Job Description Summary
Foreign exchange (FX) settlement risk is the risk of loss when a bank in a foreign exchange transaction pays the currency it sold but does not receive the currency it bought. FX settlement failures can arise from counterparty default, operational problems, market liquidity constraints and other factors. FX settlement risk is a form of counterparty risk involving both credit risk and liquidity risk.
On the basis of this understanding, Citi establishes policies, standards and procedures for managing the risk at the highest levels and implemented through a formal and independent process with adequate senior management oversight. As part of this processes, it is critical objective to ensure Citi maintains measurement systems that provide appropriate and realistic estimates of FX settlement exposures on a timely basis throughout the transaction life cycle. The development of counterparty settlement limits and the monitoring of the exposures against these limits is a critical control function. Lastly, as part of a strong governance process, Citi maintains procedures for measuring, monitoring and reacting in a prompt and balanced manner to failed transactions or other settlement problems.
• This is a new role being established to provide enhanced oversight, governance, and subject matter expertise to manage counterparty credit risks associated with FX settlement risk as well as other related FX risks.
• The position reports into independent credit risk management.
• Enhance and develop the existing FX Settlement Risk Framework and Policies and Procedures
• Provide support to risk managers to assess FX Settlement activities and approvals, including transactions with upcoming settlement, irrevocably planned for settlement, paid but incoming receipt remains unconfirmed or failed to settle,
• Implement improved governance across the organization to ensure better management of FX settlement risk
• Work closely with the Business, Settlement Operations and other relevant groups at Citi to proactively manage and report FX settlement risks
• Lead and/or participate in External Regulatory, Internal Audit and Fundamental Credit Review interactions for FX Settlement Activities, as necessary
• Prepare senior management and Board level presentations and analysis as required
• Prepare FX Settlement portfolio reviews for risk and business including understanding key trends, emerging risks and new activities
• Review and challenge monthly FX Settlement reporting provided to the Business and Risk
• Undergraduate Degree, Master's Degree Preferred with a fiance background
• 7+ years of experience and an understanding of markets and the financial services sector, counterparty credit and FX Settlement activities
• Previous Senior Credit Officer authority strongly preferred
• Highly knowledgeable of the FX market as well as risk standards and practices
• Fluent with legal agreements used to mitigate FX Settlement activities
• Fluent with the operational processes associated with FX Settlement activities
• Well versed with Supervisory Guidance for Managing Settlement Risk in FX Transactions
• Understanding of counterparty credit and market risk concepts as well as where the two converge
• Advanced user of MS Office, especially Access, Excel and PowerPoint and working knowledge of Bloomberg
• Can solve problems independently but yet escalate and ask for help when needed
• Advanced interpersonal and communication skills given the need for frequent interaction across both business and control functions
• Strong attention to detail
• Very comfortable and enjoys challenge of working with ambiguity and analyzing transactions with bespoke structures
• Prefer fast paced and dynamic environment
• Ability to learn new concepts and techniques quickly
• Ability to successfully manage relationships within a large and global organization
Grade :All Job Level - All Job FunctionsAll Job Level - All Job Functions - US
Time Type :Full time
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Posting ID: 548694970Posted: 2020-03-03