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Asia CGW IPB and OWSP Controls Lead #risk2023

Singapore, Singapore
Closing date
Jun 29, 2023

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Job Function
Risk Management
Industry Sector
Finance - General
Employment Type
Full Time
Job Purpose:

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.

Citi Global Wealth Management (CGW) is an integration of Citi Private Bank and the Consumer Wealth organization into a single platform enabling Citi to serve its clients across the wealth spectrum and capitalize on Citi's industry leading capabilities to support the goal of CGW, which is to be the leading wealth management provider globally. As we embark on this journey, it is imperative to have a strong Risk & Control framework, supporting this goal through an independent but integral Internal Control organization.


The Asia CGW IPB (International Personal Banking) and OWSP (Offshore Wealth Services Policy) Controls Lead will partner closely with the Regional IPB Business teams in Singapore, Hong Kong, Regional Retail Banking and Global functions (including Compliance, Legal, Operational Risk Management, Operations & Technology, etc) as well as Country Risk and Control teams to support the implementation of robust control directives and processes.

A critical function of the role is to provide control advisory and support to the Regional IPB organization in mitigating the high business and franchise risk that is inherent to a business undergoing transformation (i.e., new product development, new process development and network optimization) in a regulatory environment that is constantly changing. The incumbent will also provide subject matter expertise on risk and control, project manage regional control initiatives and engage in Retail Bank controls strategy, governance, and framework.

The role will report into Asia CGW Retail Bank Risk & Control Lead and falls under CAO office within CGW.

Key Responsibilities:
  • Work with the Regional IPB and Retail Bank team to execute a robust control and governance framework for Asia CGW business. Enhance the focus on controls and governance to ensure that controls are keeping in pace with the evolving business landscape.
  • Complete ownership of Offshore Wealth service procedure including regular engagement with Regional IPB business, Investment Product Teams, Legal teams to continuously update changes to OWS requirement and ensuring effective roll out to IPB business team. The role will also have oversight and ownership of OWS procedure changes and its implementation to PBWM SG and PBWM HK besides Asia IPB business.
  • Work with Regional counterparts (including Investment Product Risk, AML, Legal, Compliance) to provide oversight and support the development of effective monitoring parameters and Key Indicators (KIs), including but not restricted to Offshore Wealth Services (OWS), customer pre / post-purchase call backs, customer complaint monitoring, product reviews, etc.
  • Establishing front-to-back line-of-sight across and within the Regional IPB businesses and instituting a global standard risk management and governance framework (Business AML, RDIP, RCPPM, OWS, Treating Customer Fairly, etc.) for the IPB businesses in partnership with the concerned regional stakeholders and ensuring consistent deployment of the approved framework across the IPB businesses.
  • Working with the IPB businesses and function owners on risk and control matters, providing objective views on risks, controls and trends to the Asia CGW CG/CPC Risk and Controls Head and the respective Country IPB Control Heads, advising and guiding the function owners on risks and controls, and performing timely escalation on emerging risks and issues.
  • In partnership with the IPB Business Risk and Control teams, providing specialist risk and control coordination, advice and guidance to ensure a consistent MCA program, ACRMs (Activities, Controls, Risks and Monitoring), Key Indicators (KIs) and Key Performance Indicators (KPIs) for risk and control across the IPB businesses, including monitoring and reporting processes.
  • Driving collaboration with Legal, Compliance, AML and Operational Risk Management (ORM) as Second Line of Defense functions, and with Internal Audit as the third Line of defense. Focusing on improving key score card metrics including self-identification issue rate, on time remediation, re-open rates and driving reduction of long dated issues.
  • Drive complex projects requiring engagement with multiple stakeholders across technology, operations, global CAO teams and in-country business and Risk teams with an objective to have complete ownership from Asia perspective and acting as one point contact for all engagements with global team and providing guidance and support to Asia business, product and Risk teams for effective execution.
  • Drive critical enhancements to the Manager's Control Assessment (MCA) program through alignment with evolving risks as well as changing business needs and policies and ensuring the mapping of the Regulatory Control Matrix to the MCA is comprehensive.
  • Help drive a strong control culture and ensuring permanent controls readiness through proactive risk management and issue self-identification.
  • Provide advisory and support to the Regional IPB teams on Internal Audit reviews and regulatory exams
  • Lead or support as appropriate the root cause analysis of material risk events and control breaks, work with country/regional functions and businesses to establish effective feedback loop to augment control management and share lessons learned with the country and region teams.
  • Coordinate and perform targeted Horizontal Reviews in partnership with country and regional Subject Matter Experts (SMEs) with the support of local management.
  • Support the IPB strategic initiatives to ensure that risk and controls are adequately managed and addressed prior to implementation.
  • Participate actively in Global initiatives and work groups representing Asia CGW.
Other Areas
  • Continuity of Business (CoB) related activities - Business Recovery Coordinator (BRC) for the Regional Corporate Treasury & Regional Investments Treasury department; coordinate CoB testing and drills (e.g. Denial of access to office, testing of applications, coordinate call tree tests, etc.) in partnership with Singapore country COB team and IT support; update and maintain CoB records in CoBTrac; update Business Impact Analysis (BIA) and Business Continuity Planning (BRP)
  • Information Security & Records Management activities - Record Management - approval on Physical records storage (CISCO recall archive, retrieval, elimination) and voice records (retrieval, investigation assistance); manage information security issues (e.g. reporting social engineering calls incidents); work with IT on treasury system and trading warehouse maintenance (e.g. e-dealer); coordinate premises sweeps; system approvals (e.g. One Approval); provide regular updates and advisory to the group
  • Manager's Control Assessment (MCA) - perform independent testing, reporting and Annual Risk Assessment (ARA)
  • Issue and Corrective Action Plan (CAP) coordination
  • Coordinate Internal/External Audits and Regulatory Exam enquiries
  • 'Deep Dive' Reviews
I ncumbent Specification

Knowledge/Experience/Technical skills:
  • The ideal candidate will have more than 10 years' experience within Financial Institutions of which should include:-
  • At least 7 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
  • Strong understanding of regional IPB business landscape, regional customer portfolio and business trends.
  • Good understanding of Retail Distribution of Investment Products and Services Policy and Standards (RDIP), Insurance Policies 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.
  • 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 Wealth products.
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 CGW significantly
  • Ability to manage, develop and motivate virtual teams, and delivering results both as an individual and through virtual teams

Job Family Group:
Risk Management

Job Family:
Business Risk & Controls

Time Type:
Full time

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