Citigroup Inc
Head of Books and Records Oversight - Market Operations (MD)
Citigroup Inc, Jersey City, New Jersey, United States, 07390
The Head of Books and Records Oversight - Markets Operations primary objective is to strengthen the books and records discipline and control framework within Markets Operations.
The function comprises of a small team recently created within Markets Operations to drive remediation efforts and the adoption of strong accounting practices as part of firm-wide programs such as the strategic ledger development. The candidate requires a background in banking operational processes ideally with accounting and financial knowledge and will lead Markets Operations’ engagement with the Finance department and at firm-wide forums on accounting related matters. Other objectives will be to 1) develop robust quality control around balance sheet substantiation for accounts owned by Markets Operations and 2) work with the Markets Operations’ leadership team to develop strong books and records / accounting knowledge across Markets Operations via the deployment of training and standards.
Markets Operations is a global organization with a presence in over 60 Countries, covering post execution capabilities spanning product aligned Middle Office groups, Settlements, Margin, Asset Servicing, Listed Derivative & Commodities Operations. We support an extensive range of products and services including Fixed Income, Equity, Commodities and Syndicates. We are part-way through a multi-year journey to deliver a future state of Operations, encompassing end to end target operating model, controls design and uplift, technology transformation, data and process re-engineering.
Responsibilities:
Lead and Oversee the Team Buildout
:
Build out current remediation team and build out the strategic team of 20+ people who will be the primary interface between Markets Operations and Finance/Technology/Business for all matters relating to books and records reporting
Work with line Operations teams to ensure all the correct metrics and controls are in place, with regular reviews to ensure monitoring remains relevant and effective
Work with Finance colleagues to ensure that balance sheet proofing is complete and that controls are designed effectively
Foster a good understanding of accounting practices/processes within the wider Markets Ops team, bridging the link between the movement of cash with how this is recorded on Citi’s books and records.
Partner closely with Business partners and Transformation teams on new initiatives/projects to ensure that financial controls are robustly considered and implemented
Oversee and co-ordinate all account owner activity across Markets Operations. Includes but not limited to:
Understand and maintain Operations chart of accounts
Set a framework to ensure consistent roles and responsibilities for all Markets Ops staff as it pertains to how we control our account population and reconciliations requirements
Work with Markets Ops global functional managers to understand reasons for exceptions and breaks, ensuring issues are escalated timely, fixed at the root cause and look across for similar themes
Ensure well defined and documented processes are in place for reserve calculations across Markets Operations. Identify opportunities to reduce aged exceptions to reduce reserves
Review account ownership to ensure that the proofing processes are standard in their application and where relevant centralize these processes to drive efficiencies
Partnership with other functions to support a strong end to end control environment:
Work with Finance and Operations Risk & Control to ensure Markets Operations are compliant with relevant policies and standards
Partner with Balance Sheet Control and risk reporting to support accurate and timely exceptions reporting
Work with Front office to ensure upstream data and processes are understood and robust so as to prevent downstream issues from occurring
Work with counterparts across the Centralized Operations team to promote consistency and common standards
Drive progress on areas of improvement:
Strengthen and standardize account opening processes, and ensure Operations maintain inventories of owned accounts
Work with Technology and internal partners to build a standard mechanism to accrue for and then pay/receive interest between internal desks/accounts across all products in Markets
Implement best practices to ensure reconciliations are correctly designed and compliant with relevant standards and controls
Promote development and retention of account and reconciliation SME’s across the group
Strengthen issue management processes, ensure emerging risks are correctly escalated with the appropriate level of urgency
Lead and oversee Markets Operations’ involvement in firm-wide programs related to accounting and book and records matters (e.g. Strategic Ledger). Represent Markets Operations at firmwide governance forums such as the Enterprise Design Authority.
Experience:
Operations background with Industry expertise in financial accounting and the operational aspects of books and records management and account management
Ability to measure and assess the impact of stress shocks including fat-tailed risks.
Well-versed in reviewing the dimensions of franchise risk.
Serves as a point of escalation for key issues or time sensitive decisions.
Acts decisively in high risk scenarios, assessing a situation based on available data, experience, intuition, and judgment.
Ability to respond to challenges with creative solutions, adapts to changing business needs.
Demonstrated ability to make sound judgment calls on issues that can be both quantitative and qualitative in nature.
Ability to develop medium and long term plans and strategies
Has authority to negotiate and make independent decisions on critical activities
Able to manage issues associated with operational risk capital, in partnership with the business, Finance and the Risk organization.
Acts as a role model for managing people, coaching, and serving as a mentor.
Champions diversity and seeks to recruit, retain, and develop talent. Supports mobility.
Qualifications:
Bachelor’s/University degree, Master’s degree preferred
Chartered accountancy qualifications preferred
Job Family Group:
Risk Management
Job Family:
Operational Risk
Time Type:
Full time
Primary Location:
Jersey City New Jersey United States
Primary Location Full Time Salary Range:
$250,000.00 - $500,000.00
In addition to salary, Citi’s offerings may also include, for eligible employees, discretionary and formulaic incentive and retention awards. Citi offers competitive employee benefits, including: medical, dental & vision coverage; 401(k); life, accident, and disability insurance; and wellness programs. Citi also offers paid time off packages, including planned time off (vacation), unplanned time off (sick leave), and paid holidays. For additional information regarding Citi employee benefits, please visit citibenefits.com. Available offerings may vary by jurisdiction, job level, and date of hire.
Anticipated Posting Close Date:
Nov 01, 2024
Citi is an equal opportunity and affirmative action employer.
Qualified applicants will receive consideration without regard to their race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.
Citigroup Inc. and its subsidiaries ("Citi”) invite all qualified interested applicants to apply for career opportunities. If you are a person with a disability and need a reasonable accommodation to use our search tools and/or apply for a career opportunity review
Accessibility at Citi (https://www.citigroup.com/citi/accessibility/application-accessibility.htm)
.
View the "EEO is the Law (https://www.dol.gov/sites/dolgov/files/ofccp/regs/compliance/posters/pdf/eeopost.pdf) " poster. View the EEO is the Law Supplement (https://www.dol.gov/sites/dolgov/files/ofccp/regs/compliance/posters/pdf/OFCCP_EEO_Supplement_Final_JRF_QA_508c.pdf) .
View the EEO Policy Statement (http://citi.com/citi/diversity/assets/pdf/eeo_aa_policy.pdf) .
View the Pay Transparency Posting (https://www.dol.gov/sites/dolgov/files/ofccp/pdf/pay-transp_%20English_formattedESQA508c.pdf)
Citi is an equal opportunity and affirmative action employer.
Minority/Female/Veteran/Individuals with Disabilities/Sexual Orientation/Gender Identity.
The function comprises of a small team recently created within Markets Operations to drive remediation efforts and the adoption of strong accounting practices as part of firm-wide programs such as the strategic ledger development. The candidate requires a background in banking operational processes ideally with accounting and financial knowledge and will lead Markets Operations’ engagement with the Finance department and at firm-wide forums on accounting related matters. Other objectives will be to 1) develop robust quality control around balance sheet substantiation for accounts owned by Markets Operations and 2) work with the Markets Operations’ leadership team to develop strong books and records / accounting knowledge across Markets Operations via the deployment of training and standards.
Markets Operations is a global organization with a presence in over 60 Countries, covering post execution capabilities spanning product aligned Middle Office groups, Settlements, Margin, Asset Servicing, Listed Derivative & Commodities Operations. We support an extensive range of products and services including Fixed Income, Equity, Commodities and Syndicates. We are part-way through a multi-year journey to deliver a future state of Operations, encompassing end to end target operating model, controls design and uplift, technology transformation, data and process re-engineering.
Responsibilities:
Lead and Oversee the Team Buildout
:
Build out current remediation team and build out the strategic team of 20+ people who will be the primary interface between Markets Operations and Finance/Technology/Business for all matters relating to books and records reporting
Work with line Operations teams to ensure all the correct metrics and controls are in place, with regular reviews to ensure monitoring remains relevant and effective
Work with Finance colleagues to ensure that balance sheet proofing is complete and that controls are designed effectively
Foster a good understanding of accounting practices/processes within the wider Markets Ops team, bridging the link between the movement of cash with how this is recorded on Citi’s books and records.
Partner closely with Business partners and Transformation teams on new initiatives/projects to ensure that financial controls are robustly considered and implemented
Oversee and co-ordinate all account owner activity across Markets Operations. Includes but not limited to:
Understand and maintain Operations chart of accounts
Set a framework to ensure consistent roles and responsibilities for all Markets Ops staff as it pertains to how we control our account population and reconciliations requirements
Work with Markets Ops global functional managers to understand reasons for exceptions and breaks, ensuring issues are escalated timely, fixed at the root cause and look across for similar themes
Ensure well defined and documented processes are in place for reserve calculations across Markets Operations. Identify opportunities to reduce aged exceptions to reduce reserves
Review account ownership to ensure that the proofing processes are standard in their application and where relevant centralize these processes to drive efficiencies
Partnership with other functions to support a strong end to end control environment:
Work with Finance and Operations Risk & Control to ensure Markets Operations are compliant with relevant policies and standards
Partner with Balance Sheet Control and risk reporting to support accurate and timely exceptions reporting
Work with Front office to ensure upstream data and processes are understood and robust so as to prevent downstream issues from occurring
Work with counterparts across the Centralized Operations team to promote consistency and common standards
Drive progress on areas of improvement:
Strengthen and standardize account opening processes, and ensure Operations maintain inventories of owned accounts
Work with Technology and internal partners to build a standard mechanism to accrue for and then pay/receive interest between internal desks/accounts across all products in Markets
Implement best practices to ensure reconciliations are correctly designed and compliant with relevant standards and controls
Promote development and retention of account and reconciliation SME’s across the group
Strengthen issue management processes, ensure emerging risks are correctly escalated with the appropriate level of urgency
Lead and oversee Markets Operations’ involvement in firm-wide programs related to accounting and book and records matters (e.g. Strategic Ledger). Represent Markets Operations at firmwide governance forums such as the Enterprise Design Authority.
Experience:
Operations background with Industry expertise in financial accounting and the operational aspects of books and records management and account management
Ability to measure and assess the impact of stress shocks including fat-tailed risks.
Well-versed in reviewing the dimensions of franchise risk.
Serves as a point of escalation for key issues or time sensitive decisions.
Acts decisively in high risk scenarios, assessing a situation based on available data, experience, intuition, and judgment.
Ability to respond to challenges with creative solutions, adapts to changing business needs.
Demonstrated ability to make sound judgment calls on issues that can be both quantitative and qualitative in nature.
Ability to develop medium and long term plans and strategies
Has authority to negotiate and make independent decisions on critical activities
Able to manage issues associated with operational risk capital, in partnership with the business, Finance and the Risk organization.
Acts as a role model for managing people, coaching, and serving as a mentor.
Champions diversity and seeks to recruit, retain, and develop talent. Supports mobility.
Qualifications:
Bachelor’s/University degree, Master’s degree preferred
Chartered accountancy qualifications preferred
Job Family Group:
Risk Management
Job Family:
Operational Risk
Time Type:
Full time
Primary Location:
Jersey City New Jersey United States
Primary Location Full Time Salary Range:
$250,000.00 - $500,000.00
In addition to salary, Citi’s offerings may also include, for eligible employees, discretionary and formulaic incentive and retention awards. Citi offers competitive employee benefits, including: medical, dental & vision coverage; 401(k); life, accident, and disability insurance; and wellness programs. Citi also offers paid time off packages, including planned time off (vacation), unplanned time off (sick leave), and paid holidays. For additional information regarding Citi employee benefits, please visit citibenefits.com. Available offerings may vary by jurisdiction, job level, and date of hire.
Anticipated Posting Close Date:
Nov 01, 2024
Citi is an equal opportunity and affirmative action employer.
Qualified applicants will receive consideration without regard to their race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.
Citigroup Inc. and its subsidiaries ("Citi”) invite all qualified interested applicants to apply for career opportunities. If you are a person with a disability and need a reasonable accommodation to use our search tools and/or apply for a career opportunity review
Accessibility at Citi (https://www.citigroup.com/citi/accessibility/application-accessibility.htm)
.
View the "EEO is the Law (https://www.dol.gov/sites/dolgov/files/ofccp/regs/compliance/posters/pdf/eeopost.pdf) " poster. View the EEO is the Law Supplement (https://www.dol.gov/sites/dolgov/files/ofccp/regs/compliance/posters/pdf/OFCCP_EEO_Supplement_Final_JRF_QA_508c.pdf) .
View the EEO Policy Statement (http://citi.com/citi/diversity/assets/pdf/eeo_aa_policy.pdf) .
View the Pay Transparency Posting (https://www.dol.gov/sites/dolgov/files/ofccp/pdf/pay-transp_%20English_formattedESQA508c.pdf)
Citi is an equal opportunity and affirmative action employer.
Minority/Female/Veteran/Individuals with Disabilities/Sexual Orientation/Gender Identity.