Audit Manager
Discover Dollar Technologies pvt ltd
Total years of experience :15 years, 10 Months
•Setting up of recovery audit process for every new client in Discover Dollar by performing the end-to-end activities like conducting the due diligence, feasibility analysis, cost-benefit analysis, understanding the commercial business structure, identifying the revenue leakage opportunities, audit data identification, data collation, and running the pilot program.
•Being a subject matter expert and advisory for the recovery audit function helped the audit team to delight the existing customers by identifying uncommon and more complex claims.
•Prepared an audit playbook to plan the pre-determined responses for pilot audit programs
•Develop and maintain strong communication with clients through weekly meetings to address any issues and proactively highlight any risks or challenge
•Managing a team of 20-25 highly skilled team members within the audit team, Defining the goals and objectives for team members, and tracking performance through regular 1-2-1 discussions.
•Working with team members to understand their career aspirations and help them with training & mentoring needs
•Monitoring the performance of team members by conducting the periodic review and providing the developmental feedback
•Setting up and reviewing the KPIs for every audit process continuously
•Led a team of 10 auditors to deliver day to day operational requirements. Identified more than 25M GBP hidden profits during tenure in terms of missed discounts and allowances, overpayments, under deductions etc.
•Set up the recovery audit capability at Tesco Bangalore, Identified the various revenue leakages and assisted the merch team to recover the hidden profits and fix those leakages.
•Identified lot of automation opportunities to reduce the manual efforts with the help of OCRs and entity extractions etc.
•Worked closely with merch / buying team to ensure negotiated commercial incomes are timely collected and helped them to identify the cause for lean margins.
•Conducted regular governance meetings with internal and external stakeholders / buyers to identify and mitigate the audit risks
Involved in the audit data collation, data integration and data scrutiny prior to the recovery auditing process.
Associated in implementing the robotics in Audit process.
Developed a comprehensive Non-Vendor Income audit structure- which includes the analysis of the sales, purchases, returns, AP data and vendor terms tables; identifying the claims types; observing the opportunities under each claim types; preparing the claim sheet and recovering the overpayments.
Audit contract records and correspondence of purchasing department locating source of lost revenue
Articulated Audit findings and detailed recommendation to higher management
Recovered over $20MM from various vendors during tenure to date
a) Assisting the underwriters and the actuaries by preparing the detailed portfolio analysis report - on collection of premium, payment of claims and maintenance of reserves.
b) Analyzing and accounting of complex MGA bordereaux.
c) Providing support to Business Services team during business renewal period.
d) Assisting Management in preparing the KPI reports for the team.
e) Collection of premium invoice from clients, analyzing and booking of invoices in appropriate system.
f) Financial handling and closing books of accounts; Validating the Invoice / Statement of Account against the contract condition.
g) Evaluation of premium, profit commission, brokerage amount and other transactions as per the treaty type against the slip wordings.
h) Recheck on claims document and ensuring the claims are paid to the receiver with in TAT.
Daily check on securities' Mark-To-Market amounts to ensure the adequate cash or Stock is collateralized
Reconciliation of Demand Deposit Accounts, comparing the inflow and out flow of funds with Trades agreed to make sure the unidentified transactions breaks are verified and rectified.
Performing Contract comparison of Securities lending and borrows between Enhance Custody, Prime brokerage and other counterparties for the transactions in DTC Settlements.
Auditing client’s accounts - Fraud audit and forensic review to find out the loss of money through duplicate payments or Erroneous payments Verification of product pricing/costing, so to find out the overpayments or missed discounts for the products purchased.
Verification of rebate rates as per the Contract agreement between retailer and vendors, so to find out the missed rebates and discounts
Vendors' statement review and reconciling clients Accounts Payable transactions
Creating claims against vendors for the monies due to client
Reconciling the trades held by clients with the counter parts
Resolving Nostro, Vostro and depot breaks
Constantly interacting with clients and the custodians to ensure that the correct settlement instructions are released on the value date
Analyzing different trades held in the market on behalf of clients and counter parts Processing of payments to counter parts through MINT application
Master of Commerce