Citi Consumer Product Approval Coordinator - North America in Escanaba, Michigan
Primary Location: United States,Michigan,Escanaba
Other Location: United States,Florida,Tampa; United States,Texas,Irving
Education: Master's Degree
Job Function: Risk Management
Shift: Day Job
Employee Status: Regular
Travel Time: Yes, 10 % of the Time
Job ID: 18076135
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 at http://www.citigroup.com/citi/about/mission-and-value-proposition.html explains what we do and Citi Leadership Standards at http://www.citigroup.com/citi/about/leadership-standards.html 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.
North America (NA) CPAC reviews new products and services proposals developed by the Global Consumer Bank (GCB) businesses in North America ensuring that; all significant risks, including reputational and franchise risks, are identified, evaluated, determined to be appropriate for the GCB, while confirming that effective controls and accountabilities are in place. The Committee is comprised of senior-level representatives from disciplines including Risk Management, Legal, Compliance, Bank Regulatory, Accounting Policy, Treasury, Tax, Operations and Technology, among others (collectively, the “Control Functions”).
The objective of the CPAC Coordinator role is to support and facilitate the process of the review of new product proposals raised by the GCB. The position is unique as it requires the Coordinator to be able to work across all GCB businesses; to quickly understand new product proposals, to identify key risks and issues, and anticipate considerations that require evaluation by the Business and Control Functions. The role provides exposure to all GCB businesses and allows interaction with senior business managers and senior representatives from the different Control Functions. Citi’s regulators consider CPAC to be a key risk management activity.
The NA CPAC Coordinator reports into the Global CPAC Coordinator and supports the NA CPAC Chair. CPAC is part of the Product Approval Framework under the Risk Governance organization. The Risk Governance function within the Chief Operating Office of Independent Risk Management 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 8 areas: 1) Risk Frameworks 2) Risk Policies 3) Product Approval Framework 4) Risk Identification 5) Risk Controls and Issue Management 6) Regulatory Affairs, Governance Committees & Quality Assurance 7) Strategic Analysis & Cross-Risk Initiatives and 8) Risk Headcount and Budget Management.
The position is responsible for managing the Consumer Product Approval Committee (CPAC) for North America (NA). The individual will have a deep understanding of Citi’s Product Approval processes and have the experience and ability to assess operational, regulatory, compliance and other franchise risks of any new or materially changing consumer product or service. The role will include interactions with the most senior business and control function leaders in the NA Consumer Bank organization as well as the affiliated Business line review channels (Fintech, Retail, Cards, IPB and Mortgage).
Effective management of the NA CPAC processes and associated responsibilities in adherence to the Citi Product Approval Policy and the CPAC Standard.
In particular, the role will be the SME on all new or materially changing consumer product and services and lead the CPAC process in North America.
Pre-screen initiatives presented by the Business line development and change management channels and determine if CPAC is required ensuring CPAC Chair concurrence, maintaining records of the decision rationale.
Evaluate initiatives for any legal/regulatory or confidentiality sensitivities through consultation with CPAC legal / regulatory representatives.
Working with the Business and control functions in preparing new product or service proposals for CPAC review, including, evaluating risks, identifying and eliminating potential issues and providing credible challenge.
Advising the business regarding documentation and other requirements needed to present a proposal to CPAC for approval
Review materials prepared for submission to CPAC ensuring completeness as per the CPAC Standard. Ensure that all relevant risks are identified, risk assessments performed and results documented prior to the Business’ presentation to CPAC
Maintaining formal documentation, including minutes, conditions, follow-ups, reports and metrics, of CPAC proceedings and decisions.
Attending to the CPAC’s administration including scheduling CPAC reviews, monitoring CPAC issues and conditions for completion and maintain CPAC membership and delegate lists.
Ensure all scheduled reviews and documentation are uploaded into management systems.
Ensure relevant controls are performed as required and provide evidence to support the area’s MCA monitoring processes, internal audit reviews or external regulatory reviews of CPAC or related processes.
Ensuring that the CPAC Committee members/delegates are aware of the initiative well in advance to ensure timely review and effective and efficient CPAC meetings.
Ensuring that the Business Line have completed their review and provided an approval prior to the CPAC meeting.
Participate in the broader Citi new product approval (PAC) related meetings, reviews and initiatives. Working with other PAC personnel to develop and implement PAC processes and procedures, as necessary.
Knowledge and Experience
A Bachelor of Science is required or preferably a post graduate degree in Business Administration, Finance, Accounting or equivalent.
10+ years of broad consumer banking experience across the product spectrum.
Must be able to manage multiple priorities and have the ability to work in a fast paced environment
Outstanding communication skills (verbal and written) and the gravitas to engage with senior leaders as well as lead product development staff.
Must be highly organized and detailed oriented
Must possess strong analytical and reasoning skills along with outstanding problem solving skills.
The ideal candidate has experience working within an enterprise-wide risk management framework with strong orientation to and knowledge of regulatory, compliance and operational risks.
Pro-active and inclusive approach to their work
Citi is an equal opportunity and affirmative action employer. Minority/Female/Veteran/Individuals with Disabilities/Sexual Orientation/Gender Identity.