Head of RWA Controls Assessment and Testing Team

The Capital Planning Review Group ( CPRG ) within Finance CRO is responsible for the independent review and challenge of Citigroup’s capital planning continuum, including actual and forecasted Risk Weighted Assets ( RWA ).

CPRG has created a new RWA Office to establish comprehensive, end-to-end oversight of the RWA actuals production process by the second line of defense (2LOD).

This is an essential function to achieve and maintain the requisite level of accuracy and reliability throughout the end-to-end RWA production process led by Capital Planning, the first line of defense (1LOD), within Citigroup Treasury.

Within the RWA Office, the RWA Review Team, headed by a Managing Director, is being established to expand and complete the scope of the 2LOD oversight of the RWA production process.

The Head of the RWA Controls Assessment and Testing Team will support the Head of the RWA Review Team by developing a detailed plan to implement comprehensive 2LOD oversight of the control environment for RWA actuals production consistent with Citi’s ongoing transformation efforts.

To execute the implementation plan, the Head of RWA Controls Assessment and Testing Team will be responsible for hiring and training a new team.

This senior role will play an integral part in implementing the plans necessary to achieve Citi’s transformation efforts over a multi-year timeframe.

The 2LOD RWA Controls Assessment and Testing Team will coordinate a review schedule with the 1LOD Capital Planning Quality Assurance ( CPQA ) team to design and implement a comprehensive controls testing framework through which Capital Planning and CPRG can gain confidence that the identified internal controls are performed at a level of quality that meets Citi’s standards and that any compensating measures are adequate.

The RWA Controls Assessment and Testing Team will perform independent review and challenge of controls testing work products prepared by CPQA and it will perform additional independent testing as it deems necessary.

In addition, the RWA Controls Assessment and Testing team will subsume RWA-related activities currently performed by Independent Compliance Risk Management (ICRM), including advanced systems verification responsibilities under Basel III section 122, and independent review and challenge of Operational Risk RWA.

This is a high visibility role that will provide significant exposure to senior management in Independent Risk Management, Finance and Business units.

The ability to work under pressure to meet tight deadlines and excellent interpersonal skills are required given the high level of interaction with senior management and banking regulators.

Reporting Structure and Responsibilities

The Head of the RWA Controls Assessment and Testing Team will be responsible for :

  • Leading and managing the 2LOD Independent Risk RWA Controls Assessment and Testing Team within the RWA Review Team.
  • Proposing organization design and phased staffing approach for new team including C levels and skill sets required, leading recruitment efforts and training of new staff members.
  • Developing and implementing a comprehensive plan for internal controls testing and process / systems verification to ensure the accuracy and reliability of reported RWA actuals
  • Phase 1 will encompass assessment of 1LOD testing program and open issues and adequacy of compensating measures :
  • This activity will expand the scope of the newly initiated 1LOD controls testing program for both SA RWA and AA RWA through a combination of : (i) the independent review and challenge of the controls testing work product prepared by CPQA and (ii) the direct performance of controls testing across Basel exposure types, as deemed necessary.
  • The scope of the controls testing will span the end-to-end RWA production process, including the RWA actuals calculations process performed by Capital Planning and the key data and model inputs sourced from the Business units, Finance-Controllers and Independent Risk Management (which may include data tracing).
  • The team’s responsibilities will also include RWA process verification, including annual compliance review of the Advanced Systems, and independent review and challenge of Operational Risk RWA, which are currently performed by ICRM.
  • Phase 2 may encompass continuous quarterly independent sample-based assessment of controls, testing of controls and process / systems verification to ensure the accuracy and reliability of reported RWA actuals.
  • Delivering thought leadership and supporting the implementation of changes necessary to enhance the 2LOD oversight of Citi’s control environment for the RWA production process in connection with Citi’s ongoing transformation efforts and to satisfy evolving regulatory developments, including the control framework for Basel IV initiatives
  • Supporting the Head of the RWA Review Team in communicating to senior management and the banking regulators the actions planned and the improvements achieved in the internal control environment.
  • Developing a strong working relationship with the Capital Planning process owners, including the CPQA team and the Spot RWA Production team, the CIAT team (Regulatory Capital Analysis and Interpretation Team) in the RWA Office, and the COBRA (Confirmation of Basel Review and Analysis) team within Global Risk Review to improve effectiveness and efficiency of the oversight of the RWA actuals production process.

Qualifications

  • Excellent leadership and managerial skills, including the ability to build a team.
  • Strong communication skills, including well-developed verbal, written and presentation skills.
  • Ability to translate strategy into execution in a complex and cross-functional organization.
  • Strong attention to detail with proven ability to explain complex concepts in simple terms to a senior audience.
  • Previous experience in Controllers or Audit functions is required.
  • Understanding of Basel RWA regulations is required.
  • Minimum 15 years of proven experience in the financial services industry with at least 5 years of experience in a comparable, leadership role
  • Strong audit instincts and ability to apply independent judgment to business practices, with a proven ability and willingness to challenge the status quo.
  • A self-starter with ability to independently manage work and drive multiple deliverables concurrently.
  • An undergraduate degree is required. An MBA, CPA or CFA is preferred.

Job Family Group : Risk Management

Job Family :

Risk Analytics, Modeling, and Validation

Time Type : Full time

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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Effective November 1, 2021, Citi requires that all successful applicants must be fully vaccinated against COVID-19 as a condition of employment and provide proof of such vaccination prior to commencement of employment.

Posted in November 29, 2021

Expired in March 9, 2022

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Head of RWA Controls Assessment and Testing Team

Head of RWA Controls Assessment and Testing Team

Head of RWA Controls Assessment and Testing Team

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