Chief Country Compliance Officer-19003235
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 explains what we do and Citi Leadership Standards 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 are 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 are widely available to all.
Independent Compliance Risk Management (ICRM) is a global organization of over 2,200 professionals covering Citi’s global businesses striving to be the best for our clients. ICRM facilitates responsible finance with objectives to i) Drive and embed a risk culture throughout the organization; ii) Maintain a framework that provides reasonable assurance and facilitates firm-wide compliance with local, national, or cross-border laws, rules, regulations, Citi’s internal policies and procedures, and relevant standards of conduct; and iii) Protect Citi’s reputation by managing compliance risk across products, business lines, and geographies, supported by globally consistent systems and processes.
Compliance Risk is defined as the risk arising from violations of, or non-conformance with, local, national, or cross-border laws, rules, or regulations, Citi’s internal policies and procedures, and relevant standards of conduct.
The Citi Cluster Compliance Officer – India is responsible for overseeing the ICRM program in India, Bangladesh, and Sri Lanka providing leadership and support to the Country Compliance Officers (CCCOs) in the execution of their responsibilities and the implementation of the Compliance Risk Management Framework. This role serves concurrently as the CCCO of India responsible for overseeing the Compliance Program for all Citi activity within the jurisdiction: regulated branches, legal entities and other affiliates, as well as shared service centers, such as Citi Service Centers (CSCs). This includes ensuring global policies, standards and processes are applied, and suitable addenda and supplementary procedures established and maintained for compliance with applicable jurisdictional laws and regulations. Contradictions between local law and regulations, and group standards must be promptly identified and escalated, and mitigating processes and controls established to comply with jurisdictional requirements and mitigate the risks of non- compliance with applicable group-wide or entity-chain related laws and regulations, and global policies and procedures.
Responsibilities also include implementing applicable global compliance processes, setting ICRM priorities and driving transformation. The Citi Cluster Compliance Officer- India and the CCCO - India will work closely with senior product, function, and regional management, and other ICRM teams on strategic initiatives and emerging issues.
The Citi Cluster Compliance Officer – India and the CCCO - India provides strategic and franchise support to the regional management team and the India Citi Country Officer and country management, including offering credible challenge, escalation of issues and reporting, as appropriate. In addition, the role also provides strategic direction and facilitates the implementation of the Compliance Risk Management (CRM) Framework, supported by the Comprehensive Strategic Plan (CSP) in the cluster. The role reports to the Regional Chief Compliance Officer APAC, or a designee, in accordance with jurisdictional requirements.
The Citi Compliance Cluster Head – India is responsible for providing strategic direction and hands on guidance to the CCCOs in Bangladesh and Sri Lanka to ensure that CCCOs are fulfilling their key responsibilities as outlined below and is concurrently responsible as CCCO India for the country-level program. In addition, as the Cluster Head this role may be required to meet with local regulators and/or Country Management in Bangladesh and Sri Lanka.
Key Responsibilities Governance and Organization:
- Annual Country Compliance Plan: Preparing, obtaining approval and successfully completing an annual compliance risk management plan, in accordance with the global template and content and presentation requirements, setting out how compliance risk will be managed within the jurisdiction and its constituent parts, and the role to be played by ICRM in order to achieve the plan. Identification of the jurisdictional requirements, accountabilities and the process ownership and monitoring and testing ownership, as well as the determination of suitable staffing, hours required and secured budget in order to achieve the state of compliance within risk appetite will be set out in the plan, which will be reviewed quarterly with the jurisdictional CCC and ICRM, as well as any applicable legal entity, as well as where required by applicable regulatory agencies. The annual country compliance plan must take into consideration the applicable compliance risk assessments and MCAs appropriate to the jurisdiction and its activities.
- State of Compliance Reporting: Preparing quarterly, in accordance with the approved global format, and in adherence to all established requirements for the State of Compliance reporting. The State of Compliance report will be presented to the appropriate CCC, BRCC and legal entity Board or Board Audit Committee, or other such Board committee required within the jurisdiction.
- Enhancing Governance: Providing a valued interactive program of support and compliance risk management services covering the assessment and reporting of Key Compliance Risks across products, services, functions, legal entities, service centers and the jurisdiction as a whole. Providing stakeholders with insight and practical solutions as well as credible challenge to improve the ethical control culture, and conduct risk environment. Timely reporting of significant local regulatory issues to local, overseas, regional, and global stakeholders. Same-day escalation of regulatory reports received. Maintaining on-going assessment and reporting of the State of Compliance through the relevant corporate governance committees such as country audit committee(s) and/or subsidiary board(s), country coordinating committee and business risk management committee, and other management body(ies).
Key Responsibilities Compliance Risk Culture:
- Stakeholder Support and Relationships: Developing senior management relationships, including with legal entity management focus, inclusive of non-executive directors (where they exist in the jurisdiction), and the CCO as well as product functional and entity/service center line management. Informing senior management and directors of subsidiary boards, and the country/business management of significant compliance matters that require their attention or action. Proactively anticipate and help the business and functions plan for changes in the compliance and regulatory environment in the country. Provide support to compliance programs and country/business management on policy interpretation and “gray area” exposures. Build and maintain strong relationships with other functional leads, including Legal, Risk Management, including Operational Risk Management, and Internal Audit to create a supportive and seamless compliance and ethical control culture and an appropriate conduct risk environment.
Key Responsibilities Processes and Activities:
- Regulatory Management & Coordination: Supporting the Citi Country Officer (CCO) in the management and development of regulatory relationships. Coordinating as the key interface with regulators on compliance risk management issues and supervisory exam management matters. Providing same day notification of regulator correspondence to Citi Compliance Officer, Regulatory Liaison & Exam Management CCO and ICRM COO. Providing leadership, coordination and regular interaction with the country authorities on behalf of ICRM and the Citi franchise. Record regulator correspondence and minutes of regulator meetings on Citi system in line with the Global Regulatory Exam Management Governance and Process Standards. Ensuring prompt recording of, responses to, and escalation of regulatory queries, notices of violations and breaches, any forbearance, and concerns identified. Deliver to regulators and supervisors a valued interactive program of support and assurance in accordance with requirements and appropriate expectations on compliance issues, trends, themes, root cases and impacts relating to governance, regulatory risk management and internal control issues. The overall objective is to earn the regulator’s trust and to establish a strong, independent and professional regulatory relationship across the franchise.
- Regulatory Inventory and Regulatory Change Management: Ensuring prompt identification, logging in, evaluation and formulation of a plan to address requirements arising from new and amended laws, regulations, rules and other requirements and expectations from regulatory and enforcement authorities. Ensuring that the regulatory change management requirements and processes, along with the regulatory control framework for existing requirements, are effectively operating within the countries with respect to the identification, impact assessment and implementation of all applicable laws, regulations, rules and related processes, controls and reporting that impact Citi activities in the jurisdiction. Provide oversight and guidance of the implementation of laws, regulations and rule (LRR) changes. Effectively manage compliance risk associated with regulatory changes by: ensuring a holistic approach to regulatory implementation; raising awareness around both emerging areas of elevated risk and where implementation is off-track or likely to lead to non-compliance, and providing credible challenge to the applicability, impact, and implementation plan; and verifying completeness of Citi’s regulatory inventory.
- Policies, Standards and Procedures (PSPs): For all PSPs assigned to the role the holder (owner) is responsible for: Developing and maintaining policies that meet policy framework requirements; Reviewing and approving underlying policy including local country addenda and associated documents aligned to policies; Completing a stakeholder review and feedback process; Clear, complete, concise policy drafting; Completing policy committee approval requirements; Completing periodic review requirements; Reviewing/approving exception; Assessing and reporting on implementation status via policy effectiveness metrics, including exceptions, breaches, issues.
- Anti-Money Laundering Compliance Risk Management (ACRM): Providing strategic direction, oversight, coordination and cooperation in respect of the country’s Anti-Money Laundering compliance risk management program. Partner closely and with the Country Head of ACRM to ensure a strong linkage between ICRM and ACRM.
- Independent Compliance Risk Management (Program and Product/Service/Function focused*): Providing direction and oversight in supporting the ICRM teams in the country related to local requirements and the applicable extraterritorial laws, regulations, relevant Citi policies, standards, and global procedures. Deliver consistent application of program procedures and be accountable to program owners consistent with the ICRM methodology and CRM Framework.
*Programs include but are not limited to: Sanctions Screening; Anti Bribery; Privacy and Information Compliance; Third Party Management & Outsourcing; Employee Activities; Conduct Risk; Ethics; Surveillance, Compliance Assurance; Compliance Monitoring; Prudential Regulatory Compliance. Functions refer to Citi’s Second and Third Line functions outside of ICRM. Products and services are offered to clients of the Institutional Client Group (ICG) and Global Consumer Bank (GCB).
- ICRM Training: Ensuring that country elements of the ICRM global training plan are current and reflect local regulations while providing a fresh perspective on local trends and emerging regulation; ensuring that the training delivery method is tailored to the requirements of the subject matter and audience. Risk Mitigation and Issue Remediation: Work with management to ensure continued improvement in self-identification of issues, and appropriate escalation and monitoring processes to ensure timely and effective remediation to mitigate the Compliance Risk per ICRM Methodology and applicable policy.
- ICRM Operational Activity: Proactively leading the ICRM team to provide value added and timely compliance risk management direction, providing oversight of in-country delivery of ICRM programs (e.g., surveillance, monitoring, sanctions screening, assurance, etc.) to meet local regulatory requirements and expectations, as well as global key performance indicators. Developing team operational efficiency with the timely implementation of enhancements. Conducting and meeting required standards in the relevant Management Control Assessments.
Key Responsibilities Resources & Capabilities:
- Management of Team: Championing a high performance environment and implementing a people strategy that attracts, retains, develops, embraces diversity and motivates teams (includes ICRM CSC colleagues) by fostering an inclusive work environment; communicating vision/values/business strategy and managing succession and development planning for the team.
- Compliance Technology and Automation; Data, Metrics, and Analytics: Support ICRM efforts to enhance technology and automation across the function. Provide relevant information and materials related to data to enhance the development of enhanced metrics and analytics for compliance risk.
- Compliance Transformation: Being the transformation leader in the country and being accountable ultimately to the Transformation Managing Director supporting the CSP to strengthen ICRM’s and Citi’s compliance risk management.
The successful candidate will have strong technical knowledge of compliance regulations and requirements, through at least 20 years of experience within a highly complex, global financial institution, regulator or related industry participant. Specifically, the successful candidate will have:
- Credibility as a subject matter expert and experience of dealing with issues that have a high impact at all levels of the organization;
- Experience of working with key country level regulators and industry associations;
- Knowledge of local regulatory requirements and obligations and the ability to identify emerging compliance issues and themes;
- An ability to influence senior business leaders on all compliance risk-related matters affecting the business. The individual should have the ability to independently challenge, when needed, while at the same time being supportive and solution-based and not being perceived as obstructive;
- An ability to be “hands on” and “in the trenches” with the direct team, while also bringing a sense of strategic vision and a global sensibility to the function;
- Ability to navigate and negotiate through conflicting demands to maintain focus on priority objectives while ensuring key stakeholders’ needs are met;
- Strong team leadership, communication, interpersonal and management skills, with a track record of leading through change and the ability to effectively communicate the strategic vision to various stakeholder groups;
- Effective negotiation skills, a proactive and “no surprises” approach in communicating issues and strength in sustaining independent views. Strong presentation and relationship management and influencing skills are essential;
- The ability to thrive and execute in a complex, highly matrixed, global environment;
- Fluency in English language required and local language proficiency preferred;
- Bachelor’s Degree required. Preference for post graduate degree and/or recognized professional qualifications where applicable. Post Graduate degrees may include: JD, LLB, LLM, MBA, etc. Professional qualifications may include: CRMC or equivalent, CPA, ACA, CIA, CFA, ACAMS, etc.