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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 solid accounting and financial background combined with a good understanding of operational processes 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:

• 15+ years relevant experience

• Industry expertise in financial accounting and the operational aspects of books and records management and account management

• Consistently reads different situations accurately and takes appropriate action to gain senior colleague/ client commitment.

• Articulates clearly how risk technology supports unit's business, as well as the issues due to gaps between the current technology and known business requirements.

• Ability to measure and assess the impact of stress shocks including fat-tailed risks.

• Well-versed in reviewing the dimensions of franchise risk.

• Strong Leadership skills-Operates as a leader, with an understanding and appreciation for diverse backgrounds.

• 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.

• Excellent Communications skills verbal & written. Active listening skills.

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:

Jul 03, 2024

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