Global Regulatory and Audit lead for the Valuation Control Group, Director

Are you looking for a career move that will put you at the heart of a global financial institution? Then bring your skills in analysis, problem solving and communication to Citi's Finance Team.

By Joining Citi, you will become part of a global organisation whose mission is to serve as a trusted partner to our clients by responsibly providing financial services that enable growth and economic progress.

Team/Role Overview

We are seeking an outstanding candidate to be the Global Regulatory and Audit lead for the Valuation Control Group (VCG), reporting into the Global Head of Methodology and International Valuation Control.

The Methodology and International team is a specialised function within VCG and one which is crucial and highly influential, and key to our strategic success. The responsibilities of the team include:

1. Ensuring Citi has the most appropriate and complete valuation control framework across all areas of price verification, valuation adjustments and wider valuation governance. This includes all aspects of overarching Policy, Standards, Procedures and Methodologies, covering both accounting and regulatory requirements.
2. Leading the department in its US and International regulatory engagements and exams, as well as managing external and internal audits, and any remediation efforts.
3. Ensuring there is strong oversight of valuation controls across all International legal entities, along with the associated regulatory responsibilities, working in close partnership with local controllers, CFOs and our wider legal entity stakeholders.

The individual will act as the VCG lead for all global regulators and auditors, including exam and audit coverage, regulatory responses and remediation. This will cover both US regulators and all International regulators across each cluster, including the OCC, PRA and ECB. The role will therefore provide an end-to-end approach in how we engage with our regulators and auditors, both internal and external, focusing on strong management of commitments and control issue remediation.

The individual will be required to manage a wide ranging and varied book of work, including leading the department on issue remediation plans, as well as implementing appropriate governance and oversight of those issues. As part of this agenda, the successful candidate will be expected to develop and leverage a network of senior business relationships and will play a critical senior leadership role within the Valuation Control Group, and across Finance as a whole.

The team headed by this individual will be required to adapt to a wide-ranging and evolving regulatory and audit landscape, including known valuation control issues, but also areas of changing and emerging market practice. The team will partner extensively with the wider department to investigate these issues, provide thought-leadership to senior management on their resolution, and provide specific, practical and implementable advice on how to address them.

Excellent communication and influencing skills are essential, as are senior-level stakeholder management skills. This individual will interact with Citi senior management, and with internal/external audit and US/International regulators globally, on a regular basis. Legal entity stakeholder management, including the audit committees of the relevant entities, will also need to be managed effectively.

To be effective, deep understanding of the capital markets, regulatory requirements and industry best-practice is vital. The successful candidate needs to demonstrate an ability to communicate complex ideas concisely and effectively, adapting their approach accordingly.

The individual will be required to develop a thorough understanding of Citi's end-to-end valuation controls, to enable them to confidently interact with both US and International regulators, external and internal audit, but also challenge the department on how to resolve and address potential weaknesses.

This is a position for an experienced, dynamic, technically-strong senior leader, who can manage all aspects of a global role.

What you'll do

The Valuation Control Group (VCG) is part of the Controllers organisation, which is part of Citi Finance. VCG is responsible for the independent valuation control of Citi's traded inventory, as well as other areas where valuation principles need to be applied, such as PRA/ECB Prudent Valuation requirements. The group is organised into global product aligned teams and specialised functions such as Reporting, Valuation Methodology & International, and Design & Execution.

The key responsibilities of VCG as a whole are to perform the full-range of valuation control activities globally firm-wide, including independent price verification for traded inventory, ensuring that valuation adjustments (e.g. bid-offer) are appropriate for fair value accounting purposes, as well as undertake FVH Levelling, and relevant focused reviews where required.

The successful candidate will play a critical leadership role within the Valuation Control Group, partnering extensively with the senior leadership team. There will be regular interaction with a wide variety of other functions, including local CFOs, Controllers, internal and external audit, and Markets and Banking globally.

Regulatory

1. Leading regulatory and audit requirements, especially from a control & governance perspective.
2. The role will involve the drafting of formal responses and communications with US and International regulators, so experience of this is essential.

Control Framework

1. Strong understanding of audit methodologies, acting as a critical representative for the department with external and internal audit.
2. Detailed awareness of control framework principles.
3. Ownership for driving control improvements, considering how multiple regulatory, audit and self-identified control concerns should be managed and prioritised.
4. Able to provide detailed practical guidance on implementing appropriate controls.
5. Ability to provide effective challenge to the department.

People Management and Leadership

1. Strong and proven leadership characteristics that enable the individual to mobilise large teams to achieve a common goal.
2. Assume a strong leadership position within the department, championing a culture that focuses on Citi's risk and control goals.

Governance

1. This individual must be able to understand how to implement strong and effective governance.

Flexibility & Adaptability:

1. The priorities of this individual will be set by Global Head of Methodology and International Valuation Control, and this individual will be expected to manage those priorities appropriately as a senior leader. There will be crucial deadlines that will need to be achieved.
2. Adaptability to changing circumstances is crucial, as the prioritisation of responsibilities will need to evolve with changing circumstances.

What we'll need from you

1. Substantial experience in a valuation, risk or product control related discipline.
2. Strong understanding of current global accounting and regulatory standards and developments pertaining to valuation of financial instruments.
3. Extensive experience at senior levels within valuation or risk control departments, with a focus on regulatory/audit & governance issues.
4. Proven multi-discipline, cross-product knowledge.
5. Exceptional candidates who do not meet these criteria may be considered for the role provided they have the necessary skills and experience.
6. Excellent understanding of industry valuation control practices for different products.
7. Demonstrates a strong leadership and focus on control. Ensuring integrity of reporting and independence of controls associated with a valuation control function.

What we can offer you

This is a great opportunity for a Finance professional to grow their career, providing senior leadership in Valuation Control and the broader controllers organisation. The role will provide the successful candidate with the opportunity for significant development and senior stakeholder engagement. The role allows for significant networking, advisory and partnership with the multiple departments.

We work hard to have a positive financial and social impact on the communities we serve. In turn, we put our employees first and provide the best-in-class benefits they need to be well, live well and save well.

By joining Citi London, you will not only be part of a business casual workplace with a hybrid working model (up to 2 days working at home per week), but also receive a competitive base salary (which is annually reviewed), and enjoy a whole host of additional benefits such as:

1. Generous holiday allowance starting at 27 days plus bank holidays; increasing with tenure.
2. A discretional annual performance related bonus.
3. Private medical insurance packages to suit your personal circumstances.
4. Employee Assistance Programme.
5. Pension Plan.
6. Paid Parental Leave.
7. Special discounts for employees, family, and friends.
8. Access to an array of learning and development resources.

Alongside these benefits Citi is committed to ensuring our workplace is where everyone feels comfortable coming to work as their whole self every day. We want the best talent around the world to be energised to join us, motivated to stay, and empowered to thrive.

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