Description:
Citi Markets is establishing a Quality Assurance group to periodically review front office Dodd-Frank processes, identify deficiencies, recommend corrective actions and control related enhancements. This individual will lead a team of three, report to the Markets Dodd-Frank Control Committee and the Global Head of Markets Risk and Control. The Operational Risk Manager will also work with Markets Business Management, Middle Office, Operations, Technology, Compliance, Internal Audit, Financial Control and Legal Departments.
Overview:
The goal of the team is to assist Markets product areas in identifying gap in front office Dodd- Frank control processes. The team will review current processes, highlight potential weaknesses and recommend corrective actions and control enhancements to the Markets Dodd- Frank Control Committee.
Key Responsibilities:
Manage the quality assurance team within Markets to identify issues and recommend corrective actions relating to Dodd-Frank compliance requirements.
Provide periodic program/status updates to the Markets Dodd-Frank Control Steering Committee
Ensure a proactive approach to risk identification and mitigation activities and provide timely communication / escalation of results
Ensure compliance with internal policies, procedures and Firm/regulatory requirements.
Build strong internal relationships and help strengthen controls and awareness across Global Businesses
Critical Success Factors:
Develop committee charter, establish and chair the Markets Dodd-Frank Control Committee
Recruit and hire two junior team members for the Quality Assurance team
Design program / develop review schedule and obtain approval from the Markets Dodd- Frank Control Committee
Work independently, executing program commitments in a timely and professional manner
Establish trust and rapport with Trading and Sales Desks to support and maintain a robust control environment and culture within the Markets Businesses worldwide. The Team is responsible for implementing and monitoring a risk-based program to identify and manage operational risks, support core control and supervisory processes, monitor / analyze metrics and ensure proper escalation of issues to senior management, Business Managers, Compliance, Internal Audit, Financial Control, Middle Office, Operations, Technology and Legal functions
Identify best practices, make informed cost/benefit decisions and provide expert guidance and support on the key control/governance policies, procedures and required documentation
Develop a broad and detailed understanding of the Markets business, culture, risk and control framework, regulatory and technology environment
The successful candidate will have broad-based exposure to the Markets businesses which covers underwriting, structuring, and trading across all asset classes, including equities, corporate bonds, government and agency bonds, asset-backed and mortgage-backed securities, syndicated loans, structured and futures products.
Qualifications
Bachelor’s degree in Business Administration, Economics, Finance, Accounting or Computer Science
Series 7 and 24 a plus
Knowledge of Dodd-Frank Compliance requirements and audit / control / compliance skills
Strong knowledge of controls, testing and compliance/regulatory principles
Strong knowledge of MS suite of applications, including Excel, PowerPoint
Business knowledge, preferably in Markets or other banking, broker/dealer, operational risk, compliance and/or audit environment
Ability to review business processes, identify deficiencies, enhance quality control and improve efficiencies
Excellent oral, written and presentation skills
Must be articulate, persuasive and possess the ability to interact effectively with senior management and key stakeholders
Strong organizational leadership and influencing skills; Capable of prioritizing and multi-tasking in a dynamic environment
Must be able to work in a team environment and be open to change and different ideas/viewpoints
Strong problem solving and analytical skills
Answers
Hi Wesley,
Dodd Frank was a set of regulations put in place after the financial crisis (Lehmans/Bear Sterns etc). It was created to help try and ensure that doesn't happen again and ensure the US public isn't impacted in the same way. So as a result all the large banks have been and continue to try and ensure they meet those regulations. Failure to do so can lead to fines as well as reputational risk with their clients
Reading that job description, I suspect this it to test how the bank has met the implemented the those new controls. i.e. Your role would be to try and find gaps in that, through analytical work such as interviews/understanding the end to end process. Your findings will probably be reported to someone quite senior, who will then have to implement those changes. You would probably need to ensure the new controls are now suitable.
You would effectively become a "internal police force", to ensure the bank is meeting the new regulations.
It is a growth area, with most banks increasing the number of jobs in this area and would likely have good exposure across the bank
Hope this helps
Matt
QA usually entails a lot of review, but it looks like this role comes imbued with management responsibilities as well. In terms of "analytical skills" regulatory compliance roles usually require individuals with strong research skills, particularly with databases. This usually means LexisNexis/Worldcheck, but could just as easily mean Boolean/laser searches in Google. I place a variety of compliance roles with my investment banking clients here in NY, so if you have any questions feel free to message me. Hope I could help.
Best of luck,
Wesley
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