Citi Senior Compliance Officer - Mortgage Servicing in Irving, Texas
Primary Location: United States,Texas,Irving
Other Location: United States,Texas,Dallas
Education: Bachelor's Degree
Job Function: Compliance and Control
Shift: Day Job
Employee Status: Regular
Travel Time: Yes, 10 % of the Time
Job ID: 16061128
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 to are widely available to all.
This role will provide general and product specific regulatory compliance expertise to effectively oversee the Business’ compliance risk identification, assessment, monitoring and mitigation processes. “Business” in this context includes CMI, CFS and SL loan servicing activities performed by North America Operations and Technology (NAOT) functions, CFS Centers and vendors supporting or used by the P&L owners who own the Risk. The Compliance Product Manager performs the role through proactive engagement with Business and Operations management, other Control functions, and through demonstrated effective challenge - in formal governance forums and in day to day management processes. The candidate will manage a direct team of Compliance Officers who are responsible for execution of monitoring and oversight programs to cover various mortgage servicing area processes as well as associated regulatory and policy provisions. Additionally, the Product Compliance Manager will be expected to understand and effectively assess the legal and regulatory risk environment to provide up-to-date knowledge and expertise relevant to mortgage compliance. The objective is to ensure adherence to Citi’s Compliance Management System (CMS) and policies as well as to meet expectations for “Heightened Standards” from Regulators. Compliance Product Managers also assist with the development and enhancement of the Compliance programs within Citi’s Global Consumer Bank (GCB).
BUSINESS COVERAGE SCOPE
This primary focus of this role is oversight of servicing functions within U.S. Mortgage businesses and residual Student Loan as well as any other responsibilities assigned by the Mortgage Servicing Compliance Directors.
Prime interfaces for Mortgage Servicing Compliance include:
Mortgage Originations Compliance partners for insights and connectivity of potential horizontal risks as well as Compliance Testing partners for annual planning and alignment of oversight results.
GCB Compliance Program Management team for expertise and alignment related to compliance framework requirements, policies and procedures, training, MCA and Dashboard reporting.
Product Compliance teams with coverage for other Consumer products (e.g. Cards, Retail Bank, etc.) to ensure consistent standards in oversight execution as well as transfer of lessons learned.
Other 2nd line Risk Specialists from Independent Risk and Consumer Operational Risk Management (ORM) as well as 1st line Control functions (e.g. CBORC) to leverage expertise and solicit their participation in compliance related projects, programs or discussion.
Governance & Oversight
Develop strong working relationship with key stakeholders within the business coverage area in order to establish, secure and maintain a value proposition.
Together, with the Compliance Product Directors, establish an appropriate engagement process with the Business’ to enable meaningful challenge and oversight as well as participate in compliance management focused forums.
Assist Compliance Product Directors in preparing and presenting relevant material as necessary at senior level governance forums such as business level steering committees, Real Estate Operations Steering Committee (REORC), Business, Risk, Compliance and Control Committee (BRCC) as well as meetings with other key 3rd and 4th line stakeholders such as Internal Audit and Regulators.
Ensure business adherence to Compliance Program policies, standards and procedures.
Effectively execute responsibilities per Compliance Monitoring Standards, Compliance Annual Risk Assessment (CARA) Execution Directive and Regulatory Control Matrix (RCM) Policy for compliance risk managers including accurate assessment and high quality outputs related specifically to any significant current or emerging risk.
Assist in the continuous improvement of Product Compliance procedures to strengthen 2nd line of defense framework.
Understand the linkages, and ensure Business is leveraging appropriate tools in place for managing compliance risk and evidencing the feedback loop across governance, Managers Control Assessment (MCA), Key Operating Risk and Key Risk Indicator (KRI) process, to ensure that senior leadership is kept informed on a real time basis.
Provide product compliance expertise and work closely with the business teams which execute on MCA entity level quarterly assessments, ratings and Annual Risk Assessments to ensure adequate assessment oversight and provide effective challenge.
Escalate compliance risk events within the Business as appropriate with relevant context and expected outcomes.
Compliance Risk Identification, Analysis & Assessment
The Mortgage Servicing Product Manager leverages all of the core tools that are part of the Compliance framework viz. , the CARA , Regulatory Change Management Process (RCP), Product Compliance monitoring and RCM as well as targeted reviews to provide effective oversight. Compliance and regulatory risk identification, analysis and assessment of current and emerging issues may also require working with specialists in other second lines of defense as relevant for individual risk types associated with the business or product.
Lead and actively manage the successful completion of the CARA process specific to servicing functions.
Successfully manage the RCM program by performing analysis, reviewing risks and business controls against regulatory requirements to assess adequacy and document issues or concerns with timely reporting of results
Identify trends, themes, tendencies that indicate emerging compliance risks by relying on monitoring results, business metrics, and external industry events. Effectively communicate learnings to Business and adequately escalate significant issues to ensure that necessary responses and corrective actions are implemented promptly.
Proactively analyze various data sources to form an independent assessment/opinion of compliance risk.
Continuously monitor KOR’s and related KRI’s to ensure that the Business is taking appropriate action to update and respond to breaches.
Participate in and lead reviews which proactively identify significant potential compliance 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 compliance risk exposure.
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 compliance specified conditions in CPAC approval.
Evaluate KOR/KRI change proposals from the Business before approval by Compliance Product Director.
Review and approve business level policies, procedures, training modules and customer facing communications within Mortgage Servicing. Ensure timely submission and approval of Exceptions.
Regulatory Risk Mitigation
Drive solutions to root causes that can potentially lead to increased regulatory risk or violations of law.
Develop actions or, as appropriate, projects to apply lessons learned and share across relevant business teams.
Evaluate control issues and ensure adequacy of Root Cause Analysis and corrective action plans.
7+ year’s compliance or related experience in financial services industry or bank regulatory agency with knowledge of consumer banking regulations specific to mortgage products and the expectations of regulators for an effective compliance management program.
In-depth understanding of laws and regulations pertaining to mortgage servicing and related concepts/processes, including operationalizing and executing against centrally set program standards.
Knowledge of Citi’s consumer businesses and consumer banking products and services, a plus.
Recognized as a leader exhibiting initiative and strategic thinking.
Demonstrated track record of exceptional people manager skills.
Understanding of risk and control framework as well as internal controls definition is a plus.
Exceptional people manager skills and ability to identify top performers as well as grow bench strength.
Strong analytical and conceptual skills.
Independent thinker and able to perform a credible challenge of the Business.
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, writing and interpersonal skills.
Excellent people management, collaboration, and presentation skills, including ability to navigate across a broader geography with reports and partners in multiple locations.
Exceptional judgment, with ability to identify issues, prioritize, triage, and direct issues or escalations expeditiously, especially when complex situations are introduced.
Strong compliance governance, compliance program management and risk assessment experience.
Strong negotiating skills, with ability to work with and influence senior management and staff without authority.
Proficient in MS Office applications necessary for executing on job responsibilities.
Excellent data / quantitative analysis skills.
Superior writing skills to develop high quality assessment outputs.
Executive presentation skills.
Bachelor’s Degree Required (Business, Finance, Accountancy, Law or any other relevant field)
CRCM, J.D., or MBA highly desirable