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.
+ 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
**POSITION TITLE: Operational Risk Sr Officer I**
**HIRING MANAGER: Operational Risk Executive Group Manager – Citi Global Wealth ORM Head**
Operational Risk Management (ORM) is an enterprise level independent risk management function responsible for enterprise-wide oversight and aggregation of operational risk. Its mandate covers all business lines (PBWM, ICG, Global Functions & EO&T) spanning all geographies.
The ORM function oversees the design and implementation of the non-financial risk management framework. Key objectives of the risk management framework are:
**Operating model, staffing and culture:** Ensure the operating model across lines of defense is clear and consistent with sufficient resources, expertise, accountability and stature, and that it is enabled by structured training and awareness program to effectively manage and oversee operational risk
**Operational risk appetite:** Clearly articulate risk definitions and appetite and make sure they are aligned against the most critical business outcomes to ensure strategic relevance and application at business, country and entity levels and that Citi operates within its set risk appetite
**Control objectives and standards:** Ensure Enterprise Control Standard and controls design requirements are clearly articulated, and that control objectives and requirements are defined at appropriate risk category and sub-category levels to ensure consistent control design and effectiveness
**Operational risk and control assessments and reporting:** Oversee that Manager’s Control Assessment (MCA) is fit for purpose and is owned with full buy-in from the 1st line, and that it is supplemented by a suite of other fit-for-purpose assessments (e.g., risk category specific assessments, scenario analysis, and lessons learned). Ensure assessment results are communicated through clear reporting with thematic and actionable insights
**Strategic decision making:** Oversee that Risk Management practices, insights and tools are consistently embedded in day-to-day business processes and strategic decision-making to enable proactive issue identification and comprehensive remediation
+ Reporting to the ORM Independent Senior Operational Risk Manager covering Citi Global Wealth (CGW), the Operational Risk Sr Officer I will support oversight of Citi Global Wealth, including Trust and Banking & Lending as well as any other responsibilities assigned from time to time by the Citi Global Wealth Independent SORM or the PBWM ORM Head. These responsibilities may include focus on specific risk categories that are dominant risk exposures for Citi Global Wealth. This role also works closely with ORM SMEs like Fraud, Technology and Cyber, Data Management in both risk identification and risk appetite responsibilities.
+ The Operational Risk Sr Officer I performs the role through proactive engagement with Front Line Business Units, and through effective oversight and challenge - in formal governance forums and in day-to-day management processes. The objective is to ensure compliance with Citi’s Operational Risk Framework and policies (including Citi’s New Activity Governance Standard and Guidance) as well as to meet regulatory “Heightened Standards” for the 2nd Line of Defense.
**BUSINESS COVERAGE SCOPE & INTERFACES**
To support this role, the lead will interact directly with several key interfaces which include, but are not limited to the following:
+ PBWM CBORC Senior Operational Risk Manager and teams (1st Line Risk)
+ CGW CAO teams (1st Line Business Risk and Control), including for Trust and Lending products
+ CGW ORM Independent Senior Operational Risk Manager (ISORM) business coverage leads for global Businesses and Functions
+ ORM Subject Matter Experts (e.g., Fraud, Tech & Cyber, Data Management, Model, Third Party Risk, Processing Risk)
+ PBWM ORM Framework and Risk Program team for expertise in framework requirements, policies and procedures.
+ ORM Foundation team who leverage the Business ORM team for expertise and escalation of issues.
+ ORM CAO, Governance, Audit and Regulatory Relations team to ensure effective business management and regulatory interactions.
+ Franchise Risk Architecture Reporting team to support business risk profiling and reporting.
+ Responsible for end-to-end oversight of the operational risk for Trust and Investment Finance (Lending)
+ Evaluate and challenge 1st Line implementation of the operational risk framework and policies across Business and specific operational risk categories as relevant. Provide independent assessment of 1LOD adherence to operational risk framework requirement
+ Review and evaluate appropriateness of 1LOD risk identification, assessments at Risk Category and Business level
+ Evaluate and challenge the quality and execution of the Business control assessments and drive 1st Line efforts, as needed, to strengthen risk management, controls, and other risk mitigation efforts.
+ Escalate significant or unaddressed risk issues and control environment concerns to Business and Risk Leadership
+ Review and evaluate appropriateness and completeness of 1st line risk identification, assessments (i.e. Risk Appetite, Key Operational Risks, risk and control assessment entities and assessment units, scenario analyses, third party reviews)
+ Where necessary, conduct independent second line risk assessments (e.g., reviewing significant control breaks that impact multiple risk categories, lessons learned and near misses) and perform targeted Operational Risk Reviews
+ Validate completeness and sustainability of issue remediation for ORM Raised Issues and for qualifying Non-ORM Raised Issues
+ Review and independently challenge 1st Line proposed Product Risk Ratings across risk categories pertaining to operational risk
+ Oversee key business initiatives and changes, including new product approvals and wholesale credit risk operating model and implementation.
+ Create aggregated operational risk profile picture for the Business, using a combination of first line and independent second line assessments
+ In partnership with the 1LOD Enterprise Risk and Control function, provide the Business with operational risk guidance and advice through proactive engagement in strategic business initiatives / transactions and large remediation efforts.
+ Foster and maintain strong working relationship with the Business as a valued and respected colleague
**QUALIFICATIONS & LEADERSHIP CHARACTERISTICS:**
+ Broad and in-depth experience in operational risk management including a successful track record of evaluating complex enterprise-wide risk management programs at a large financial services organization
+ Business understanding of Citi Global Wealth products and services including fiduciary services, lending, deposits, investments through traditional or digital channels as well as of how risk management practices impact downstream decisions made
+ Track record of managing internal relationships and partnering with a range of stakeholders (e.g., business, functions) in leading sustained change and change management efforts
+ Ability to articulate sense of purpose and common vision for Risk Management
+ Well-developed listening skills and a strong ability to communicate and engage at the senior management level, both orally and in writing
+ Strong leadership skills with a proven track record of working with a diverse range of skill sets and perspectives
+ Ability to constructively challenge others at all levels and across boundaries to deliver better results
+ Continuous improvement mind-set to solve for root causes, assess impact of actions and adjust as needed; simplify and standardize at every opportunity
+ Strong communication skills – verbal and written- and ability to develop high quality executive communication materials
**EDUCATION, KNOWLEDGE, EXPERIENCE AND QUALIFICATIONS:**
+ Bachelors Degree / specialized training in risk management preferred
+ 10+ years of domain experience in Retail banking businesses and products with at least 5+ years years in 2nd line positions preferably
+ Proven subject matter expertise in Operational Risk management including controls engineering
+ Superior analytical and executive communication skills.
**Job Family Group:**
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