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Primary Location: United Kingdom,Northern Ireland,Belfast
Education: Bachelor's Degree
Job Function: Risk Management
Shift: Day Job
Employee Status: Regular
Travel Time: No
Job ID: 19035811
This role is on a team that provides oversight and risk management coverage for the ICG Management Segment, specifically coverage for ICG Operations. This team reports to the Global Head of ICG ORM, and works closely with In-Business Risk Management and Control and the ORM Business Coverage teams that cover global products.
ORM Framework Implementation Development and Oversight Responsibilities Operational Risk's primary responsibility is to ensure that Citi has an effective operational risk framework in accordance with BASEL AMA Sound Practices. The Business Coverage team interacts with the ORM Foundation Team to execute on this responsibility by:
Providing input into operational risk framework program and policy development Facilitating adherence to Op Risk specific regulatory requirements through proper usage of tools and participation in programs (e.g Scenario Analysis) Championing usage of tools for risk management purposes with the business as well as challenging their tool usage Acting as an escalation point to senior management for framework implementation deficiencies and general navigation of the organization Articulating requirements for tool enhancement and creation Participating in delivering operational risk framework training
Business Risk Management Responsibilities:
Governance & Oversight
Meet with business management leadership on a regular basis and build stature and strong relationships to be a valued and respected partner.
Represent Operational Risk at governance meetings such as Risk and Control Meetings
Escalate operational risk events as appropriate
The candidate will also provide credible challenge and oversight of ICG Ops Utility functions (e.g. Reconciliations Unit, Regulatory Reporting, ISG) from a global coverage perspective.
Risk Identification Analysis & Assessment:
Work with other second line of defense functions in the identification, analysis and assessment of operational issues and emerging risks as relevant for individual businesses
Identify trends, themes, tendencies that indicate emerging operational risks:
Proactively analyze various data sources to form an independent assessment/opinion of operational risk
Use leading indicators and metrics to identify areas of potential and emerging risk
Leverage knowledge of the current economic, regulatory, and business environment to proactively identify potential risk and develop specific recommendations for the Business to action
Identify changes in business strategy, market conditions, industry trends, regulatory environment, country macro-economic factors, etc. that may lead to an increase in Op Risk
Op Loss Analysis: understand how losses were incurred, determine lessons learned, identify root causes and use for risk mitigation activities as outlined below
Drive solutions to root causes that potentially can lead to op risk
Develop actions or, as appropriate, projects to apply lessons learned across a product, business, segment, country or region.
Work as an independent partner to mitigate risk and improve processes and controls
Work with the business to take action to mitigate op risks before they materialize into op losses
Evaluate control issues and ensure adequacy of Event Root Cause Analysis and corrective action plans
Make control recommendations based on Operational Risk Event reviews or root cause analysis and ensure CAPs developed and implemented
Ongoing Monitoring Activities:
For those areas where potential risk has been assessed to have increased or is high, determine if a deep dive and/or specific review is required. Continuously monitor and review relevant data, reports, and trends to support Operational Risk profile assessment. In particular, operational risk events, indicators, assessment and audit results, business strategy, etc. Stay informed and current on news related to financial markets/industry, segment, region, country (depending on area of coverage). Take into consideration the potential impact from an op risk perspective to re-evaluate the risk profile of the coverage area.
As this role will be based in Belfast it will be the primary coverage person for EMEA ICG MSS Operations with particular focus on the Belfast operations hub, which houses a significant element of MSS Global Operations. This role will also be an Ops SME available to ORM EMEA to give team members help and guidance.
This role has a matrix reporting line to the Global Head of ICG Operations Coverage.
Strong understanding of Operational Risk Management framework and capital considerations
Strong understanding of Markets and Securities Services Operations processes and respective industry best practices in Operations.