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Independent Risk Quality Assurance – Banking and International Risk – Officer

3 months ago

Mumbai, Maharashtra, India Citigroup Full time

The Banking and International Risk (BIR) organization is led by Cheryl Boucher, Chief Risk Officer (CRO), who reports directly to Citi's CRO, Zdenek Turek. BIR oversees risk management of Wholesale Credit Risk (WCR), International and Legacy Franchises. BIR provides second line of defense (2LoD) oversight, review and challenge over our lending and counterparty credit activities globally. We collaborate with our key partners in the first line of defense including Institutional Credit Management (ICM) function to manage capabilities across our Wholesale Credit businesses, underpinned by a common WCR Framework and Policy. Our joint effort is enabled by clear ownership and accountability. Our Mission is to build an industry-leading Banking & International risk management, with a commitment to continually enhance our end-to-end capabilities through investments in our people, processes, technology, and controls, ultimately bringing success to the Franchise.

This role is part of the Independent Risk Quality Assurance (IRQA BIR) function, whose objective is to independently assess whether the established standards, procedures, processes and controls relating to WCR management are followed and consistently applied across Citi. This objective is achieved by providing assurance to senior management through identification and reporting of thematic deficiencies, operational weaknesses, risk associated with the specific areas, training needs, and processes and quality deficiencies.

The QA Program is executed through the c ompletion of Quality Assurance Reviews (QARs) and ongoing monitoring of the in-scope processes and controls. QARs are performedafteran in-scope credit risk management activity is completed and are aimed at providing added assurance to senior management by identifying and reporting thematic (as opposed to case-specific) deficiencies, operational weaknesses, risk associated with the specific areas, training needs, and processes and quality deficiencies.

The IRQA BIR staff are independent of the functions and businesses, and have no direct execution responsibility over, the processes and controls subjected to the QA process.

The current role of IRQA BIR Officer (IRQAO) reports directly to one of the Function Heads responsible for driving QARs.

Key Responsibilities:

·Executing routine and complex QARs, including support and implementation of the IRQA BIR Program components and synthesizing QAR results

·Supporting Global Head of IRQA BIR and Function Heads in the execution and delivery of a robust IRQA Program

·Supporting preparation, review and challenge of the QAR execution documents and templates

  • Support with the aim to ensure wholesale credit risks within Citi are effectively identified, measured, monitored, and controlled, consistent with the bank's risk appetite and all policies and processes established within the risk governance framework.

·Under the supervision of an IRQA Function Head, IRQAO assists in the execution of the following specific activities, including:

  • Consistent and objective assessments during execution of routine and complex QARs, including assisting IRQA Function Heads in the sampling process as necessary
  • Reviewing every sampled item to independently assess the quality of credit memo using the Quality Assurance scripts/checklist (as maker), providing effective credible challenge during QARs to Accountable Executive(s) and Portfolio Leads of the in-scope portfolios, as regards to the quality and completeness of credit underwriting processes, to ensure that weaknesses in such processes are identified and escalated as appropriate
  • Sending draft observations to business contact, after performing each individual review pointing deficiency encountered
  • Making decisions on failing or not failing, based on clarification received
  • Informing review results to business contacts, resolving disagreement if any by setting up calls
  • Uploading the final QA response, maintaining complete QAR documentation
  • Synthesize and assist preparation of QA Reports to senior management, to objectively measure and communicate results of QA testing
  • Subsequent follow-up on corrective actions that were raised during QARs
  • Assisting in creation of, and providing feedback on, or updates to, new and existing IRQA assessment document templates and other templates used in the IRQA Program, including test scripts, and assisting IRQA Function Heads in the sampling process as necessary.
  • Support IRQA Function Head(s) in staying abreast of relevant changes to rules/regulations and other industry news including regulatory findings.
  • Provide ongoing guidance and coaching to IRQA staff, IRQA Guests and to staff of portfolios being subjected to the QA process
  • Support the Global Head of IRQA on internal projects and initiatives
  • Support IRQA Voice of the Employee (VOE) initiatives
  • Travel (less than 10%)

Qualifications/Experience/Skills/Competencies:

  • Bachelor's degree in finance/accounting, or any other related subject
  • 6+ years in banking, credit risk management, internal audit, loan review or quality assurance review function at an investment or large commercial bank.
  • Understanding of Wholesale Credit Processes, and organizational awareness of covered portfolios, and processes; practical experience in wholesale lending and/or counterparty credit risk would be an added advantage
  • Understanding of risk management and controls frameworks related to corporate/counterparty credit risk management or another financial risk discipline, past experience in problem credit assessment and risk mitigation is a plus
  • Understanding of the markets and lending wholesale credit risk covered processes, to evaluate findings within the Quality Assurance process, determine materiality, and partnering with in-line makers and checkers for ongoing improvement, problem detection, and sustainable remediation
  • Good background on end-to-end credit risk management processes and controls for large corporate and finance industries to properly evaluate processes, controls design and quality breaks within the quality assurance function
  • Understanding of QA policies and procedures with the ability to execute change seamlessly.
  • Awareness and adherence to the control environment including Quality Assurance and Quality Control.

Job Family Group:

Risk Management


Job Family:

Business Risk & Control


Time Type:

Full time


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