Internal Audit

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

00356196

PROFILE:

He is responsible for providing independent assurance to the Board Audit and Compliance Committee over the effectiveness of the risk management and internal control activities across the bank.

He is a Fellow, Chartered Accountants, with bachelor’s and master’s degrees in economics, experience in finance and banking with increasing responsibilities in Internal Audit, risk management, compliance and quality assurance functions in the multinational banking group with the following strong points:

A good knowledge of UK regulatory environment covering guidelines from UK Prudential Regulatory Authority (PRA), Financial Conduct Authority (FCA) and UK Financial Reporting Council and Corporate Governance Code.
Possess very good communication and interpersonal skills with ability to listen effectively, respond appropriately and maintain mutual comfort level while relating to a diverse group of individuals.
Recognized for professionalism, thoroughness and commitment to quality and teamwork.
Able to assume multiple responsibilities and remain productive within time-sensitive and fast paced environment.
Ready to assume new challenges to meet and surpass set objectives.

PROFESSIONAL AFFLIATION:

Fellow, Institute of Chartered Accountants of Nigeria Member, Financial Reporting Council

CAREER HISTORY:

November 2019 - Present

Banking

Internal Audit

Performing the Head of internal Audit function [SMF5] and complying with the FCA/PRA’s

Individual and Senior Manager Conduct Rules.

Extensive knowledge of Treasury and Treasury Operations Departments, FX Department and Trade Services Departments, key components of the bank.
Strong knowledge of risk and controls relating to Credit Risk Management Department - comprehensive audit of the bank’s loan portfolio, credit administration, documentation, and management processes.
Sound knowledge of balance sheet management, PRA’s Internal Capital Adequacy Assessment Process (ICAAP) and Internal Liquidity Adequacy Assessment Process (ILAAP).
Revenue assurance: use of various revenue assurance techniques to ensure that the bank’s revenue is assured.
Within these audits, evaluated the following critical support and control functions:

Operations, Operational Risk Management, Compliance, Human Resources, Facilities, Outsourcing and Third Management, and Finance.

Strong knowledge of the risks and controls relating to the following business areas: Trade finance processes and related anti-money laundering and credit risk reviews, Compliance with Anti-Bribery & Corruption Rules, Financial Crime and AML reviews, Transaction Reporting, PRA’s Client Assets and Money Reviews (CASS) and Regulatory Reporting to the Bank of England & PRA\FCA.
Extensive knowledge of cybersecurity issues, vulnerability management reviews, understanding of network security issues, data security and protection, Business Continuity Planning, PRA\FCA Operational Resilience Frameworks and Change Management Systems.
Sound knowledge of Information Security Management Systems (ISMS).
Undertake internal audit reviews and prepare audit reports for each review to include findings and recommendations, together with management responses and action plans to address the recommendation. The finalised report is then submitted to the ACC and CEO.
Follow up on audit recommendations and ensure all audit recommendations are implemented within defined timelines thus ensuring that the bank’s overdue audit recommendations were brought to single digits.
Implementing the Internal Audit Strategy of bank in conjunction with the Board Audit and Compliance Committee (ACC).
Producing the Internal Audit Plan each year detailing areas to be audited and submitting the Plan to the ACC for review and approval.
Reporting to the ACC, CEO and Exco on the status of the actions taken to implement agreed recommendations and conduct periodic testing of the embeddedness and operating effectiveness of the actions taken to address the internal audit findings.
Takes responsibility for the Internal Audit Manual and Procedures and present same to the ACC for periodic review and approval
Member of the bank’s EXCO, Risk Management, ALCO/MRC Committees.
Member of IT Steering Committee, Security Committee and New Products Committee.
Undertaking special investigations as may be necessary.
Managing and developing the Internal Audit team.
Maintaining Continuous Professional Development.
Ensure adherence to relevant Professional Standards and provide supervisory guidance to all Audit Department staffs.
Follow up and ensure prompt resolution of External Auditor’s observations as contained in the Management Letter issued after the Annual Audit.
Access a network of audit professionals at other financial institutions, public accounting firms, and professional associations to enable

(i) monitoring trends and developments in banking and financial services, internal audit practice, and risk management practices.

(ii) identification of potential enhancements in internal audit practices, processes, and methodologies; and

(iii) benchmarking comparisons of Audit Services’ performance.

Integrate enhancements noted above into Professional Development Programs and the Audit Process.

March 2006 - March 2019

Banking

2017 - March 2019

Internal Audit Department Unit Head, Inspection July

Design, implement, direct, and oversee a framework for establishing effective and dynamic Audit Plans and ensure appropriate responses to actual or potential risks facing the bank.
Designed and executed the processes that identified and evaluated actual and potential enterprise-level risk themes, including themes related to business strategy risks and the setting of appropriate risk appetites.
Led the audit team that carried out an inspection of the banks in two successive years of 2018 and 2017, recommendations were made to Executive Managements on how to further improve profitability, cost savings and improved business process workflows among others.
Implemented a robust program of business-monitoring activities that promptly identified potential changes impacting the risk profiles of the bank. Evaluated program results in relation to assessments of risk and ensured risk assessments as well as Audit Plans and scopes are adjusted as appropriate.
Responsible for the comprehensive audit of all the Bank’s 30 Head Office Departments, 370 Branches and 170 Cash Offices in line with the Bank’s Approved Internal Audit Plan.
Responsible for the deployment of resources.
Reviewed End of Month Returns from Heads of Internal Audit of Foreign Subsidiaries (UK, Ghana, Gambia, and Sierra Leone).
Responsible for the implementation of a framework for evaluating Other Assurance Providers (including Second Line of Defense Areas) to determine the nature and extent that such work may be substituted for work that otherwise would be completed by Audit Services.

Ensured adherence to relevant Professional Standards and provides supervisory guidance to all Audit Department staffs.
Preparation of audit reports for the Subsidiaries, Head Office Departments, Units and Branches.
Ensured that the recommendations of audit reports of Head Office Departments, Subsidiaries and Branches are followed up till resolution.
Led the process for development of the Bank’s Annual Internal Audit Plan. This includes assuring the completeness of the Audit Universe, leading the Annual Risk Assessment of Auditable Units in the Audit Universe, and developing the Annual Internal Audit Plan for approval by the Board Audit Committee.
Led the Department’s process improvement initiatives related to risk assessment, planning and allocation of resources.
Preparation of Quarterly Audit Report for the Board Audit Committee - Compilation of all critical issues from Audit Reports for the attention of the Board Audit Committee.
Maintain current and relevant Audit Policies, Practices, and ensured Methodologies are aligned with Professional Standards and supervisory guidance and expectations.
Designed, implemented, directed, and oversee a framework for “lessons learned” reviews of adverse events (such as significant losses or fraud events) and issues identified in regulatory examinations.
Ensured the bank operates within Departmental and Bank budget and expense guidelines.
Development and Update of the Bank’s Audit Charter and Internal Audit Strategy Framework.
Development and update of the Board Audit Committee Charter and other Frameworks as may be requested the Department’s Management.
Follow up and ensure prompt resolution of External Auditor’s observations as contained in the Management Letter issued after the Annual Audit.
Access a network of audit professionals at other financial institutions, public accounting firms, and professional associations to enable (i) monitoring of trends and developments in banking and financial services, internal audit practice, and risk management practices; (ii) identification of potential enhancements in internal audit practices, processes, and methodologies; and (iii) benchmarking comparisons of Audit Services’ performance.
Integrate enhancements noted above into Professional Development Programs and the Audit Process.

Inspection of Key Head Office Departments

Responsible for the Inspection of the following key Head Office Departments - Treasury and Treasury Operations Departments, FX Department, Trade Services Dept.

Credit Risk Management Department Audit - comprehensive audit of the bank’s loan portfolio, Credit Administration, Documentation and management processes.
Review of Card Services Department Operations, Processes and Procedures.
Special Audits and Investigations as may be required by Executive Management
Performed and control the internal audit function ensuring that all regulatory pronouncements, regulations and statutory provisions are complied with and that the appropriate internal controls are in place to ensure efficient, effective and proper use of resources.
Ensuring that the bank's policies and procedures are adhered to by all staffs with a view to safeguarding the bank’s assets.
Special investigation of Issues in Branches, Head Office Departments and subsidiaries when required.

Branch Supervision Unit

Responsible for the supervision of twelve Regional Auditors covering the bank’s 370 branches and 170 cash centers.
Undertake systems improvement in all operational activities.
Review exceptions reports from Regional Audit Supervisors and Branch Resident Auditors and following up to logical conclusion in line with the bank’s policies and procedures.
Custodian of the entire bank’s policies and procedures and ensuring that the bank's policies and procedures are adhered to by staffs.
Review of bankwide weekly and monthly summary of exceptions and resolution of such identified exceptions.
Responsible for the review and enforcement of the bank’s procedures, controls and polices bankwide.
Review of End of Month reports submitted by branches, highlighting exceptions and ensuring that the exceptions are resolved.
Bankwide cash management – ensuring that the bank’s cash position is in line with approved insured limits, handling branch request for cash evacuation, approval for Cash Centre and cash pick-up requests.
In-house Training and Capacity Development:
(a) Co-ordination of the Dept’s Bi-weekly Training programmes
(b) Co-ordinating the Dept’s Monthly Business Summit – a bankwide gathering of all Internal Auditors for training, experience sharing and further capacity development.
Effective resolution of cross marketing issues.
Conducting staff and culture audit.
Lead Implementer – Integrated Management Systems comprising ISO 27001 - Information Security Management Systems, ISO 22301 –Business Continuity Management Systems, ISO 20000 – IT Service Management Systems

Lead Implementer - Governance, Risk and Compliance (GRC) systems in the bank.
Member, Risk Based Internal Audit Committee.
Member Fire and Emergency Committee – Responsible for coordinating Fire drills and preparing staff for Emergency Evacuation.

Other Tasks

Acts as facilitator in the bank's quarterly Anti Money Laundering Workshop – a workshop designed to further strengthen the bank's AML systems and prevent the structures of the bank from being used to launder the proceeds of crime.
Act as facilitator in the bank's quarterly Fraud and Policy Awareness Workshop.
Acts as facilitator at the bank’s Orientation Workshop for New Staffs.

Courses Attended

Leadership and Management Trainings

Effective Management and Leadership Styles – A course designed to assist managers and leaders decide and choose the preferred management and leadership style, understand the impact of the leadership style on others, increase the ability to motivate, empower others and develop the talent of others through a range of different and appropriate approaches to suit the situation – Hemsley Fraser, London
People Management Masterclass – A high end leadership and people management program that provided solutions to a very broad spectrum of tactical and strategic talent management challenges facing management in today’s ever changing business landscape.
The program was incisive, deeply engaging and enhanced the capacity of managers as the real time talent and human capital managers of the bank.
We left the program with superior levels of inspiring managerial behaviour and self- leadership as well as a highly competitive capacity to create a strong motivational working climate in which our direct reports thrive, give their utmost to the bank, grow as individuals, and engage mind-and-soul even in the face of the extreme working pressures that have come to characterize the industry. – Leadership Development Consulting.
The Whole Manager – a comprehensive training designed to equip managers with contemporary people management skills to manage self, team and work –Human Performance Solutions.
Mastering Leadership Program – A leadership training programme designed to equip managers with leadership skills and attributes – Kimberly Ryan
Business Communication and Presentation Skills for Managers – Universal Anchor Ltd, Lagos.
Conflict Resolution in the Workplace
Professional Ethics and Bank Audit
The Role of Ethics in Corporate Governance
Developing Entrepreneurial Skills
Leadership and Change Management
Practical Steps to Developing a Business Plan

Auditing, Accounting and Compliance Trainings

Forensic Accounting Certification Programme
Implementing Risk Based Internal Audit- a training designed to further equip auditors with necessary skills for Risk Based Supervision
Identifying and Managing Risks
Operational Risk Management and Internal Controls
Effective Audit Reporting Course
Advanced Inspection and Internal Control Strategy
Integrated Reporting as a Strategic Corporate Sustainability Initiative
Introduction to Basel 11 – Focus on Credit Risk Measurement and Implication for Bank’s

Profit and Loss Statement

IFRS and Financial Reporting Trainings

International Financial Reporting Standards – IFRS / ICAN Workshop
IFRS Transition - Courses on Financial Instruments, Accounting for Liabilities, Disclosure Standards and IFRS Implementation - Additional Courses were also taken on Assets recognition and measurement under IFRS - ICAN Workshop
IFRS – An examination of its Impact on Disclosure Requirements of Banks

Fire and Other Emergency Certification

Fire Prevention and Evacuation Training – a training programme of State Fire Services

A certification on Industrial Fire Safety was subsequently awarded.

Internal Control and Audit Rank: Deputy Manager

Coordinated a 16 - man team of Professional Auditors overseeing 48 branches towards ensuring that management internal control procedures are being applied as prescribed for profitability sustainance and protection of the bank’s assets using the Risk Based Approach to Supervision.

Effective supervision of all branches Resident Auditors in the region
Review of exceptions reports generated by Resident Auditors with a view to resolution and other follow-up
Organizing training for branch staff on identified operational lapses with a view to preventing losses
Follow up Inspection reports with a view to resolving identified exceptions
Conducting investigations on fraud attempts and sharing such experiences with staff to prevent losses
Monitoring Risk Assets in branches
Ensuring that the bank's policies and procedures are adhered to by all staff.
Review of daily checklist and EOM exceptions reports and resolving exceptions thereon
Review of weekly and monthly summary of exceptions in the region and resolution of such identified exceptions
Conducting pre-commencement audit of new branches
Conducting staff and culture audit

Compliance Functions (formerly part of Internal Control and Audit)

Improve and implement internal KYC management and procedures to comply with all key regulations.
High risk customer review and approval (PEP/BDC)
Review all customer risk rating forms post account opening.
Monitor accounts opened daily across region; review high volume transaction accounts opened i.e. documentation, ownership structure etc.
Monitor transactions across regions and investigate alerts forwarded by the H/O analyst team and recommend as STR.
Drive all CBN/other regulatory advice across board; provide status reports including trend analysis.
Follow up on internal audit reports for branches and drive regularizations i.e. control to provide monthly status.
Follow up on CBN AML and other compliance examination report for full regularization.
Carry out quarterly compliance audits/AML inspection on all branches. Note: Audit is risk based, only compliance issues/coverage is total i.e. test compliance awareness, customers’ documentation, returns, statutory display etc.
Conduct AML/CFT training across the region (all branches must be trained within the year. Training program in line with approved scope to be forwarded to H/O for approval.
Provide regulatory advice on AML/CFT/KYC and compliance enquiries.
Review all deferrals and escalate outstanding deferral reports to Head Office.

Banking

Internal Control and Audit Position: Regional Audit Manager Rank: Senior Assistant Manager

June 2004 - February 2006

Banking

Internal Control Dept.

Rank: Senior Banking Officer

Ensuring that management internal control procedures are being applied as prescribed.
Review of operational activities covering cash and vault administration, account opening documentation, funds transfers, clearing account, e.t.c.
Timely rendition of various errors and exception report to management to ensure that the basis for which management reports are prepared are free from materials misstatement and errors
Credit risk assets review.
Handles ad-hoc investigations as may be directed by the Head of Management Internal Control.
Ensuring prompt rendition of statutory and non statutory returns.
Call over of daily transactions.
Ensuring proper monitoring of branch expenses for profit maximization.
Deposit mobilization.

September 2000 - May 2004

Banking

March 2003 - May 2004

Head of Operations Banking Officer

Reconciliation of branch records with head office accounts.
Prompt rendition of statutory and non-statutory returns.
Implementing various cost minimization strategies towards increasing profits.
Smooth running and branch supervision.
Ensuring proper management of assets and liabilities.
Management of fixed assets.
Ensuring all round staff development to ensure error free customer service delivery.
Deposit mobilization and profit enhancement.

September 2001 - February 2003

Cash Officer

Rank: Assistant Banking Officer

Supervision of all tellers.
Vault management and general cash management.
Coordination of funds transfer between branches.
Authorization of daily vouchers.
Supervision and verification of inward and outward clearing instruments.
Supervision of bills and remittance, clearing and accounts departments.
Deposit mobilization September 2000 to August 2001 Management Trainee

Started a rich banking career as a Management Trainee, a one-year training that took me through the fundamentals of banking in theory and practice. The comprehensive training took me through –

Tellering
Accounts opening & documentations

Bills and Remittances
Clearing processes
Credit and Marketing
Export and Foreign Exchange transactions
Internal Audit

COURSES ATTENDED:

Financing international trade – H-PIERSON
Professional marketing & selling skills – Dale & Parker
Personal Effectiveness and associate development – Dale & Parker
Banking operations.
Branch management
Foreign Exchange Management
Total Quality Management.

EDUCATION:

2015 – 2017: University

M. Sc Economics

1993-1998: University

Second Class (Honours)

1987-1992: Secondary School

Senior School Certificate.

AWARDS:

Mobil Producing Unlimited Scholarship Award Winner - 1997
Third best student in an Inter-Secondary Schools Quiz competition sponsored by Evans Publishers in 1992
Member, Ondo State Contingent to the Junior Engineers Technicians and Scientist (JETS) competition held in Ibadan in 1991

COMPUTER PROFICIENCY

Effective use of Microsoft Word, Microsoft Excel and Microsoft PowerPoint
Good knowledge of the internet for business and research

INTEREST:

Reading business and inspirational books
Working on challenging projects

WINNING ATTRIBUTES:

Posses a warm personality, honest and team sprit attributes
Focused, highly creative and resourceful
Strong analytical and numerical skills
Strong interpersonal and good communication skills
Ability to work under pressure

SKILLS:

Good understanding of audit policies and procedures, investigation principles and practices
Proper understanding of local and international accounting standards
Good knowledge of banking practice and related policy issues, their implications and applications.
Understanding of financial and accounts statements.
Demonstrates expertise in internal auditing procedures, international accounting standards, reports writing, time and performance management
Demonstrates expertise in risk analysis and control assessment techniques.

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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