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

00354174

SKILLS:

• Knowledge using booking systems Fidessa, TESS, NTPA, TERAFIMA, Doman, Prime Swap GUI & Blotter
• Knowledge using operation systems MARKET, EUROCLEAR, EQUILEND, CREST GUI and RECON.
• Excellent analytical skills, Project management skills and Attention to detail.
• Knowledge using MiFID UnaVista & TRAX Interfaces, BaFin TRICE-Online & CBI/Irish reporting interphase.
• Take part in various market regulatory forums – FCA, EMIR, MiFID and MiFID II

CAREER HISTORY:

July 2024 -November

Banking – Regulatory Reporting Control Review

MiFID Regulatory Reporting Consultant

• Defined MiFID UK & EU Transaction Reporting Control Review Process for Citi IB &Wealth Management.
• Post definition; reviewed Five pillars across both IB & Wealth MiFID Transaction Reporting process.
• In depth review of BAU Regulatory Operation control functions. Defined Reg Ops to hold Exception & Rejection handling process, Issue Management & Escalation framework and Prioritisation Framework.
• Defined remediation actions on Quality Assurance process from Completeness, Accuracy & Timeliness perspective.
• In depth review of Regulatory Technology controls, to identify pre and post validations within Reg Systems.
• In depth review of Reference Data controls, to identify accurate and timeliness of data scored from Vendors for ToTV/UToTV, Anna DSB and Liquidity data.
• In depth review of Golden Source Data sourcing controls, to identify data mapping, accuracy, and timeliness from Execution Systems to Data Lake to Reg Systems and finally to ARM.
• In depth review of Governance Forums overseeing MiFID Regulatory Reporting to identify weekly and monthly governance forms to provide transparency and key decision-making opportunities that is recorded/ documented.
• All findings documented, with industry practice solutions for remediation.
• All findings and remediation actions were agreed with issue owners across Reg Ops, Compliance, Reg Tech, Front System Owners, Reference Data Teams, Production Support Teams and Legal.

March 2022 to July 2024

Financial Services – Regulatory Reporting

Regulatory Reporting Operations/ Product Manager

• Compressive control review of Bloomberg ARM and APA on MiFID regulatory obligations (UK & EU)
• Compressive control review of Bloomberg MTF post trade transparency reporting
• Implement end to end Governance control framework for MiFID ARM & APA
• Introducing market wide practices to cover 2nd and 3rd line defence program.
• Implemented a RACI to agree roles & responsibilities working with Compliance, Risk, Technology & Reg Ops
• Implemented control gaps identified from the reviews, with a control framework road map.
• Reviewed audit points given by external auditors and set the relevant priority working with Compliance & Risk
• Collaborating with Risk team built a Prioritisation Framework
• Implemented the critical priority items considering resourcing.
• Introduced a weekly or monthly governance meetings / calls to provide transparency and updates.
• Ownership of Regulatory Reporting Operations
• Implemented a new exception management process for ARM and APA exceptions and rejection handling.
• Introduced data mining tools to Operations team - such as Alteryx and Tableau
• Build a control quality assurance framework for APA and ARM – with agreed road map.
• Conducted an end-to-end review of APA post trade source data to identify data gaps by the source systems/owners.
• Managed issues from the Quality Assurance review with external clients
• Assisted to implement ESMA Post Trade Transcalency changes for Jan 2024,
• Training given to understand reg reporting concept taking in market-wide practices.
• Ownership of EMIR, SFTR and MIFID remediation program
• Experience with Agile development methodologies.
• Review conducted to understand client blockers and regulatory risks for Bloomberg to identified remediation.

September 2018 - January 2022

Financial Services – Fintech

Regulatory Reporting Regulatory Reporting Consultant

• Defined team structure & lead 5 members to set up regulator reporting control team & uplifted skills/ knowledge.
• In depth review of MarketAxess (MTF) MiFID II regulatory reporting obligations and regulatory control framework.
• Recommended & implemented regulatory reporting governance models, change management & control framework.
• Set up MarketAxess - exception management, reconciliations, MI and monitoring.
• All regulatory acceptance levels moved to between 99%-100% on all MiFID reports across the MTF.
• Set up second line of defence - Quality Assurance process across all MiFID II reports for MarketAxess.
• Quality Assurance set up from methodologies applied by tier one investment banks & focusing on data mining tools.
• FCA Market Watch, Fine & Forums used to introduce FCA focused Quality Assurance test scenarios & set priority.
• Built a centralised location to capture reporting issues with clear impacts and prioritisation framework.
• In addition to Regulatory Operations Lead, took ownership of Product Manager for Regulatory Operation Agile Scrum – Remediation, New Business & Reg Change
• Experience with Agile development methodologies.
• Brexit set up - Ownership of setting up MIFID II control framework for new MTF & ARM/APA based in Netherland.
• Represented MarketAxess at ESMA FIRDS/ FITRS working group at Paris to share industry wide issues / solutions.
• Represented MarketAxess at EDMA, FCA Brexit FIRDS & FITRS solution workshops.
• Liaison with FCA Markets Reporting Team and ESMA policy officers to resolve key reporting issues.
• MarketAxess (MTF) MiFID II obligations worked on: RTS22 Transaction Reporting, RTS23 Reference Data, Pre- & Post Transparency, RTS24 Order Record Keeping, FITRS Quantitative Data Reporting & RTS27 Best Execution.
• Review of TRAX ARM & APA MiFID II regulatory control framework.
• TRAX MIFID II reports worked on: FITRS Quantitative Data Reporting and Clients’ ARM & APA Reporting
• To be in line with MiFID RTS13- Quality Assurance process implemented for TRAX ARM & APA reports.

June 2015 - August 2018

Investment Banking – Executive Director

Head of MiFID I Trade & Transaction Reporting Operations

• Headhunted in June 2015 to help set up and manage production regulatory reporting framework; while existing management team focused on FCA enforced ‘Skill Person Review’ which was underway from Feb 2015.
• Ownership of day to day running of production MiFID I Trade & Transaction Reporting
• Leadership for four teams - London and Warsaw based teams. (12 team members)
• Managed FCA & BaFin Transaction Reporting exception & rejection management process across all asset classes.
• Set up & managed Back Reporting process for FCA Transaction Reports
• Set up a new independent Quality Assurance framework for completeness, accuracy, and late reporting.
• Quality Assurance framework set up introducing new methodologies and new data mining tools.
• Galvanised Quality Assurance by introducing evidence capture, audit trail & demotion/promotion process for tests.
• Independent scenario prioritisation framework set up inviting Compliance to the Quality Assurance process.
• Quarterly updates provided to FCA with progress of the Quality Assurance process and any new findings.
• Quality Assurance demonstrate risk management competencies (tolerances, controls, incident resolution, escalation)
• Drive continued development of tools and processes to improve Exceptions, Monitoring, Surveillance and MI
• Lead remediation for tactical & strategic solutions - To negate discrepancies & taking part in design & solutions.
• Implemented a Change Management regression testing partnering with Technology for each releases cycle.
• Owner of BaFin transaction reporting remediation project.
• Face off to internal, external audits and owner of closing audit points. Vendors manager for UnaVista & TRAX
• Successfully migrated back reporting and exception management functions to Warsaw in 2017 Aug/Sept

Head of MiFID II References Data Reporting (RTS23) Delivery

• Strategic delivery lead for SI RTS23 reference data reporting for MiFID II project. Led a team of 4 Business Analysts
• Successfully delivered SI RTS23 reference data reporting mechanism & BAU process. First SI to report to FIRDS.
• Defined requirements for both data sourcing and report layer to generate RTS23 report.
• Set up & managed testing (UAT) for RTS23 project - Data Sourcing, Report Generations, Controls & Workflow
• Set up & managed production exception management and oversight process for RTS23 regulatory reports.
• Set up & managed a control framework that consist of Recs, Validations and MI for completeness and accuracy.
• Instigated a RTS23 industry forum, which was utilised to iron out scoping issues and drive ISDA agendas.
• Represent and present RTS23 & Transaction Reporting at senior sponsors MIFID II steering groups.
• Led MiFID II workshops to define execution entity & ToTV/UToTV logic for Transaction Reporting & RTS23
• Provide strategic view over the controls, structure and direction of MiFID II Transaction Reporting
• Defined MiFID II Transaction Reporting production control framework and MI automation.
• Defined MiFID II Transaction Reporting system logic for new, amend, cancel and exception management process.
• Key stake holder of MiFID II Transaction Reporting ARM selection panel and owner of ARM relationship
• Post MiFID II go live remediation lead for Listed Derivative Transaction Reporting
• Defined weekly/monthly MI for Sponsor meetings - Volume vs exception /rejection trends, remediation items progress and issues caused by various business divisions.
• Maintain relationship with FCA Market Reporting Team to find solutions or to provide updates for RTS23.

June 2011 - June 2015

Investment Banking – Vice President

MiFID I Head of Transaction Reporting Operations & Remediation - June 2014 to June 2015

• Manage FCA & AMF exception management and control oversight teams - London based 6 members.
• Over 1 million daily volumes, across products OTC Derivatives, Listed Derivatives, Cash Equity and Fixed Income
• Build a Quality Assurance framework for Transaction reporting completeness, accuracy and timeliness.
• New Quality Assurance technique instructed to identify issues from statistical analysis.
• Quality Assurance performed monthly per asset class and detail report produced to Steering Committee
• Quality Assurance and BAU process developed using strategic MI, Monitoring, Surveillance and Sampling
• Design a TR monitoring Portal and strategic MI with trending and tolerance levels.
• Own closing of PwC Audit points posts the 2010 FCA fine and face off to 2014 Q4 internal Audit.
• Develop a direct relationship with internal partners to include Compliance, Source system owners and Tech teams.
• Represent and presented at Working Group meetings and Steering Committee meetings.

February 2013 - June 2014

MiFID I Transaction Reporting Industrialisation Program - Project Lead

• TR industrialisation program – CHF6.3mill ‘Top’ CS program for 2013/14 that consisted of 6 major phases.
• Co-led the project to build a strategic transaction reporting infrastructure (Reporting Hub) & a control framework.
• Set requirements across all asset classes to build the new reporting engine across multiple source systems.
• Owned industrialisation UAT program - Developed testing strategies - All six phases successfully delivered.
• Won the CS 2014 Operation’s Risk & Control award for the new market leading transaction reporting system.
• Defined complex OTC Derivatives life cycle reporting requirements in line with ESMA guidelines.
• Introduced various filtering rules to reduce the over reporting and under reporting.
• AS IS & TO BE review conducted on an exception handling system. TO BE used to improve the system.
• Efficiently migrated new exception management and control processes to BAU team in live environment.

June 2011 – February 2013

MiFID I BAU Exception Management & Control Oversight

Built and supervised the BAU transaction reporting exception management team post the 2010 FCA fine.

• Daily exception clearance process set to zero tolerance – Clearance rate increased from 0% to 100%.
• Implemented and managed a tactical transaction reporting process for all asset classes. (Appx. 800K daily reports)
• Implemented a new transaction reporting process for French Regulator AMF.

July 2007 – June 2011

Banking - Senior Analyst

MiFID Transaction Reporting Production & Control.

• Processing of day-to-day House Cash Equity and Prime Brokerage transactional reports.
• Understanding of FCA, CBI (Irish) and BaFin (German) transaction reporting requirements.
• Responsible for the resolution of internal exceptions and regulatory rejections
• Conducted in-depth analytical front to back reviews on various streams to introduce controls and to close gaps.
• Conducting transaction reporting Quality Assurance and producing TROG certificates for the TROG Committee.
• For Quality Assurance manual reconciliations performed with exchange files and basic scenario checks.
• Managing and conducting various UAT (LSE Millennium IT, Various Exchange trading) and regression testing

Prime Brokerage (PB) Control

• Point of Escalation and directly & indirectly supervised 3 reconciliations.
• Direct Market Access (DMA) Rec: reconciled trades booked in house system against PB client executions.
• Focused on process improvement to achieve a 100% STP rate resulting in operational cost savings.
• Analytical reviews on the various flows to reduce breaks documented and presented to senior management.
• 50% FTE resourcing reduction of DMA reconciliation - FTE 1.5 to 0.75.
• Awarded Bank of America Merrill Lynch 2009 “Thank You” award to acknowledge the cost savings carried out.

Prime Brokerage Cost of Fails Analysis & Depot Management

• Analysis of high value failed trades to determine if client, counterparty or operational error.
• Root cause analysis on internal errors to identify operational inefficiency, saving the firm $1.3million.
• Cost of Fails process recovered over $3.9 million from 2007- 2009 (2009 recovery increased to 92%)
• Managed the successful migration of the cost of fail process to the Dublin office.
• Prime Brokerage Depot management / Stock Loan– Ensure Prime Brokerage client inventory and depots were sufficient on value date - If not recall collateral, book stock borrows, depot transfers or conversions.

January 2005 – July 2007

Banking

Settlements & Trade Support (Fixed Income)

• Assist in everyday aspects of Repo business trading cycle.
• Consulting with traders to resolve execution errors and book returns when need to help traders

EDUCATION:

2001 –2003: University

Information systems (Not completed)

2000: University

Foundation of Computer Science

1999 – 2000: College

Access to Higher Studies

1983 – 1995: College

GCSE O /Levels - Maths, Arts, Science, English, Commerce, Literature

INTERESTS:

• Travelling, Football, Arsenal Supporter, Snooker, Cricket, Stock Market and Organising charity cricket events
• I have enjoyed all my experience to date and consider myself a hard working loyal and trustworthy employee. I enjoy working as a team as well as on my own initiative. I have had lots of direct contact with public and enjoy meeting people from all cultures and age groups. Being an enthusiastic, friendly and approachable person, I am quick to make friends and put people at their ease. I am also flexible and willing to learn and take instructions from other people. I work very well under pressure and am very responsible. I have the right qualities and experience to succeed and know that I would be a loyal and enthusiastic member of your team.

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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