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COMPLETE Product/ Network Manager - Depository Receipts/ Sec Services (SVP) - Tampa Florida United States

5 days ago


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Job Opportunity Details

Type

Full Time

Salary

Not Telling

Work from home

No

Weekly Working Hours

Not Telling

Positions

Not Telling

Working Location

3800 CITIGROUP CENTER DRIVE BUILDING B TAMPA, New York, United States   [ View map ]

Job Background/context:

Citi Securities Services is a leading provider of custody, funds, execution and issuer services for investor and bank clients around the world. With a global network spanning 63 proprietary branch and subsidiaries and 40+ agent banks Citi is well positioned to service clients with local and cross-border interests and provide integrated services and management.

Citi has historically provided oversight to their custody network through the Custody Network Management team. The team are now expanding their mandate to include the oversight of the Depository Receipts business, with 30+ additional third-party banks.

The role is expected to build the oversight architecture that is appropriate for the Depository Receipt (DR) business and carry out the required elements on annual basis.

The role is also expected to keep up with the CCCB (Cash, Custody, Correspondent Banks) ACFs (Alternative Control Frameworks) and update/ enhance oversight as necessary with changing regulation.  

This role is located in the US; Tampa or NY. Future global mobility is considered a significant plus.

The role has several strategic objectives:

I)  Build a control frame for Depository Receipts’ network   

Understand the DR business and its risks and develop a control and oversight framework that is appropriate and benchmarked to custody. 

II) Oversee the DR business network

Deliver the key artefacts, KPIs, represent the DR business in the appropriate forums and proactively manage the network risk for including on-going monitoring as well as new agent on-boarding

III) Ongoing management of regulations and Citi TPM (Third Party Management) rules and alignment of oversight with emerging requirements  

Cooperate with Citi TPM and regulatory functions to understand upcoming and evolving regulatory needs and upgrade the oversight model to comply with new needs

Whilst the core focus of the role is around DRs, depending on the business needs, the role may require further leadership in the TPM landscape for Sec Services.

The reporting line for the role is the Global Head of Network Management, with matrix reporting to the NAM Head for local governance.

Responsibilities and Deliverables

1) Inventory Management

  • Keep an up-to-date inventory of providers with contacts
  • Ensure each provider is represented in the right ACF (CCCB, FMIs, etc.)
  • Ensure exception sign-off from the ACF for providers deemed to be out-of-scope

2) Build-out of control framework for DRs

  • Understand and document the regulatory and legal risks of the DR business
  • Develop a full documented view of regulatory expectations including KPIs, artefacts, etc.
  • Develop a full and holistic view of the custody over-sight model
  •  Build an over-sight model for DRs which may be different to custody, with the understanding that    

the DR business will be benchmarked to custody and any delta in governance needs to be documented

  • Own the TP-RAP process for DRs and assessment of risks and any annual refreshers as required
  • Publish and up-keep oversight procedures, in line with L3 procedures of the ACFs
  • Review existing artefacts and KPIs and develop further as necessary 
  • Review existing contracts and ensure they are in compliance with applicable regulations

2) Annual Due diligence & Oversight

  • Complete annual due diligence on own set of sub-custodians
  • Conduct on-site due diligence visits, where/ if required
  • Work with external and internal auditors to demonstrate strength of due diligence processes
  • Face off to multiple regulators and market infrastructures representing Citi
  • In NPC markets, assume a potentially single-handed role for liaising with regulators, CCOs and CSDs
  • Work with Citi Credit on RAC approvals where needed, liaise with the CCO and other Citi SMEs as needed
  • Ensure appropriate legal and business review and sign-off on all documentation including account opening docs and any other local market related docs 

3) Commercial – Service reviews

  • Work with providers and the business to conduct annual service reviews
  • Identify cost opportunities with the agents

4) BAU Management & Communications

  • Be the key point of contact for the market
  • Monitor market developments, assess their impact on the DR business and lead & track changes by working with product and operations to ensure Citi clients are adequately prepared
  • Communicate significant market and industry developments and regulatory changes to the appropriate business and functional areas, including FAQs where necessary
  • Serve as an escalation point for network related business problems and negotiations specifically taking responsibility for managing information flows and responses
  • Provide business and support areas with a single point of contact for agent banks to reach investor client facing teams

4) New market Entries/ migrations and terminations

  • Provide extended due diligence into new markets including preparation for NAC with the business and for migrations that include the selection of a dedicated provider
  • Establish new relationships with new providers if one does not exist (i.e. identify contacts, agree ongoing due diligence)
  • Establish operational connectivity with new providers; i.e. key interface between Ops/ Imps, product and CE functions globally
  • Prepare for issue validations and audit reviews

5) Oversight of providers for assets other than custody

  • Build/ align DRs with the CCCB requirements or other ACFs as necessary for the oversight of assets other than custody such as cash
  • Establish, maintain procedures for monitoring activities and align with the entire custody group
  • Provide leadership for the group as necessary

Knowledge/Experience:
A deep understanding of Citi Third Party Management (TPM) standards and policies

  • Knowledge of Securities Services, Custody Product and DRs in particular
  • Knowledge of bank’s systems and connectivity
  • Awareness/ understanding of key regulations and requirements
  • Experience of working in a global environment

Skills and competencies:
Excellent written and verbal communications skills

  • Ability and track records to build new frameworks for oversight and risk management
  • Ability to foster excellent relationships between the business, client facing teams, internal stakeholders and external providers
  • High motivation and energy
  • Leadership skills
  • Solid organisational skills and attention to detail
  • Strong analytical skills
  • Flexible and adaptable to quickly changing internal and external circumstances
  • Willingness to assume responsibility and accountability

Qualifications:

  • Graduate
  • Preferably a post-graduate degree in banking/ management/ finance or other relevant discipline

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Job Family Group:

Product Management and Development

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Job Family:

Product Management

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Time Type:

Full time

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Primary Location:

Tampa Florida United States

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Primary Location Salary Range:

$130,880.00 - $196,320.00

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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.

View the "EEO is the Law" poster. View the EEO is the Law Supplement.

View the EEO Policy Statement.

View the Pay Transparency Posting


More Information

Application Details

  • Organization Details
    00002 Citibank, N.A.
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