Head of OTC Derivatives Settlements & Payments Strategy (Market Operations) - Managing Director

The Head of OTC Derivatives Settlements & Payments Strategy primary objectives are to 1) manage and transform the OTC Derivatives Settlements as a core horizontal function and 2) develop and execute a strategy to uplift our payment controls across Markets Operations. The function comprises of two distinct teams: 1) a well-established OTC Derivatives Settlements team of in excess of 200 staff globally and 2) a small team recently created within Markets Operations to drive control payment uplift efforts as part of firm-wide programs (this team will require further development). The candidate requires solid operational experience, preferably with a knowledge of OTC Derivatives products combined with a strong transformation mindset. They will also lead Markets Operations efforts to further strengthen our payments controls.

Markets Operations is a global organization with a presence in over 60 Countries, covering post execution capabilities spanning product aligned Middle Office groups, Settlements, Margin, Asset Servicing, Listed Derivative & Commodities Operations. We support an extensive range of products and services including Fixed Income, Equity, Commodities and Syndicates. We are part-way through a multi-year journey to deliver a future state of Operations, encompassing end to end target operating model, controls design and uplift, technology transformation, data and process re-engineering.

Responsibilities for OTC Derivatives Settlements:

Lead, Manage and Oversee the function:

• Manage the OTC Derivatives function, ensuring all key risks are within risk appetite or are being remediated in a timely basis while direct expenses are within budget. Supervise the performance and risk management of the organisation, ensuring all the metrics and controls are in place.
• Lead a global team of in excess of 200 staff across multiple locations in the Americas, Europe and Asia. Responsible for developing strong talent at all levels of the organisation. Review the functions current footprint and if necessary, devise plan to optimise the location strategy.
• Develop a culture of excellence, accountability, control mindset, global consistency and continuous improvement. Deploy a strong people engagement plan across all global locations.
• Work with key stakeholders (primarily Control, Business Execution and Transformation colleagues) to ensure the function operates within risk appetite and financial budget while also delivering on the change book of work.
• Partner closely with Business partners and other teams within Markets Operations to ensure smooth front-to-back flow and straight-through processes.

Drive transformation efforts:

• After careful assessment of the front-to-back processes and technology infrastructure, develop a target state for the function and deploy a strategy to transform it.
• Partner closely with Technology and the Transformation teams on new initiatives and change projects.

Responsibilities for Payments Strategy:

• Review current state of payments across Markets Operations and develop vulnerability assessment. Subsequent to that review, develop a target state for further controls uplift, adoption of minimum standards and best practices and a roadmap to enhance technology architecture in partnership with other operations functional heads.
• Continue building out the team whose responsibilities will be as follows: 1) performance of selected common controls across Markets Operations and 2) business analysis of current state of payments and the development of a target state.
• Partner with firmwide stakeholders (Technology, Centralised Operations, Treasury, etc) as well as other global functional heads in Markets Operations to drive the payments strategy and its execution.
• Lead and oversee Markets Operations involvement in firm-wide programs related to Payments. Represent Markets Operations at firmwide governance forums such as the Enterprise Design Authority on Payments related topics.

Experience:

• 15+ years relevant experience in the Operations of a major global bank within the Markets Division.
• Strong Leadership skills - Operates as a leader, with an understanding and appreciation for diverse backgrounds. Ability to inspire a strong risk mindset and culture of excellent, accountability, global consistency and continuous improvement.
• Strong partnership skills with the ability to influence decison-making at senior level. Has authority to negotiate and make independent decisions on critical activities
• Strong strategic and commercial acumen. Ability to develop medium and long term plans and strategies combined with a strong track record of execution. Good understanding of how Technology can support business imperatives, automate current processes and drive transformation.
• Excellent understanding of the risks inherent to Operations and the ability to address and remediate them.
• Ability to manage varied set of deliverables in a balanced manner (i.e. within the limits of risk and financial budget).
• Demonstrates ability to make sound judgment calls on issues that can be both quantitative and qualitative in nature.
• Acts decisively in high risk scenarios, assessing a situation based on available data, experience, intuition, and judgment.
• Ability to respond to challenges with creative solutions, adapts to changing business needs.
• Champions diversity and seeks to recruit, retain, and develop talent. Supports mobility.

Qualifications:

• Bachelors/University degree, Masters degree preferred
• FINRA Series 27

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In addition to salary, Citis 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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