Senior Compliance Officer - Regulatory Inventory and Regulatory Change Management

  • Competitive
  • London, England, United Kingdom
  • Permanent, Full time
  • Citi
  • 24 May 19

Senior Compliance Officer - Regulatory Inventory and Regulatory Change Management

  • Primary Location: United Kingdom,England,London
  • Education: None
  • Job Function: Compliance and Control
  • Schedule: Full-time
  • Shift: Day Job
  • Employee Status: Regular
  • Travel Time: No
  • Job ID: 18061746


Description

Job Purpose:

Independent Compliance Risk Management (ICRM) is a global organization of over 2,400 professionals cov-ering Citi's global businesses striving to be the best for our clients. ICRM  facilitates responsible finance with objectives to i) Drive and embed a risk culture throughout the organization; ii) Maintain a framework that provides reasonable assurance and facilitates firm-wide compliance with local, national, or cross-border laws, rules, regulations, Citi's internal policies and procedures, and relevant standards of conduct; and iii) Protect Citi's reputation by managing compli-ance risk across products, business lines, and geogra-phies, supported by globally consistent systems and processes.

Compliance Risk is defined as the risk arising from violations of, or non-conformance with, local, national, or cross-border laws, rules, or regulations, Citi's inter-nal policies and procedures, and relevant standards of conduct.
The UK Head of Regulatory Inventory and Change Management (RICM) is responsible for executing and coordinating the end-to-end RICM process with re-spect to Citi's UK franchise.

This includes overseeing the identification, manage-ment and thorough implementation of new and chang-ing regulations affecting the UK, across all products, functions and legal entities, notably including Citigroup Global Markets Ltd. and Citibank NA London Branch.

This necessarily entails working with stakeholders from all products, functions and lines of defence to ensure that necessary priority and appropriate subject matter expertise is engaged, and that Citi's holistic approach to managing regulatory risk embodies our mission to be the business and to be the best for our clients.


Job Background/Context:

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Our core activities are safeguarding assets, lending money, making payments and accessing the capital markets on behalf of our clients.

Citi's Mission and Value Proposition explains what we do and Citi Leadership Standards explain how we do it. Our mission is to serve as a trusted partner to our clients by responsibly providing financial services that enable growth and economic progress. We strive to earn and maintain our clients' and the public's trust by constantly adhering to the highest ethical standards and making a positive impact on the communities we serve. Our Leadership Standards are a common set of skills and expected behaviours that illustrate how our employees should work every day to be successful and strengthens our ability to execute against our strategic priorities.

Diversity is a key business imperative and a source of strength at Citi. We serve clients from every walk of life, eve-ry background and every origin. Our goal is to have our workforce reflect this same diversity at all levels. Citi has made it a priority to foster a culture where the best people want to work, where individuals are promoted based on merit, where we value and demand respect for others and where opportunities to develop are widely available to all.

Key Responsibilities:

  • Manage Citi's requirements under the Regulatory Inventory and Regulatory Change Management process for the UK franchise, products, functions and legal entities.
  • Coordinate with product and function-aligned colleagues across all lines of defence to work towards the implementation of effective processes, procedures and controls in order to adhere to key regulatory requirements.
  • Advise products, functions and ICRM colleagues on established policies and procedures and monitor and assess their adequacy.
  • Regulatory Change Management and Regulatory Inventory:
    - Identify regulatory new and changing requirements, applicable across the Citi franchise, both from tradi-tional UK and EU financial services regulatory authorities, and a number of non-traditional legislative bod-ies (including but not limited to the UK Information Commissioner's Office; the UK Takeover Panel; and UK governmental departments such as Her Majesty's Treasury (HMT) and Her Majesty's Revenue and Cus-toms (HMRC);
    - Review or conduct materiality assessments on identified regulatory requirements;
    - Communicate with stakeholders across multiple lines of defence to ensure an holistic approach to regulatory implementation; raise awareness around both emerging areas of elevated regulatory risk identified by the Regulatory Change Management program, and of the criticality of the program itself;
    - Coordinate and chair Regulatory governance group meetings, including documentation of meeting outputs;
    - Monitor the implementation of regulatory controls and processes, and escalate cases where implementa-tion is challenged, off-track, or likely to lead to non-compliance;
    - Update the Regulatory Inventory for the UK with applicable regulatory requirements, in line with global pro-cess standards;
  • Prepare reports for UK Senior Managers on themes and trends emerging with respect to regulatory readiness, and serve as a point of central escalation;
    - Work with ICRM and other colleagues to ensure that critical information is available to the relevant Boards, Audit Committees and other Management Bodies of the UK's Major Legal Entities (notably Citigroup Global Markets Ltd (CGML); Citibank N.A. (CBNA) London Branch; Citibank Europe plc (CEP) UK branch; as well as other regulated entities
  • Assist colleagues in the Office of the Chief Compliance Officer for Regulatory Inventory and Regulatory Change Management (RCIM) to further the development and evolution of the RCIM process and ensure its robust execu-tion within the UK
  • Work closely with colleagues supporting the CEP and Citigroup Global Markets Europe (CGME) legal entities in Dublin and Frankfurt respectively to ensure a joined-up approach to regulatory change management and imple-mentation across the EU throughout and beyond the process of the UK's withdrawal from the European Union
  • Support the UK Chief Country Compliance Officer (CCCO) to support and promote a strong culture of compliance across the UK franchise as a whole, including particular sensitivity to emerging regulatory risk and the changing face of the UK regulatory landscape
  • Work with colleagues in Legal and elsewhere to stay abreast of political, regulatory and industry trends relating to the UK's withdrawal from the European Union; ensure that regulatory changes and implementations affecting the UK, whether aligned with the European Union regulatory program or not, are robustly managed in a way that con-tributes to a no-surprise culture within the UK franchise

Development Value:

The function will give the opportunity to develop as a Senior ICG ICRM Officer in local and international regulatory and ICRM questions in the UK at a critical juncture in the UK's political and regulatory history. It will also offer the oppor-tunity of acting as a prime contact to various professional counterparts in the businesses, regulatory authorities, audi-tors and support functions. The Senior ICRM Officer will act as a major local advisor and specialist on regulatory mat-ters across a multitude of disciplines and with respect to senior stakeholders from all areas within the UK franchise.

Qualifications


  • College/university education preferred with an ex-ceptional working track record will also be deemed important.


Competencies:
  • Network management skills to take responsibility to lead/manage in a multi-dimensional business environment
  • Strong understanding of the UK regulatory bodies (Finan-cial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA) in particular)
  • Competence with respect to English Law and the mecha-nisms underpinning the adoption of UK financial services regulation (both with respect to the current status quo, and with the UK's likely future outside the EU in mind)
  • Well-structured working method, analytical skills
  • Sense of responsibility and accuracy
  • Team-player and self-starter
  • Very good verbal and written communication
  • Proactive attitude
  • Flexibility and high motivation
  • Work effectively across countries and regions


Experience/Knowledge:

  • Extensive industry experience with a background in Compliance, Risk or Audit, preferably gained in an international financial institution with strong UK regulatory experience
  • In-depth understanding of Compliance, audit methodology, risk and control analysis
  • Very good knowledge of Citi's products, process-es, procedures and regulations
  • Experience in leading projects or relevant parts of a project
  • Experience with senior-level governance bodies and proven track records in challenging senior stakeholders

Skills:

  • Strong oral and written communication / negotiation skills, with the proven ability to influence opinion, articu-late/substantiate positions and defend these if challenged by senior business management
  • Strong ability to manage and facilitate work projects both on the ground and with remote units
  • Accuracy and attention to detail
  • Strategic and goal-oriented focus
  • Unwavering commitment to co-operative and collabora-tive working
  • Strong project management and presentation skills

Exceptional candidates who do not meet these criteria may be considered for the role provided they have the necessary skills and experience.

Valuing Diversity:

Demonstrates an appreciation of a diverse workforce. Appreciates differences in style or perspective and uses differences to add value to decisions or actions and organisational success.

Citi is an Equal Opportunities Employer