If you are interested in this candidate, please contact Richard Lalchan via email rlalchan@cerfinancial.co.uk or call on 0207 626 6065.
00193467
PROFILE:
A qualified accountant and head of audit with extensive internal audit, enterprise risk management, corporate governance and regulatory advisory experience in the financial services, commerce and practice. This includes FTSE 100 firms, banks, insurers (life & pension, general and Lloyd’s market) and business organisations seeking to improve their risk and controls maturity and capability.
QUALIFICATIONS:
ACCA (2004), FCCA (2009)
CAREER HISTORY:
September 2023 – December 2023
Banking
Audit Consultant (Interim)
- Supported the completion of the 2023/24 audit plan. Led a team on a trade transaction reporting review (EMIR, SFTR, MiFID 2) across EMEA. As part of a team conducted a financial crime audit and the project implementation review of a client lifecycle management system in the UK.
September 2021 – September 2023
Audit, tax and consulting services
Associate Director (Interim)
Delivered audit and advisory reviews for financial services clients (banks, insurers, fintech firms, e.g. Trading 212) where high-quality advice and industry insight was required to satisfy clients' expectations. The majority of engagements focused on financial crime, programme assurance and products.
- Reviewed several firm’s arrangements for vulnerable customers, policies and processes for consumer duty, customer onboarding (AML/KYC controls) and transaction monitoring
- Reviewed the sufficiency of a commodity broker’s arrangements for SMCR
- Tested an asset manager’s controls for launching new private equity products in EMEA and USA
- Evaluated a leading medical association’s progress and project controls for the creation of professional indemnity insurance products for members
- Seconded to the Financial Ombudsman Service (FOS) to review the project controls and development cycle for a major IT and organisational transformation
- Assessed a Friendly Society’s project management controls to replace a mainframe policy system
- Reviewed a fintech firm’s controls over high-volume trading products, e.g. Equities, bonds, cfds
- Assessed the sufficiency of financial promotions for a building society and compliance with PERG
- Advised a fintech on the requirements for financial promotions against UK, mifid and ASA rules and use of marketing affiliates
- Assessed a bank’s IT controls over a data warehouse used for prudential reporting
- Advised a mortgage firm on the optimum arrangements for purchasing and procurement
May 2020 – August 2021
Pensions
Head of Internal Audit (approved by GFSC) (FTC)
STM is an international wealth management, investment and pension provider in the UK, Gibraltar & Malta. In the absence of any audit staff, I was engaged to restore the audit function and to deliver audits across group. The role quickly evolved from the delivery of compliance and operational audit reviews to provide advice on contentious regulatory matters.
- Presented quarterly audit reports to four audit committees (group, two life & pensions companies and a fiduciary firm) chaired by existing or former c-suite executives of life companies, e.g. LV, Chesnara
- Forged and maintained relationships with the non-executive directors, GFSC and external auditors
- Advised the group Board on the implications arising from changes in professional indemnity cover and the viability of the customer claims arising from distressed asset policy holdings
- Advised a life firm on the regulatory implications arising from a cross-border annuity product for HNW customers, e.g. Policy disclosure, money laundering and tax compliance
- Investigated a material IT fraud to identify the root cause, solutions to recover funds and control remedies
- Provided advice to an IT project team on the reconciliations required to confirm the accuracy of data migration from a legacy policy system to new package
- Confirmed the actions arising from a s166 skilled person review (governance, compliance, investment management) for three regulated life firms were implemented
- Confirmed the status of remedial actions arising from an independent ITGC review (ISAE 3402) for the UK firms and wider group had been completed
- Delivered an AML/KYC review for four Gibraltar based firms in line with POCA and JMLSG
- Agreed the scope with the outsourced provider for the independent review of the life firms’ actuarial models
February 2020 – May 2020
Banking
Audit Consultant (Interim)
- Led a review of compliance function following the merger of two banks in London. Completed over 30 departmental risk assessments to support the formulation of the 2020/21 audit plan.
April 2017 – October 2019
Banking
Head of Internal Audit (SMF 5)
I was engaged by the chair of the audit committee to remodel the internal audit function as only limited assurance was being provided by the third line and regulatory risks were understated. A robust audit methodology was introduced and reporting to audit committee was simplified to facilitate meaningful debate and oversight on control matters. Liaised with the external audit partner and PRA on matters as required
- Prepared the Terms of Reference for Audit Committee and Internal Audit Charter to formalise and embed the role of the third line within the bank
- Reviewed the adequacy of the bank’s corporate governance structures and the sufficiency of the second line functions (compliance and risk) against maturity models and industry best practice
- Performed a deep drive on the credit risk process including governance, credit assessment, collateral, stress testing and exposure monitoring
- Reviewed the AML/KYC controls for customer due diligence including EDD, peps, complex corporate structures, sanction checking, transaction monitoring and reporting
- Reviewed the process for liquidity reporting, treasury management and capital market dealing
- Assessed the sufficiency of the recovery plan and alignment to ICAAP and ILAAP
- Reviewed the firm’s IT controls against PRA guidance on operational resilience and SOC1 & SOC2 standards
- Assessed HR and payroll processes to ensure these complied with employment law
- Reviewed the project management controls for the implementation of a bond product for retail customers
- Confirmed the IT controls for single customer view (SCV) reporting to FSCS were adequate
- Supervised external partner on the review of the bank’s arrangements for GDPR
- Presented seminars to expatriate staff, e.g. FCA regulation in the UK to improve risk culture and awareness
January 2017 – March 2017
Financial Services
Technical Author (Interim)
- An assignment to consolidate disparate process notes for mortgage servicing into one document including TCF and MCOBS controls
Summer 2016
Financial Services
Management Consultant
- Drafted procedures for finance processes and held training workshops with finance staff to embed new controls, e.g. journal processing. Prepared an accounting manual for the Irish subsidiary for the implementation of a new accounting and property management system
2014 - 2015
Consulting
Audit Manager
- Delivered outsourced audit plans for financial services and NFP clients. Highlights include the review of the project management controls for the merger of two investment firms and an effectiveness review of a client’s internal audit function against IIA best practice. Advised clients on PCI DSS and data protection matters.
2013 - 2014
Accounting and Tax
Audit Manager
- Delivered audits for a tier 1 wealth management firm including COLL monitoring, the arrangements for training & competence (TC) for investment advisors and finance controls, e.g. corporate actions, settlements and NMPI/UCIS identification. As part of a s166 review, analysed a bank’s customer loan files and forbearance process and compliance with MCOBS.
2012 - 2013
Insurance
Management Consultant
- Managed a regulatory project to enhance the risk management framework in preparation for Solvency II, by mapping the business processes across two firms and preparing supporting process manuals. Drafted detailed procedures for underwriting (c.200pp), claims covering indemnity, validation and liability (c.300pp), and finance (reinsurance and Solvency I). In the absence of a head of compliance and third line function, I wrote the compliance manual and produced internal audit reports detailing the control design weaknesses identified from the original project for the Board.
2011 - 2012
Financial Services
Audit Manager
- Delivered audit for Lloyd’s market clients (managing agents, brokers), including a review of the project management controls for the implementation of Solvency II for three syndicates and underwriting and actuarial reserving reviews. Regulatory advice included the appraisal of a wealth manager’s risk model for assessing client suitability against COBS rules and confirmation of clients’ arrangements for ELTO.
2011
Financial Services
Senior Manager
- Provided advice to FTSE 100 clients on regulatory matters, e.g. prepared a tier 1 bank’s replies to the FSA arising from TCF breaches; drafted a presentation for a tier 1 bank for presentation to the FSA detailing the actions to resolve PSD breach. Advised a global credit card provider (AMEX) on the regulatory requirements for insurance products across EMEA and Japan, e.g. AML/KYC, data protection, TCF. Assessed a life & pensions firm’s (Aviva) risk management framework against best practice in preparation for Solvency II.
2010
Life & Pensions
- Reviewed the SLA and KPI reporting process for six outsourced customers, e.g. Zurich, Chesnara.
2009 - 2010
Private Banking
Audit Manager
- Tested the controls for the implementation of a client, trading and treasury system across the front and back offices, including capital market dealing and settlements. Audited the investment management process (discretionary and advisory products) and fee income arrangements.
2006 - 2009
Life & Pensions
Audit Manager
- Delivered audits across the group in the UK and overseas. Key reviews included fund pricing, unallocated cash, ALM and derivative management. For the firm’s offshore wealth products, audit coverage included bonding dealing, customer applications (AML/KYC), broker due diligence and indemnity commission.
- Managed a major regulatory project to confirm the UK firm’s policy terms & conditions and systems for unitised pension products complied with FSA/ABI guidance. Other audits included the assessment of the project controls for new IT applications, e.g. Hyperion. Investigated material frauds and used data analytics to identify untoward transactions.
2003 - 2006
Audit Manager
- Delivered reviews, designed to identify opportunities for efficiencies and material cost savings. Areas covered included staff utilisation, use of contractors, third party management, procurement and retail operations. Delivered external audit reviews private income.
2001 - 2003
Audit Services
Audit Manager
- Delivered audits for public sector clients including areas such as procurement, CAPEX, payroll and accounting systems. Specialist audits included performance management reviews and fraud investigations.
QUALIFICATIONS:
- NCTJ Level 5 Diploma in Journalism (2024) including editing skills, report writing and media law
- CISA (exam qualified) 2014
- ACCA (2004) FCCA (2009)
- Post Graduate Diploma Business Administration (law and accounting)
- BA Government Hons (Upper Second)
References Available Upon Request
If you are interested in this candidate, please contact Richard Lalchan via email rlalchan@cerfinancial.co.uk or call on 0207 626 6065.
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