The Finance Chief Risk Office (Finance CRO) is responsible for providing independent risk management oversight of the Finance function, including effective challenge and mitigation of capital, liquidity, interest rate risks, and market risk for treasury investments; oversight for operational and regulatory reporting risks for Finance; and oversight of key risk management methodologies and calculations, including credit reserves, and Basel Advanced RWA. Finance CRO is led by the Chief Risk Officer for Finance, who reports directly to the Citigroup Chief Risk Officer.
The Head of Global Credit Reserves leads a team of 20 to 30 risk professionals who are responsible for the oversight and governance related to Current Expected Credit Losses (CECL) and International Financial Reporting Standards 9 (IFRS 9) expected credit losses (ECL). The team's responsibilities include executing the quarterly process to determine the appropriate level of credit reserves aligned with accounting and regulatory guidance, ensuring CECL and IFRS 9 policy compliance and managing related governance, and driving consistency between the U.S. and non-U.S. credit reserving processes. The role reports directly to the Chief Risk Officer for Finance and must have relevant prior experience in credit reserve management within Finance or Risk management departments of a financial institution.
The candidate must have the credibility to influence others in senior management, collaborate effectively across divisions, build relationships across Risk, Finance, and the business. This candidate should have an engaged, hands-on style of leadership, be results-driven and detail-oriented, and have a strong track record of execution.
ResponsibilitiesDirectly lead a global team of risk managers specializing in calculating firmwide credit reserves according to CECL and IFRS 9 regulations and standards
- Own the end-to-end frameworks for the determination of CECL and IFRS 9 credit reserves including all relevant documentation such as policies and procedures, methodological determinations, governance processes and reporting and analytical requirements.
- Review baseline macroeconomic scenarios, prescribe the requirements for alternative macroeconomic scenarios, and determine appropriate scenario weights to ensure that the macroeconomic framework for credit reserving remains fit-for-purpose.
- Review and challenge quarterly reserve results including its various components such as qualitative management adjustments.
- Prepare presentations to senior management, including the firmwide CFO and CRO, with consolidated reserve recommendations, key messaging, and relevant analytics and information.
- Present the consolidated reserve recommendations to senior management through the quarterly Citi Reserve Adequacy Committee meetings.
- Act as Secretary of the Reserve Adequacy Committee meetings, ensuring approvals of credit reserves at the Citigroup and CBNA levels, of the CECL framework, and of the Credit Reserve Policy and compliance with all relevant governance committee requirements.
- Coordinate among Risk workstreams, Finance and Investor Relations to prepare for earnings presentations and financial filings.
- Provide quarterly credit reserve updates for Citigroup and CBNA Risk memos and other materials presented to the Board.
- Lead regulatory, internal and external audit interactions/examinations related to the credit reserving processes and results.
- Own the Tier 1 Regulatory responsibilities associated with SR 20-12 to ensure ongoing compliance with regulatory expectations.
- Interact with model developers, sponsors and validation groups to review modelled results, model changes, model testing and model limitations.
- Embed a strong risk culture to promote behaviors in accountability, challenge, effective risk management and governance at all levels of the firm.
- Manage staff, including resource capacity planning, talent development, performance management, employee engagement and location strategy.
- Establish and maintain a robust controls environment as owner of global control processes and, as necessary, lead any issue remediation processes.
Qualifications and Experience- 15+ years of experience working in financial institutions
- BA or BS degree in Finance, Business, Economics or equivalent; advanced degree and/or professional certification preferred
- Detailed knowledge of CECL / IFRS 9 requirements along with direct experience managing a CECL reserving process
- Strong analytical skills, including credit and modeling experience with both Retail and Wholesale portfolios
- Experience leading an integrated, cross-departmental process in a large-scale organization
- Ability to influence senior business leaders, the Board, and external stakeholders on all risk-related matters and to provide critical thinking, independent challenge, and decisive action where necessary
- Ability to negotiate, partner and collaborate through conflicting demands to maintain focus on priority objectives while ensuring key stakeholders' needs are met
- Excellent verbal, written and presentational skills with attention to detail, and extensive experience in dealing with senior management committees and board risk management committees
Job Family Group: Risk Management
Job Family:Portfolio Credit Risk Management
Time Type:Full time
Primary Location:New York New York United States
Primary Location Full Time Salary Range:$250,000.00 - $500,000.00
In addition to salary, Citi's offerings may also include, for eligible employees, discretionary and formulaic incentive and retention awards. Citi offers competitive employee benefits, including: medical, dental & vision coverage; 401(k); life, accident, and disability insurance; and wellness programs. Citi also offers paid time off packages, including planned time off (vacation), unplanned time off (sick leave), and paid holidays. For additional information regarding Citi employee benefits, please visit citibenefits.com. Available offerings may vary by jurisdiction, job level, and date of hire.
Most Relevant Skills Analytical Thinking, Credible Challenge, Governance, Policy, Procedure, and Regulation, Portfolio Analysis, Risk Management Lifecycle.
Other Relevant Skills For complementary skills, please see above and/or contact the recruiter.
Anticipated Posting Close Date:Automated Processing and AIWe use automated processing, including artificial intelligence, for our legitimate business interests (or our reasonable and appropriate business purposes) to identify and align the candidate's skills and abilities with a specific job opening. Additionally, if you so choose, or consent, we can match your skills and abilities to other suitable roles at Citi.
Importantly, all our hiring processes and decisions, including determining your suitability for a role, are conducted, checked, and decided by individuals. Our automated processing and AI do not involve relying on automatic or autonomous decision-making. Please refer to any Jurisdictional Considerations, with specific provisions for your country (where relevant) for further details.
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