The objective of theCPAC Coordinator role is tosupport 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 keyrisks 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 considerCPAC to be a keyrisk management activity.The NACPAC Coordinatorreports into the GlobalCPAC Coordinator andsupports the NACPAC Chair. CPAC is part of the Product Approval Frameworkunder the Risk Governance organization. The Risk Governance function within the Chief Operating Office of IndependentRisk Management isresponsible for the design and implementation of firm-wide frameworks and practices that are integral and fundamental toRisk 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 isresponsible for managing the Consumer Product Approval Committee (CPAC) for North America (NA). The individual will have a deep understanding of Citi’s Product Approvalprocesses and have theexperience and ability to assess operational, regulatory, compliance and other franchiserisks 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 reviewchannels (Fintech, Retail, Cards, IPB and Mortgage).Key Responsibilities
- 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 bankingexperience 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 experienceworking 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