Citi Senior Operational Risk Manager in Shanghai, China
Primary Location: China,Shanghai,Shanghai
Education: Bachelor's Degree
Job Function: Risk Management
Shift: Day Job
Employee Status: Regular
Travel Time: No
Job ID: 17065895
- 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 Preventive 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 Preventive Action Plans to all similar situations and mandate changes in product programs, trader mandates, 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 counterparty confirmation processes.
Working with colleagues in the Country Operational Risk team and in other parts of Citibank China, 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
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
Identifying exposures in planned new products and services and ensuring mitigating steps are taken to prevent losses upon implementation.
Senior Operational Risk Managers based in the Shanghai, are also expected to be involved with regional Subject Matter Experts (SME).
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.
- Operational Risk Management (ORM) was created to proactively assist the businesses, O&T, and the independent control groups in enhancing the effectiveness of controls and managing operational risks across products, business lines and regions.
ORM is organized with three main components that serve to effectively “triangulate on controls”:
Specialists for a given Point of Control (SPOCs) are control design specialists with deep domain expertise in a particular control process. Their roles are focused on a specific process but are global in nature, spanning all products and businesses
Region Heads and their associated organizations provide regional expertise across the broad range of businesses within their geography
Operational Risk Management (ORM), along with Control Architecture, Re-Engineering and Administration form the foundational side of the triangle
These three elements of ORM work in tandem with business, O&T and global functions to proactively identify, analyze and mitigate risks, implement and assess controls, prevent losses and assist recoveries, determine and allocate operational risk capital, conform with regulatory guidance, and manage situations as they arise.
Risk Identification, Assessment and Analysis for designated regional areas of responsibility
Facilitate the development of the country consumer Key Operational Risks, escalations, mitigation, key risk indicators and targets
Consolidate, analyse and review op risk losses, events and other indicators
Op Risk Mitigation
Lead to initiatives to identify, assess and reduce operational risk within the product/s
Lead/conduct ORM deep dives
Review and approve new product proposals/product programs
Inform and Influence Management Understanding of Operational Risk
Communicate and share analyses regularly with product management, in-business risk, and Compliance Control seniors; selectively attend product governance meetings (e.g., BRCC, Management Committees, etc.)
Alert Op Risk colleagues in country to relevant operational risks
Data / Quality / Benchmarking
Ensure operational risk data meets minimum standards for management, reporting, and capital uses
Establish effective sources for benchmarking information
- Time as an SORM will provide the candidate with in-depth knowledge of Citi’s products, policies and risk procedures and a broad network of internal contacts. Candidates can transition to other senior jobs within ORM or Business Risk & Control functions or move into senior jobs within business units or Internal Audit.
Extensive knowledge of financial markets products and services; extensive work experience
Good knowledge of ICG or Consumer businesses
Experience in Line Management is highly desirable
Fluent in English; other relevant languages an advantage, but not essential
Analytical inquisitiveness and problem solving ability; an ability to ask insightful questions, break analytical challenges into workable components and draw meaningful conclusions
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
Can communicate complex ideas simply and compellingly
Ability to take difficult decisions and stick to them
Undergraduate degree (majors in in Economics, Finance or related areas are preferred, but different majors are also of interest if other experience demonstrates analytical skills)
Professional accounting qualification (ACA, CIMA, CPA or equivalent) would be helpful but not necessary
Exceptional candidates who do not meet these criteria may be considered for the role provided they have the necessary skills and experience.
Strong inter-personal skills
Attention to detail
Ability to sift through complexity and see issues clearly
Drive and determination – high energy level, but dispassionate and independent
Ability to deliver practical results
Excellent communication skills – verbal & written