-Ensure business adherence to operational risk policies and standards.
-Execute responsibilities articulated in the ORM Policy for independent operational risk manager.
-Ensure high quality RCSA / MCA Program execution by the Business and effective challenge of both Risk Assessment and contributing factors.
-Ensure linkage of all tools or parts of the ORM framework used for management of Operational Risk and ensure tangible evidence across 1st and 2nd line risk management of the continuous feedback loop across RCSA / MCA, KOR and KI process, Scenario Analysis and Loss Analysis.
-Facilitate adherence to Op Risk specific regulatory requirements and lead responses for inquiries raised within Internal Audits or Regulatory Exams specific to coverage areas and/or historical RCSA / MCA Independent Challenge results across Hong Kong ORM to include summary response letters and/or presentation materials.
-Lead Independent Challenge activities based on coverage area to ensure timely, consistent, and comprehensive execution per the RCSA / MCA Standards & Procedures with communication of results to business leaders as well as Global ORM RCSA / MCA Program team
-Produce Hong Kong and Asia level RCSA / MCA related materials and Risk Profile reporting as necessary for various governance forums such as Business Risk Reviews and Business Risk Compliance and Control Committees as well as for meetings with important stakeholders like the Regulators, 3rd Line of Defense and senior management
-Monitor and maintain inventory of RCSA / MCA Governance Entity (MGE), and Assessment Unit (AU) changes, deviations and exceptions in Independent Challenge and Annual Risk Assessment (ARA) and Quarterly Risk Assessment (QRA) execution, and audit trail of Challenge completion and ORM sourced issues opened
-Engage with Global MCA team on all MCA Program updates and provide clear communication and guidance to Asia management on key Program updates, deliverables and actions.
Risk Identification Analysis and Assessment:
-Identify trends, themes, tendencies that indicate emerging operational risks by relying on mining trends in relevant metrics, loss data and external events. Effectively communicate learnings to Business in order to drive necessary responses and action.
-Proactively analyze various data sources to form an independent assessment/opinion of op risk.
-Identify changes in business strategy, market conditions, industry trends, regulatory environment, macro-economic factors etc. that may lead to an increase in Op Risk
-Analyze losses in the Business to understand how losses were incurred, determine lessons learned, identify root causes and make recommendations for risk mitigation
-Lead RCSA /MCA related risk assessment challenge activities for Hong Kong entities to include MGE Completeness and Accuracy, Standard Profiles assessments (i.e. EMP/SMP), Quarterly MGE/AU ratings overrides challenge and Quarterly Continuous Monitoring challenge.
-Review and challenge the Operational Risk Appetite and Key Indicators for Hong Kong Legal vehicles.
-Participate in the ICAAP process and review the stress testing results performed by the First Line.
-Drive solutions to root causes that potentially can lead to op risk
-Work as an independent partner to mitigate risk and improve processes and controls so as to take action before risks materialize into op losses.
-Evaluate control issues and ensure adequacy of Event Root Cause Analysis and corrective action plans
-Prompt escalation of control failures based on monitoring and implementation of corrective action plans where required to strengthen internal RCSA / MCA framework
Ongoing Business Monitoring Activities
-For those areas where potential risk has been assessed to have increased or is high, or there has been a significant recent loss, determine if a deep dive and/or specific review is required.
-Continuously monitor and review relevant data, reports, and trends to develop and maintain an Operational Risk profile assessment for the Business.
-Review op losses (including external / industry events) and RCSA / MCA results (execution quality and ratings) quarterly
-Stay informed and current on news related to financial markets/industry, segment, region, country as relevant. Consider the potential impact from an op risk perspective to reevaluate the risk profile of the coverage area
-New Product Approval Process (CPAC, DPAC) participation and input as required
-Participation and oversight of BRCC (or equivalent forum) effectiveness as well as contribution of ORM agenda items
-RCSA / MCA Program oversight, execution, and challenge
Knowledge / Experience
-Work experience of 10+ years in a leading Financial institution
-Subject matter expert, and seasoned practitioner, in application of all pillars of operational risk management framework with firsthand experience of effective challenge across risk identification, monitoring, mitigation, measurement, and Risk Appetite including RCSA / MCA, Risk Appetite, Data Quality and Stress Testing.
-Experience in TTS and Wealth Management will be preferred
-Strong analytical and conceptual skills .
-Well versed in breaking down complex matters into core issues and root causes that can be more readily addressed.
-Able to prioritize high impact potential problems effectively.
-Innovative and independent thought leader.Well versed in developing new ideas and improving current processes.
-Ability to successfully influence without authority across functions and geographies..
Strong Leadership Skills:
-Fosters collaboration across businesses and across teams within ORM in the resolution of cross business issues.
Excellent Communication Skills:
-Both verbal and written - particularly well versed in executive level communication
-Proficient in MS Office applications necessary for executing on job responsibilities.
-Excellent quantitative analysis skills
-Superior writing skills with the ability to direct and oversee development of high-quality policy / procedure documentation Job Family Group:
Risk Management Job Family:
Operational Risk Time Type:
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