Operational Risk Group Manager recruitment
Operational Risk Management (ORM) at Citi has recently been "re-launched" with a mandate to actively reduce operational losesses at Citi. ORM's mission is to manage the risks and ongoing exposures that arise from the development and delivery of products and services to our clients.
Operational Risk is defined as the risk of loss resulting from inadequate or failed internal processes, human factors or systems, or from external events. Broadly these are:
- Process risks such as execution, business disruption, systems failures
- Conduct risks such as business practices, market conduct, employment practices, workplace safety, internal theft fraud
- External risks such as damage to physical assets, external theft fraud
-This includes legal, franchise and reputational risk, but excludes strategic risk and the risk associated with credit or market risk judgements.
Operational Risk Management asks questions such as... What are the major drivers of Operational Risk? What developments (internal and external) could dramatically increase Operational Risk exposure and how large is the potential impact? What can and should be done to monitor and mitigate Operational Risk? How much capital (Basel II and economic) is needed to protect the firm's solvency against extreme losses?
The role of Senior Operational Risk Manager ("SORM") is a critical and influential one. The primary function of the SORM is to focus on the Anticipation, Mitigation and Recovery of Operational Risk. One of the key roles of the SORM is to select representative, high value, operational risks or businesses for root cause analysis. SORMs conduct deep dives of significant operational losses ("events") to determine (inter alia) sequence of events, control weaknesses, errors in judgment, policy or technical deficiencies. Then, working with all constituencies, the SORM will develop Corrective Action Plans. Once we understand how the losses were incurred, we apply that knowledge to avoid or mitigate future events e.g. by applying the Corrective Action Plans to all similar situations and mandate changes in product programs, processes, procedures, etc. so as to either avoid or reduce future losses from similar events. SORMs also lead deep dives on near misses, issues that may hurt the firm's franchise or pose a risk going forward. Deep dives often involve complex issues and may span multiple management groups. Examples have included investigating a large loss associated with:
- automated futures trading, leading a firm-wide effort to analyse and reduce rogue trading risk; and
- a loss that highlighted weakness in the counterparty confirmation processes.
Working with colleagues in the global Operational Risk team and in other parts of Citigroup, the Senior Operational Risk Manager is also expected to take the lead on:
- analysing operational risk data (typically losses, metrics or assessment results) to identify areas of excessive risk and also to ensure past mitigation efforts are having the desired effect
- identifying trends and common themes across the country and/or cluster
- investigating what is causing metrics to deviate from trend and escalating situations that pose excessive risk
- indentifying root causes of major internal losses and ensuring similar businesses around the world are aware of risks and recommendations
The strong candidate will build and make use of a solid understanding of a wide range of businesses and a network of business relationships. He/she will be viewed as a thought leader on operational risk management both in the firm and in the industry.
Key Responsibilities:
-Orchestrate the Bank's management of Operational Risk
-Ensure compliance with OR regulatory obligations
-Facilitate the development of the Cit-wide Key Operational Risks, escalations, mitigation, key risk indicators and targets
-Consolidate, analyse and review op risk losses, events and other indicators
Skills
Knowledge/Experience:
- Undergraduate degree (majors focused on demonstrates quantitative and analystical skills).
- MBA or other advanced degree a plus but not essential
- 10 - 15 years experience in the field with extensive knowledge of financial markets and products
- Prior risk management experience a plus
- Excellent communication skills - can communicate complex ideas simply and compellingly
- Analytical inquisitiveness and problem solving ability; an ability to ask insightful questions, break analytical challenges into workable components and draw meaningful conclusions
-Willingness and ability to challenge the status quo and BAU to promote improvements/enhancements that will mitigate risk
- Ability to collaborate with and lead others to achieve objectives: knows how to lead through influence (rather than command/control), build project teams that optimally leverage other people's skills and expertise, communicate effectively with senior management, build effective business relationships
- Good at brainstorming; can conceptualise new approaches quickly