Investment Products Risk – Senior Risk Manager - Senior Vice President
Investment Products Risk (IPR) is an independent risk management function in Citi responsible for managing the risks associated with the manufacture and distribution of investment and insurance products and services to the bank's retail clients. Investment products include products such as mutual funds, bonds, listed equities and ETFs, structured products, derivatives, alternative investments, and other capital markets products. Insurance products include credit/creditor insurance and all life and general insurance products.
IPR is also responsible for management of the two Distribution Product Approval Committees (DPACs) that review new investment and insurance products and services proposals from Citi's retail businesses. DPAC:
Responsible for reviewing and approving retail investment products and services manufactured and/or distributed by Citi to individual investors. IDPAC:
Responsible for reviewing and approving retail insurance products and services (including add-on insurance) distributed by Citi to retail clients. Objective and Job Description
The objective of the IPR Senior Risk Manager is to support a wide range of ongoing risk management and monitoring activities related to retail investment and insurance products and the DPACs. The candidate is expected to have in-depth knowledge of investment and/ or insurance products, markets, and issues that impact our clients and the firm. IPR professionals are expected to keep abreast of developments in the wealth management industry, digital innovations. macroeconomic environment, and the financial markets. The candidate will be involved in key aspects of investment/ insurance products and related businesses including, product performance analysis and ongoing monitoring.
The IPR Senior Risk Manager will report into the Asia Head of IPR. IPR is part of the Product Governance team under the Risk Governance organization. The Risk Governance function within the Chief Operating Office of Independent Risk Management is responsible for the design and implementation of firm-wide frameworks and practices that are integral and fundamental to Risk Management within Citi. The Risk Governance group is divided into 8 areas: 1) Risk Frameworks 2) Risk Policies 3) Product Approval Framework 4) Risk Identification 5) Risk Controls and Issue Management 6) Regulatory Affairs, Governance Committees & Quality Assurance 7) Strategic Analysis & Cross-Risk Initiatives and 8) Risk Headcount and Budget Management. Responsibilities:
- Assess the risks associated with new investment/ insurance product and providers, based upon product exposures and attributes, and evaluate whether they deliver outcomes that are designed to meet the objectives of Citi's clients.
- Engage with regional and country wealth management teams and regional control functions in overseeing investment/ insurance risk activities, including the development of internal training and client educational materials, and ongoing performance and periodic reviews of product programs.
- Engage in the development, review and monitoring of risk metrics for investment and insurance products and services across all retail channels, and ensure their delivery in a manner consistent with Citi's policies and standards.
- Partner closely with the businesses on the review and approval of product variations and rating requests.
- Evaluate risk tools in place to effectively identify, address and monitor risk issues with appropriate escalation. Enhance these tools with risk and business participation, as needed.
- Represent IPR at key product and digital governance committees and demonstrate both a credible challenge to, and strong influence on covered businesses.
- Identify and escalate emerging issues facing the regional covered businesses. Assess the risk and offer potential mitigations and/or solutions.
- Participate in and contribute to regulatory matters as part of business reviews and regular firm updates.
Gain a broad understanding of Citi's wealth management businesses and exposure to other product approval committees across Citi. The developmental opportunities include:
- Unparalleled organizational exposure and opportunities to interact with senior members of the Citi, including front office, risk and control professionals;
- Develop an understanding of Citi's risk and control areas and their key issues and considerations;
- Learn the key issues associated with developing new products/businesses and how to address them; and
- Gain insight into franchise risk management issues and regulatory considerations.
Knowledge and Experience:
- At least 10 + years' work experience.
- Minimum Degree or Master's degree. Advanced degree in business, finance, law or economics desirable.
- Extensive exposure to insurance and/ or investment products.
- CFA and/ or other financial professional designations would be an advantage.
Job Family Group:
- Strong communication skills - oral and written presentation; proficiency in Microsoft Office tools (Word, PowerPoint, Excel)
- Strong ethical and moral compass with the ability to make difficult decisions and communicate/document those decisions professionally
- Intellectually curious; requires use of conceptual and innovative thinking; ability to see the "big picture" without losing attention to detail
- Flexibility in thought and approach; able to introduce creative solutions and enact reasonable judgment to complex issues that have no "right" answer
- Attuned to macroeconomic, industry and regulatory events/trends
- Quantitative and analytical capabilities; modelling capabilities
- Ability to manage and influence divergent views across the organization in the absence of direct authority
- Prior experience in digitization initiatives, systems implementation, or project management would be a plus
- Ability to connect with people across geographies and functions and create and maintain strong relationships
- Open to expanding responsibilities outside of direct experience
Risk Management Job Family:
Investment Product Risk Mgmt Time Type:
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