Job Description

Project Manager – xVA Technology

Citi Overview

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Markets & Securities Services Technology > Risk Services Overview

Within Markets & Securities Services Technology (MSST), the Cross-Asset Risk team is responsible for delivering Citi’s next-generation cloud-based risk calculation platform as well as a suite of common services that are used by all businesses to fulfil daily market risk and XVA calculation and reporting obligations. As well as providing API-driven services, we directly support traders, salespeople, risk managers, financial controllers and operations staff located mostly in London, New York and Tokyo. The team is expanding in order to accelerate the rollout of the new platform. We have development teams located in London, the USA, Canada, China, Indiaand Poland.

The team also plays a key role managing a number of cross-business risk initiatives. As well as the programs to drive adoption of the above common services, project managers in the team are responsible for capital, regulatory, audit and risk/finance front-to-back programs. These include:

• Market Risk Reporting (including FRTB)
• Stress Testing (including CCAR)
• Daily P&L & PAA (P&L Attribution Analysis)
• Valuations Adjustments and Independent Price Verification (IPV)
• Counterparty Credit Risk (Basel 3 & XVA)

xVA refers to a set of valuation adjustments (credit, debt, funding and collateral) that apply to OTC derivatives across all asset classes. At Citi, this area is also concerned with the determination of the correct discounting of cashflows to apply to each trade depending on the collateral dynamics between Citi and the counterparty.

Job Description

Job Purpose

A senior technology project manager is required to manage strategic projects under the firm’s strategic programs to build out daily Front-to-Back xVA calculation target state capabilities across the Investment Bank.

This entails managing a number of concurrent cross-asset projects relating to XVA, including:

• Revised Basel 3 CVA (a.k.a FRTB CVA): the CVA risk components of the revised Basel III capital standards.

• Upgrading XVA accounting P&L and PAA from weekly to daily front-to-back reporting cycle

• Streamlining Citi’s CVA stress testing capabilities and leading their migration onto the target state valuation framework

• Leading the evolution of XVA systems onto Citi’s strategic cross-asset risk platform

This is an exciting opportunity to work on complex and challenging Front Office risk technology projects to deliver Citi’s target state capabilities. These impact all trading businesses, market risk managers and financial controllers, and drive the buildout of Citi’s franchise-critical strategic cross-business platform.

Key Responsibilities:

• Act as lead project manager for delivery of key business and regulatory projects under Citi’s cross-asset XVA technology strategy.
• Formally managing the xVA subcomponent projects of larger risk initiatives to completion
• Managing new xVA-specific projects from start to finish
• Collaborate with product owners and scrum masters for xVA agile teams to create and maintain detail project plans with high level views on milestones
• Coordinate on dependencies and facilitate discussion across asset class technology teams and quant teams to resolve outstanding risk and issues
• Producing presentations and reports for senior management and regulators alike on progress on key programs
• Work closely with program level directors and managers to provide status and feedback on projects
• Attending workshops, working groups and other relevant meetings with senior representatives from Risk, Finance, Ops & Technology, Front Office, Internal Audit and other groups.
• Working closely with the technology leaders of the cross-asset risk team and also the business-aligned risk team leads / PMs to define, agree, track and report on commitments and deliveries by MSST for xVA
• E2E Accountability on delivery from initiation to post deployment for relevant projects

Development Value:

• Work in a leading banking environment on complex front office risk projects
• Gain or deepen understanding of business, markets, products & flows across all asset classes
• Gain deep expert knowledge of OTC Derivatives processes and systems especially around xVA, market and credit risk
• Play a key role in Citi achieving its target state risk data calculation, aggregation and reporting capabilities

Knowledge/Experience:

• At least 7-8 years of experience in financial technology, preferably in Front Office for a bank / broker-dealer
• Has managed complex risk and/or CVA technology projects for a major investment bank
• Solid grounding in risk (any asset class), preferably including around OTC derivatives
• Experience of delivering on projects in geographically diverse, multi-team
• Technology Project Management background to effectively progress on cross asset and cross function projects
• Understanding of regulations enabling of basic understanding and review of business requirement and functional requirement documents
• Identify key gaps in project plan and dependencies and ability to organize/facilitate conversation leading to an acceptable conclusion
• Understand Front Office data like trade, positions, netting sets, market data and role of quantitave libraries and models on front office risk calculation
• Aptitude to understand technology system flow architectures and engage IT partners for designing solution on business and regulatory projects
• Understand business impact through in-depth evaluation of complex business processes, system processes and industry. Distil complex information and present in concise terms to enable senior decision making and direction.
• Work with junior project managers and product owners on detailed IT work plans, schedule
• Provide project estimates, resource plans. RAIDS and status reports
• Experience of working under an Agile approach and responsible for setting up Jira

structure to monitor and track remediation items

• Appropriately assess risk when business decisions are made, demonstrating particular consideration for the firm's reputation and safeguarding Citigroup, its clients and assets, by driving compliance with applicable laws, rules and regulations, adhering to Policy
• Applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues with transparency

Qualifications:

• Bachelor’s/University degree or equivalent experience
• Excellent Project Management skills. Relevant Project Management certification will be a plus

Core Competencies

• Agile Project & Program Management
• Experience with JIRA
• Good expertise and experience with Word, Excel and Powerpoint.
• Personal time-management
• Analytical and problem-solving (Some level of data manipulation & analysis preferred)
• Assertive, confident, engaging team player with influencing, persuasion & negotiation abilities
• Excellent verbal and written communication skills
• Self-motivated with determination to achieve goals
• Able to dive into the detail on planning, technical or business issues whilst mostly operating at management level
• Able to summarize complex data issues both for asset-class focused IT teams on the ground and for senior decision makers