Citigroup Assistant DPAC Coordinator in New York, New York
Citi’s Product Risk Governance group provides a risk framework for the end-to-end oversight of products and services across Citi’s multiple businesses including the Institutional Clients Group (ICG), Global Consumer Business (GCB), and Global Wealth Management (GWM). Product Risk Governance includes:
The new product approval (NPA) process, which is an integral part of Citi’s Risk Management organization, provides a robust diligence, review and approval of new products and services as part of the end-to-end product lifecycle. Citi’s NPA process helps to ensure that all new or modified products and services undergo a transparent, consistent, rigorous, documented and auditable review and approval process for the identification and evaluation of significant risks to Citi and its clients. The Investment Product Risk (IPR) group is responsible for the independent risk oversight and monitoring of the risks associated with Citi’s global activities in the distribution and management of investment products and services that are offered to retail clients. IPR is focused on Client/ Customer Protection Risk, primarily Suitability and Fiduciary Risk, and The Program Management group for end-to-end product governance focuses on-going development of fundamental product frameworks and processes, and the re-re-engineering of the NPA process.
The Product Risk Governance team is part of the Risk Governance organization reporting to the Chief Operating Office for Independent Risk Management which is responsible for the design and implementation of firm-wide frameworks and practices that are integral and fundamental to Risk Management within Citi. The Risk Governance group is divided into 5 areas: 1) Risk Frameworks & Processes, 2) Product Risk Governance, 3) Regulatory Affairs & Governance Committees, 4) Controls & Issue Management, 5) Risk Strategies & Operations.
DPAC Assistant Coordinator. The Assistant Coordinator will directly and actively support the Global Distribution Product Approval Committee (“DPAC” or “Committee”) - a senior committee that is responsible for the review of all new retail investment and insurance products and services offered to Citi clients through Citi Private Bank and Consumer, which can be manufactured either by Citi business units or third parties, taking into consideration conflicts of interest, franchise risk, and quality and purpose of investment. The Committee also has functional responsibility for overseeing Regional DPACs as well as product programs that govern the covered businesses.
The role of the DPAC Assistant Coordinator consists of, among other activities and responsibilities, the following:
Participating in the review of retail investment insurance products and services across all product lines, including alternative investment and mutual funds, exchange traded instruments, structured products and derivatives, investment advisory services, annuities and insurance, trust and estate products, and algorithmic strategies and indices.
Advising the business regarding DPAC processes and procedures, documentation and other requirements needed to present a product or service to the DPAC for approval. Reviewing submissions to the DPAC to determine whether they meet DPAC requirements as to form, scope, and content. Coordinating and tracking the periodic review of product programs.
Maintaining formal documentation, including minutes and reports, of DPAC proceedings and decisions. Responding to requests for information regarding DPAC activities and reviews.
Coordinating with the regional DPACs to ensure consistency and common practices and other Citi product approval committees to share information and coordinating joint reviews when necessary.
Preparing for and participating in regulatory and internal audit examinations and reviews, including drafting responses to initial inquiries and findings, producing requested documents, providing presentations, and addressing questions.
3+ year’s professional experience in financial services.
Understanding of and interest in financial products and services
Strong software proficiency (Word, PowerPoint, Excel)
Superior writing skills
Strong interpersonal and organizational skills including sophisticated communication and relationship management skills
Ability to work effectively in a team setting and drive initiatives to completion
Ability to see the "big picture" without losing attention to detail and full engagement
Creativity in thought and approach
Job Family Group:
Investment Product Risk Mgmt
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Citi is an equal opportunity and affirmative action employer. Minority/Female/Veteran/Individuals with Disabilities/Sexual Orientation/Gender Identity.