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

00290412

PROFILE:

With seventeen years of experience in the financial service industry, including banking, insurance, pension and asset/ wealth management. I am a certified Internal Auditor and Accountant with specialism in regulatory compliance and financial crime. My expertise includes successfully delivering high-profile remediation and regulatory validation projects, ensuring quality assurance throughout. I have managed senior stakeholders, reported to the Board Audit Committees and Boards.

With demonstrable leadership capabilities, I am experienced within the three lines of defence as well as end-to-end banking process. I provided advisory and audit services (covering risk management, business controls, finance controls, compliance/financial crime controls), in various banking products, services and client types. My experience in validating S166 actions covers anti-money laundering, transaction screening/ monitoring controls, sanctions controls, governance, risk management processes, capital (including ICAAP), liquidity, business model, management, and governance as well as Culture.

As a dedicated and self-motivated professional, I possess detailed and result-oriented investigative skills, commendable interpersonal skills, effective management skills. I demonstrate sound judgement, maintain high standards of confidentiality along with proficiency in various banking systems and regulatory analysis.

CAREER HISTORY:

December 2023 Present

Banking

Head of Internal Audit (SMF5), Controls and Governance Assurance

• Set up the first in-house Internal Audit function and for providing assurance to the Board through the Board Audit Committee.
• Develop group audit plan and coordinate delivery of same. Produce monthly management information to the Group Chief Internal Auditor.
• I am responsible for driving and completing validation of strategic remediation actions and thematic audits, which are aimed at compliance with regulatory requirements and industry standards. I also collaborate with members of the Executive Committee, relevant Heads of Department and Directors for effective assurance over remediation projects.
• I have validated remediation of regulatory actions, control enhancements pertaining to risk management, capital (including ICAAP), liquidity, business model, management, governance, outcome management as well as Culture.
• Responsible for effective Audit Engagement, Internal Control evaluation, Quality Assurance, Governance Assurance as well as team management.

May 2023 – March 2024

Credit Union

Director of Regulatory Affairs/ AML

• Member of the Board with responsibility for management of regulatory affairs, audit liaison, risk management and financial crime risks framework, etc. I also chaired the Regulatory Affairs Committee with oversight of risk appetite, risk management framework, risk register, etc.
• Member of the Board of Directors with responsibility for anti-money laundering, fraud, sanctions and regulatory compliance.
• Administrator of the FCA Connect portal for SMF updates and re-certifications.
• I liaised with multiple Stakeholders to re-design the AML and fraud review process. Coordinated implementation of regulatory reforms; ensured continuous monitoring of AML and regulatory matters and provided regular updates to the Board.

October 2019 - November 2023

Banking

Vice President, Head of Regulatory Compliance & Financial Crime Audits

• I set up the regulatory compliance and financial crime audit team.
• Led the successful validation of regulatory remedial actions and produced high calibre reports to the Regulator.
• Developed a 3-year rolling plan for regulatory compliance and financial crime audit. With staff management responsibility, I led a team with technical expertise in regulatory compliance and financial crime experience to deliver audit work as scheduled in the annual Internal Audit Plan (agree risks and controls with auditees, organize the review, carry out tests on key controls employing data analytical skills, discuss findings with management, draft the audit report for related areas.
• I led strategic group audits and best practice workshops, embarked on international travels delivering high-end training to regional teams in Luxemburg, Hungary, Serbia, Qatar, South Africa, Cayman Island, etc. I mentored team members on time management and problem solving.
• Led recruitment of employees into the financial crime audit team; coached team members and supervised ongoing audits and conduct performance appraisal of team members.
• With responsibility for report writing, I prepared and also reviewed prepared audit report draft in readiness for sign off by Chief Internal Auditor & presentation to Audit Committee.
• Attended Audit & Compliance Committee meetings as well as various working groups to provide third line assurance in line with the IIA standards.
• I ensured effective management of key stakeholder management within first and second lines of defence as well as executive management members.

June 2016 – October 2019

Financial Services - Internal Audit Division, London

Assistant Audit Manager, Governance, Risk and Compliance Unit (Insurance, Wealth & Asset Management & Division)

Audit of Pension, Insurance, Investment and Wealth Management Firms – The processes audited include marketing process, Internal Credit Rating process, underwriting process, compliance process, part VII transfer process review, third-party risk management, post-implementation review, etc.

Audit of Liquidity Risk Management Process: I led the audit of liquidity risk and monitoring process from scoping to reporting. Focus areas include process of calculating and forecasting Liquidity Coverage Ratio (LCR) and internal stress tests, liquidity asset buffer management controls, early warning indicators metrics in line with relevant regulations.

Review of Credit Assessment Process and Documentation: As part of regulatory investigation into the process of assessing and sanctioning credit applications within the credit team, I assessed the adequacy and accuracy of documentations as well as logic behind credit decisions. Ensured that a high-quality report was produced within regulatory deadline.

Third Party Risk Management: I led the end-to-end review of third-party risk management process used in managing critical third-party relationships.

Audit of Internal Credit Rating (ICR) Framework Governance: I was seconded to a large insurance company where I led the review of the Client’s ICR framework governance process as well as overview of credit risk and market risk. This includes conducting walkthrough meetings with Stakeholders and test of operating effectiveness of controls.

IT External Audit Project: I worked as part of the IT Risk Assurance team to carry out Sarbanes-Oxley (Sox) external audit on IT General Controls. Performed walkthroughs on physical access controls, incident management and change management processes as well as some aspects of logical access controls for IT platforms such as Oracle, Information Security and Windows.

Review of Front Office Conduct and Industry Codes: I managed a team to conduct review of controls within one of the largest investment banking and financial services organization against industry standards and best practices. I conducted gap analysis of recommendations specified within relevant Industry Codes against the organization’s control environment. Codes reviewed are Global FX Code, FICC Market Standard Board (FMSB) Commodities Binary Options, Reference Price Transactions Standards and UK Money Markets Code. Employing excellent communications skills, I collaborated with over 40 Senior Stakeholders across 9 business lines and back-office Stakeholders to identify control gaps and complete Remediation Actions ahead of adherence deadline.

I also contributed to completion of remediation actions (including enhancements to controls) related to Designated Market Activities (DMA) as part of compliance with Cease and Desist Order by the US Federal Reserve Bank.

Audit of Cash Position (Expense & Payroll)/Corporate Governance & Board effectiveness/ Solicitors Management Processes: I conducted the successful audit of specified processed within the UK subsidiary of an Insurance Company. This involved liaising with and interviewing board members as well as key process Owners.

Review of AML & Financial Crime Framework: I worked on a large project for one of the largest banking and financial services organization in the world. I reviewed and enhanced robust AML and Financial Crime framework to ensure consistency and efficiency across multiple divisions and product lines.

OFAC/ HMT Sanctions: I was seconded to the Sanctions team of one of the largest banking and financial services organization in the world (a top 2 UK Bank) as a Sanctions Manager. I reviewed Sanctions cases and related evidence in preparation of Go-live of a new case management tool. I also reviewed Sanctions licenses to ensure they were valid and up to date. Reviewed Accounts which were blocked & frozen for Sanctions related activities.

OFAC Sanctions Compliance Review: Successfully delivered a section 166 review under directive of the US Federal Reserve Board. This comprised a review of the OFAC sanctions compliance program within a large international Bank with capital and asset worth over £11.6billion and £815billion respectively.

Operational Risk Appetite Metrics Review: I led operational risk project for the retail arm of a top 3 UK Bank where I coordinated several senior Stakeholders to complete operational risk assessment metrics. The project started late yet I delivered within tight timelines.

Project post-implementation Review: I led the post-implementation audit of an automation project as well as a Part VII business transfer scheme from planning to reporting phase, in accordance with FCA and Solvency II requirements. I reviewed the processes, documentations, communications, data audit and business readiness. I ensured compliance with project methodology and regulatory requirements.

August 2015 - June 2016

Banking

Deputy Head, Internal Audit Department

• I led audit work as scheduled in the Internal Audit Annual Plan for all the business and operational areas. This involved end-to-end audit process; agreed risks with auditees, organized the review, carried out tests on key controls, discussed findings with management, drafted the audit report. Areas covered include financial crime, compliance, trade finance, mortgages and marketing, risk management, treasury, financial control, funds transfer, customer services & IT General controls/physical access controls.
• Ensured completeness and accuracy of external audit confirmation letter on behalf of business customers.
• Acted as back-up for the head of Internal Audit.
• Conducted investigations on fraudulent transactions, forgery and other irregularities on MasterCard system.
• Monitored management’s implementation of audit recommendations and performed follow up audits as appropriate after being agreed with the Board Audit committee.
• Presented findings in a clear manner in well-structured and clear audit reports.

December 2014 – August 2015

Deputy Head, Financial Crime Department Dept.

AML Onboarding, Monitoring and Review Supervision

• Client On-boarding review and approvals.
• Conducted ongoing due diligence on various types of accounts.
• Screening of potential and existing customers on using Thomson Reuters, CIFAS, Call Credit and COFI as part of the due diligence process.
• Ensured that KYC and KYB records were remediated in compliance with regulations as well as enhanced due diligence for high-risk customers.
• Assisted the head of financial crime Department to monitor adherence to the bank’s AML policies including the reporting of suspicious transactions.
• Investigation of all transaction monitoring alerts generated via automated and manual spreadsheets to ensure they were appropriately discounted and escalated where positive hits were identified. This involved liaison with Operation/Transfers teams as well as relationship managers (RM) to understand the nature and purpose of transactions.

October 2013 – December 2014

Mortgage Advisor/ Relationship Manager

Provided end to end mortgage service to customers from advice to KYC documentation, credit approval, coordination of conveyancing and valuation, disbursement, and arrears management. I also helped customers with basic banking products while managing their relationships.

June 2012 – September 2013

Insurance

Financial Consultant and Investment Manager

• I acted as an intermediary between MetLife and clients providing financial advisory service to clients. I processed new client onboarding requests, processed background checks and made business presentations to potential clients.
• I assessed clients’ needs based on understanding of risk appetite and profile in order to make recommendations to them.
• I reviewed client’s KYC and AML documents before clients-relationships were established.
• I used specialized questionnaires to evaluate clients' future financial risks and helped them select the best product options for their needs.
• I reviewed clients’ account activity regularly to ensure they were in line with expectations.
• I was actively involved in drafting process changes to reflect regulatory requirement changes and for implementing process improvements as required.
• I prepared the unit’s financial forecasts and budgets.
• I escalated identified and potential AML risk to the compliance department.
• I performed reconciliations of customer statements and commission statements.
• I drafted reports and correspondences on business insights and assist with business projects for the team.

August 2010 – January 2012

Professional Services

Experienced Auditor

• I participated in field audits, review, and compilation of client financial statements.
• I reviewed clients’ financial statements and relevant notes to the account in accordance with GAAP.
• Reviewed clients’ compliance with accounting standards and passed adjustment for exceptions.
• I conducted audit test of design and implementation of accounting controls, drafting audit issues.
• I ensured accuracy and completeness of clients’ financial information.
• Reviewed source documents and ensured detailed vouching of journal and ledger entries.
• Collaborated closely with clients to resolve discrepancies found during audit tests.
• Developed skills in using Sap, Sage, and Peachtree accounting software.
• I worked on a team of two to provide audit service to three subsidiaries of a bank simultaneously thereby developing excellent multi-tasking skills.
• I developed advanced IT skills; I used advanced excel analysis tools (XIRR, Goal seek, V-look up, Macros etc.) to compute cash flows, effective interest rates, amortization schedules and impairments in line with IFRS provisions.
• I provided supervision and relevant materials to junior team members on one of my engagements. I reviewed their work papers and gave them prompt feedback on their performance.

October 2007 – January 2009

Capital Markets

Graduate

• I worked as a Graduate assistant with CSP, an Investment Banking and Asset Management firm, supporting the Directors with control activities, administrative tasks, and management information.

EDUCATION & TRAININGS:

2023: Association of Certified Anti-Money Laundering Specialists (ACAMS)

Member

2018: Institute of Internal Auditors (IIA)

Member

2015: International Compliance Association (ICA), UK

Affiliate Member (Certificate in Anti Money Laundering)

2015: Information Systems Audit and Control Association

Member (Certified Information Systems Auditor, CISA)

2015: Association of Chartered Certified Accountants (ACCA), UK

Fellow

2014: Institute of Financial Services (IFS), UK

Certificate in Mortgage Advice & Practice (CeMAP) Level 1-3 Advisor

2010

MSc. Accounting & Finance, London School of Economics and Political Science (LSE), UK

Master’s Degree Scholarship: John William Iceton Scholarship, 2009/10 (LSE award)

2007

Bachelor’s degree in Accounting (First Class Honours), University

Cumulative GPA of 4.68 out of 5.00, top 1.3% of a class of 216 students

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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