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London, Greater London
MSS Model Risk Controls - Director
Overview
Job Description
Markets and Securities Services (MSS) Price Risk Controls is part of MSS Risk and Controls, which establishes and maintains a robust 1st Line of Defense control environment and culture to minimize operational risk within the business. MSS Price Risk Controls sets the standards for the quality of front office management of price risk, manages implementation of those standards and is responsible for MSS wide governance of 1st Line price risk. This role will have responsibility for key front office Price Risk controls relating to model risk emanating from MSS trading and hedging activities. The role will involve senior level engagement with the business, O&T, 2nd line functions and managing relationships with Internal Audit and regulators. **Responsibilities:** + Determine and set the standards for 1st Line of Defense management of model risk + Design and implement capabilities, controls and risk mitigants to enable strong first line management of model risk + Facilitate and implement documentation of the model and valuation framework including product specific standards for derivatives products and portfolio level adjustments (eg CVA) + Responsible for documentation and comprehensive front office governance of model risks including input dependencies, limitations and mitigations including valuation adjustments and restrictions. + Design, implement oversight and governance capabilities, and facilitate senior governance forums accountable for model risk + Drive standardized and consistent mechanisms to evidence controls and supervision and ensure alignment with longer term infrastructure initiatives. + Evaluate metrics and reports and challenge current practices which are not fully aligned with the firm's standards. Identify necessary corrective actions and facilitate resolution of identified inconsistencies + Assess internal / external events, perform lessons learned analysis and implement enhancements as needed + Manage program deliverables across multiple businesses, regions and stakeholders + Define minimum operating control standards across MSS and embed within the Manager Control Assessment (MCA) framework + Lead regulatory and Internal Audit engagements and remediations, ensuring timely response and delivery **Qualifications:** + Minimum 15 years in the financial industry with significant experience in controls over derivative valuations and models + Significant and current industry experience with CVA and other portfolio level adjustments is essential + Strong understanding of model frameworks for derivative valuations across multiple asset classes + Strong understanding of current industry practice and regulatory standards for model risk + Experience dealing with regulators, Audit, Compliance and other risk and control functions + Strong controls mindset, identifying and mitigating risks, communicating and escalating concerns + Effective people, project and change management skills + Ability to identify areas subject to heightened control risk and to design efficient approaches to mitigate the risk on a sustainable basis + Experience with designing and monitoring key controls for derivatives valuation model risk in a trading environment + Experience with generating creative solutions, differentiating and prioritizing realistic enhancements and driving change-related projects + Strong communication, with ability to influence senior stakeholders adjust communication style for the target audience and to facilitate and lead governance forums + Ability to assess and critically challenge information and processes, delivering appropriate outcomes + Competence leading dynamic, challenging environments while providing creative solutions + Ability to collaborate across businesses, regions and support functions ----- Grade :All Job Level - All Job Functions ----- Time Type :Full time ----- Citi is an equal opportunity and affirmative action employer. Minority/Female/Veteran/Individuals with Disabilities/Sexual Orientation/Gender Identity. 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 CLICK HERE at . To view the "EEO is the Law" poster CLICK HERE at . To view the EEO is the Law Supplement CLICK HERE at . To view the EEO Policy Statement CLICK HERE at . To view the Pay Transparency Posting CLICK HERE at . Citi is an equal opportunity and affirmative action employer. Minority/Female/Veteran/Individuals with Disabilities/Sexual Orientation/Gender Identity.