CGME and Germany Chief Risk Officer and CGME Board Member

Title: CGME and Germany Chief Risk Officer and CGME Board Member

Business: Risk Management

Division:Banking and International Risk, Europe Cluster Risk Management

Officer Title: Managing Director (MD)

C-Grade: C16

Location: Frankfurt

Legal Entity: CGME

Role posted until: 13 June 2023

Job Purpose/Overview:

• Acting as the Chief Risk Officer (CRO) with responsibility to ensure compliance with Kreditwesengesetz (KwG) § 25a for all Risk Management aspects for CGME. The responsibility includes the Solvency, Regulatory Adherence, Reputation and Good Standing within the German Financial Community, Efficiency and Strategy as well as a high standard of customer service.
• Act as CRO also for the German franchise apart from CGME and participate in relevant governance forums and provide second line leadership for all legal entities in the country.
• Act as CRO also in the context of CGME as a registered non-US swap dealer and SEC registered Swap dealer and ensure risk management adherence to the applicable regulations thereto.

Job Background:

• The CGME and Germany Chief Risk Officer (CRO) reports into the Head of International and Europe Cluster Risk and into the CGME CEO and is a critical member of the Europe Cluster Risk Management team.
• The CGME CRO is also a Member of the Board of Management of CGME. Responsibilities in this context require responsibilities to the firm and representing the interests of internal and external stakeholders, including regulators and parent company.

Key Responsibilities as CGME and Germany CRO:

• The CGME CRO is responsible for the Independent Risk management of CGME as a 2nd Line of Defence function as well as for the German franchise, covering all material financial and non-financial risks.
• As a Board member, CRO is responsible to define, develop and own the implementation of the risk strategy for CGME and Germany following the requirements of KwG and MaRisk together with monitoring, reassessing and reporting on the risk strategy in relevant governance meetings, as well as oversee effective governance and risk taking of the entity, providing effective review and challenge to the business.
• CGME CRO responsibilities include but are not limited to:
  • Implementation of CGME’s risk appetite as approved by the Management Board and German CCC, ensuring limits are set in accordance with the Management Board approved risk appetite and with the bank’s business strategy following KwG § 25a and Minimum Requirements for Risk Management (MaRisk);
  • Define the risk management framework for credit and counterparty credit, market and liquidity, operational and other risks and report to the Management and Supervisory Board and parent company, ensuring that they are complete, accurate and timely;
  • Manage the risk identification assessment process;
  • Ensure all Risk regulatory reporting requirements are met;
  • Ensure compliance with Regulatory requirements and Citi risk management policies, procedures and practices including developing appropriate framework for any new regulatory developments;
  • Coordinate regulatory exams and external audits relevant for risk management. Provide risk input to internal audits and assurance reviews including remediation planning where required;
• Primary point of contact for all regulatory requests and dialogue with Joint Supervisory Team under ECB including BaFin and Bundesbank for any risk related matters. Maintain critical regulatory relationship for supervisions and quantitative aspects of Advanced Capital Models permissions by BaFin and ECB.
• Active participation in the key strategic projects relating to Citi’s operations in Europe .

Leadership and People Management:

• CGME CRO is responsible for managing the Independent Risk Management function in Germany following Citi Leadership Standards, a team of 50 people by 2025, organized by risk segments.
• CGME CRO has significant interaction with the German and European regulators, has a highly influential role with the Management Board and senior management of CGME and Germany. The CRO must be able to demonstrate leadership and strategic influence, insight and ability to support implementation of strategic initiatives and provide credible challenge.
• Retaining, developing of key personnel, ensure adequate staffing, training and talent development for the risk organization.

Responsibilitiesas Member of the Board of Management of CGME AG:

• General management, control and oversight of the entire business of the Company in accordance with the Articles of Association, the Rules of Procedure and applicable laws and regulations and in joint responsibility with the other Management Board members. Act as legal representative of the Company.
• Stay informed about the business sectors (Vorstandsressorts) of the other management board members by appropriate reporting, information, enquiry and examinations in accordance with the Rules of Procedure for the Management Board.
• Manage and run the specific business sector assigned, including corporate planning, coordination, control and the staffing of executive positions. Keep the other management board members informed about the general situation and any critical developments or material decisions in relation to the assigned business sector.
• Install, maintain, monitor and periodically assess the effectiveness of a proper business rganization in accordance with statutory and regulatory requirements.
• Reporting to the Shareholder Meeting, preparing and convening the meetings of and implementing the resolutions adopted by the Shareholder Meeting.
• Reporting to the Supervisory Board on a regular and ad hoc basis.
• Comply with other tasks and responsibilities assigned to Management Board members under applicable law and regulations.

Candidates applying for this role must be aware that it is a Certified Role, subject to the FCA and PRA Certification Regime.

The Certification Regime is one element of the Individual Accountability Regime which came into effect on 7 March 2016.

Under the Certification Regime, Citi UK regulated entities (Citi entities) must ensure that employees working in certain roles categorised as specified significant harm functions (Certified Roles) are assessed as fit and proper to carry out their role.

Under the guidance provided by the FCA and PRA, firms should have regard to the following when assessing fitness and propriety:

• Honesty, integrity and reputation
• Financial soundness
• Competence and capability

In order to comply with the requirements of the Certification Regime, Citi entities must take reasonable care to ensure that an employee does not perform a Certified Role without first being certified as Fit and Proper. For this reason, you will be assessed for this role against the Fit and Proper requirements, as described above.

This assessment will be carried out through extensive interviews, self-disclosures, permitted criminal record checks, regulated reference checks, credit checks and other background screening checks

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