Job Description:Product Risk Governance - AP PAC Analyst
Background:
The new product approval (NPA) process is an integral part of Citi's Risk Management providing robust diligence, review and approval of new products and services as part of the end-to-end product lifecycle.Citi's NPA process considers both the diligence for approval and the requirements for on-going controls and management over the life of the product or service.
Citi's NPA process helps to ensure that all new or modified products and services undergo a transparent, consistent, rigorous, documented and auditable review and approval process for the identification and evaluation of significant risks to Citi and its clients.Oversight of Citi's product approval committees (PACs) falls under the management of the Product Risk Governance.PACs offer an efficient forum for risk issues to be evaluated in the presence of the business and other control functions.
PACs consist of three committees organized by businesses covering the Global Consumer Bank (GCB), the Institutional Clients Group (ICG) and Citi Commercial Bank (CCB).The firm's senior management and regulators require that there be an organized process to critically review all new proposed products and services for all business within Citi.
The Product Risk Governance is part of the Risk Governance organization functioning within the Chief Operating Office of Independent Risk Management which 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 10 areas:1) Risk Frameworks & Risk Identification, 2) Risk Policies, 3) Product Risk Governance, 4) Risk Controls and Issue Management, 5) Regulatory Affairs, Governance Committees & Quality Assurance, 6) Strategic Analysis & Cross-Risk Initiatives, 7) Risk Learning and Development, 8) Program Governance, 9) Risk Management Reporting, and 10) Risk Headcount and Budget Management.
Description:
This position is an analyst supporting all the PACs: New Product Approval Committee (NPAC) which cover the ICG, the Commercial Bank Product Approval Committee (ComPAC) which covers the CCB, the Consumer Product Approval Committee (CPAC) which covers the GCB.
NPAC oversees the end-to-end process for approval and implementation of all new products, services and complex transactions originated by the ICG Businesses.The objectives of NPAC are to ensure that significant risks in a new ICG product and service of complex transaction are identified and evaluated from every relevant perspective, are determined to be appropriate for ICG, Citi and its clients, are properly recorded for risk aggregation purposes, and are effectively controlled and have all accountabilities in place.ComPAC reviews new products or services and complex transactions manufactured or provided by the CCB (or by third parties) for distribution to CCB clients.
NPAC and ComPAC offer an efficient forum for risks and issues to be evaluated in the presence of the business and other control functions.Their membership consists of senior representatives from Legal, Risk Management, Compliance, Finance, Operations, Technology and Legal Entity Management. Beyond approval of initiatives, NPAC and ComPAC also cover requirements for on-going controls and management over the life of the product or service.
The candidate will work with the Asia Pacific head for Product Governance and PAC teams. The candidate will be actively engaged in work streams that are part of the ongoing process and re-engineering initiatives at the Asia Pacific regional level. Central to this role will be the ability to collaborate and work across various business and control function stakeholders.
Key Responsibilities:
- Work with AP chair and coordinators of Asia Pac NPAC, ComPAC and CPAC to support the processes and associated responsibilities in adherence to the Citi Product Approval Policy, the NPAC, ComPAC, and CPAC Standard.
- Review materials prepared for submission to NPAC, ComPAC and CPAC ensuring completeness as per the NPAC, ComPAC and CPAC Standards.
- Attend to NPAC and ComPAC administration including scheduling NPAC, ComPAC, and CPAC reviews, monitoring NPAC, ComPAC and CPAC pre- and post-launch conditions for completion, and maintaining NPAC, ComPAC and CPAC membership and delegate lists.
- Ensure that formal documentation is maintained, including pre- and post-launch conditions, reports and metrics of NPAC, ComPAC and CPAC proceedings and decisions.
- Provide support on various projects and initiatives as to process reengineering.
- Research, synthesize, and present topics related to regional product risk governance approvals, trends and emerging risks; summarize findings in succinct PowerPoint presentations and written reports for very senior audiences.
- Prepare presentations for senior management and training.
- Produce monthly and ad hoc reports and presentation materials of the highest quality; engage with counterparts in other control functions, business segments, and countries for clarification and/or explanation of ambiguous or missing inputs.
- Produce critical and time-sensitive deliverables for Internal Audit and regulators.
- Ensure relevant controls are performed as required, and provide evidence to support MCA monitoring processes, internal audit reviews.
Development Value:
- The position provides the opportunity to have a "seat at the table" when new, innovative and complex activities are initiated across the ICG, CCB and GCB Asia Pac.
- The role provides unparalleled firm-wide exposure and opportunities to interact with senior colleagues across all the front office businesses and functions (including Risk Management, Legal, Compliance, Finance, Operations and Technology), across all the geographies in Asia Pacific.
- Enhanced business contacts and the opportunity to form working relationship across Citi.
Qualifications:
- Bachelors Degree. Advanced Degree in business, finance, law or economics a plus.
- 3-5 years of relevant work experience
Skill Set:
- Detail oriented. Excellent organizational skills, ability to multi-task and identify key issues. Able to manage multiple proposals concurrently that are often different in subject and urgency.
- Excellent communication skills and strong interpersonal skills while working across multiple geographies, businesses and functions.
- Good team player while working independently to bring tasks to completion.
- Ability to produce quality output timely and accurately with minimal supervision.
- Strong data management and presentation preparation skills. Ability to work closely with data extraction, report generation and analysis then showcase it into presentations for audience of different levels.
- Product knowledge over a broad set of asset classes and transactions (e.g. Equities, Commodities, FX, Rates, Structured Products, Private Equity, eCommerce, Cash Management, Trade Finance, and Custodial Services) is a plus but not necessary.
- Basic understanding of different risk types, e.g. market risk, credit risk, operational risk, liquidity risk, franchise risk, legal risks and regulatory risks is a plus but not necessary.
Primary Location: Hong Kong
Grade/Level: Up to C12 (Assistant Vice President)
Job Family Group:
Risk Management
Job Family:
Underwriting & Distrib Risk
Time Type:
Full time
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