Operational Risk Director Operational Risk Director …

Citi
in Sydney, New South Wales, Australia
Permanent, Full time
Be the first to apply
Competitive
Citi
in Sydney, New South Wales, Australia
Permanent, Full time
Be the first to apply
Competitive
Citi
Operational Risk Director
Key Responsibilities

Ensuring compliance with ORM Policy and Standards in country - along the following dimensions:
  • Develop and maintain an Independent View of the Business Risk Profile.
  • Application of Scenario Analysis at a country level as appropriate
  • Operational Risk Policy compliance attestation (Annual)
  • New Product Approval Process (CPAC , DPAC, Insurance and Investment Committees)
  • MCA challenge (Quarterly)
  • Reporting
  • Oversight of in business Data Quality Processes and Procedures


Risk Identification Analysis & Assessment:
  • Identify trends, themes, tendencies that indicate emerging operational risks:
  • Proactively analyze various data sources to form an independent assessment/opinion of op 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
  • 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
  • Work with other second line of defense functions in the identification, analysis and assessment of key operational risks as relevant for individual businesses
  • Escalate operational risk events as appropriate
  • Op Loss Analysis: understand how losses were incurred, determine lessons learned, identify root causes and use for risk mitigation activities as outlined below
  • Review and approve new product proposals/product programs as well as the sale or purchase of any business


Risk Challenge:
  • Challenge both historical and proposed practices through a variety of means e.g., op risk reviews and deep dives: new product reviews, etc.
  • Perform independent, effective challenge and oversight of the business with respect to MCA. In particular, form an independent assessment of risks and control effectiveness; based on assessment perform independent challenge of processes, risks and controls; and challenge entity ratings as appropriate
  • Engage and coordinate with specialists from other second line of defense functions in effective challenge of businesses
  • "Frame" issues to illustrate root causes


Risk Mitigation:
  • 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. Coordinate with ORM colleagues to determine applicability on a global basis.
  • 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 thematic reviews or event root cause analysis
  • New products reviews: recommend actions or modifications to address risks identified


Ongoing Monitoring Activities:
  • Continuously monitor and review relevant data, reports, and trends to support Operational Risk profile assessments. In particular:
  • Review op losses and MCA results quarterly
  • Review indicators and metrics on a regular basis
  • Review internal audit and regulatory findings
  • Meet with business on a regular basis. 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.
  • Review business strategy, plan, p&l, etc. Understand business strategy and profit drivers
  • 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 reevaluate the risk profile of the coverage area


Governance & Oversight:
  • Provide operational risk policy framework oversight for Franchise businesses
  • Drive operational risk agenda through significant risk and control meetings such as BRCC
  • Oversee training and application of operational risk and affiliated policies (e.g., Fraud) and technology and tools (CitiRisk, EDCS)
  • Ensure comprehensive op risk reporting conforms to policy requirements
  • Manage, execute, participate as appropriate in the Scenario Analysis process
  • Facilitate adherence to Op Risk specific regulatory requirements


The ideal candidate will have strong leadership and communication skills, in-depth detailed knowledge on a wide range of financial products and processes, and robust understanding of local business practices and associated regulatory requirements. Prior experience in previous roles may include but not limited to front/middle/back offices, Operations, Compliance, Audit and Risk Management.

To qualify for this position, individuals must have a minimum of 10 years of experience in risk advisory, operational risk, and/or internal control related functions within the banking sector. Ideal candidate would have at least 7 years of domain experience in banking businesses in the front, middle, and/or back office capacities.

Specific Risk Experience:
  • Strong analytical skills applicable across businesses, products and customer classes.
  • Well versed in breaking down complex matters into core issues and root causes that can be more readily addressed.
  • Able to eliminate chaos and confusion. Prioritizes high impact potential problems effectively.
  • Innovative. Well versed in developing new ideas and improving current processes.
  • Has led and/or successfully influenced cross-functional and/or geographically diverse initiatives.
  • Considers broad implications of decisions on different functions and units.
  • Can clearly articulate the processes supporting a business unit's function, controls, business priorities, impact on financial reporting, issues and risks associated with the IT infrastructure; understands limitations, can identify gaps and proactively help develop solutions.
  • Experience in Operational Risk with knowledge of credit risk and/or market risk a plus.
  • Familiarity with a wide range of businesses; understands capital markets and retail products.


Strong Leadership Skills:
  • Provides leadership in optimization and efficiencies in control practices for the business as well as the resolution of cross business issues. Engages business and functional managers to mitigate risks.
  • Thinks strategically and articulates concepts clearly.
  • Focuses and guides the priorities of others. Makes well-reasoned decisions under pressure.
  • Experienced negotiator - able to identify and influence key decision makers across various levels and functions within the organization; diffuse conflict and work toward agreement.
  • Acts as a leader with an understanding and appreciation for diverse backgrounds.


Excellent Communication Skills:
  • Both verbal and written.
  • Experienced in using active listening techniques on a consistent basis.
  • Strong Presentation skills - comfortable with public speaking across various forums and be able to effectively and logically communicate when ideas are being challenged in an open forum.


Client Relationships/Business Partnerships:
  • Navigates organizational complexity; demonstrates organizational savvy.
  • Builds partnerships across functions and regions; collaborates well with others.
  • Networks regularly and builds relationships across Risk disciplines and with businesses.


Job Family Group:
Risk Management

Job Family:
Operational Risk

Time Type:

Citi is an equal opportunity and affirmative action employer.

Qualified applicants will receive consideration without regard to their race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.

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