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Individuals in Operational Risk establish and manage operational risk policies, propose strategies, and governance processes designed to minimize losses from inadequate controls, fraud, and potential bankruptcy. This includes supervision over technology operational risk, cyber risk, and fraud risk. These individuals are also responsible for the development of tools and infrastructure that support fraud monitoring and prevention, using advanced analytical and statistical skills to identify policy gaps and recommend changes to current policies. This role is crucial to the company as it fortifies against potential operational risks, thereby protecting the company's financial stability and reputation, and contributing towards the overall business resilience and success.
Job Responsibility:
Develop and implement resilience and third-party risk management processes, staying updated with the latest risk management trends
Utilize advanced analytics to identify, measure, monitor, and report on residual and emerging risks, providing strategic insights to stakeholders
Lead initiatives to address root causes of unexpected losses, developing innovative solutions to enhance operational effectiveness
Influence technical strategy through informed understanding of Citi’s Third-Party Management Policy and ORM Third-Party Risk Standard
Supervise third-party thematic and product reviews, taking responsibility for business sub-functions and making complex decisions impacting significant business results
Conduct comprehensive third-party risk management reviews across the global portfolio, instilling a culture of risk awareness and accountability
Operate efficiently within the Risk Governance framework, managing operational risk within set Risk Appetite parameters
Oversee the design, deployment, and review of MIS reports to detect areas of excessive risk and verify efficacy of risk mitigation strategies
Establish robust third-party risk processes across diverse sectors and geographies
Provide expert advice on third-party risk-related issues and ensure policy and regulatory compliance
Promote latest best practices and develop continuity/resiliency risk management training modules
Manage and mentor staff, leading training and career development plans, ensuring understanding and engagement
Collaborate with Resilience teams and other Risk Subject Matter Experts (Compliance Risk, Credit Risk, Fraud, Technology, etc.) for a holistic approach to risk management
Serve as a point of contact to ensure sufficient remediation of third-party audit or exam issues and escalate as necessary
Requirements:
10+ years of experience
Extensive knowledge of business processes, products, and operations within the financial sector, including implications of third-party and resilience risks
Understanding of regulatory requirements including the Third-Party Risk Management and Outsourcing Lifecycle (OCC/FRB/EBA/PRA/MAS, etc.), along with their implications on resilience risk management
In-depth knowledge of Risk Governance frameworks and Risk Appetite parameters, highlighting third-party and resilience risks
Comprehensive understanding of MIS reporting and analytical tools, with experience in report development and analysis for third-party and resilience risks
Familiarity with operational risk management strategies, including third-party and resilience risk management best practices
Experience in conducting risk management reviews and oversight, including third-party and resilience risk assessments
Robust understanding of how third-party relationships impact business risk, particularly in terms of resilience risk
A solid grasp of the Third-Party Risk Lifecycle, and experience in managing third-party and resilience risks across this cycle
Understanding of various risk types such as third-party, resilience, credit, compliance, technology risk, and fraud, and how they interrelate within a financial institution
Experience in collaborating with other risk management experts, including third-party and resilience risk specialists, to promote a holistic approach to risk management
Understanding of the strategic implications of risk management on overall business strategy, including third-party and resilience risk management
Capacity to influence technical strategy and manage sub-functions within the business
Proficiency in identifying, assessing, and mitigating various types of risks
Competence in processing complex data, drawing conclusions and making strategic recommendations
Expertise in developing and analyzing reports, deriving insights to drive decisions
Strong communication skills for effective reporting and interaction with stakeholders
Aptitude for managing multiple projects, prioritizing tasks, and meeting deadlines
Mastery in ensuring compliance with internal policies, regulations, and industry best practices
Expertise in managing relationships effectively, mitigating risks and maximizing value
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