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Senior Officer of Operational Risk Management for Global Functions

2 months ago

Irving, Texas, United States Citigroup Inc Full time

This position is part of a dedicated team responsible for providing oversight and comprehensive risk management for Global Functions. The role involves supporting the Manager's Control Assessment (MCA) and contributing to various elements of the Operational Risk Management framework.

The selected candidates will report to the Lead of Independent Compliance Risk Management (ICRM), who in turn reports to the Head of Operational Risk Management for Global Functions Oversight/COO. These professionals play a crucial role in collaborating with functional management, including in-Business Risk Management and Control teams, as well as control partners.

Responsibilities in ORM Framework Development and Oversight

The primary duty of Operational Risk is to ensure that Citigroup maintains an effective operational risk framework. The Global Functions ORM collaborates with the ORM Foundation Team to fulfill this responsibility by:

  • Evaluating MCA activities, processes, risks, controls, and monitoring; assessing inherent and residual risks; conducting quarterly and annual risk evaluations.
  • Contributing to the development of operational risk framework programs and policies.
  • Ensuring compliance with operational risk-specific regulatory requirements through appropriate tool usage and participation in programs (e.g., Scenario Analysis).
  • Promoting the use of risk management tools within the business while also scrutinizing their application (e.g., control reporting in GRC, Lessons Learned).
  • Serving as an escalation point for senior management regarding deficiencies in framework implementation and organizational navigation.
  • Defining requirements for tool enhancements and new tool creation.
  • Participating in the delivery of operational risk framework training.

Business Risk Management Duties

Governance & Oversight:

  • Regularly meeting with functional management leadership to build strong relationships and become a respected partner.
  • Appropriately escalating operational risk events and collaborating with functions to drive effective remediation efforts.

Risk Identification, Analysis & Assessment:

  • Collaborating with other second line of defense functions to identify, analyze, and assess operational issues and emerging risks.
  • Identifying trends and patterns that indicate potential operational risks.
  • Proactively analyzing various data sources to form independent assessments of operational risk for specific functions.
  • Utilizing leading indicators and metrics to pinpoint areas of potential and emerging risk.
  • Leveraging knowledge of the current economic, regulatory, and business landscape to proactively identify risks and formulate actionable recommendations.
  • Recognizing changes in strategy, market conditions, industry trends, and regulatory environments that may heighten operational risk.
  • Conducting operational loss analysis to understand loss occurrences, ensuring lessons learned are appropriate, and addressing root causes for risk mitigation.

Risk Mitigation:

  • Driving solutions to root causes that could lead to operational risk manifestations.
  • Developing actions or projects to apply lessons learned across various business segments.
  • Acting as an independent partner to challenge functions in mitigating risks, enhancing processes, and improving controls.
  • Encouraging proactive measures to mitigate operational risks before they escalate into losses.
  • Evaluating control issues and ensuring the adequacy of Event Root Cause Analysis and corrective action plans.
  • Making control recommendations based on operational risk event reviews and ensuring the implementation of corrective action plans.
  • Seeking opportunities to apply risk mitigation actions across Citigroup where relevant.
  • Continuously monitoring areas with increased risk assessments to determine if further review is necessary.
  • Regularly reviewing relevant data, reports, and trends to support operational risk profile assessments.
  • Staying informed on news related to control matters to reassess risk profiles as needed.

Development Opportunities

Roles in ORM provide deep insights into business processes and practices, allowing for the development of knowledge in Global Functions that can be leveraged in future roles.

This position adds significant value to these functions by addressing regulatory issues and ensuring robust controls over financial reporting.

Potential career progression includes remaining within ORM while exploring different coverage areas or transitioning to roles in the first line of business or other second line functions such as ICRM. The knowledge gained in this role can be applied across a variety of positions.

Qualifications:

  • Comprehensive understanding of the Operational Risk Management framework.
  • Strong grasp of process management and industry best practices; prior experience in Operational Risk, Audit, or Risk & Controls is advantageous.
  • Experience in Risk Management and/or Compliance with a solid understanding of effective control environments.
  • Excellent communication, facilitation, and consensus-building skills, with the ability to effectively engage with senior leadership.
  • Proven relationship-building capabilities and a strong ability to influence positively.
  • High level of personal initiative and organizational awareness.
  • Strong problem-solving skills, with the ability to deconstruct complex issues into manageable components.
  • Exceptional multi-tasking abilities in a fast-paced, dynamic environment.
  • Skills in process design and analysis.
  • Proficient research, analysis, and judgment skills.
  • Strong PowerPoint and intermediate Excel skills.
  • 7+ years of relevant industry or risk management experience, with a preference for backgrounds in finance/controllership, audit, or risk management.
  • Educational background includes an undergraduate or graduate degree, with relevant experience considered.

Skills Required:

  • Analytical skills.
  • Exceptional communication skills.
  • Interpersonal skills.
  • Organizational intelligence.

Job Family Group:

Risk Management

Job Family:

Operational Risk

Time Type:

Full time

Compensation:

Competitive salary and benefits package, including medical, dental, and vision coverage, retirement plans, and wellness programs.

Citi is an equal opportunity and affirmative action employer, committed to diversity and inclusion in the workplace.