EMEA Account Services Product Manager-19030013
Citi clients have a growing interest in opening and running encumbered accounts (Client Money Accounts, Pledged Accounts etc.) with TTS. There are currently nearly 5,000 Client Money accounts in EMEA. The rationale for the role is to set up a specialised sub-product discipline to manage these accounts, design technical improvements to automate the maintenance process, ensuring that we have appropriate legally required controls in place, and to ensure that we continue to anticipate regulatory changes in this space (MIFID, UK CASS Rules, PSD2 etc.) so that we can build out our product controls capability to match. The assumed uptake of fees revenue only in the model country is $250K and there is high opportunity for new NRFF revenue across payment providers.
Once completed, an overall review of types of accounts opened by TTS (by class and functionality) and their respective mapping verification will be started in the aim to deploy corrections in mapping along the way.
The EMEA Account Services Product Manager will be accountable for the rules and governance structures around the opening, closing and maintenance of encumbered accounts requested by TTS Clients across all sectors and all markets. They will maintain overall responsibility for the life cycle of these accounts, including coordinating NPAC approval for these account types in markets where they have no already existed and ensuring that all regulatory frameworks are adhered to by building out robust technical checks and balances over these account types. Designing appropriate automated maintenace processes and the corresponding pricing structure will fall under the role as well.
The objective of the position is to ensure that TTS maintains its ability to offer these unique account types thus defending the significant currency deposits held therein, while simultaneously ensuring an environment of pristine regulatory hygiene. This role will combine a deep understanding of the regulatory landscape for encumbered accounts across key markets as well as a critical understanding of TTS’ business model this allowing the application of a risk-based approach to controls built over Citi’s backend infrastructure.
The Account Services Product Manager will have a very high level of interaction with Senior Management and will work in tandem with all necessary partner groups across TTS (i.e. LMS, Sales) the bank, both regionally and globally, including TTS UK Client Assets Office, Legal, Compliance, Risk and Operations to drive initiatives for these account types.
After the completion of sub-product launch, this role will also complete the review of appropritate account class mappings holistically (i.e. including statements and reporting responsibility) across all Account Services products.
- To define, design and implement a new product proposition for encumbered accounts, including but not limited to series of technical and operational controls to ensure that TTS-owned Encumbered Accounts can be offered and maintaining within the confines of the applicable regulatory frameworks across the region
- To become the subject matter expert on Encumbered Accounts and act as a single point of contact for Risk, Compliance, Account Services, Legal and Product Sales regionally, as it relates to Encumbered Accounts for TTS Clients. Drive product proposition, selection of target market segments, pricing and delivery of solution
- Participate as a key driver of the digitization effort, including creating Business Requirements Documents and driving application development with Technology partners for successful roll out of Digital Onboarding for these account types in all EMEA markets
- To ensure that Encumbered Account types, their risks and controls are accurately documented in the Global Account Services PAP and the local market PAP Addenda and maintained in-line with changing regulations across the region.
- To work closely with the EMEA pricing team to define a pricing structure for these account types to price our business risk, our operational controls and our technical controls into the product billing, thus ensuring that costs associated with offering these robustly controlled account types are recovered on a “cost plus” basis
- Drive consistency in controls for all types of Encumbered Accounts across all 50 markets in EMEA and to actively contribute to a globally consistent approach to these account types for clients which have cross-regional business with Citi
- Work closely with all global/regional Project Managers, Service, Operations and Implementation to ensure smooth and appropriate opening and maintenance of these account types
- Note: this role will be supporting multiple time zones and will need to be flexible in approach to core hours
- Opportunity to develop legal and regulatory skills within EMEA and Globally
- Opportunity to enhance/increase overall knowledge of the Treasury and Trade business area
- Build cross-functional network within the TTS organization globally
- The EMEA Account Service Product Manager role allows the opportunity to develop key relationships and knowledge of the TTS products globally which can be used in broader coverage and relationship management roles within the Treasury and Trade business area
- BA / BS Degree with legal or compliance or operational risk background
- The ideal candidate will have substantial experience in Regulatory Risk and Control, and specifically as they relate to Account Types
- The ideal candidate will be deeply knowledgeable of Core Cash business, and TTS more broadly
- Experience in Risk Onboarding and Account Types in a financial services related function is required
- Must possess international experience, specifically the varying country regulatory environments
- Exceptional client relationship skills, with ability to build strong internal and external relations
- Ability to achieve results through collaboration and networking
- Demonstrate sound business acumen and commercial awareness, with proactive problem solving and advocacy
- Excellent written and verbal communication skills
- 3+ years Project Management / Program Management experience preferably in a bank
- Risk and Controls experience, managing Compliance / Operational Risk processes
- 5+ years experience in a Bank
- Navigating Client Experience type projects would be a plus
- Excellent written and verbal communication
- Project and Program Management skills
- Strong Influencing and negotiating skills
- Leadership and execution skills
- Ability to synthesise complex regulations and apply to specific use cases
- Ability to work and drive broad group of stakeholders, countries, global and regional teams
- Practical knowledge and experience assessing legislation and compliance risks
- Ability to synthesise complex regulations and apply to specific use cases
- Knowledge of Core Cash products
- Good written and verbal communication
- Comfortable in presenting to senior management
- Ability to coordinate effectively in a multicultural and multiregional environment
- Ability to multi-task and work under pressure and tight deadlines
- Self-starter – can work independently
Exceptional candidates who do not meet these criteria may be considered for the role provided they have the necessary skills and experience.
Valuing Diversity: Demonstrates an appreciation of a diverse workforce. Appreciates differences in style or perspective and uses differences to add value to decisions or actions and organisational success.
Citi is an Equal Opportunities Employer