Global Markets Issuance Structuring – Product Framework, Director

Team Mission:

Maximize revenue, funding and investment opportunities: The Global Markets Issuance (GMI) team aims to maximize revenue from Citi’s issuance business, to be a well-governed, industry leading platform. The Structured Notes business has been a significant driver of both funding and revenue contribution for Citi, providing as well meaningful investment opportunities for our clients globally.

Consistency: GMI defines and oversees processes associated with the issuance of Structured Notes within Citi, guiding and supporting multiple stakeholders and partners through a consistent operational framework for all, in respect of this activity.

Collaboration: GMI activity is carried out within each of Citi’s Markets product lines. GMI partners with teams in Sales, Trading, Structuring, Platform, OCM, Business Risk & Controls, Treasury, Legal, Risk, Operations, Finance, ICRM, and Legal Entity Management in this endeavour, across asset classes and jurisdictions.

Governance is critical:

Structured note issuance is highly regulated and cuts across several Markets activities, for which an efficiently designed and executed product governance framework is essential.

In GMI’s business, governance requires identifying and managing risks against our defined risk appetite. This is done through data provision and analysis, decision-making and credible challenge from the first, second and third lines of defence followed by agreed actions to keep risk profile within appetite.

This facilitates proper risk monitoring, findings reporting and follow up on issue resolution.

The role:

This role will support the team’s goals, with strong focus on Product Governance across diverse businesses with varied needs and requirements. The job requires a comprehensive understanding of the structured products activities (market dynamics, derivatives, regulation, client segments) as well as strong organizational skills.

Key tasks:

• Collaborate to improve GMI’s operating model, defining and implementing an in-business product governance framework consistent across regions and products, compatible with reaching excellence in business results, avoiding unnecessary complexity. Streamlining decision processes will be critical for success.
• Preparing product approvals to be presented at the Suitability Review Group (SRG) for our retail-driven activity. This includes creating proposal memorandums, holding pre-approval meetings with Product  teams, Sales desks and Control functions to identify and address issues and build consensus; and, running the approval session and preparing meeting minutes to document the conclusions reached. Approx. 50 such proposals expected per year.
• Maintain an informed, independent perspective on all relevant aspects of the products monitored, offering challenges to the Business requests when necessary.
• Appear in front of SRG to run periodic business reviews for our Solutions for Financial Intermediaries (SFI) 3 regions of activity, finding efficiencies that may lead to redesigning or consolidating other meetings/forums. Special attention to be paid to regulatory-driven business reviews such as those related to i) the FCA Consumer Duty (and associated annual Value Assessment Review); and ii) the Hong Kong Equity Linked Investments activity. For all these, focus on optimizing data obtention and deck production.
• Streamline SRG processes: follow ups for approval conditions; definition of approval workflow; and periodic framework reviews.
• Oversight for MCA elements relating to SFI activity: Distributor activity review, Approved Product List, Distribution Agreement exemptions, Distribution Fees controls; all in collaboration with Business Execution teams.
• Defining and monitoring the Distribution Onboarding process globally.
• Coordinating MiFID II Product Governance obligations in relation to issuance activities, including involvement in the Control Analysis, Remediation, Applicability, and Mapping (“CARAM”) remediation efforts in partnership with the Regulation Lead/Compliance Risk, Program Execution and Asset Classes Business Execution teams.
• Support or leadership for NACs whenever involving SFI or GMI proposals.
• Collaborate in regulation oversight efforts as subject matter expert.
• Partner effectively with 2nd Line of Defence teams and support functions to identify best practices and contribute as appropriate to related policies and initiatives.

Qualifications

• Deep understanding of Markets products and activities.
• Experience in product governance matters, strong expertise in identifying and managing operational risks.
• Proven capacity to thrive under pressure, adhere to deadlines, prioritise and manage multiple projects in a fast paced, highly matri