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Markets & Banking

Credit and Risk Management

Risk Management is an independent, global function within the CMB that has a staff of around 1,000 in EMEA and a presence in over 40 countries in the region. It is responsible for the management of the key risks that face the Markets & Banking market, credit, operational, country and underwriting risks that are embedded in the broad range of our businesses. Independent approval of risk transactions by the Risk Management organization allows business opportunities to be reviewed in an objective and impartial manner. While Risk Management is independent from the businesses that it serves, it acts as partners with them and is located close to them, both geographically and by product.

Risk Management comprises the following groups:

Credit Risk Management is responsible for the approval, monitoring and management of the CMB’s credit exposure arising from a broad array of its businesses / products - Loans; Global Transaction Services; Fixed Income & Equities (counterparty exposure); etc.. It is further broken down into the following groups:

Global Portfolio Management (GPM) proactively manages the CMB’s loan book and is responsible for the analysis, approval and monitoring of the portfolio. Within EMEA, GPM has its largest team in London but also has staff in 20 countries across the region and is organised along industry and geographic lines. The goals of GPM include maximising returns and increasing the liquidity of the portfolio through intelligent and strategic use of capital.

The Global Credit Centre (GCC) is responsible for assessing and approving exposure to counterparties that utilize the capital markets and transaction services products. It has a specific focus on those industries where these products dominate (notably Banks, Broker Dealers, Mutual Funds and Hedge Funds) but also provides product expertise on transactions with customers in other industries by partnering with units such as GPM.

Institutional Recovery Management (IRM) is the primary Remedial Management Unit for the CMB. It aims to maximize the value of our troubled assets by providing objective and independent assessment and management of classified credits. IRM transactors have extensive experience in corporate turnarounds, understand the management skills that are necessary to return a company to financial health, provide leadership to bank syndicates in troubled credits and often lead creditor steering committees.

A dedicated SME Risk Management group services our business with Small and Medium sized Enterprises in 8 key markets in-region.

Credit Risk Management Services (CRMS) is responsible for credit administration support and also oversees credit risk technology development.

Market Risk Management oversees the firm’s trading-related risk. Market risk is the risk to earnings or capital that occurs due to changes in market variables, including interest rates, foreign exchange, equity and commodity levels and volatilities, which affect the price of trading positions. The trading units with which Market Risk Management works are organized in three main trading divisions: Fixed Income, Equities and Emerging Markets Sales & Trading.

The Underwriting, Distribution, Conflicts and Structured Products (UDCS) function exists to protect and enhance Citi’s reputation for the highest quality financing transactions in the eyes of the issuers, investors and regulators. It comprises: the Equity and Fixed Income Commitment Committees (review of public and private offerings of securities); Capital Markets Approval Committee (formal review of new, structured and complex products); Retail Product Distribution Committee (review products distributed to retail - either directly or via 3rd parties); and Conflicts Clearance (ensures there is no conflict within the various business units for a particular transaction).

Operational Risk Management is responsible for measuring and managing operational risk in the CMB. It has been recognized in the New Basel Accord and by regulatory agencies as the third major risk discipline, along with Credit Risk and Market Risk. The group develops and interprets policy, operates the Event Data Capture System, has developed Risk and Control Self-Assessment processes, and assists businesses in managing the operational risk inherent in their activities.

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