Wealth organization focused on delivering the full capabilities of Citi to clients across all the Citi Private Bank, Wealth at Work, and Citigold / CPC segments. Wealth Residential Real Estate (RRE) segment provides residential real estate secured lending products to target market clients. Current exposure is above ~$90Bn globally, primarily located in the US ~$70bn

Wealth Risk Management is an independent global organization, which sits within Citi Risk Management as second line of defense. It provides independent risk oversight, challenge and approval for credit portfolio and broader risk-taking practices within the Wealth business, ensuring such activities remain within defined risk appetite and limits.

The Wealth Residential Real Estate (RRE) Portfolio Risk Officer provide independent risk oversight and challenge to the risk-taking activities of RRE lending. The role is responsible for the development, implementation, and governance of a comprehensive Wealth RRE Lending Standard & Oversight framework, though development of independent analysis, and reporting to challenge the first line information, strategies and reports.  The incumbent is expected to oversight on portfolio monitoring, collection strategy, loss mitigation, default services, and credit loss / reserve processes for the Wealth Residential Real Estate portfolio.

Responsibilities:

• Implement and manage analytic infrastructure and tools including strategies, reports capabilities so that portfolio qualities can be accurately evaluated and ascertained.
• Working in partnership with business units and independent Risk Oversight teams, establish an effective portfolio & collection performance monitoring, default servicing and loss mitigation strategy that complies with corporate policy standards
• Establish and implement a set of portfolio metrics as well as benchmarks that enables a regular effective performance monitoring and early issues identification
• Manage regular portfolio performance review forum.  Identify potential performance and/or process issues and engage stakeholders for issue escalation and remediation.
• Design, implement and monitor the effectiveness of credit risk policies and where warranted, adjust credit policies to ensure performance and benchmarks are in accordance with established risk appetite.
• Ensure that policies are in full compliance with enterprise policies, governing regulations and where required, document and obtain approval for exceptions.
• Provide oversight to the relevant operation units or servicer to ensure that credit processes and staffing are appropriate, effective, and executed in full compliance with policies, both local and corporate.
• Maintain a strong control environment at all times; escalate critical issues in accordance with corporate protocols and/or based on prudent judgment

Experience / Qualifications

• Extensive relevant (5+ years) experience in private/consumer/wealth risk management with knowledge of real estate market and mortgage collection management
• Experience in managing mortgage collection strategy, default servicing, foreclosure, and loss mitigation programs
• Experience and knowledge in loss recognition (FFIEC write-downs), reserve (CECL) and loss forecasting for residential real estate lending portfolio
• Knowledge of portfolio and collection reporting
• Understanding of delinquency managed credit portfolios and operational policies and procedures, including a command of collateral management
• Experience in executing on initiatives with a diverse group of stakeholders to achieve milestones and meet deadlines
• Ability to apply credit and risk principles toward business goals
• Effective written and verbal communication skills
• Proficient in MS Office applications (Excel, Word, Power Point)
• Tireless work ethic with ability to work well under pressure

Education

• BS or BA required
• MBA or equivalent graduate studies is a plus

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Job Family Group:

Risk Management

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Job Family:

Portfolio Credit Risk Management

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Time Type:

Full time

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Primary Location:

New York New York United States

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Primary Location Full Time Salary Range:

$129,840.00 - $194,760.00

In addition to salary, Citi’s offerings may also include, for eligible employees, discretionary and formulaic incentive and retention awards. Citi offers competitive employee benefits, including: medical, dental & vision coverage; 401(k); life, accident, and disability insurance; and wellness programs. Citi also offers paid time off packages, including planned time off (vacation), unplanned time off (sick leave), and paid holidays. For additional information regarding Citi employee benefits, please visit citibenefits.com. Available offerings may vary by jurisdiction, job level, and date of hire.

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Anticipated Posting Close Date:

Jan 22, 2025

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