New Activity Risk Manager - Citi Global Wealth (Asia) - VP

Background

The New Activity Risk Management function provides unified governance and risk decision making for material changes to products , services , business operating models and capabilities that impact Citi's clients (collectively referred as to "new activities").

New Activity Risk Management is part of Citi's Enterprise Risk Management function, within the firm's second line of defense Independent Risk Management unit. New Activity Risk Management works closely with partners in the first and second line of defense, and enterprise support functions across Citi to provide robust due diligence, review, risk rating, risk decision approval of novel developments in the firm's business activities and ongoing monitoring of existing products and services, as part of the end-to-end governance over the product life cycle.

New Activity Risk Management operates as a global organization, and comprises of a team of new activity risk management specialists who are co-located close to business partners in the Americas, Europe, Middle East and Africa, and Asia Pacific regions and are responsible for the review, approval and ongoing oversight of new activities at Citi; plus teams with global responsibility for certain cross-cutting functions, such as change delivery, process design, policy, technology infrastructure, reporting and data analytics, product inventory management and product taxonomy. Team members are based in New York, Fort Lauderdale, Mexico City, London, Belfast, Dublin, Frankfurt, Singapore, Hong Kong and Tokyo.

The new activities space is an area in which wide-ranging enhancements are taking place currently, within a broader program of change that was started in 2020 and is due to be completed in 2024.

Description

Citi Global Wealth ("CGW") is a unified Wealth organization focused on delivering the full capabilities of Citi to clients across all the Citi Private Bank, and Consumer Wealth businesses. CGW will be a single, integrated platform serving clients across the wealth continuum, from the affluent to ultra-high net worth.

The objective of the New Activity Risk Manager (NARM) is to support a wide range of ongoing risk management and monitoring activities and assist with the management of the new activity approval process for CGW. The candidate is expected to have an in-depth knowledge of wealth management and/ or insurance products, markets, and issues that impact our clients and the firm. NARM professionals are expected to keep abreast of developments in the financial markets, wealth management and insurance industries, and the macroeconomic environment in order to proactively identify risks that may impact the business. The candidate will be involved in key aspects of investment/ insurance products and related businesses, including product ideation risk review and approval, performance analysis and ongoing monitoring.

Key Responsibilities

New Activity Risk Management:

Responsible for assisting with the management and coordination of the end-to-end activities of the New Activity approval process, including but not limited to:

• Engage with businesses and stakeholders across different businesses, geographies, and functions to pre-screen, assess and advise on their submissions in Ideation stage;
• Work with individual businesses to advise, review and assist in preparation of proposals that are to be brought for review;
• Schedule and manage NARM Committee meetings or Technical Due Diligence reviews depending on the approval Pathways;
• Assist businesses with validation and closure of any conditions of approval assigned through the review process;
• Maintain formal documentation, proceedings and records of approved proposals and Product Programs; and
• Effectively manage and ensure delivery of scheduled Post Implementation Reviews.

Monitoring and Strategy:

• Establish processes for consistent and ongoing investment/ insurance product risk monitoring across Asia and EMEA businesses;
• Liaise with regional control functions and in-business control and surveillance functions to ensure visibility of issues across businesses;
• Engage with regional and country product teams and regional control functions in overseeing insurance/ investment activities, demonstrating particular consideration for the firm's reputation and safeguarding Citi, its clients and assets, by driving compliance with applicable laws, rules and regulations, ensuring adherence to Citi's policies and standards, applying robust risk management oversight over business conduct and practices, and escalating risk and control issues with transparency;
• Represent the team as required at designated product and governance committees/ forums and demonstrate both a credible challenge to, and strong influence on covered businesses;
• Investigate anomalies found through business monitoring, and agreement and oversight of corrective action plans thereafter;
• Monitor financial markets and industry/ product trends to identify emerging risks and engage businesses accordingly; and
• Follow regulatory developments with respect to the distribution of investment and insurance products, and assist in relationship management with regulators as required.

Reporting and Re-engineering

• Implement, track and report Risk related KPIs and manage MIS reporting to internal and external counterparts;
• Lead the system and process re-engineering during NARM transformation and implementation; and
• Facilitate proper documentations of policies, procedures and New Activities review records and ensure proper governance framework.

Developmental Value

Gain a broad understanding of Citi's wealth businesses, across CGW, and exposure to other product approval committees across Citi. The developmental opportunities include:

• Unparalleled organizational exposure and opportunities to interact with senior members of Citi businesses and control functions;
• Develop an understanding of Citi's risk and control areas and their key issues and considerations;
• Learn the key issues associated with developing new products/ businesses and how to address them; and
• Gain insight into franchise risk management issues and regulatory considerations.

Qualifications

• 8 + years' work experience;
• Master's degree. Advanced degree in business, finance, law or economics desirable;
• Extensive exposure to wealth management products; and
• CFA and/ or other financial professional designations would be an advantage.

Knowledge / Experience

• Excellent communication skills - oral and written presentation; proficiency in Microsoft Office tools (Word, PowerPoint, Excel);
• Strong work ethics, takes pride of ownership of deliverables and the activities of the team;
• Sound ethical and moral compass with the ability to make difficult decisions and communicate/document those decisions professionally;
• Intellectually curious; requires use of conceptual and innovative thinking; ability to see the "big picture" without losing attention to detail;
• Flexibility in thought and approach; able to introduce creative solutions and enact reasonable judgement to complex issues that have no "right" answer;
• Attuned to macroeconomic, industry and regulatory events/trends;
• Quantitative and analytical capabilities; modelling capabilities;
• Ability to manage and influence divergent views across the organization in the absence of direct authority;
• Ability to connect with people across geographies and functions and create and maintain strong relationships; and
• Open to expanding responsibilities outside of direct experience.

Job Family Group:
Risk Management

Job Family:
Investment Product Risk Mgmt

Time Type:
Full time

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