Local Regulatory Reporting Head at Citi

Job Purpose:

The role is responsible for managing the Local Regulatory reporting team and their reporting responsibilities that includes the oversight, analysis and submission of all regulatory returns to the Prudential Authority (PA) and the Johannesburg Stock Exchange (JSE) while providing support to the US consolidation process.

The purpose of the role is to manage and oversee the process regarding ensuring that regulatory returns submitted to key regulators of Citi SA are accurate and of high quality, analytical insights on these returns are available to management for the purpose of decision making, that strong controls are applied and implemented during the process, opportunities for process improvements are identified and implemented along the way and timely implementation of new directives and new regulations.

The Regulatory Reporting Head is also responsible for managing the local ICAAP process and submission while being the key Finance liaison to the Prudential Authority with regards to questions and queries on the regulatory returns. 

The Regulatory Reporting Head is also responsible for providing support to the CFO and Country Controller to protect the Franchise and to ensure Citi is appropriately managing regulatory related risks as it affects the business activities in the country.

The role is based within the South African Finance team, led by the South Africa CFO and Country Controller, the roles reports directly through to the Country Controller. The Role heads the Regulatory reporting team, a sub team of the wider Finance team.

In parallel with Citigroup’s extensive preparations for compliance with Basel requirements in the US, Citibank NA South Africa branch (“the branch”) reports reports on a daily, Monthly, Quarterly, Semi-annually as well as on annual basis to the Prudential Authority (PA). In addition, Citigroup Global Markets Ltd (‘CGMSA’) performs daily and monthly Capital Adequacy (CapAd) reporting to the Johannesburg Stock Exchange (‘JSE’). The importance of Regulatory Reporting and the relationship with the branch’s host regulators is a paramount function within South Africa Finance and for the entire branch activities and entails providing adequate support and insight to management and various business functions on both regulatory and financial aspects.

Key Responsibilities:

The role of Head of Regulatory Reporting is placed within South African Finance department reporting into the CFO and Country Controller. The overall objective of this role is to ensure accurate and timely submissions of regulatory and internal reports in accordance with local regulatory guidelines while adhering to policies and control framework. Responsibilities include:

Managing the SA Regulatory Reporting team

• BA returns submitted by Citibank NA SA include:

1. Form BA100 – Balance sheet;
2. Form BA110 – Off Balance sheet;
3. Form BA120 – Income statement;
4. Form BA130 – Restriction on investments, loans and advances;
5. Form BA200 series – Credit Risk (Standardised Approaches);
6. Form BA300 – Liquidity Risk including LCR and NSFR; 
7. Form BA310 – Minimum Reserve balance and liquid assets;
8. Form BA320 – Measurement of Market Risk (Value at Risk Internal Model);
9. Form BA325 - Daily Return a selection of risk exposures arising from Trading activities;
10. Form BA330 – Interest Rate Risk in the Banking;
11. Form BA340 – Equity Risk in the banking book;
12. Form BA400 – Operational Risk (Standardised Approaches);
13. Form BA410 – Operational Risk Loss Events;
14. Form BA700 – Capital Adequacy;
15. Form 900, 920, 930, 940 series to the SARB Economic Department

• Regulatory returns submitted by Citigroup Global Markets (CGM) SA include:

1. Daily Capital Adequacy (CapAd)
2. Monthly Capital Adequacy

• Manage and support the accurate analysis, submission and filing of reports to various constituencies (including local regulators, etc.) based on requirements such as IFRS and local statutory reporting rules
• Overseeing and monitoring the production process of regulatory returns by Citi Service Centre (CSC)
• Have a sound understanding of the financial statements and the accounting standards and their impact on various reporting aspects within Finance.
• Provide analysis and responses to all issues relating to SARB and JSE queries on an on-going basis;
• Proactively deal with the requirements of the regulators and effectively communicate and engage with the regulators;
• Review, interpret and implement SARB and JSE regulations as required by the local regulator;
• Application of strong internal controls, with a focus on continually strengthening the control environment;
• Identifying areas where process improvements can be made to achieve efficiencies and a strong control environment;
• Support the improvement of data quality as it pertains to financial and regulatory reporting;
• On an annual basis, oversee and support the external regulatory audit;
• Manage the internal capital adequacy assessment process (ICAAP) process and submission;
• Supports capital management;
• Support the CFO and Controller with ad-hoc requests;
• Adhere to the policies and procedures relating to regulatory reporting;
• Provide support and analytical insight of various financial and regulatory aspects and perform business analysis;
• Provide support (preparation of committee packs, analysis of information for business purposes) for various management committee meetings and external meetings (Regulator on-site visits), including ability to assist with chairing meetings where required;
• Working closely with Business partners and other functions to gain a thorough understanding of Citi SA’s businesses, risks and controls;
• Produce metrics to senior management highlighting key regulatory issues and remediation status and maintain and enhance related operational and analytical procedures;
• Interpret policies, guidelines, and processes and resolve complex problems and transactions;
• Has the ability to operate with a limited level of direct supervision;
• Can exercise independence of judgement and autonomy;
• Acts as SME to senior stakeholders and /or other team members; and
• Ensuring that the tracking of corrective actions for internal, management Risk and Management Control Assessments (“MCA”) and external audits are diligently performed.

Development Value:

The job will expose the candidate to:

• Exposure to technical aspects of global banking best practice standards as well the exposure to quantitative aspects of risk and risk measurement techniques. Strengthen your understanding of the regulatory rules and environment Develop product knowledge and understanding of business dynamics at Citi. Managing a regulatory finance reporting team
• Skills gained in the role are employable in risk management, capital management, as well as portfolio reporting areas of the bank.

Knowledge/Experience:

• Strong Experience in Bank Financial and Regulatory Reporting Environment
• At least 5 years of hands on experience in regulatory reporting elements and liaison with the Prudential Authority or JSE with regards to submissions and queries
• Internal Capital Adequacy Assessment experience
• Advisory and implementation of new regulatory directives
• Communication skills: the position entails interacting with the senior management in the franchise, on a variety of internally driven and regulatory driven deliverables. 
• Teamwork/Relationship Management: the position requires extensive teamwork, partnership and collaboration across Finance and other functions
• Strong management skills: the position entails leading a team of professionals
• Financial accounting with IFRS experience added advantage
• Prior knowledge of Finance and Regulatory reporting platforms will be an added advantage

Skills:

• Regulatory reporting expert
• Strong interpersonal and communications skills
• Strong verbal and written communication skills.
• Ability to manage and motivate a team of finance professionals.
• Good teamwork and project management skills.
• Proficiency in Excel, Power point and word office software.
• Financial accounting – Intermediate
• Ability to work on multiple tasks and to be able to prioritize in a deadline driven environment.

Qualifications:

• Relevant Accounting/Finance or risk related qualifications
• Chartered accountant or equivalent would be an advantage
• Legal / Risk and/or Actuarial related qualifications will also be considered

Competencies

• A highly motivated self-starter with an assertive character, a hands-on approach and who aspires to being a key contributor in a dynamic team environment of professionals.
• Strong interpersonal and Team management skills are essential.
• A pro-active decision maker who has the ability to champion Finance initiatives through to successful conclusion.
• Displays clear accountability and ownership of issues and who has strong leadership capabilities.
• Ability to multi task and to be able to prioritize in a deadline driven environment.
• Good verbal and written communication skills and able to communicate his/her position clearly and defend it at various reporting levels.
• Working hours – preparedness to work long hours during peak periods (+-10 pd).
• Planning and time management
• Strong presentation skills