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Job Title: CTS Senior Fiduciary Risk Manager
Officer title: VP
Business: CTS
Division: Risk Management
Location: New York, NY
Citi Transaction Services Business (CTS) is a preeminent provider of transaction services in developed and emerging markets, serving multination corporations, banks, global investors, and governments through our industry-leading proprietary network in 100 countries. CTS Risk Management supports the Business and is a global function that ensures the Product/Front Office's risks are identified and have the appropriate control and mitigants in place across all products. This position will serve as a Fiduciary Risk Manager supporting the activities of CTS Fiduciary Businesses and will report to the CTS Chief Fiduciary Risk Officer ("CRO"). It will be the interface, along with the CRO, between all global Product/Front-Office and other Risk/Control Groups (e.g., local and regional Fiduciary Committees) to ensure all Fiduciary risks within the CTS are addressed to fully protect the Firm. The Fiduciary activities occur within Securities and Fund Services and include corporate trusteeships; registrar and transfer agent for stocks, bonds, funds and depositary receipts; trustee for insurance deposits; and the investment of cash collateral under a securities lending program. CTS has a majority of Citi's Fiduciary assets; however, CTS generally does not engage in activities which present greater fiduciary risk, such as acting with discretion or providing investment advice for a fee.
Objective:
• The position supports the CTS Fiduciary Business Head in discharging all CTS fiduciary duties, such as chairing and managing the Global Fiduciary Quarterly Committee, identifying fiduciary risks and mitigating them, advising on standards, procedures, policies across the Regions, and adherence to applicable regulations and law.
• The position ensures the Global, Regional, and Local Fiduciary committees are continually engaged and each serves as an escalation point to other.
• The role ensures the Fiduciary Committees are identifying fiduciary breaches, violations, and losses and will work with the Committees to analyse, and mitigate issues. The position will serve as the contact point for dissemination of best practices, the resolution of global issues, and creation and implementation of controls.
• In addition to identifying key Fiduciary Risks, the individual must be cognizant of Fiduciary industry trends that would impact the growth and business opportunities. The role covers multiple legal vehicles and complex processes. The individual must maintain strong relationships with Senior Management within the business, Operations and other Control Functions to effectively influence changes that will improve the Fiduciary control environment. In addition, strong team interaction is required. Solid understanding of CTS (Funds and Securities) businesses and associated Fiduciary Risks within each business is essential.
• The position manages CTS Fiduciary reporting requirements (e.g., annual Board of Directors presentation) and ensures the CTS Fiduciary Head is fully appraised of CTS's Fiduciary Business status to present same to the Board.
• In addition to CTS Fiduciary related responsibilities, the position will support the CTS Fiduciary Business Head in his/her role as Head of the Global Fiduciary Coordinating Committee ("GFCC"). The GFCC is the committee that brings together the ICG Fiduciary Businesses (CTS, Citi Private Bank ("CPB") and Global Consumer Banking ("GCB")). This position will assist the CTS Fiduciary Business Head with the coordination efforts between CTS and the other ICG Fiduciary businesses.
Key Responsibilities:
• As the CTS Fiduciary Risk manager, the individual will be the direct point of contact for the CTS Fiduciary Business Head and all CTS Businesses Fiduciary Activities across the Regions.
• Key Advisor to the business and senior management on Fiduciary items impacting the business and across the industry. The position must identify and advise on Fiduciary Issues/Risks that are tangible and or conceptual and be able to assess those Fiduciary risks to determine impact; individual also required to work with the business on resolutions of significant Fiduciary risks (e.g., determine what policies or procedures, law, or regulations apply and to then be able to advise the business on the actions required to close that issue).
• Ensure that any failed controls or Fiduciary risks identified through any means are escalated and continue to work with management to drive action that will reduce material risks.
• Expert in the identifying and assessing Fiduciary risk across different businesses and organizing cross functional solutions, in addition to understanding how the details within a particular product fit into the larger picture.
• Strategic point person responsible for addressing pressing Fiduciary issues that need timely resolution, such as writing memos to clients in the Request for Proposal process that clarify issues, and briefing memos to senior management addressing risks and controls for Fiduciary services that have a higher risk profile.
• Perform root cause analysis on significant Fiduciary control events, evaluations of controls, trends, and related corrective action plans to prevent recurrence or other issues. Ensure that findings are shared across the organization to prevent other Fiduciary control problems from surfacing.
• Interfacing with internal and external audit examiners, Fiduciary Counsel, and Compliance.
• Representing organization at Senior Management, Control Function, Compliance, Regulator and Industry meetings to obtain information that relates to organization/business strategy and control-related/risk processes.
• Job responsibilities include creating the agenda and materials for the CTS Global Fiduciary Quarterly Committee, managing the Global Committee, preparing the CTS Global Fiduciary Business Head for the Global Committee meetings, creating the annual Board of Directors presentation, directing and coordinating CTS regions on the information needed for the CTS Global Committee and Board of Directors presentations.
• In addition to CTS Fiduciary related responsibilities, the position will support the CTS Fiduciary Business Head in his/her role as Head of the Global Fiduciary Coordinating Committee ("GFCC"). The individual will assist in coordinating reporting requirements between CTS and the other ICG Fiduciary Businesses for the annual Board of Directors presentation. The individual will be responsible for coordinating and scheduling quarterly GFCC meetings and assumin
g the duties of running the committee's administrative functions (preparation of minutes, agendas and presentations).
Knowledge/Experience:
• BA/BS required; MBA or JD most desired.
• 8 -10 Years Experience in Fiduciary products front-office with exposure to operations
• Risk Management experience
• Legal training and background a plus
• Project management experience
• Solid understanding of Citi's Fiduciary standards and Regulation 9 and the implications
• Compliance experience a plus
• Solid understanding of CTS SFS (Funds and Securities) Fiduciary related products and associated Fiduciary Risks within each business is essential.
• Understanding of Citi Private Bank and Global Consumer Group Fiduciary businesses.
• Internal Audit background a plus
Skills:
• Excellent problem-solving abilities; strong analytical skills; both quantitative and qualitative
• Strong leadership/managerial skills; able to influence others
• Strong written and oral communications skills (a writing sample is required)
• Self-starter and able to execute and close out an issue in a timely manner
• Results oriented and tenacious
• Professional presence and attitude. Presentation skills
• Project management and time management skills
• Candidate should feel comfortable interacting with individuals at all levels of the organization
• Strong analytical skills and ability to develop comprehensive plans addressing multi-faceted and complex problems
• Ability to lead or participate in cross-functional project teams
• Clear understanding of legal/regulatory environment
• Critical thinking skills are essential for success
• Ability to react quickly to a fluid environment, changing priorities while executing plans to achieve multiple objectives
• Skilled in Fiduciary risk and trend identification and mitigation techniques
• Ability to analyze Fiduciary risk metrics and translate into predictive data and action plans that anticipate and mitigate Fiduciary risk exposure
• Strong team player
• Expert Excel and Access skills, SharePoint a experience a plus
• Financial and/or management reporting experience
• Candidate should feel comfortable interacting with individuals at all levels of the organization
• Positive "can do" attitude
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