Citi Retail Services - Operational Risk Group Manager Job Details
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Show me jobs like this one| Employer: | Citi Group | Job Ref No: | 11048101 | Job Title: | Citi Retail Services - Operational Risk Group Manager | Sector: | Other | Sub Sector: | Other | Risk Type: | Other | Expertise: | Risk Manager | The role of Senior Operational Risk Manager (SORM) is critical and influential to Citigroup´s Risk and Business strategy. The primary function of the SORM is to focus on the Anticipation, Mitigation and Recovery of Operational Risk (OR). To enhance the Operational Risk Management (ORM) Framework and continue to reduce the level of Operational Losses, Management has decided that a dedicated In-Business Senior Operational Risk Manager will complement the current Risk and Control Organizations. The Manager will work with Independent Operational Risk Team and all levels of Management. The candidate will be the Business point person on all aspects of ORM in the Business and will supervise the execution of the ORM framework as outlined below. Key Responsibilities: Governance · Provide In-Business leadership for all aspects of Operational Risk Management. · Have a holistic risk view of Operational Risk as it pertains to Products, Functions and Regulatory requirements. · Develop In-Business Operational Risk Management procedures including roles and responsibilities and coverage for implementation of the ORM Framework (in line with Policy). · Communicate and escalate ORM related themes with In-Business Senior Management. · Coordinate with Independent ORM, CER (once model is finalized), Compliance, OT, Finance and other functional areas as needed. · Request Policy exceptions (rationale mitigation) · Ensure a focused effort to monitor and address operational, compliance, and customer service risks. · Ensure uniform implementation of operational procedures across the Business. · Identify and report operational risks as they emerge, and communicate these risks to independent ORM. · Chair the In-Business Operational Risk Committee. · Participate in approving the change control process to ensure operational risk is taken into account in each change request. · Prepare documentation of operational risk procedures, including roles and responsibilities and coverage for implementation of the ORM Framework in conformance with the requirements of the ORM Policy and the Standards. Risk Identification · Manage the Key Operational Risk (KOR) and Key Risk Indicators (KRI) development in coordination with the Independent Consumer ORM team. Regular monitoring of triggers and thresholds, escalation and actions to normalize breaches. · Re-access KORs/KRIs based on changing environment · Work with Independent Risk to jointly develop the KORs and establish their related KRIs. · Conduct a comprehensive annual risk assessment process for the Business that will include both internal and third party operational risk areas with a goal to continuously improve risk management practices and raise management awareness of risks to better inform relevant decision making. [KORs/KRIs] · Responsible for identification and reporting of operational risks as they emerge, and communication of these risks to independent ORM, who can create a comprehensive view of Citi's risks across traditionally managed businesses. Measurement · Work with independent ORM teams in ensuring that data and capital modeling are executed and used in conformance with Citi's Standards. Monitoring · Ensure that Operational Risk is delineated based on Citigroup and CBNA legal vehicle structure and governance as appropriate. · Establish In-business process risk indicators that will help Citi to identify performance anomalies. These indicators will be set by the In-business operational risk managers and will include, amongst other risks, legal, compliance and reputational risks. · Escalate risks, as needed, to the CEO of the respective Business, the In Business CRO, and to Independent Risk. Data Capture / Data Quality · Ensure that Business Operational Risk data quality is satisfactory and coordinate with the Consumer Segment Finance team. · Ensure completeness, accuracy, and consistency of Event Data in accordance with Citi's ORM Data Quality Standards. · Ensure compliance with ORM Policy and attest to the integrity of internal event data within 25 calendar days of quarter end. · Identify known weaknesses, gaps or inconsistencies in operational risk data quality and ensure there are appropriate plans to address any shortcomings. · Document comprehensive coverage of loss capture and reporting requirements by specifying key roles, responsibilities, and authorities across the Segment's businesses, products, regions, and functions, for the collection, review, approval, attestation, preparation of capital frequency adjustments, and quality assurance of Event data. Reporting · Ensure that a quarterly comprehensive operational risk report that meets Policy requirements is prepared, used, and provided to the Global Head of ORM. · Review monthly Event Data Capture System (EDCS) Events with a gross loss or gain amount of at least $250,000 and drive anticipation, mitigation and recovery activities, if needed. · Receive operational risk quality reports from the business operations groups, and operational risk quality assurance reports from the In-Business risk management group. Management · Attend quarterly Business Risk, Compliance and Control Committee ("BRCC") (or equivalent forums) to discuss Segments' operational risk profile. · Present KORs and their related KRIs at the BRCC ( or equivalent forum) ORM Analysis · Establish a framework (procedures) that anticipates, mitigates risk, jointly defined with Independent ORM. · Work with Independent ORM on emerging risks and scenarios unique to the Business. · Follow-up with key stakeholders to provide oversight of corrective action plans (CAPs) to address ORM analyses requirements, as well as ensure all CAPs are entered into iCAPs. ORM Classification · Classify processes or products as per standards in coordination with Independent ORM · Notify Global Head of ORM of any product, process or situation from which material ORM losses may arise. · Ensure and report on timely closure of all classification related CAPs. · Ensure Quarterly Classified Process Reports (CPRs) are prepared by the process owner. ORM Recovery · Establish a recovery process, jointly defined with Independent ORM. · Take prompt action to develop and execute a recovery plan for losses in excess of $1 million. · Ensure that a recovery plan is completed and approved in accordance with the Citi ORM Recovery Standards. · Approve and advise of all losses ≥ $1 MM < $10 MM. · Communicate the status of the recovery effort to the unit that bears the loss and to the appropriate Independent Senior Operational Risk Manager. · Ensure collection in EDCS of certain potential losses subject to mitigation actions. All new hires are subject to work eligibility verification via the DHS E-Verification system Knowledge of the following : The ideal candidate will have 15 years of Consumer and Commercial Banking in a complex Financial Organization with significant experience in Risk (Operational Risk, Credit Risk, Market Risk, ARR, CER, and Financial Controllership). International experience would be a plus. The role will require a holistic approach to risk management. Expertise in the following would be beneficial: · Investments and Insurance Sales and Controls, or · Financial Control (GL and Reconciliations), or · Operations and Systems (Information Security Standards, Vendor/Outsourcing Management and RCSA, or · Commercial Risk · Compliance · Various Consumer Products and Functions
| Employment Type: | Full Time | Region/Country: | Americas, United States | City: | Atlanta | Address: | Post Date: | 02/10/2012 |
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