Citi Funds Operations - Risk & Controls VP in Dublin, Ireland

  • Primary Location: Ireland,Leinster,Dublin

  • Education: Bachelor's Degree

  • Job Function: Transaction Processing

  • Schedule: Full-time

  • Shift: Day Job

  • Employee Status: Regular

  • Travel Time: Yes, 10 % of the Time

  • Job ID: 17049047


Job Purpose:

The purpose of the role is to manage and drive Operational Risk, Controls and Audit and Governance of off-shored and outsourced functions:

• The successful candidate will work with each of the operational departments, assessing the risk profile of high-risk processes and developing a robust risk framework that pro-actively identifies and mitigates emerging risks.

• Manage the MCA (Managers Control Assessment) framework and critical assessment of the results.

• Business security responsibilities will come under the scope of this role ensuring Citi policies and local regulations are adhered to..

• The role includes implementing the Governance Framework in relation to off-shored and outsourced functions, as well as insourced functions.

• The role will also focus on delivering a consistent service to GFS clients, investors and regulators requesting to conduct due diligence visits and Internal Audit conducting reviews.

• The successful candidate will also engage with our business partners in Legal, Compliance, Product and Client Executive.

This role is a managerial position within the Dublin GFS Operations team reporting to the GFS Dublin Head of Operational Risk, Controls, Audit & Governance.

This role is designed to bring thought leadership to operational risk.

He/She must be able to participate as part of the Dublin GFS Operations leadership, partnering with key internal and external stakeholders to drive the vision and strategy of the business.

Job Background/Context:

Citi is driving a period of sustained change in a complex and challenging market environment. Introduction of change with a focus on driving competitiveness and efficiency to ensure sustainability is essential. The individual appointed to this position will play a key role within GFS Operations Dublin as it moves to the next stage of development.

The role may require the successful candidate to travel between the company’s other operating centre’s to effectively interface with the operating units at those locations, implementing consistent governance and audit processes and controls across locations where Funds clients are serviced.

He/she will be required to interface with clients at a senior level, acting as escalation point as well as a business partner.

Key Responsibilities:

Operational Risk:

• Implement and manage a pro-active risk identification framework that highlights emerging risks across the funds business on and off-shore

• Conduct regular reviews of high risk areas to monitor risk levels and quantify the potential financial exposure related to those risks

• Perform root cause analysis of significant control-related issues

• Liaise with the relevant operations department to implement a plan to remediate emerging risks

• Manage and track remediation plans, providing regular updates to the management team

• Liaise with key stakeholders outside of Funds to ensure all remediation plans are within Citi policies, influencing policy changes where necessary

• Drive a change in mind-set towards pro-active thinking rather than reactive thinking as it relates to risk.

• Drive opportunities to develop and broaden the scope of the framework and review opportunities to implement the framework across the wider GFS community

• Review the output from reviews and work with the training team to design and implement appropriate training

Operational Controls:

• Review monthly KRI results through KRI Manager / testing results and ensure any resulting Issues / CAP’s are raised correctly. Monitor the completion of any corrective actions arising from these reviews.

• Manage the production of and co-chair the monthly Risk & Control Forum.

• Co-ordination and management of regulatory matters including regulatory visits and follow up.

• Evaluation of Significant Control Events (e.g. negative metrics trends, operating losses and “at risk” balance, frauds) for area of responsibility including:

o Participating in BSER Ops evaluations including oversight over accuracy of manual metrics.

o Performing deep dive reviews of significant losses.

o Ensuring MCA properly covers risks & controls for area of responsibility and quarterly self-assessments are complete and accurate.

• Participation in significant Operations Projects to provide proactive support and control evaluations (e.g. system development or major process/policy changes ensuring deficiencies/concerns are addressed prior to implementation etc.).


• Audit/Exam preparedness and Support – Interface for external (e.g. OCC, KPMG) and internal (e.g. Internal Audit, Compliance).

• Co-ordination and management of client and investor due diligence requests and visits.

Governance on off-shored and outsourced functions:

• Ensure relevant governance documentation is in place, up to date and complied with as the documents governing individual relationships between CEP Dublin and individual Citi COE sites (Service Level Agreements, Performance Level Standards Document, ICSA’s).

• Ensure service provider enters into contractual agreements and maintain and administer the renewal agreements.

• Maintain the Due Diligence Schedule and perform due diligence service visits, producing reports for review by senior management and the service provider.

• Manage and track remediation plans for issues arising during Due Diligence visits to service providers, providing regular updates to senior management.

• Compliance with applicable regulatory requirements including Annex II of UCITS/Non UCITS Notices relating to Governance Oversight.

• Liaise with peer Risk & Control groups (including ICG Liaison India) to ensure corporate Governance Oversight procedures are discharged

• Execute the Outsourcing of Fund Administration Activities Policy requirements in relation to Governance Oversight.

• Ensure that a robust and appropriate governance oversight model is in place to manage COE sites and external vendors.

• Liaise with key stakeholders outside of Funds to ensure all off-shore and outsourced arrangements and migration plans are within Citi policies, influencing policy changes where necessary.

• Drive opportunities to develop and broaden the scope of the off-shored/outsourced Governance framework and review opportunities to implement the framework across the wider GFS community


• Obtain, edit and consolidate data for quarterly reporting (e.g. BRCC, Disclosure Committee, Statement of Accountability etc.).

• Manage headcount according to budget commitments

• Constantly strive to find new ways to develop and improve processes.

• Monitor and interpret the management information as well as internal and external benchmarks to assess the progress function is making in relation to its performance

• Implement best practise process & controls across locations to achieve high quality output

• Identify, develop and retain key talent on behalf of the overall business Manage the performance of direct reports, addressing poor performance sensitively and promptly and recognising exceptional performance using the full range of supports within Citi.

• Ensure Training, Learning & Development function is providing employees with the necessary support as it relates to technical, professional and personal development.

Development Value:

• Exposure to a complex and fast-paced challenging environment

• Extensive opportunities to influence strategic growth and direction

• Exposure to executive level management



• Proven ability to operate at a Senior Business Analytical level and an excellent understanding of end to end operations processes as it relates to Funds

• Audit experience (either internal audit or practice) preferably within financial services industry.

• Experience interfacing with external auditors and regulators

• Ability to prepare an audit schedule, manage an audit and lead and internal exam/review and make recommendations.

• Extensive years experience in financial services or similar environment.

• Proven ability to identify and remediate risks

• Ability to manage multiple workstreams and deliver to a high level

• Proven ability to handle complex and sensitive client requests

• Strong technical knowledge of Fund Products and regional regulatory requirements

• Demonstrable ability to interact with senior management and clients showing in-depth knowledge of Funds Services

• Proven ability to meet new challenges, assimilate new information and to influence people through maturity of approach

• Proven ability to manage and lead large teams both in-location and remotely

• Good command of risk management processes


• Strategic mindset - Global mindset and ability to 'manage the matrix'

• Effective management of complex decision making

• Positive and dynamic attitude to work

• Proven ability to coach and develop talent across multiple jurisdictions

• Ability to drive and lead the introduction of complex change in a challenging environment

• Ability to work as part of and contribute to a high performing team

• Driven, resilient and tenacious, able to apply the learning from set-backs or challenges to good effect

• Valuing diversity: demonstrate an appreciation of a diverse workforce. Appreciate differences in style or perspective and use differences to add value to decisions or actions and organisational success

• Ability to create a positive culture in line with the O&T Operating principles


• Excellent written and verbal communication skills and ability to communicate and influence at an appropriate level

• Excellent attention to detail and ability to work independently

• Ability to understand complex processes / operating models and break them down into component parts to assess associated operational risks

• Excellent Change and Project Management skills.

• An advanced Customer Service mind-set with skill to instil a client centric culture across operations

• Good organizational skills with the ability to work under pressure and prioritise within aggressive deadlines

• Superior people leadership/management skills with the ability to engage employees and colleagues in relation to the future vision of the organisation.

• Strong Influencing and negotiation skills; ability to build effective networks and relationships

• Flexibility

• Commercial awareness

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