Citigroup Global Head of Counterparty Credit Portfolio Risk Management in London, United Kingdom
CGW is a Division of Citi focused on serving the needs of clients across the entire wealth spectrum. It has been created by combining the Wealth Management businesses across Citi Global Consumer Bank and Citi Private Bank. It serves over 500,000 clients through its global footprint in Asia, EMEA, Mexico, and North America.
CGW delivers a wide range of products and services covering capital markets, managed investments, portfolio management, trust and estate planning, investment finance and banking. By building on the strengths and capabilities across Citi, we intend to transform the way we serve clients across the wealth spectrum, delivering the full range of high tech and high touch capabilities Citi can offer, and ultimately help them achieve their goals.
Citi Global Wealth propositions are delivered via tailored offerings across the Citigold, Citi Private Client, and Citi Private Bank brands.
The Margin Loan business (Margin and securities based financing – MSBF) business of CGW provides financing to the whole Wealth spectrum of clients ranging from the affluent up to the Ultra Net Worth segment against liquid listed securities. In addition, MSBF provides a “utility service” to Global Wealth providing a first line of defense credit analysis and approval function for all counterparty risk across GCW. This includes MSBF, DMA (a JV with Citi Markets and Global Capital Markets within GCW). As part of our efforts to strengthen and deepen our controls capabilities, we have established a new function within CGW Lending and Banking called Global Counterparty Credit Risk Portfolio Risk Management (CCR PRM). CCR PRM will work closely with our CGW Lending teams to serve as a critical component of our First Line of Defense for CCR management and will work with our Independent Risk partners to ensure best-in-class risk and controls, as well as client responsiveness.
Key responsibilities will include
Define and implement CCR portfolio risk metrics and analytics for the whole CGW;
Define and implement best in class stress testing and methodologies for the 1st LoD in CGW
Define and implement a loanable value (LV) methodology for CGW based on collateral concentration and liquidity by standardizing the methodology across both Citi Consumer Bank (CCB) and Citi Private Bank (CPB)
Manage and sponsor CCR models for CGW and liaise with the second line to
The scope of responsibilities and scale of this team will evolve over time to continue to meet our needs.
CCR PRM’s mission is to provide best-in-class credit analysis and monitoring which is risk-differentiated, thoughtful, timely, and which conforms to applicable local and global regulatory expectations for safety and soundness in their relevant jurisdictions. CCR PRM Head will coordinate with other credit management groups across Wholesale/ICG, Retail/Consumer and Counterparty Credit Risk to ensure full alignment on business and regulatory goals, as well as consistency and best practices where appropriate
Counterparty Credit Risk Portfolio Risk Management Head
The Global Head of CCR PRM will be a member of the Global MSBF Leadership Team for Lending and Banking, a division of Global Wealth.
The incumbent of this role will be tasked with leading a global team of CCR risk managers with the initial, primary responsibility to perform Portfolio analysis of clients and collateral concentrations and stress testing
The Global Head of CCR PRM will drive the development of the CCR PRM function including recruitment of top underwriting talent and organizational enhancements as the scope of responsibilities and scale of this team evolves over time to continue to meet the lending needs of CGW..
This is a highly demanding role, requiring strong leadership, governance and oversight founded on exemplary lending and underwriting experience as well as knowledge and experience of Citi’s Credit Policies, Standards, and Procedures, risk management practices and regulatory expectations
Interpret the global strategy and drive execution of frameworks, programs and technological solutions to achieve the following key mandates:
Define, establish and manage scalable end-to-end processes for the core production pillar. Specifically, this would include
Portfolio stress testing: Develop and manage an organization that effectively engages with CCR Transactors, CCR head of Underwriting and independent Risk Managers (2nd line) to effectively manage portfolio risk management for CCR CGW;
Deliver best-in-class portfolio counterparty credit analysis stress testing, credit contingent market risk PD models, collateral liquidity and concentration;
Accuracy and completeness of Credit Data: ensure that data captured in our counterparty credit infrastructure are in-line with the approvals and conform best in class standards
On-going monitoring: deliver timely, high-quality analysis of existing exposures including pockets of client and or/collateral concentrations;
Escalations: ensure timely tracking and escalations around exposure monitoring
MIS and Reporting: Developing analysis tools to measure critical production and control metrics to drive portfolio ;
Partner with the WCM Head to provide 1st-line approvals in line with Citi Credit Policy, CGW Standards and Product Programs
Manages and drives multiple regulatory and control priorities including responding to Regulatory (including WCR and Consent Order), Audit and FCR’s findings remediation.
SPECIFIC MARKET/CREDIT RISK EXPERIENCE
Market Risk or Counterparty Risk experience in managing global complex book including multi asset derivatives exposures
Experience in and exposure to global market risk of CCR risk management standards.
Experience in derivatives market/credit risk management or of market risk managing non-recourse margin Loans and complex equity or credit derivatives
Ability to understand complex counterparty credit product structures, and ideally well-versed in capital markets products.
In depth understanding of portfolio CCR stress testing techniques
Good understanding of non-recourse and CCR pricing models and of CCR regulatory capital models
Demonstrates managerial maturity in looking out for the best interests of the enterprise including managing dual reporting lines
Proven ability to lead / integrate global organization
A strong mentor and coach – one with the ability to rally followers and embed / empower leads for each of the core pillars
Highly skilled communicator who ensures key messages are cascaded throughout the organization
BUSINESS / RISK PARTNERSHIP
Strong presence / ability to liaise with internal heads of businesses and risk portfolio leads and manage multiple front-line demands
Navigates organizational complexity and breaks silos
Creates and sustains a network of strong partnerships with the business in all segments & geographies and other risk functions
Provides well-reasoned, balanced assessments of risk/return trade-offs associated with collateral liquidity and concentration and collateral and PDs correlations.
Proven track record of partnering with global peers in leveraging and implementation of best practices
Ongoing alignment with ICG ICM in order to deliver a portfolio risk management methodology across the different Citi busines lines.
Extensive risk/risk-related credit work experience in banking/financial institutions
Senior market risk or CCR risk management experience
experience in managing credit contingent market risk and equity financing non-recourse books or in prime brokerage risk management in the 1st or 2nd Line of Defense
Proven ability to effectively engage with internal control functions including Internal Audit and Risk
Demonstrates strong ethics and integrity
Strong leadership. Dynamic, flexible, and with strong communication skills
Ability to see the ‘big picture’ in a complex environment
Can make decisions under pressure and short timeline
Excellent verbal & written communication skills. Active listening skills.
Multi-cultural and bi-lingual, including the ability to speak multiple languages and experience in working in multiple geographies
Demonstrated influencing and negotiating ability, resolve conflicts amongst various constituencies
Excellent presentation skills – adept at presenting effectively to audiences of various sizes and various constituencies
Job Family Group:
Private Client Product Services
IF Margin & Sec Backed Finance
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