Regional Sales Practices Review - Quality Control Lead
May 9, 2018
Primary Location: Singapore,Singapore,Singapore
Education: Bachelor's Degree
Job Function: Compliance and Control
Shift: Day Job
Employee Status: Regular
Travel Time: Yes, 10 % of the Time
Job ID: 18023223
Citi's Asia Consumer Bank serves more than 120 cities in 17 of the fastest-growing markets in the region. Citi offers a diversified range of products ranging from retail banking, wealth management, insurance, mortgage, Citi branded cards and loans to our 17 million clients. With more than a century of enviable brand and market leadership, we are competitively well-positioned to grow a high quality customer base that benefits most from our capabilities.
Regional Program Overview
Recently there have been a number of inappropriate sales practice incidents surfacing from various banking institutions, of which the sales practice wrong doing by Wells Fargo is the most prominent and widely reported in the media. These incidents included opening bank accounts, provisioning credit cards and moving money between customer accounts and signing customers up for online banking services - all without customer authorisation, in order to meet sales targets. It is understood that these issues reflect serious flaws in the internal culture, compensation models, day to day business controls and the governance and oversight practices at Wells Fargo.
Given this, GCB is conducting an internal review of sales practices to confirm that the types of issue identified at Wells Fargo could not occur at Citi. This will be a global review across 3 phases:
Phase I: Determine if there are systemic or bank-specific issues with regard to bank employees opening accounts on behalf of consumer and small business customers without the customer's consent.
Phase 2: Evaluate sales goals, strategies, and incentive compensation and quota programs to ensure they appropriately balance sales and revenue targets with risk management and customer satisfaction and impact.
Phase 3: Determine if banks subject to the Regulatory Heightened Standards have risk governance frameworks that effectively control the risks associated with sales practices and incentive compensation and quota programs.
For Phase 1 of this Review, GCB will focus on the consumer and small business products across 3 distinct but interconnected Workstreams (WS). The 3 Workstreams are as follows:
WS #1 - Account Opening and Closing Process
WS #4 - Employee Misconduct Assessment
WS #5 - Employee Misconduct Analysis and Reporting
This is a critical program that has CEO and board level visibility due to the sensitivities around Citi's reputational standing given the recent issues that have been identified in other leading banks. Role of the Regional Quality Control Lead
The Regional Quality Control Lead is accountable for reviewing key program deliverables for the PMO across the 3 Work streams.
Working with the Regional Workstream Leads to ensure that the work streams are completing all program deliverables to meet the expectations and commitments made to the Regulators.
This role requires support in the development and execution of program strategies required to meet the regulatory milestones, requiring significant interactions and integration with across first, second and third lines of defense.
The role is accountable for overseeing, facilitating and tracking the development of all key deliverables for the APAC/EMEA SPR program.
Will be accountable for managing the relationship with all critical program resources involved in the day to day execution of the Regional program.
This is a C14 role and reports into the APAC/EMEA SPR PMO Lead. Key Responsibilities:
One of the key challenges is to establish an effective Quality Control/Review program for SPR to meet its Regulatory defined deliverables in a timely and concise manner. Initially, there is no established QC/QR framework in place and the entire program infrastructure needs to be developed, so that the program deliverables can be achieved on time and in line with regulatory expectations.
Establishing the Quality Control/Review Program:
Support the Regional PMO in the development of the Quality Control strategy and guiding principles for the APAC/EMEA SPR program.
Track and control APAC/EMEA SPR artifact submission in line with Regionally approved submission matrix.
Design a delivery control framework for efficient management reporting of Artifact submission and review.
Conduct Artifact examinations and pre-validation on all regulatory deliverables.
Liaising with key team members to track delivery of program deliverables providing credible challenge on: scope, approach, milestones and key deliverable expectation and artifact submission.
Reviewing Country program governance via formal governance steering committees or any other appropriate governance forums. Submission of MI to program governance committees on Artifact submission.
Determining the appropriate mechanisms for quality assurance to ensure that all In-Country program deliverables meet the expectations and the commitments made by the program team.
Executing the SPR Program:
Working with the Workstream Leads to ensure deliverables are completed to the required standard.
Guiding the In-Country program team towards development of high quality work products and deliverables.
Ensuring all program deliverables and milestones are completed on time.
Managing the relationships with key stakeholders from the program team, and partners across Compliance, HR and Legal and other supporting functions.
Assisting in the planning and execution of key communication activities to key stakeholders and other interested parties.
Identifying and resolving key issues and removing barriers to program success.
Maintain the electronic Submission environment acting as the 'gate-keeping' for regulatory deliverables.
Building the Governance and Controls to Support the SPR Program:
Implement status reports for the program in terms of progress of all deliverables versus the current APAC/EMEA SPR Plan.
Collaborate with SME's during quality assurance reviews to ensure the highest standard for all project deliverables.
Provision of Project delivery status updates in all governance forums.
A university degree is preferable in any subject.
The ideal candidate will have more than 7 years' experience within banking of which should include:-
more than 5 years exposure working in close partnership with Operational Risk Management, Compliance and Audit Functions.
Current quality Control/Review experience in the preparation of Management reports, assurance tests, audit reports or other product/solution delivery communications.
Strong understanding of regional GCB business landscape, regional customer portfolio and business trends.
Must have extensive experience in managing and executing written program communications for engaging senior staff and broader groups of interested parties - this candidate needs to be very strong in written and verbal communication skills.
Previous experience should include a multi geography exposure / remit and understanding across Asia and preferably EMEA.
The ideal candidate should have strong partnering and negotiating abilities / skills and experience in dealing with senior management teams and all three lines of business.
The ideal candidate should have a deep understanding of controls and risks associated with the consumer products.
The individual should have considerable experience in establishing, executing and building governance and controls within the consumer banking space.
CPA/CFE/CIA/CRM are not mandatory but will be well regarded.
Microsoft Office Suite
Strong and resourceful problem solver who can manage issues including project related defects working with the various partners.
Team player with a strong sense of competing priorities and the interests of various stakeholders with an ability to negotiate, persuade and adapt
Must have excellent writing and strong communication skills and is able to communicate critical information via email or newsletters to a wide variety of different audiences, and able to communicate effectively with all senior internal stakeholders.
Ability to manage, develop and motivate virtual teams, and delivering results both as an individual and through virtual teams.