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Chief Compliance Officer- Ethics

Company: Citi
Location: Jersey City
Posted on: June 14, 2018

Job Description:

  • Primary Location: United States,New Jersey,Jersey City
  • Other Location: United States,New York,New York
  • Education: Bachelor's Degree
  • Job Function: Compliance and Control
  • Schedule: Full-time
  • Shift: Day Job
  • Employee Status: Regular
  • Travel Time: Yes, 25 % of the Time
  • Job ID: 18039354
    About Citi
    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 2,400 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 Chief Compliance Officer- Ethics is responsible for designing, implementing and managing effectively and efficiently a plan, to be prepared annually, and updated quarterly for the execution of the Ethics Office and the Citi Ethics Hotline. The plan will include risk assessment, risk-based execution plan, accountabilities, timetables and due dates, resource requirements and fulfilment of the requirements, budget and budget management. 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 Chief Compliance Officer- Ethics will work closely with senior product, function, and regional management, and other ICRM teams on strategic initiatives and emerging issues.
    The Chief Compliance Officer --- Ethics will be responsible for leading Citi---s Ethics initiatives and managing Citi---s Ethics Office. Citi---s Ethics Office includes Citi---s Code of Conduct and training, the Citi Ethics Hotline and related escalation channels, investigations of concerns received therein and reporting to internal and external stakeholders, such as management, Board, regulators and auditors.
    The key initiatives described above support Citi in building and maintaining a sustainable culture of ethical execution. Working with partners across the Firm, the CCO for Ethics will help to promulgate clear expectations around Ethics and Execution so that ethics is an unconditional foundation of Citi---s Execution strategy. Collectively, these initiatives will help to link ethics to Citi---s execution strategy, and enable change by building infrastructure to permanently ingrain ethics and execution into how we run and manage the company --- at all levels.

    The Chief Compliance Officer- Ethics provides franchise support to global 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). This role reports to the Chief Compliance Officer --- Ethics and Conduct Risk Management and is part of ICRM---s Executive Management Team.

    Key Responsibilities Governance and Organization:
    • Annual 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 Ethics Office and its constituent parts, and the role to be played by ICRM in order to achieve the plan. Identification of the business 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 Executive Leadership and ICRM, as well as any applicable legal entity, as well as where required by applicable regulatory agencies. The annual global Ethics compliance plan must take into consideration the applicable compliance risk assessments and MCAs appropriate to the business 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 for the business. Reporting to include operational effectiveness of the Ethics Office related activities, including timelines, efficiency and effectiveness of the Ethics Program and the management of the Citi Ethics Hotline as well as significant risks arising from concerns raised through the Ethics Office, including providing thought leadership and advice as to the remediation of such risks.
    • Enhancing Governance: Providing a valued interactive program of support and compliance risk management services covering the assessment and reporting of Key Compliance Risks across Ethics 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 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 with key stakeholders. Informing senior 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. Provide support to compliance programs and 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. Creatively and personally engage with stakeholders globally in different countries and businesses to create awareness of and confidence in Citi---s Ethics Program, including employees, management, Boards and regulators.--Key Responsibilities Processes and Activities:
      • Regulatory Management & Coordination: Supporting ICRM 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 related to Ethics. 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 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.
      • Independent Compliance Risk Management (Ethics Program): Developing and implementing a global organizational design framework, as well as supporting policies and procedures, to enable consistent and appropriate identification, investigation, escalation and reporting of significant risks arising from concerns raised through the Ethics Office, including providing thought leadership and advice as to the remediation of such risks. Providing direction and oversight in supporting ICRM teams related to global requirements and the applicable extraterritorial laws, regulations, relevant Citi policies, standards, and global procedures. Deliver consistent application of program procedures.
      • ICRM Training: Ensuring that Ethics and Code of Conduct elements of the ICRM global training plan are current and reflect global regulations while providing a fresh perspective on global trends and emerging regulation; ensuring that the training delivery method is tailored to the requirements of the subject matter and audience. Oversee the end-to-end development of content, as well as the delivery to employee and non-employee populations, and reporting to management and Board regarding the Code of Conduct and Code of Conduct training.
      • 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 global delivery of the Ethics programs to meet 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. Designing and operationalizing investigations standards to ensure consistent tracking, handling and reporting of matters received through the global Citi Ethics Hotline available in all countries which Citi has employees, as well as prioritization methodologies and initiatives in order to effectively and efficiently identify, escalate and remediate high risk matters.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 for Ethics 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 15 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 regulators and industry associations;
          • Knowledge of local/global 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;--
          • Bachelor---s Degree required. Preference for post graduate degree and/or recognized professional qualifications where applicable. Professional qualifications may include: CRMC or equivalent, CPA, ACA, CIA, CFA, ACAMS, etc.

            Keywords: Citi, Jersey City, Chief Compliance Officer- Ethics, Executive, Jersey City, New Jersey

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