Citi’s Global Lessons Learned Program, codified in the Lessons Learned Policy and Procedures, establishes a framework for identifying risk exposures and ensuring that Citi enhances its control environment to prevent similar occurrences. The Lessons Learned Lifecycle operationalizes this by identifying, analyzing, and reporting on Qualifying Events.
The Lessons Learned Lifecycle has six steps.
To proceed, select the step for a brief overview.
Lessons Learned Risk Category Subject Matter Experts (LL RCSMEs) define criteria and thresholds found in the Lessons Learned Central Procedures to identify Qualifying Events.
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Events are assigned in the Lessons Learned Tool to the relevant Business or Function to perform the Lessons Learned analysis.
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Businesses analyze Qualifying Events to gain a clear understanding of the root cause(s)and take action to reasonably prevent a similar Event from reoccurring.
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Businesses document the analysis of Events in a Lessons Learned report that is comprehensive, accurate and timely. The report must include a description of the Event, its impact, root cause(s), contributing factors and a remediation plan.
Businesses submit a draft report to an Independent Challenger within the Lessons Learned Tool (LLT).
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Independent Risk Management is required to challenge the report.
The designated Independent Challenger must concur with the report’s findings root cause(s), remediation, readability, and completeness.
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After Independent Challenge review is completed, the report is “published” and shared with Independent Risk Management, regulators, and other Citi businesses.
Publication of Lessons Learned reports enables other Citi businesses to conduct a Read Across review to determine if they have a similar risk exposure.
Thematic analysis of published reports is performed to identify overarching themes and assess if further risk mitigation is required.
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Now that you know what the Lessons Learned Policy and Procedure say about Qualifying Event identification, let’s see what it looks like in action.
To proceed, select each scene to reveal the scenario.
Duplicate Debit Posting
FX Operations received notice that a client account had a duplicate debit posting for their Foreign Exchange (FX) deal for $64 Million.
What Was the Response?
FX Operations reversed the error with the full funds returned to the client’s account on the same day. The error was classified as a Near Miss, due to the immediate return of the funds.
FX Operations also determined that this was a Qualifying Event for Lessons Learned. The Event’s Risk Category is in Processing Risk, where the qualifying threshold is currently $50 Million and greater for the Near Miss Category.
The Qualifying Event was triggered from the Lessons Learned Tool (LLT), and a communication sent from the LLT to Business Risk & Control and Independent Risk Management informing them of the assignment.
The business and Independent Risk Management can now appoint individuals to the key Lessons Learned Lifecycle roles. In our case they choose Abdi, Dannielle and Naomi and enter their names into the LLT.
To proceed, select each role to learn more.
Abdi is the Event Owner (1LOD) accountable for managing risk associated with the Qualifying Event.
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Dannielle is the Report Author (1LOD). She will conduct the Root Cause Analysis for the Event and document the Lessons Learned Report (LLR).
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Naomi is the Independent Challenger (2LOD). Naomi will provide credible challenge against Dannielle’s Event analysis, root cause(s), remediation recommendations and the overall accuracy and completeness of the LLR.
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Report Authors analyze Event details to identify the fundamental underlying root cause(s) and implement effective solutions to prevent reoccurrence.
To proceed, select each question to reveal the scope of the analysis.
What happened?
How did it happen?
Why did it happen?
What did we already know?
Report Authors follow the Root Cause Analysis process to identify fundamental causes that must be addressed to reasonably prevent a similar Event from reoccurring.
To proceed, select each area to learn more about the Root Cause Analysis process.
Root Cause Analysis is the process used to diagnose the fundamental underlying driver(s) of an Event. Below are the steps taken to perform Root Cause Analysis.
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Collect information and data to develop a comprehensive understanding of the Event, enabling an evidence-based Root Cause Analysis for accurate and effective root cause identification.
Examine all potential causes, thoroughly assessing the Event to ensure that no contributing cause is overlooked.
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The Five Whys technique is a problem-solving method that helps uncover the root cause of an Event.
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Following her Event Analysis, Dannielle has everything she needs to begin documenting the formal LL Report in the LLT.
Dannielle needs to be sure that her report clearly explains the root causes, the contributing, and controllable factors, corrective actions, and lessons learned. Formal Lessons Learned reports are shared with key Citi stakeholders and regulators, and they must be written clearly, and comprehensively.
To proceed, select each area to find out what Dannielle’s LLR will include.
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Financial impacts
Non-financial impacts
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Controllable Factors
Dannielle will document any controllable factors that allowed the Qualifying Event to transpire, which will help identify methods to strengthen the process, and control environment to reduce the risk of reoccurrence.
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In her report, Dannielle must assess any missing controls or existing controls that were ineffective due to inadequate design or ineffective execution. She must also be sure to include any completed and/or future remediation efforts and identify any relevant iCAPS issues.
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In her conclusions, Dannielle will consider the broader lessons from the Event, including retrospective mitigating actions which could have helped prevent the Event (or similar root cause Events in the future).
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As Independent Challenger, Naomi provides credible challenge to Dannielle’s Report.
To proceed, select each step for an overview of the Independent Challenge process.
Root cause and remediation actions
Readability assessment
Collaboration
Naomi will need to document her challenges:
Naomi must agree with Dannielle’s conclusions on the root cause, contributing factors, controllable factors, and remediation plans to reduce the likelihood of a similar Event happening again.
Should Danielle and Naomi disagree on the final report’s language or actions, they must escalate the details of the disagreement to their respective next level of management for resolution.
Which statement describes the objective of Lessons Learned?
Select the best response from the four options and then select Submit.
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Citi’s Global Lessons Learned Program aims to learn from Qualifying Events, prevent similar occurrences and share insights across Citi business units. The Lessons Learned Lifecycle operationalizes this by identifying, analyzing, and reporting on Events to enhance controls and reduce future risks.
Citi’s Global Lessons Learned Program aims to learn from Qualifying Events, prevent similar occurrences and share insights across Citi business units. The Lessons Learned Lifecycle operationalizes this by identifying, analyzing, and reporting on Events to enhance controls and reduce future risks.
Citi’s Global Lessons Learned Program aims to learn from Qualifying Events, prevent similar occurrences and share insights across Citi business units. The Lessons Learned Lifecycle operationalizes this by identifying, analyzing, and reporting on Events to enhance controls and reduce future risks.
That answer is correct.
Citi’s Global Lessons Learned Program aims to learn from Qualifying Events, prevent similar occurrences and share insights across Citi business units. The Lessons Learned Lifecycle operationalizes this by identifying, analyzing, and reporting on Events to enhance controls and reduce future risks.
That answer is not correct.
Refer to Lessons Learned Lifecycle, About the Lessons Learned Lifecycle for more information.
That answer is not correct.
Refer to Lessons Learned Lifecycle, About the Lessons Learned Lifecycle for more information.
The Lessons Learned Lifecycle begins with Event Identification, Event Assignment and Event Analysis. What are the next stages of the Lessons Learned Lifecycle?
Select the best response from the four options and then select Submit.
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Next stages of the Lessons Learned Lifecycle are Report Development, Independent Challenge, Publication & Sharing.
Next stages of the Lessons Learned Lifecycle are Report Development, Independent Challenge, Publication & Sharing.
Next stages of the Lessons Learned Lifecycle are Report Development, Independent Challenge, Publication & Sharing.
That answer is correct.
Next stages of the Lessons Learned Lifecycle are Report Development, Independent Challenge, Publication & Sharing.
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Refer to Lessons Learned Lifecycle, Lessons Learned Lifecycle Overview for more information.
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Refer to Lessons Learned Lifecycle, Lessons Learned Lifecycle Overview for more information.
What are the objectives of the Root Cause Analysis process used by Lessons Learned Report Authors?
Select the best response from the four options and then select Submit.
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Root Cause Analysis addresses underlying causes (not just symptoms), informs comprehensive corrective action plans, and identifies causes that must be addressed to prevent a similar Event from reoccurring.
Root Cause Analysis addresses underlying causes (not just symptoms), informs comprehensive corrective action plans, and identifies causes that must be addressed to prevent a similar Event from reoccurring.
Root Cause Analysis addresses underlying causes (not just symptoms), informs comprehensive corrective action plans, and identifies causes that must be addressed to prevent a similar Event from reoccurring.
That answer is correct.
Root Cause Analysis addresses underlying causes (not just symptoms), informs comprehensive corrective action plans, and identifies causes that must be addressed to prevent a similar Event from reoccurring.
That answer is not correct.
Refer to Event Analysis, Report Development & Independent Challenge, About Event Analysis for more information.
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Refer to Event Analysis, Report Development & Independent Challenge, About Event Analysis for more information.
What is the purpose of Report Challenge?
Select the best response from the four options and then select Submit.
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The purpose of Report Challenge is to ensure:
The purpose of Report Challenge is to ensure:
The purpose of Report Challenge is to ensure:
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The purpose of Report Challenge is to ensure:
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Refer to Event Analysis, Report Development & Independent Challenge, Report Development Process for more information.
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Refer to Event Analysis, Report Development & Independent Challenge, Report Development Process for more information.
Following the Independent Challenge, Publication & Sharing of a Lessons Learned Report, what must the business do?
Select the best response from the four options and then select Submit.
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Businesses conduct a Read Across applicability review and determine whether similar potential risk exposure could exist in their business, or across to other business units. Quarterly thematic analysis helps identify overarching themes, trends, and additional risk mitigation opportunities.
Businesses conduct a Read Across applicability review and determine whether similar potential risk exposure could exist in their business, or across to other business units. Quarterly thematic analysis helps identify overarching themes, trends, and additional risk mitigation opportunities.
Businesses conduct a Read Across applicability review and determine whether similar potential risk exposure could exist in their business, or across to other business units. Quarterly thematic analysis helps identify overarching themes, trends, and additional risk mitigation opportunities.
That answer is correct.
Businesses conduct a Read Across applicability review and determine whether similar potential risk exposure could exist in their business, or across to other business units. Quarterly thematic analysis helps identify overarching themes, trends, and additional risk mitigation opportunities.
That answer is not correct.
Refer to Publication & Sharing, Publication & Sharing Process for more information.
That answer is not correct.
Refer to Publication & Sharing, Publication & Sharing Process for more information.
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