Head of Internal Audit (HOIA) and SMF5

If you are interested in this candidate, please contact Richard Lalchan via email rlalchan@cerfinancial.co.uk or call on 0207 626 6065.

00127876

PROFILE:

I am an excellent communicator and risk and control specialist with a rigorous and collaborative approach to achieving objectives; I am a determined and decisive individual with a strategic approach, using initiative and flexibility to develop and implement effective and efficient solutions as part of a cohesive risk and control vision.

I am immediately available and keen to identify a new opportunity to further develop my skills and provide an enhanced risk and control environment to a new organisation. My experience has included the following:

A career focused on the management and mitigation of different types of risk activities within the financial services, insurance, logistics and oil and gas sectors of the economy;
Multinational experience with experience of operating international jurisdictions;

Senior executive roles including:

Head of Internal Audit and SMF5 reporting into their Board Audit and Risk Committees;
Head of Operational Risk, Governance and Compliance Monitoring
Head of Internal Audit for Personal & Business Banking Division.
Extensive experience working in all three lines of defence including internal audit, operational risk, governance, compliance monitoring, SOX, and credit risk management;
Significant exposure to differing risk categories including control and governance, systems and IT, compliance, operational, project, model, conduct, fraud (KYC/AML), financial, reputational and credit risk activities; and,
Operational experience of granting commercial, international and personal credit facilities, on both secured (mortgages, letters of credit, guarantees etc).

SKILLS:

A facilitative approach to communication designed to operate across all levels of an organisation;
A proven and rigorous track record in multiple risk and control disciplines which have been deployed across various businesses (financial services, insurance, logistics and oil and gas sectors) focusing on areas as diverse as BAU activities, IT system developments, model governance, new product launches and change initiatives;
A practical pragmatic approach ensuring that risk identification and mitigation are both effective and cost efficient;
Broad experience of delivering risk identification, mitigation and assurance activities across all lines of defence;
A comprehensive understanding of regulatory requirements in areas as diverse as data protection (GDPR), conduct risk, AML/KYC, FCPA, PCI DSS, Basel, Solvency II, CCA, Bribery Act, SC 11-07, DiSP, CCA and PSD;
Self-motivated with a desire to continuously improve myself and support my team and colleagues; and,
A team worker with a flexible and adaptable approach to challenges supported by a keen sense of humour.

ACHIEVEMENTS:

Registration as SMF 5 under the FCA’s prescribed Senior Manager Regime;
The ‘in-housing’ of internal audit function and development of IIA methodology in compliance with Global IIA standards;
The modernisation of internal audit function;
The creation, set up and development of internal audit, operational risk and compliance monitoring functions including the development of methodology, governance, reporting, monitoring and recruitment activities;
The development and deployment of risk and audit products.
The creation and implementation of FCA compliant, new conduct risk frameworks for new and existing product, services and supporting processes.
Significantly improving the governance, risk and control culture through stakeholder management, the development, implementation and management of the compliance and control frameworks and the production and delivery of risk and control training across all levels.
The reduction of a £90 million pound trade credit exposure to zero with almost no losses during Conoco Limited’s strategic withdrawal.

CAREER HISTORY:

April 2023 - December 2024

Banking

Head of Internal Audit (HOIA) and SMF5

As HOIA, I reported into the Chair of the Board Audit Committee and administratively into the CEO and was responsible for delivering the following:

All aspects of the internal audit function and its agenda, including recruitment, strategy, continuous monitoring, Board reporting, stakeholder engagement and the determination and delivery of the annual audit plan;
The management of the Bank’s co-source / outsourced solution and its subsequent insourcing;
Working closely with second line risk and first line executive management to develop and embed a more mature risk and control framework in a fast-moving new start up bank under an approved regulatory business plan; and,
Assessing and delivering an appropriate resourced IA function and operating methodology in compliance with the 2024 Global IIA Standards.

September 2020 - April 2023

Banking

Head of Internal Audit and SMF5

As HOIA, I reported into the Chair of the Board Audit Committee and the bank’s CEO and was also the Bank’s Whistleblowing Manager. I was responsible for delivering the following:

All aspects of the internal audit function and its agenda, including recruitment, strategy, continuous monitoring, Board reporting, stakeholder engagement and the determination and delivery of the annual audit plan;
The management of the Bank’s group outsourced solution and its subsequent insourcing to the Bank;
The development and implementation of a modern, risk-based audit function with methodology and practices commensurate with the size and risk faced by the private bank;
The development and delivery of an enhanced whistleblowing policies and training.

February 2013 - September 2020

Consultants

Director, Owner and CEO

As director and founder, the company provided consultancy and training expertise in governance, operational risk, internal audit and compliance activities across all 3 lines of defence. Some of my contracts included the following:

A 6-month contract extended to 21 months as Head of Internal Audit for the Personal and Business Banking division. My role focused on managing the external outsource / co-source relationship, managing a team of auditors and audit managers (up to 20 staff) and determining and delivering the divisions annual audit plan;
A 6-month contract as an interim Audit Manager with CLS Group extended to 16 months focused on delivering the 2018 audit plan including a substantive engagement on model risk management and compliance to SR11-07;
A 6-month contract extended to 10 months as a Risk and Controls Manager with Nationwide focusing on conduct risk and the designing and delivery of an enhanced risk and control framework in compliance with FCA guidance;
A 3-month contract extended to 6-months as a Senior Risk Consultant with Zurich Life focused on designing, developing and delivering value adding second line risk support to their UK life and savings business;
A 3-month contract extended to 7 months as a Business Risk and Control Manager with HSBC focused on developing and delivering an enhanced first line risk and control model in areas as diverse as compliance, (AML, KYC & data protection), market risk, fraud and operations. Work focused on Business units based in the UK, Luxembourg, Spain and Greece;

January 2009 - November 2012

Financial Services

Head of Audit, Governance, Risk & Compliance Monitoring

As head of department, I focused on second and third line of defence activities reporting into the CEO, its’ Board of Directors (Board Audit and Risk Committees) and into the Group’s functional Heads based in Bordeaux France. This role encompassed what is today covered by the FCA’s prescribed responsibilities SMF4 (Risk) and SMF5 (Audit). I was responsible for all of CFS’ audit, risk and compliance monitoring activities and in this role, I recruited and managed a team of nine reports across 2 locations. Whilst in situ, I was responsible for all aspects of CFS’s risk, compliance and control framework including:

Internal Audit, Operational Risk Management, Compliance Monitoring and Corporate Governance;
Permanent Control (Business Assurance / policy and procedural compliance); and,
Oversight responsibilities for business continuity and CFS fraud detection activities.

Achievements whilst in situ included:

The design and implementation of a new internal audit function;
The creation of a new compliance monitoring function for the Insurance Premium Business;
The implementation of the Group’s risk and control framework vision, including the integration of the company’s informal compliance and technology frameworks into the newly designed framework;
The chairing of internal governance committees on fraud management / business continuity and new product governance;
The delivery of risk and control change initiatives on projects as diverse as SEPA, CCD and PCI DSS implementations compliance.

EDUCATION:

Associate of the Chartered Institute of Bankers (ACIB);
Various in house psychometric and management training courses;
Teaching English as a Foreign Language Diploma (TEFL);
2 A’ levels and 10 O’ levels and conversational Russian, German and French;
A two-year term as a School Governor (2017-2020)

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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