Overview of the organizationFinance & Risk Shared Services (FRSS)
is a global organization of 2,600+ financial analysts supporting all of Citi Finance and Citi businesses by delivering world-class financial accounting and reporting solutions. FRSS is located primarily in four major centers - Manila, Mumbai, Costa Rica and Tampa. Its breadth of reporting operations include - closing Citi's financial books & records (Ledger Aggregations & Integrity and Accounting / Financial Close), Assurance and Regulatory reporting, which includes Capital Planning related reporting (CCAR and RWA) and Treasury reporting (Daily Liquidity reporting). The organization has been growing steadily over last several years and is an integral part of both Citi Shared Services (CSS) and Citi Finance.Job Summary:
The FRSS Mumbai Center Head is a senior leader who drives the mission, strategy, execution and delivery to our Finance and Risk partners globally, with special emphasis on EMEA and Asia. FRSS Mumbai center has over 700 highly skilled analysts supporting Controllership and Treasury (Liquidity and Capital Planning) functions of Citi Finance and this role will have complete and end-to-end accountability for people, financial, productivity, control and operational performance responsibilities. In addition, this position acts as the primary relationship manager for the larger EMEA Finance organization and, on a day-to-day basis, supports Regional Controllers in EMEA and Asia (in partnership with FRSS Manila center).Job Description:
The scope of the position will include the following:
FRSS has recently announced a significant transformation which includes thoroughly redesigning the current organization model, moving away from Global Process Leads (GPLs) having people/process responsibilities across all centers for their respective FRSS processes, and transitioning into a model with two distinct functions - Reporting Operations and Global Process & Stakeholder Management (GPSM).
Center Heads will have absolute and e2e accountability of Reporting Operations in the center, which is the largest share of FRSS (85%). In Mumbai, FRSS delivers all three major processes - financial books & records (includes data services & systems operations, accounting, financial close, charge-out and balance sheet substantiation), Assurance (includes Close Assurance & Analytics and Charge-out) and Reporting (Liquidity and Regulatory).Under the new model, Center Heads (CH) are accountable for
Details of the job responsibilities
- Reporting operations at all levels - people, financials (incl. productivity), and controls for the entire operations in their locations
- Working in collaboration with a single Global Process & Stakeholder Management (GPSM) organization to standardize the processes and contribute to global Finance / Risk / Data initiatives
- Holding complete e2e accountability for delivering flawless reporting operations and people / financial goals of the center
- Managing regional stakeholders e.g., FRSS Mumbai Center Head for EMEA Controller, etc.
- Additionally, as FRSS Center Head, s/he will be responsible for overall talent management, infrastructure and engagement of all FRSS employees in the center, including GPSM, Strategy & Re-engineering and Risk & Control teams who will matrix to the site head.
- As a senior member of the Citi Solutions Center (CSC) Mumbai leadership team, s/he is also expected to play a significant role in driving the best practices across all Business Units in the Mumbai CSC
- Owner of execution of processes and controls at center level for all processes located at that center. In the case of Mumai, that includes almost all FRSS processes run by 700+ highly skilled analysts at different levels
- Own timely and accurate delivery of outputs to stakeholders. Escalate reporting issues and ensure timely remediation and support from all partners
- Drive process performance to meet metrics targets - timeliness, accuracy, quality and NPS - amongst others
- Build and strengthen the culture of risk management and mitigation, with specific focus on regulatory commitments
- Manage a comprehensive risk control scorecard with focus on IBAM's, Manager Control Assessment (MCA) Completeness and Accuracy and adequate and timely completion of Corrective Action Plans (CAPs)
- Work closely with FRSS and CSS R&C teams to correctly identify and strengthen all key controls and install a practice of rigorous control testing
- Have complete financial accountability at center level - responsibility to meet financial goals, HC targets, productivity targets, projects BOW and pyramid structure (spans & layers)
- Have complete accountability for talent management at the center - recruiting, development, attrition, and, very importantly, drive internal mobility within FRSS teams. As we are moving away from GPL-centric model, where people responsibility was largely with GPLs and ,therefore, Center Head had to play an influencing role, under the current model, Center Head will be singularly accountable to drive recruiting to yield diverse work force, significantly higher degree of internal mobility across various FRSS teams, performance and rewards management and overall retention
- Play a leadership role on Employee Engagement of the entire center and directly accountable for the VOE results of the Reporting Ops, which is well over 700 FTEs
- Center Head will also be responsible for entire capacity planning and management of Reporting Ops with full empowerment to flexibly redeploy resources from one team to another to meet situational or cyclical demands
- In partnership with GPSM and FRSS Re-engineering team, define and execute process reengineering goals, including generating financial saves
- Ensure processes at the center are consistent with GPSM design, partnering with other center heads to maintain standardization of global model
- Deepen the culture of business performance metrics within the site under a common model that Metrics Intelligence team under GPSM will install globally. Create the practice of '' and be responsible to meet & exceed all operational and risk metrics for the processes operating in the center
- Besides Finance partners, also engage effectively with regional / local stakeholders like CSC Head, India SCOO, Regional O&T Heads and CCO / CHRO of Citi India, as needed
- Outstanding people and process leadership experience, ideally managing large operations
- Demonstrated ability to manage scaled-up specialized reporting and / or analytical functions with significant regulatory oversight and scrutiny
- Demonstrated ability to run a large risk-based operations with specific focus on financial and regulatory reporting
- Proven success in creating and augmenting Risk Control scorecards and meeting ambitious control targets
- Demonstrated experience and success in delivering financial and HC goals in a large organization - clear understanding of productivity management and its financial impact
- Strong experience of recruiting, developing and retaining industry-leading talent
- Significant experience with governance and risk & control environment: set up, implementation and management of frameworks, programs and constructs
- Track record in delivering transformational and strategic leadership initiatives
- Extensive knowledge and experience deploying digital tools in a large operation and delivering superior client experience and operational efficiency
- Strong experience managing multiple stakeholders at various levels, including experience of working with regional seniors and executives outside the direct chain of command
- High level of cultural awareness and ability to sensitively adjust delivery style to appropriate audiences and stakeholders
- Broad knowledge of reporting and control around reporting process are definite plus - understanding of operating and reporting ledgers, accounting, management / Regulatory Reporting, balance sheet reconciliation, capital planning, liquidity management, etc.
- Similarly, a good understanding of the O&T organization and its functions, especially in Asia is preferred
- Strong leadership, innovative and strategic thinking and planning abilities. Looking for self-motivation and a high degree of initiative, with a commitment to continuous improvement
- Strong interpersonal and communication skills, persuasive and influential communicator
- Strong work ethic/ integrity/ excellent use of discretion and judgment, to be flexible to the needs of the business
- Candidate must have demonstrated budgetary management skills strong business acumen, including writing skills and a proficiency in MS Word, Excel, powerpoint with strong technical aptitude
- International work experience, bilingual language skills and diverse background a plus
- Advanced/Master's Degree or equivalent work experience. CPA / MBA from top institutions preferred
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