Citi Operational Risk Senior Manager in Irving, Texas

  • Primary Location: United States,Texas,Irving

  • Other Location: United States,New York,New York; United States,Missouri,O'fallon

  • Education: Master's Degree

  • Job Function: Risk Management

  • Schedule: Full-time

  • Shift: Day Job

  • Employee Status: Regular

  • Travel Time: Yes, 10 % of the Time

  • Job ID: 15082073


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 explains what we do and Citi Leadership Standards at 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 to are widely available to all.

POSITION OBJECTIVE (Business Operational Risk Manager Role)

Provide segment and product specific expertise in order to execute effective oversight of the Business’ risk identification, assessment, monitoring and mitigation process. “Business” in this context includes Operations and Technology functions and vendors supporting or used by the P&L owners who own the Risk. The Operational Risk Manager performs the role through proactive engagement with the Business management, and through effective challenge - in formal governance forums and in day to day management processes. The objective is to ensure compliance with Citi’s Operational Risk Framework and policies as well as to meet “Heightened Standards” from Regulators for the 2 nd Line of Defense. Business Operational Risk Managers also assist with the development and enhancement of the Operational Risk Framework.

Reporting to the Business or Function Coverage Lead Op Risk Group Manager, this position works closely with Business and Product Managers, Business Heads, in-business Operational Risk and Control Managers, as well as Independent Risk and other control functions (Compliance, Legal, HR) in carrying out job responsibilities.


This primary focus of this role is oversight of Mortgage businesses within the US and North America (as applicable) as well as any other responsibilities assigned by the Consumer ORM Business Coverage lead. This involves oversight of risks associated with the origination and servicing of Mortgage products wherever the exposure exists - including functions and third parties that support or partner with these Businesses.

Prime interfaces for Consumer Business Coverage ORM include:

  • Consumer ORM Framework and Risk Cycle Management team for expertise in framework requirements, policies and procedures.

  • Other Consumer ORM Business Coverage teams for North America to ensure consistent standards in oversight execution as well as transfer of lessons learnt.

  • ORM Foundation team who leverage the Business ORM team for expertise and escalation of issues.

  • ORM CAO, Governance, Audit and Regulatory Relations team to ensure effective business management and regulatory interactions.

  • Risk Specialists from IR and Control functions (e.g. Compliance) to leverage expertise and solicit their participation in risk reviews.

  • Franchise Risk Architecture Reporting team to support business risk profiling and reporting.


Governance & Oversight

  • Develop strong working relationship with the business covered in order to be a valued and respected partner

  • Together with the Business coverage lead establish an appropriate engagement process with the Business to enable meaningful challenge and oversight and participate in risk management focused forums

  • Assist Business Coverage lead / present relevant material as necessary at senior level governances such as Business Risk Reviews and Business, Risk, Compliance and Control Committees as well as for meetings with important stakeholders like the Regulators, 3 rd Line of Defense and senior management.

  • Ensure business adherence to operational risk policies.

  • Jointly with the Business ensure effective implementation and use of Scenario Analysis for risk management and measurement and ensure alignment with GCB and Business level Material Risk Inventory. Lead the challenge role in the Scenario Analysis process once ownership shifts to the 1 st Line.

  • Execute responsibilities articulated in the ORM Policy for independent operational risk managers including deep dives in to any significant current or emerging risk areas

  • Ensure adherence to Consumer Op Risk procedures for independent Business coverage risk managers and for the Business. Assist in the continuous improvement of these procedures to strengthen 2 nd line of defense oversight.

  • Understand the linkages, and ensure Business is linking all tools in place for managing the operational risk management cycle and evidencing the feedback loop across MCA, KOR and KRCI process, Scenario Analysis and Loss Analysis results on a continuous basis.

  • Provide product expertise and work closely with the ORM Risk and Control Assessment team that executes on MCA entity level ARAs and ratings challenges to ensure feedback loop between all tools.

  • Escalate operational risk events within the Business and within ORM as appropriate with relevant context and risk assessment

Risk Identification, Analysis & Assessment

The Operational Risk Manager leverages all the core tools that are part of the ORM framework viz., the Key Operational Risk Identification and Key Risk Indicator monitoring process, Scenario Analysis, Manager’s Control Assessment Challenge, Internal and External Loss Analysis as well as Risk Reviews to provide effective oversight. Risk identification, analysis and assessment of current and emerging issues also requires working with Specialists in other second lines of defense as relevant for individual risk types associated with the business or product.

  • Identify trends, themes, tendencies that indicate emerging operational risks by relying on mining trends in relevant metrics, loss data and external events. Effectively communicate learnings to Business in order to drive necessary responses and action.

  • Proactively analyze various data sources to form an independent assessment/opinion of op risk.

  • Assist the Business coverage lead in developing and implementing the data mining and conceptual approaches necessary to establish robust leading indicators and metrics to identify areas of potential OR exposure and emerging risk to enhance loss anticipation and mitigation.

  • Continuously monitor Key Operational Risks and related Key Risk Indicators and ensure the Business is taking appropriate action to update them and respond to breaches.

  • Participate in and lead Risk Reviews to proactively identify significant potential risks in the Business and develop specific recommendations for the Business to action.

  • Identify changes in business strategy or relevant regulations that may lead to an increase in Op Risk

  • Analyze losses in the Business to understand how losses were incurred, determine lessons learned, identify root causes and use in developing recommendations for risk mitigation

  • Support Scenario Analysis efforts, and track and oversee Business monitoring of triggers and action plans.

Risk Approvals

  • Assist in review of transactions proposed to the Consumer New Product Approval Committee (CPAC) as well as any other significant transactions like the sale or purchase of a Business/Portfolio outside the CPAC process. Monitor business fulfilment of ORM specified conditions in CPAC approval.

  • Evaluate KOR/KRI change proposals from the Business before approval by Business Coverage lead.

  • Review ORM Policy / Consumer ORM Exception requests before approval by designated ORM approver. Ensure timely submission and approval of Exceptions.

Risk Mitigation

  • Drive solutions to root causes that potentially can lead to op risk or losses

  • Develop actions or, as appropriate, projects to apply lessons learned and share across relevant geographies/managed segments.

  • Work as an independent partner to mitigate risk and improve processes and controls so as to take action before risks materialize into op losses.

  • Evaluate control issues and ensure adequacy of Event Root Cause Analysis and corrective action plans.


Knowledge /Experience

  • Work experience of 7+ years in the financial services industry in investment products risk and controls management.

  • Knowledge of US regulatory and industry standards for retail sale of investment and insurance products including infrastructure requirements and related controls.

  • Exposure to operational risk and/or internal controls is a plus.

  • Leadership positions in Risk Management, Internal Audit, Compliance or related field a plus

  • In depth understanding of Consumer Retail products and services – lending, liability and investments.


  • Strong analytical and conceptual skills

  • Independent thinker and able to perform a credible challenge of the Business

  • Ability to influence and convince without authority

  • Ability to work collaboratively within and across functions and Lines of Defense

  • Effective team player and contributor in dynamic and shifting teams as well as virtual teams

  • Superior communication and interpersonal skills


  • Proficient in MS Office applications necessary for executing on job responsibilities

  • Excellent data / quantitative analysis skills

  • Superior writing skills to develop high quality policy / procedure documentation

  • Executive presentation skills


  • Bachelor’s Degree / Master’s degree in Business, Finance, Accountancy, Law or any other relevant field.

  • Training/Certification or experience in database/MIS management tools a plus.