In accordance with Ch 1 Section 2H of the Global Consumer Credit and Fraud Policies, the Country Risk Manager (CRM) of the Singapore Consumer Business proactively manages the credit exposure of the Singapore consumer lending portfolios through each step of the credit process. Proactive modifications to the target market, establishment and management of the risk appetite framework and statement, acquisition and portfolio management programs, underwriting standards and policies, collateral and verification criteria must be made (after approval from the appropriate credit authority) based on performance trends, collections/fraud feedback, customer experience, changes in the operating environment, competitor landscape, etc. The position reports directly to the Consumer Business Manager of Singapore and will matrix to the Group Risk Director of Independent Risk, Asia Consumer.
The retail lending receivables in Singapore is in excess of $12 Bn. and is one of the largest consumer franchises in Asia. The role is complex considering the product suite (secured, unsecured and margin lending products), high number of accounts, highly competitive and commoditized market that has also seen a slew of regulations that have dynamically changed the business environment.
The incumbent will serve as the Chief Risk Officer of Citibank Singapore Limited (CSL) and is responsible in managing all risks in CSL. In this capacity, the incumbent is expected to be actively involved and play a leading role in key decision-making processes, such as the processes for capital planning, funding and liquidity management planning, assessing mergers and acquisitions, new products and pricing approval, stress testing, underwriting, claims management, reinsurance, asset-liability matching, investment strategy, recovery and resolution planning, material outsourcing, strategic planning and Own Risk Solvency Assessment. The incumbent is answerable to the Risk Management Committee of the CSL Board.
In addition, the incumbent may also be appointed as the Risk Management Country Officer (RMCO) for Singapore providing a single point interface on Citigroup franchise related risk management issues of all the legal vehicles operating in Singapore to the Country Corporate Officer (CCO), the regulator (Monetary Authority of Singapore), the corporate regional offices in Asia and corporate functional offices. For this responsibility, the incumbent is accountable to the Chief Risk Officer of Asia Pacific.
Country Risk Manager - Consumer
Manage the credit quality and the performance of the retail lending portfolio which comprises of a wide range of products including mortgages, credit cards, unsecured and secured retail loans and margin lending.
Establish and manage the risk appetite framework and appetite of the portfolios. Working in partnership with the business units, define the target market, determine the business strategy and the set of performance and return metrics that comply with corporate standards and are appropriate to the local operating environment.
Design, implement and monitor the effectiveness of the credit policies and where warranted, adjust credit policies to ensure performance and return are in accordance with established risk appetite statement. Ensure that the policies are in full compliance with global corporate policies, governing regulations and where required, document and obtain approval for exceptions.
Possess a comprehensive understanding of the local operating environment (e.g. market, competition, economy, political, legal, regulatory) and its impact on the portfolios.
Manage loan losses and reserves. Perform scenario planning to dimension potential risk to the franchise under adverse situation.
Design, implement and manage production systems capabilities in order to ensure that credit processes are executed in line with product program design and credit policies.
Implement and manage analytic infrastructure and tools including models, MIS capabilities so that portfolio qualities can be accurately evaluated and ascertained.
Provide oversight to the relevant operation units to ensure that credit processes and staffing are appropriate, effective, and executed in full compliance with policies, both local and corporate.
In times of downturn or crisis, devise policies and processes to provide appropriate relief to customers and reduce financial losses to the franchise.
Mange the local risk management team, recruit, develop and retain talent and bench.
Act as a senior resource to the Asia consumer risk management functional group and provide expertise and support to global and regional initiatives and/or ad hoc needs of other countries. This includes acting as reviewers to FCR, independent ICAAP reviews, lead or participants to swat teams, regional project groups on topical basis etc.
As the Chief Risk Officer for CSL, the role will entail ownership of all risk stripes impacting the legal vehicle (including credit, operational, liquidity and market risks) and relevant representation in the Risk Management Committee of the Board and at the CSL senior management forum.
Risk Management Country Officer (RMCO)
The RMCO serves as the single point of contact for franchise-level risk matters relating to the businesses operating in the country and provides Risk Management partnership to the CCO
The RMCO also represents the interests of Citibank Singapore in Risk Management and regulatory matters while ensuring timely escalation and resolution of franchise-level risk issues
Provide oversight for the Independent Risk Management organization for all businesses in Singapore; support franchise goals within acceptable risk parameters and appetite and in compliance with Citigroup risk standards
Chair the Country Risk Management Forum (or equivalent) to monitor and address aggregate risk issues
Serve as the primary representative of Risk Management on applicable local and regional boards, committees, and councils
Ensure risk oversight at the legal vehicle and subsidiaries levels
Provide leadership towards implementing BCBS239 in Singapore and other regulatory projects (such as the revised MAS 610)
Identify and champion cross-sector/product utilities to deliver efficiencies and improve quality of Risk Management support
Coordinate the identification, sharing, and vetting of common risk concerns and sensitivities and the development of coordinated solutions in response to factors such as adverse developments in local regulatory and political landscapes and deterioration in industry lending practices
Provide guidance to the CCO and other senior managers on risk requirements and potential implications on business strategies and initiatives
Responsible for regular credit performance reporting to regulators, regional and head offices. Maintain close and transparent communication to ensure that all stakeholders outside of the business and legal vehicle are fully apprised of the strategy, performance and events that are impacting the portfolio.
C-level: C16, Managing Director
Required Risk / Business Skills and Experience
Senior Credit Officer (SCO) designation above 5 years with at least one role as Country Risk Manager. Minimum 15 years' experience in consumer credit risk management covering wide range of products. Prior experience in interacting with regulators and acting as an officer of a locally incorporated legal vehicle with diverse portfolios. Specific subject matter expertise in general risk management with extensive knowledge of banking, markets, Basel, high-risk products, and other related businesses and functions. Proficient in anticipating strategic portfolio risk tolerances and breaches resulting from business risk changes.
Highly effectiveness in working within a matrix organization is essential. Able to identify and influence key decision makers across various levels and functions within the organization; diffuse conflict and work toward agreement. Consistently reads difficult and ambiguous situations accurately and takes appropriate actions to gain senior colleague/ client commitment. Able to work in a rapidly changing external environment and support business in a highly competitive and challenging market. Thinks strategically and acts decisively in high risk scenarios, appropriately assessing a situation based on available data, experience, intuition, and judgment. Able to make decisions on matters pertaining to aspects of risk other than credit, such as franchise, reputation risk and country risk.
Demonstrates "managerial courage", strong ethics and integrity. Excellent verbal & written English communication skills. Active listening skills. Should be an articulate and effective communicator, with an energetic and approachable style. Candidates must have effective negotiation skills, a proactive and 'no surprises' approach in communicating Risk issues, strength in sustaining independent views, and the ability to work effectively at the highest levels of the organization. Able to "roll up sleeves" and work across levels in risk management and also with other operations and business teams. Should be able to work as a strategic senior manager for the franchise showing ability to think beyond silos. Excellent Presentation skills - adept at presenting effectively to audiences of various sizes and adapting style as necessary. Acts as a role model for managing people, coaching, and serving as a mentor.
Strategic Business Partnerships
Creates and sustains a network of strong partnerships with the business (relationship and product management), key risk functional partners and other important stakeholders.
Internal Number: 5484521
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