Full Job Description
The new product approval (NPA) process is an integral part of Citi’s Risk Management providing robust diligence, review and approval of new products and services as part of the end-to-end product lifecycle. Citi’s NPA process considers both the diligence for approval and the requirements for on-going controls and management over the life of the product or service.
Additionally, Citi’s NPA process helps to ensure that all new or modified products and services undergo a transparent, consistent, rigorous, documented and auditable review and approval process for the identification and evaluation of significant risks to Citi and its clients. Oversight of Citi’s product approval committees (PACs) fall under the management of the Product Approval Frameworks (PAF). PACs offer an efficient forum for risk issues to be evaluated in the presence of the business and other control functions.
PACs consist of 4 committees organized by businesses covering the Global Consumer Bank (GCB), the Institutional Clients Group (ICG), Citi Commercial Bank (CCB) and distribution of investment and insurance products to Citi Private Bank (CPB) and retail customers. The firm's senior management and regulators require that there be an organized process to critically review all new proposed products and services for all business within Citi.
The PAF is part of the Risk Governance organization functioning within the Chief Operating Office of Independent Risk Management which is responsible for the design and implementation of firm-wide frameworks and practices that are integral and fundamental to Risk Management within Citi. The Risk Governance group is divided into 10 areas: 1) Risk Frameworks & Risk Identification, 2) Risk Policies, 3) Product Approval Frameworks, 4) Risk Controls and Issue Management, 5) Regulatory Affairs, Governance Committees & Quality Assurance, 6) Strategic Analysis & Cross-Risk Initiatives, 7) Risk Learning and Development, 8) Program Governance, 9) Risk Management Reporting, and 10) Risk Headcount and Budget Management.
Objective and Job Description
This position is an Assistant Coordinator for the Americas New Product Approval Committee (NPAC) who covers ICG.
NPAC oversees the end-to-end process for approval and implementation of all new products, services and complex transactions originated by the ICG Businesses. The objectives of NPAC are to ensure that significant risks in a new ICG product and service of complex transaction are identified and evaluated from every relevant perspective, are determined to be appropriate for ICG, Citi. and its clients, are properly recorded for risk aggregation purposes, and are effectively controlled and have all accountabilities in place. NPAC offers an efficient forum for risks and issues to be evaluated in the presence of the business and other control functions. Its membership consists of senior representatives from Legal, Risk Management, Compliance, Finance, Operations, Technology and Legal Entity Management. Beyond approval of initiatives, NPAC also covers requirements for on-going controls and management over the life of the product or service.
The candidate will be the Assistant Coordinator primarily supporting Americas NPAC in managing (scheduling, tracking, logging and updating) the review process. The position is a critical function working with the Chairs and Coordinators to facilitate and support the risk assessment and approval process through a new products end-to-end lifecycle. The role will include active engagement in various Americas related and Global projects for on-going NPA process enhancements. Central to this role will be the ability to collaborate and work across various business and control function stakeholders.
Assist in screening business proposals to determine the scope of the NPAC review required and make appropriate recommendations to the NPAC Chair and Primary Coordinator.
Liaise with the businesses to ensure that proposals - particularly additions to Permitted Product Lists (PPL), pre-screening of potential NPAC initiatives and Post-Implementation Reviews (PIR) -accurately represent all relevant risks and issues, and that the relevant control functions have understood and opined on the proposal.
Participate in the discussions at NPAC review meetings, be directly engaged in the evaluation of risk issues, and document meeting discussions.
Engage the business and control stakeholders to ensure that the issues raised during the NPAC review are duly addressed and resolved.
Provide reports and analysis from the global database to meet business, regulatory and audit requirements.
Complete documentation requirements for reviewed proposals and work on the MIS data management.
Assist in regional and global initiatives, including automation and digitization of PAC workstreams.
The position provides the opportunity to have insight and engagement in how new products, new services, complex transactions and business lines from inception to launch in the firm with exposure to new, innovative and complex activities initiated across the ICG in Americas. The role will provide the opportunity to develop critical skills to evaluate proposals holistically, taking into account credit risk, market risk, operational risk, franchise risk, legal considerations, compliance matters, regulatory affairs, tax sensitivity, accounting considerations and more. The roll provides unparalleled firm-wide exposure and opportunities to interact with senior colleagues in the front office and in functions including Risk Management, Legal, Compliance, Finance, Operations and Technology.
Knowledge / Experience:
Experience in the Financial Services industry
Product knowledge over a broad set of asset classes and transactions (e.g. Equities, Commodities, FX, Rates, Structured Products, Private Equity, eCommerce, Cash Management, Trade Finance, and Custodial Services) is a plus but not necessary.
A basic understanding of different risk types, e.g. market risk, credit risk, operational risk, liquidity risk, franchise risk, legal risks, and / or reputational and regulatory risks.
Understanding of Citi’s businesses and products and their risk profiles across multiple geographies
Excellent organizational skills, ability to multi-task and identify key issues. Able to manage multiple proposals concurrently that are often different in subject and urgency
Excellent communication skills and strong interpersonal skills while working across multiple geographies, businesses and functions.
Ability to build strong internal and external networks
Ability to multi-task effectively in a high volume and complex environment with changing priorities with a practical solutions-driven approach
Good team player while working independently to bring tasks to completion.
Self-starter, ability to assimilate and analyze large amounts of information
Strong tenacity, resilient under pressure and self-motivated in a fast paced and demanding environment
Highly engaged, strong attention to detail and outcome oriented
This role demands a strong work ethic and a willingness to "roll up sleeves";
Strong analytical problem solving abilities and a high level of integrity to deal with highly confidential data
Undergraduate / Master’s degree(s) in business, finance, law or economics a plus
Grade :All Job Level - All Job FunctionsAll Job Level - All Job Functions - US
Time Type :
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