Director, Regional Citi Global Wealth (CGW) Retail Bank Risk and Controls Lead - Hybrid

Business Overview

Citi's Asia CGW Business serves two of the fastest growing cities, Singapore and Hongkong through our Retail, IPB and Private Bank Business. Asia CGW business offers a diversified range of products ranging from insurance products to complex wealth management products, including FX Products to in excess of 115M customers, with US$260B in client volumes, US$2.4B of total revenue, Asset Under Management of US$42B along with a deposit book of US$90 Billion. These customers are serviced by 1000 odd Relationship and Private Bankers. With more than a century of enviable brand, Best-in-Class digital client acquisition, diverse Wealth Management product capability and market leadership, we are competitively well-positioned to grow a high-quality customer base that benefits most from our product and network capabilities.

Objective Overview

This role is part of the Asia CGW Risk and Control team and is integral to establishing a robust Wealth Management sales control, surveillance and governance framework that enables effective risk and control management by the CGW Wealth business in Asia.

Reporting to the Asia CGW Risk and Control Head, this role will be responsible for leading and managing the Wealth Sales Control framework covering review of effectiveness of existing controls, evaluating incremental controls as part of new process or products being rolled out by business and handling all internal and external reviews. This role will also be managing Regional Invictus team in the Kuala Lumpur hub where the Investment, FX and Insurance sales surveillance and call monitoring processes are centralized regionally to drive greater efficiency, consistency and enhanced governance of the sales surveillance process.

Key Responsibilities:

The role will lead a centralized dedicated SME team of 65+ employees responsible for developing and delivering a best-in-class Wealth Management Control framework including sales surveillance and call monitoring program along with support of key GCB Product leads. Wealth Sales control refers to controls on process and product rolled out for providing Investment, Insurance and FX solutions to Asia CGW CitiGold clients in Singapore, Hongkong and IPB markets and extending the coverage to CPB Asia business.

Wealth Management Sales Control Program:

• Represent Asia CGW Risk & Control in relevant product approval committees (PACs) covering Investment (DPAC) and Insurance product (IDPAC) including participating in RRF (Pre-CPAC) and CPAC product / process approval process. Objective is to assess each new product or process rolled out have effective controls embedded as part of the process and wherever required are duly tested/validated through MCA and/or reviewed as part of DMTs.
• Implement a robust regional continuous control monitoring and reporting framework to enable the timely and accurate analysis, reporting and escalation of qualitative and quantitative MIS that enable risk and control awareness, to facilitate risk-based management and to identify emerging risks, risk concentrations, and trends for corrective and preventive actions.
• Continuously engage with business and other stakeholders to assess the effectiveness of existing controls through horizontal process-based reviews or through Digital Monitoring Tools. Wherever, gaps are identified, work with business to develop and implement corrective action plan.
• Work with CPB business and respective Risk & Control team to identify practices driving control behavior that can be implemented across Wealth business in Asia as part of overall integration plan.
• Support the region and business on gap analysis and the implementation of global policy requirements and regional standards and incorporate the updates in the relevant procedures as required. Closely engage with second line of defense on interpretation and implementation of policies and procedures.
• Engage closely with all Wealth business related to Internal Audit, Compliance Testing and any external reviews. Ensure the executive scorecard thresholds are met for CGW business, corrective action plans are clear, implementable and tracked for closure on timely basis.
• Participate and report in CGW Asia governance forums/committee on control issues identified as part of any self-identified or internal and external review including surveillance findings.
• Establish and execute a robust control and governance framework and associated processes to support the effective review of investment, insurance & FX sales surveillance activities Asia CGW Wealth business.
• Providing Oversight and governance on the functioning of overall Hub including ensuring overall alert generation, quality of review dispositions and overall adherence of timelines.
• Engage with the relevant teams to fine tune scenarios, analytics technique review process, case management process or escalation process based on the lookback review feedback.
• Drive continuous process improvement to enhance the efficiency and effectiveness of the Invictus surveillance and call monitoring process, and to address process/compliance gaps and to adhere to new or additional regulatory requirements.
• Provide subject matter expertise, as needed, on Investigation and research process/procedures, applications and tools used to support the investigation process and documentation of research, analysis and conclusions.
• Develop comprehensive chat and e-mail monitoring framework for CGW Asia Wealth Sales staff to detect and report any engagements not aligned with sales code of conduct.
• Evaluate usage of Artificial Intelligence and Machine Learning in sales surveillance, chat and email monitoring.
• End to End ownership of Sales Surveillance and Control related procedures including periodic updates and rolling out to business and Risk and Control teams for implementation.
• Lead the Annual Risk Assessment exercise and review the results of the quarterly Manager's Control Assessment and ensure that the risk and control environment of the unit is satisfactory.
• Drive critical MCA program enhancements through alignment with evolving risks as well as changing business needs and policy/regulatory requirements, assigning appropriately selected and trained MCA testers, performing quality reviews including the mapping of the Regulatory Control Matrix to the MCA.

Build great Teams:

• Provide oversight over a large diverse 65+ unit that is engaged in the Wealth Sales Control and Invictus surveillance review activities.
• Guide any In-Business related Invictus surveillance response program teams towards development of high-quality work products and deliverables.
• Ensuring all Invictus program deliverables and milestones are completed on time.
• Managing the relationships with key stakeholders from the program team, and partners across Compliance, HR and Legal and other supporting functions e.g., licensing, technology upgrades, cross border data governance, etc.
• Ensure the Invictus team is optimally staffed through a workforce management framework.
• Recruit staff, develop talent, build effective teams, and manage a budget.
• Identify internal talent and fill key positions, attract talent with required expertise to meet the risk profile of the roles, build deep bench strength and develops appropriate succession plans.
• Develop learning and development programs to coach and train the Invictus team based on the functional, business and development needs of their roles and to promote knowledge sharing and promulgate best practices across regional and country Risk & Control and business teams.

Knowledge/Experience/Technical skills:

• The ideal candidate will have more than 15 years' experience within Financial Institutions of which should include:-
• At least 8 years of successful experience in leading a team with diverse cultural background and managing priorities, process and processing components to achieve expected (or better-than-expected) results
• Current Surveillance/Continuous Monitoring experience in the preparation of Management reports, assurance tests, audit reports or other product/solution delivery communications.
• Strong understanding of regional GCB business landscape, regional customer portfolio and business trends.
• Good understanding of Retail Distribution of Investment Products and Services Policy and Standards (RDIP), Insurance Policies (Global Insurance Standards) and Sales Surveillance processes and the associated risk
• Must have extensive experience in managing and executing written program communications for engaging senior staff and broader groups of interested parties - this candidate needs to be a very good writer.
• Previous experience should include a multi geography exposure / remit and understanding across the region.
• The ideal candidate should have strong partnering and negotiating abilities / skills and experience in dealing with senior management teams and all three lines of business.
• The ideal candidate should have a deep understanding of controls and risks associated with the consumer products.
• The individual should have considerable experience in establishing, executing and building governance and controls within the consumer banking space.

Personal Skills:

• Several years' experience leading or liaising with teams with data analysis experience
• Exceptional communication and interpersonal skill in senior management interaction & engagement, influencing business decision through adoption of analytics solution
• Ability to negotiate with and influence Regional Line of Business Leaders, and In-Country Program Teams to achieve results that will impact the Regional Consumer business significantly
• Ability to manage, develop and motivate virtual teams, and delivering results both as an individual and through virtual teams
• Demonstrate through delivery of projects the ability to motivate and influence business partners to deliver on milestones/commitments

Job Family Group:
Risk Management

Job Family:
Business Risk & Controls

Time Type:
Full time

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