Third Party Operational Risk

Job Description :

Third Party Risk Oversight (TPRO) is part of the USPB COO organization, which supports Citi Enterprise by creating and implementing methodologies, including process & procedures, to measure, monitor and escalate Third Party related key operational and other risks.  USPB Third party Risk Oversight is a First Line of Defense Control function that aids in the assessment of risk evaluation for Consumer Banking and Global Wealth LOBs. The Third-Party Risk oversight function is responsible to identify, assess, evaluate, monitor, and report the key operational risks for governing the risks associated with Citi's use of and reliance upon third parties.

The individual in this role will report to the Senior Vice President of Third-Party Risk Oversight team in India and will specifically focus on 'gap validation' type efforts that enhance the firm's ability to proactively measure and manage Third Party Operational Risks. This role requires an individual with a legal acumen, with strong understanding of Contract construct/ elements & MCA/ GRC framework, with a strong desire to work in a fast pace, dynamic function. 

Key Responsibilities include:

• Perform QA validation for contractual obligations (requirements) mapping of high-risk tier contracts and material change contracts for relationships within TPRO oversight.  Working with TPRO Management, perform monthly identification of applicable universe and provide status reporting across all levels of the applicable work stream
• Possess good understanding of MCA/ GRC framework and knowledge of PRCM, GPMP structure & monitoring is preferred.
• Have sound understanding of contract constructs and able to identify & evaluate the key obligations (requirements) from contracts/ agreements for Third Parties and SLA tracking.  Additionally, understand the relation of controls relevant for the obligations (requirements) identified
• Have analytical & legal mindset to perform gap analysis and validation exercise of key contractual obligations (requirements) for completed templates (received from Business Activity Owners) against key obligations (requirements) identified from agreements for relationships (Master Service Agreement, Statement of Work, Work orders, addendums, data sharing agreements, etc.)  to ensure the requirements and associated controls are accurately, correctly, and comprehensively covered in the submitted template.
• Proactively work with Business Activity Owner (BAO) and related parties, as needed, to ensure that completed templates are received as per standard procedures (SOPs), Obligations (requirements) and associated controls are cited in the template and perform follow-ups, as needed, to ensure timelines of gap validation exercise.
• Actively partner with Business Control Heads (BCHs) and their teams to ensure controls are mapped for the contractual obligations.
• Act as a lead to evaluate, document, and escalate potential gaps/ findings arising from gap validation exercise and ensure those gaps/ findings are covered &  acted upon as part of Corrective action plan (CAP) and remediation efforts, when applicable.
• Partner with other key stakeholders to monitor material changes in contract terms, language, and obligations (requirements) to ensure that gap validation exercise is performed against the latest contractual obligations (requirements) as may be required
• Champion the application and testing of system integration, transitions, enhancements, and governance processes to create lasting solutions that minimize losses from failed internal processes, inadequate controls, and emerging risks across TPRO, associated systems and overseen relationships.
• Develop and maintain Management Information Systems (MIS) and dashboard reporting to provide senior management with regular insights, including gap validation resulting from the overall TPRO monitoring program, ensuring consolidated results and effective control monitoring specific to budget adherence for TPORT development resources.
• Participate in the development of Artificial Intelligence (AI) tools for use within TPRO and by business partners to map contract obligations (requirements) and controls applicable to obligations (requirements).   Aid in the development of training materials for AI enhancements developed.  Support Third Party Risk Oversight Onsite/ Remote Review & analyst related activities, as required.
• Perform any other activities needed to support the needs of TPRO and / or Citi as may be needed by Management.

Additional Responsibilities Include:

• As appropriate, interact with larger TPO community, BAOs, BCHs and/or ESC category leads for sharing of best practices and coordination of services.
• Draft and present succinct executive briefs; prepare and present high-level metrics to applicable Citi senior management and stakeholders when needed.
• Appropriately assess risk when business decisions are made, demonstrating particular consideration for the firm's reputation and safeguarding Citigroup, its clients and assets, by driving compliance with applicable laws, rules and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues with transparency, as well as effectively supervise the activity of others and create accountability with those who fail to maintain these standards.
• Validate remediation of issues or gaps identified as part of ongoing monitoring.
• Perform quality validation check, implement lessons learned framework (taking into consideration observations, recommendations, peer review findings, CAPs etc.) for Onsite reviews (Onshore + Offshore) to further strengthen TPRO overall review process.

Job Skills/Qualifications:

• 8+ years of relevant experience in Legal, Contract Risk management, Third Party risk management and/or regulatory compliance in one or more of the following risk disciplines: Contractual risk, operational risk, supplier risk, or audit and controls. Broad knowledge of other risk areas, with strong understanding of supplier or third-party risk impact in a financial services company is a plus.
• Demonstrates knowledge of in-scope business and product areas.
• Excellent communication skills in English, both oral and written, with the ability to articulate complex and sensitive issues to management. Local language requirements as applicable.
• Ability to  organize and prioritize multiple deliverables while working with minimal supervision in a large, global corporate environment.

Education:  Minimum bachelor's degree and/or commensurate Experience, CA/CS/LLB/ LLM degree would be preferred.

Job Family Group:

Risk Management

Job Family:

Operational Risk

Time Type:

Full time

Most Relevant Skills

Analytical Thinking, Constructive Debate, Controls Design, Escalation Management, Issue Management, Operational Risk, Policy and Procedure, Policy and Regulation, Risk Controls and Monitors, Risk Identification and Assessment.

Other Relevant Skills

For complementary skills, please see above and/or contact the recruiter.

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