Job Description: Product Risk Governance – AP PAC Analyst
The new product approval (NPA) process is an integral part of Citi’s Risk Management providing robust diligence, review and approval of new products and services as part of the end-to-end product lifecycle. Citi’s NPA process considers both the diligence for approval and the requirements for on-going controls and management over the life of the product or service.
Citi’s NPA process helps to ensure that all new or modified products and services undergo a transparent, consistent, rigorous, documented and auditable review and approval process for the identification and evaluation of significant risks to Citi and its clients. Oversight of Citi’s product approval committees (PACs) falls under the management of the Product Risk Governance. PACs offer an efficient forum for risk issues to be evaluated in the presence of the business and other control functions.
PACs consist of three committees organized by businesses covering the Global Consumer Bank (GCB), the Institutional Clients Group (ICG) and Citi Commercial Bank (CCB).The firm's senior management and regulators require that there be an organized process to critically review all new proposed products and services for all business within Citi.
The Product Risk Governance is part of the Risk Governance organization functioning within the Chief Operating Office of Independent Risk Management which is responsible for the design and implementation of firm-wide frameworks and practices that are integral and fundamental to Risk Management within Citi. The Risk Governance group is divided into 10 areas: 1) Risk Frameworks & Risk Identification, 2) Risk Policies, 3) Product Risk Governance, 4) Risk Controls and Issue Management, 5) Regulatory Affairs, Governance Committees & Quality Assurance, 6) Strategic Analysis & Cross-Risk Initiatives, 7) Risk Learning and Development, 8) Program Governance, 9) Risk Management Reporting, and 10) Risk Headcount and Budget Management.
This position is an analyst supporting all the PACs: New Product Approval Committee (NPAC) which cover the ICG, the Commercial Bank Product Approval Committee (ComPAC) which covers the CCB, the Consumer Product Approval Committee (CPAC) which covers the GCB.
NPAC oversees the end-to-end process for approval and implementation of all new products, services and complex transactions originated by the ICG Businesses. The objectives of NPAC are to ensure that significant risks in a new ICG product and service of complex transaction are identified and evaluated from every relevant perspective, are determined to be appropriate for ICG, Citi and its clients, are properly recorded for risk aggregation purposes, and are effectively controlled and have all accountabilities in place. ComPAC reviews new products or services and complex transactions manufactured or provided by the CCB (or by third parties) for distribution to CCB clients.
NPAC and ComPAC offer an efficient forum for risks and issues to be evaluated in the presence of the business and other control functions. Their membership consists of senior representatives from Legal, Risk Management, Compliance, Finance, Operations, Technology and Legal Entity Management. Beyond approval of initiatives, NPAC and ComPAC also cover requirements for on-going controls and management over the life of the product or service.
The candidate will work with the Asia Pacific head for Product Governance and PAC teams. The candidate will be actively engaged in work streams that are part of the ongoing process and re-engineering initiatives at the Asia Pacific regional level. Central to this role will be the ability to collaborate and work across various business and control function stakeholders.
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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.