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Director, Office of the CGMI CRO and U.S. Swap Dealers, New York, New York

Created02/21/2021
Reference21262079
CategoryRisk Management
Job typeFull Time
CountryUnited States
StateNew York
CityNew York
Zip10001
SalaryCompetitive
About Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Our core activities are safeguarding assets, lending money, making payments and accessing the capital markets on behalf of our clients.

Citi's Mission and Value Proposition explains what we do and Citi Leadership Standards explain how we do it. Our mission is to serve as a trusted partner to our clients by responsibly providing financial services that enable growth and economic progress. We strive to earn and maintain our clients' and the public's trust by constantly adhering to the highest ethical standards and making a positive impact on the communities we serve. Our Leadership Standards is a common set of skills and expected behaviors that illustrate how our employees should work every day to be successful and strengthens our ability to execute against our strategic priorities.

Diversity is a key business imperative and a source of strength at Citi. We serve clients from every walk of life, every background and every origin. Our goal is to have our workforce reflect this same diversity at all levels. Citi has made it a priority to foster a culture where the best people want to work, where individuals are promoted based on merit, where we value and demand respect for others and where opportunities to develop are widely available to all.

About Citigroup Global Markets, Inc.

The Risk Office of Citigroup Global Markets, Inc. ("CGMI") CRO reports into the Institutional Clients Group within Risk. CGMI is Citi's primary U.S. broker dealer, Futures Clearing Merchant ("FCM") and is a Registered Swap Dealer with the CFTC. CGMI provides services to institutional clients including dealing, market making in equity, fixed income, commodity products across cash securities, OTC derivatives and exchange traded markets, underwriting in equity, fixed income and commodities products, and advisory services.

About the Team:

The Office of the CGMI CRO is responsible for risk oversight of the U.S. Broker Dealer across the key risks areas of market, credit, liquidity, operational, reputational and strategic risks. This includes the design and implementation of key frameworks (e.g. Risk Appetite, Concentrations, risk identification) that are integral and fundamental to the risk management of the entity. The team is also responsible for approval of new products and large transaction on the entity and for risk interactions with its key regulators such as the Securities Exchange Commission ("SEC") and Financial Industry Regulatory Authority ("FINRA"). In addition to CGMI, the team is the risk subject matter expert for the U.S. Registered Swap Dealer Program with the Commodities Futures Trade Commission ("CFTC") and responsible for consistent risk governance across the firm's three registered U.S. Swap Dealers Citibank N.A. ("CBNA"), CGMI and Commodities Energy Inc. ("CEI").

Job Description Summary:

The current opening is for a Director level candidate. There are two primary responsibilities in the role:
  • Manage regulatory interactions of CGMI's prudential regulators including SEC, FINRA. As FCM, CGMI is also subject to oversight by clearing agents CME, LCH and Options Clearing Corp.
  • Lead Risk's program office for the CFTC Registered Swap Dealers ("SD") and its related Swap Dealer Risk Management Program ("SD RMP") that governs the swap dealing entities within Citigroup). The Risk Program Lead will own the design, coverage and effectiveness of the RMP from a risk perspective ensuring consistency across the legal entities where appropriate.


The person in this role should have a strong understanding of risk management practices across all the risk disciplines (market, credit, operational, liquidity) in Citi, be able to understand and translate Citi's prudential regulatory requirements in risk management to applicability to the SD RMP and develop a strong understanding of legal entity risk management and associated frameworks. The person in this role would be the risk subject matter expert on the ruleset requirements and associated procedures, represent risk in senior governing body committees, speak intelligently about risk issues and coordinate across risk functions to understand the risk issues that impact adherence to the ruleset. Work closely with legal, regulatory affairs, compliance, CROs as well as front line on overall program management for risk including strategic decisions on NFA and CFTC regulatory risk reviews.

Key Responsibilities:
  • Manage and lead risks interactions with CGMI's prudential regulators including being able to explain and discuss foundational risk management concepts and frameworks to manage the Broker Dealer.
  • Help drive strategic risk direction based on regulatory feedback and market conditions
  • Owner of the risk-owned Swap Dealer Risk Management Program from a policy, controls and procedure perspective
  • Represent risk in Swap Dealer governance forums and regulatory engagement with CFTC and the National Futures Association ("NFA").
  • Implement enhancements and lead strategic direction for risk with respect to our engagement model with business, compliance and regulatory affairs.
  • Implement new or revised risk based regulations that impact the Swap Dealer or CGMI
  • Responsible for audit reviews with respect to the Swap Dealers where appropriate.


Development Opportunity:

The ideal candidate has a risk management background, preferably in counterparty credit risk. The role is an opportunity for a risk professional interested in applying their risk knowledge to address broader risks in a more holistic and cross functional capacity. The individual will have an opportunity to explore the varied and dynamic challenges in a Chief Risk Office. Role also provides an opportunity to be informed and become well-versed on firm-wide initiatives including some of the highest profile strategic initiatives within Risk and the firm along with its application and/or implications to Citi's swap dealing legal entities. The candidate will have the opportunity to learn about the priorities of a variety of regulators including capital markets and banking regulators thereby broadening regulatory experience. The candidate will have exposure with some of the firm's most senior managers where presentation, influencing and communication opportunities abound.

Qualifications:
  • 8+ years of experience in the Financial Services industry, preferably in a risk management role like counterparty credit risk with an understanding of capital markets products, risk concepts/metrics including its application. Familiarity with legal entity space an added plus.
  • A successful candidate must possess a natural curiosity and desire to learn with an ability to retain a wide breadth of information
  • Strong creative, problem solving skills and analytical thinking / capabilities,
  • Excellent oral / written communication skills including being able to explain and describe risk concepts to different stakeholders with varying backgrounds.
  • Independent thinker who is comfortable to express an opinion or propose a solution in a professional and diplomatic manner. Excellent leadership skills to manage different senior stakeholders
  • Undergraduate / Master's degree(s) with an analytical focus (e.g., finance, economics, engineering, mathematics, etc.)


Job Family Group:
Risk Management

Job Family:
Regulatory Risk

Time Type:
Full time

Citi is an equal opportunity and affirmative action employer.

Qualified applicants will receive consideration without regard to their race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.

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EmployerDirector, Office of the CGMI CRO and U.S. Swap Dealers

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