GF AP PAC Coordinator-18079493
Product Approval Committees (PACs) are an integral part of Citi Risk Management providing a robust process for the review and approval of new products and services. The objective of the PACs is to ensure that all covered initiatives undergo a transparent, consistent, rigorous, documented and auditable review and approval process for the identification and evaluation of significant risks to Citi and its clients. PACs offer an efficient forum for risk issues to be evaluated in the presence of the business and other control functions. The mandates of PACs include the following:
Review and approve all new products, services or complex transactions manufactured or provided by Citi (or by third parties for distribution to Citi clients).
- Ensure that all the significant risks, including reputational and franchise risks are properly identified and evaluated.
- Determine that all the necessary controls and infrastructure are in place. Confirm compliance with other relevant approval policies.
- Provide an efficient forum to obtain review and approval from Control Functions. Provide a formal, transparent and documented process
All business segments have PACs in place covering the products offered in that segment. Currently, there are 5 PACs, namely: New Product Approval Committee (NPAC), Commercial Bank Product Approval Committee (ComPAC), Consumer Product Approval Committee (CPAC), Distribution Product Approval Committee (DPAC) and Insurance Distribution Product Approval Committee (IDPAC).
- NPAC: Responsible for reviewing and approving new products, services and complex transactions generally for all ICG businesses and Corporate Treasury
- ComPAC: Responsible for reviewing and approving new products, services and complex transactions manufactured or provided by the Citi Commercial Bank - CCB (or by third parties) for distribution to CCB clients, and new business lines or expansions of existing business lines
- CPAC: Responsible for reviewing and approving new products, services, lines of business or expansions of existing business lines offered by the Global Consumer Business (GCB)
- DPAC: Responsible for reviewing and approving retail investment products and services manufactured and/or distributed by Citi to individual investors
- IDPAC: Responsible for reviewing and approving retail insurance products and servics (including add-on insurance) distributed by Citi to retail clients
Asia Pacific Commitment Committees (AP ComCom) reviews all local currency debt capital markets financing transactions for third parties in order to protect and enhance Citigroup’s reputation with issuers, investors and regulators for the highest quality financing transactions, and ensures consistent global application of Citigroup standards for financing transactions.
The candidate will be the Primary Coordinator leading the Asia NPAC and AP ComCom review process, as well as be the Alternate Coordinator in supporting Asia DPAC and Investment Product Risk (IPR):
- Screen business proposals to determine the scope of the NPAC review required and make appropriate recommendations to the NPAC Chair
- Liaise with the businesses to ensure that proposals accurately represent all relevant risks and issues, and that the relevant control functions have understood and opined on the proposal
- Participate in the discussions at NPAC/ComCom review meetings, be directly engaged in the evaluation of risk issues, and document meeting discussions
- Engage the business and control stakeholders to ensure that the issues raised during the NPAC/ComCom review are duly addressed and resolved
- Provide analysis and reports to meet business, regulatory, and audit requirements
- Lead the AP NPAC/ComCom training effort, including enhancing the training offering as well as presenting materials to various groups
- Participate in regional and global initiatives, including integration of the various AP PACs and automation/digitization of PAC workstreams
- Provide effective back-up as the alternate coordinator for the Asia DPAC, and broader Investment Product Risk (IPR) function as required. Areas of involvement include:
- Product Approval – Work with the business to advise, pre-screen and assist in preparation of proposals that are to be brought to DPAC; assist in validating and closing any conditions of approval; assist with maintenance of Committee minutes, documentation and records
- Product Ratings – Assist with assigning and approving investment product ratings in IPR systems
- Planning and Consultation – Advise businesses on product development in relation to identified risk issues and best practice
- Monitoring – Identifying, communicating and tracking product and advisory risk issues impacting businesses in conjunction with other regional control functions
- Bachelor’s Degree, Advanced Degree in business, finance, law or economics a plus
- 15-20 years of relevant work experience
- Excellent organizational skills, ability to multi-task and identify key issues. Able to manage multiple proposals concurrently that are often different in subject and urgency
- Excellent communication skills and strong interpersonal skills while working across multiple geographies, businesses and functions.
- Good team player while working independently to bring tasks to completion
- Strong data management and presentation preparation skills
- Product knowledge over a broad set of asset classes and transactions (e.g. Equities, Commodities, FX, Rates, Structured Products, Private Equity, eCommerce, Cash Management, Trade Finance, Custodial Services etc.)
- Understanding of different risk types, e.g. Market Risk, Credit Risk, Operational Risk, Franchise Risk, Legal risks and regulatory risks