Team Leader Audit, Financial Instruments, Budget
The European Commission
Total years of experience :27 years, 3 Months
• Led a team of 5 experienced European Commission officials to create / maintain an Audit Methodology and Procedures Manuals, develop and implement Internal Controls and Risk-based Audit Plan, manage grants (entire expenditure cycle and financial circuits), and ex-post audit. Created a new methodology of calculating error rates within an auditable population of € 100 million.
• Exercised an Authorising Officer role in Audit Payments & Procedures.
• Coordinated the Budgeting, Reporting & Financing process; provided Administrative, Operational, and IT support; Designed and launched the Annual Internal Controls Survey in 28 Member States.
• Defined & communicated KPI's on the efficiency and cost-effectiveness of Internal Controls.
• Regularly briefed / prepared the EC Senior Management on relevant EU policies (e.g. the Accounting Directive, the Financial Regulation). Prepared Notes and Strategy Papers to Commissioners on financing (capacity building, technical assistance) and audit methodology issues.
• Coordinated stakeholders' communication and awareness raising sessions on the design and implementation of audit, accounting and finance policies and procedures and internal control standards (ICS). Prepared and delivered training sessions to EC staff.
• Assessed the effectiveness of Audit processes, Internal Controls and the adequacy of Risk Management in 2 annual cycle Activity Reports (reports on business activity and management of resources).
• Managed the structured finance instruments / transactions lifecycle (design, set-up, execution, accounting closing and documentation) in key EU markets. Developed finance structures to meet Public, Private, and Public-Private Partnership (PPP) customer requirements.
• Coordinated the dissemination of 16 modules on ethics and anti-fraud training to cross-functional staff (HR, IT, Treasury, Finance), delivered key note speeches on barriers to EU project financing and on how accounting off-balance sheet structures could provide potential solutions.
• Worked closely with Government Relations on communicating how EU regulatory provisions in the Construction sector and the off-balance sheet accounting in Construction could impact the business.
• Managed different P&L aspects in the EMEA Building Efficiency business: Orders, Revenue: direct responsibility for bringing incremental sales; Gross Profit: responsible for and incentivised on booked and executed gross margin. Managed the pricing and cost of sales mix; SG&A: delivered on a target related to the variable cost element; actively participated in the recruitment of finance, legal, and service personnel. EBIT: actively contributed to meeting a 2nd-year business EBIT target.
• Led the Business Development (team of 5 key account managers) efforts in major EMEA Energy and Climate Change demand (Energy Efficiency, Renewable Energy, Carbon capture) and supply side markets via structured financing, accounting treatment (IFRS), contractual solutions and legal support.
• Managed the International Financial Institutions (IFIs) and International Organisations (IOs) relationships; developed and led 2 key IFIs' program agreements.
• Arranged financial structures (syndicated loans, on- & off-balance sheet leases, receivables assignment, forfeiting) in the Energy Performance Contracting (EPC), Energy Efficiency field (energy savings and quantified environmental impact) for public & corporate, customers.
• Ensured "true-sale" revenue recognition, timely cash flow, and working capital management.
• Initiated, structured, and closed customer-financed deals of €25M (2009 - 2010).
• Established global relationships with leading international institutions. Reviewed private label, co-branded, and 3rd-party financing contractual agreements (pre- and post-signature) to manage project performance risk, score-card external credit risk, and establish accounting non-recourse structures.
• Audit & Internal Compliance: Developed Audit policies & procedures and Risk-Management frameworks with Corporate Treasury for major European clients (Banks, Life Sciences, FMCG, Utilities) and Public entities (Municipalities, Universities, Schools, Hospitals / MUSH market).
• Certified as a 6-sigma Green Belt (DMAIC best practice): forecasting cash disbursements process
• Financial Planning & Reporting: Managed consolidations, reviewed relevant financial reporting (US GAAP, IFRS), performed general ledger reconciliations, reviewed representation letters, and ensured the application of internal controls (SOX). Developed policies & procedures and risk frameworks with Corporate Treasury for major European clients (Banks, FMCG, Utilities) and Public entities (Municipalities, Universities, Schools, Hospitals / MUSH market).
• Reviewed the implementation of a new IT (ERP) system; consulted on implementation success factors and database management. Used SAP and Hyperion FM systems.
• Regularly contributed to the 5-year Strategic Plan (STRAP) process.
• Global Investment Appraisal: Provided Level 3 (value > €500, 000) management approval of investment projects. Evaluated/performed Pricing, Cash Flow, NPV reviews; DCF & multiples valuation methods. Evaluated the operational risks and B/S, P&L, and CF implications.
• Internal Audit: Led teams of chartered accountants to review operational risk and compliance in 11 countries in Central & Eastern Europe, Africa, and Central Asia.
• Implemented accounting policies and systems of internal control in the IT, Finance, HR, Treasury functions; Developed key Risk & Performance Indicators (KPIs); Coached junior auditors.
• Profitability and Working Capital Management: Led teams of international audit experts to recommend profitability and working capital management enhancements in key European, African, and Central Asian operations. Implemented recommendations resulted in:
- Improved working capital (receivables enhancement) by 8-11% (vs. relevant FMCG averages)
- Improved revenue measurement metrics (exceeded the relevant FMCG industry target by 5-10%)
• Mergers & Acquisitions: Led due diligence in acquisitions by the largest European Coca-Cola bottler
- Evaluated US$200M acquisition proposal of Coca-Cola’s interest in Russian bottlers
- Assisted the acquisition of Coca-Cola Beverages. Applied acquisition accounting principles.
External Audit
• Managed teams to execute audit engagements for multinational clients. Audited accounting policies and reporting; advised on internal control frameworks; performed consolidation of Gazprom (Russia).
Business Advisory Services
• Led teams of 6 to 8 consultants performing privatisation and valuation assignments, including the preparation of the largest domestic paper manufacturer for its NYSE listing; evaluated eligibility for international financing and potential acquisition of a major regional Financial Institution.
• Quantified the financial impact of operational improvements in a major Russian power utility
• Assessed the attractiveness of the local retail-banking sector for a leading European investor. Conducted interviews with senior executives and market players, evaluated acquisition targets.
Economics, Corporate Finance, Statistics, Accounting, Finance, Operations Management, General Management, IT for Managers
Financial Accounting, Management Accounting, Audit for IT, Financial Reporting, Tax Planning, Finance, Audit.
Microeconomics, Macroeconomics, Statistics, Human Resources Management, Corporate Finance, Finance, Strategic Management, Marketing, Politics, International Relations, Conflicts and conflict resolution.