Board Audit & Compliance Committee Member
Allianz Saudi Fransi Cooperative Insurance
مجموع سنوات الخبرة :32 years, 2 أشهر
Review all the Company performance, from Financials, strategy till Audit and Compliance reports and general staffing issues.
Established above stated functions at REDF. This included development of the operational strategy and plan, recruitment of experienced resources and development of key functional processes.
Led the design & implementation of Enterprise Risk Management framework covering development of risk strategy, risk appetite statement, risk governance framework (based on the 3 lines of defense model), risk policies and procedures detailing steps for risk identification, assessment, management, monitoring and reporting.
Led the design and implementation of the Compliance & Governance framework. This included the development of necessary Board committees’ charters, development of Governance policies and processes, development of Regulatory Compliance Programs, Monitoring & Testing Plan (CMAT), development of AML/CFT, Sanctions and ABC policies and deployment of the Code of Conduct and necessary controls and systems.
Developed the RCSA process to identify operational risks across the organization. Moreover, managed the ICAAP & ILAAP sub-project implementation and deliverables to ensure compliance with SAMA & Basel II requirements.
Ensured Compliance with local & best practices requirements by conducting regulatory compliance checking over specific functions or operations.
Established the BCM framework, P&Ps and testing & exercise framework that included multiple work streams (i.e. governance, BIA procedures …etc.).
Created the Information Security Governance Framework, Policies, Operations & Technology, CS Incident Response, Third-party procedures.
Led the Transformation Phase I&II, being head of the Transformation Committee focusing over strategic TOM that transformed REDF from a government entity to a semi-government, complying with Basel II and best practices.
Assisted the CEO with strategic and planning directions to facilitate transformation and design of related operations and executions with other stakeholders. Further, prepared the specific portfolio for the Securitization process.
Created the first Financial Operations to match financial sector requirements (i.e. transaction processing, reconciliation, settlement, and communication ….etc.).
Finalized & launched the national mortgage Subsidy Program related to Ministry of Housing and REDF from legal agreements, IT integration and related operations with 16 Banks and Financing companies for 1.7M Saudi citizens.
Achieved 70% increase in collection from 3.3B to 5.6B from 2015 to 2017.
Upgraded & established e-services over delivery channels (36 branches, call center, digital and smart branch solutions) and reduced clients’ visits by 60%.
Launched all new mortgage products and initiatives (such as self-construction, renovation and mortgage guarantees “MGS” ….etc.) after finalizing the required Standard Operating Procedures “SOP”.
Member of REDF Steering, ALCO, Risk & Collection and Credit Committees.
Restructured and managed the Bank overall Compliance, AML/CFT and Anti-Fraud “ABC” functions and their reporting hierarchy to match with the best practices that resulted in upgrading the Bank’s Compliance status.
Established the following functions; regulatory compliance, sanctioning filtration of transactions and account opening against lists (i.e. OFAC & UN), staff accounts’ monitoring, networks compliance monitoring, bank-wide “training essentials” methodology and fraud detection & prevention methodology.
Established an AML/CFT monitoring system over all bank’s activities by acquiring a new system that is matching with the regulators’ requirements for reporting and identification of suspicious activities based on the “Risk Based Approach”.
Created and started implementation of Risk Assessment methodologies over AML & Compliance products and services.
Initiated and supervised the implementation of FATCA requirements and Western Union AML/CFT monitoring system.
Established the “Clients Acquisition Due Diligence” process and related documents (i.e. CDD, EDD and risk rating) for different business groups including the “High Risk Accounts” policies & procedures.
Initiated the “Clients Files Remediation” project and monitoring its progress that aims to update the Bank database of clients’ information and risk classification.
Managing SAMA official relationship and represents the Bank at SAMA different levels of committees and management.
Managed the Corporate Governance requirements for 2 years.
Member of the Corporate Governance & Internal Controls enhancement task force team engaged with BCG & PWC consultants.
Aligned the bank standards with US & business partners’ international requirements for better controls over money laundering and terrorism financing.
Member of the Board Compliance and SAMA Compliance & FCML Committees.
Reporting to the CEO and Board Compliance Committee and supervising more than 50 staff (from only 9 staff at the time of joining the Bank).
Speaker, at the 6th & 7th Compliance & AML/CFT conference, organized by Thomson Reuters and SAMA, at SAMA-IOF.
- Audit & Risk Review Group
As a Director out of the 4 Audit Directors, responsible for the Capital Markets
program that includes SAMBA Capital, London branch and Treasury Group;
participated in audit reviews over Samba Group activities such as Retail Banking,
Corporate Finance, Commercial Markets, Country Control and Speed Cash, Trade
Operations co-lead for the Asset Management and the lead for the Investment
Banking and Brokerage reviews.
Mostafa A. Abdullatif Page 3 of 4
Developing the Audit Planning Memorandum, Tailored Review Programs and Risk
Assessment Profiles for auditable entities, finalizing audit findings, conducting
meetings with Group Heads and writing final audit reports.
Leading the “Corporate Governance” project that capture all related rules, regulations
and responsibilities that are required by SAMA, CMA and Ministry of Commerce
plus other International Standards (i.e. Basil & OECD) from the Bank and the Capital
in order to assign responsibilities to appropriate areas.
Recruited the department heads in support functions and managed their operation.
The support functions managed were; Compliance & AML/CFT, Human Resources and Administration, Finance, Information Technology and Operations Departments; directly supervised 5 employees and 13 indirectly.
Developed and implement departmental Policies and Procedures ‘P&Ps’.
Tailored compliance manuals, programs and grids to effectively monitor businesses activities in accordance with the Group directions (i.e. MFs, Private Equity ..etc).
Developing strategic and budget plans for all support function and worked with the department heads to implement them.
Monitoring and working with the Compliance Officer(s) to communicate with the CMA inspections, regulatory requirements and inquires.
Managing the official relation with the CMA for business developments.
Secretary to the BoD (managing its affaires, committees, monitoring implementation of decisions) and member of the Compliance and Audit Committees.
In 2008, the Bank had 74 branches, 2, 300 employees, net income of SAR 2.7 Billion, a
balance sheet of SAR 100B.
Chief Compliance Officer - Caam SF “Credit Agricole Asset Management Saudi Fransi”,
2007 - 2008.
Handling all compliance risks of the company as stated hereunder, Head of the
Compliance committee and member of “Audit” and “Business” committees.
Head of Compliance - Private, Investments and Treasury Groups plus various Retail
banking products, 1998 - 2007.
Established and managed the first Compliance function in BSF over above
mentioned groups; further, managing their daily compliance risk.
By 2002, compliance was able to reduce losses from SAMA pending litigations and
illegal activities by 99%, while business activities have generally grown by over
400%. This achievement was maintained until my departure from this post.
Established compliance manuals, programs and grids to effectively monitor
businesses activities to ensure adherence with SAMA, CMA, and Shari’ah laws and
regulations, best industry practices and Corporate Policies and Procedures.
Review and sign-off new products’ manuals, prospectuses, term sheets, presentations,
agreements and promotional materials to ensure launch of Investment, Treasury and
Retail products are in full compliance (i.e. mutual funds, structured products, range
accruals, Bancassurance and financial planning including all Shari’ah compliant
products ...etc.).
Mostafa A. Abdullatif Page 4 of 4
Manage the Anti-Money Laundering (AML) monitoring and know-your-customer
(KYC), as required by SAMA, CMA and FATF.
Member of product committees related to Investments and Treasury.
Coordinate with Paris and London teams to ensure that compliance methodology is
in line with the Group directives.
Member of the “formation” and “spin-off” teams for Fransi Tadawul “FT” and “Caam
SF” new companies.
Ensured compliance with margin ratios for force selling (Brokerage).
Ensured clients’ and counterparties’ confirmations (i.e. IRS, Caps and Floors) and in
line with (ISDA and AFB), for Treasury.
Senior Auditor, 1994 - 1995.
Performed Substantive and Compliance tests over Treasury front office, SAMBA Geneva loans and guarantees, investments operations, country credit division, cash services operations, trade operations, investment process in SAMBA CMI at London.
Team leader for Audit reveiwes over Reatil Banking Group activities.
Started the "Monitoring Program" that records business lines activities, located in the Kingdom and overseas (London, Geneva and Citibank Pakistan).
Head for different Units in Corporate Cash Operations, 1991 - 1994.
Assumed responsibility, as a unit head, of the overall work flow for the following:
Loans and deposits unit, short and long term, discounted, PPF, Repo and syndication loans, leasing, discounted bills and all types of deposits. The offshore loan coordinator related to SAMBA London and Istanbul.
Clean collections unit, collections of checks, immediate credits, recording and updating of Central Liability and communications with correspondent banks.
This Mini-CIA is qualifying participants to be Certified Internal Auditors with CitiBank Group.
An overall on the job training along with more than 20 formal training courses with pass and fail grades to understand the Banking Operations.
Building Science studies ... not completed the Masters