Executive Manager, Group Risk Management
Munshaat Real Estate (Munshaat)
Total years of experience :25 years, 9 Months
Developed and Implemented framework, processes and organizational structure for Risk Management. Risk Management policy and procedures, Risk Appetite statement, Risk Register, Governance structure. Risk Reports for Risk Committees and CMA (Kuwait).
• Risk Models. Developed and Implemented quantitative risk models that are used for monitoring risk and implementing strategies. The Firm uses VaR for Equity and FX Risk and Earning at Risk Model for determining Interest rates Risk.
• Assess Compliance Department. Evaluate Compliance Department on the level of mitigation strategies for Compliance risks.
• Actively involved in Internal Audit and Internal Control. Review Internal Audit plan prepared by Internal Auditors, highlight and communicate the findings to the Audit Committee while ensuring conformance with IIA statement of professional practice framework.
• Conducted independent due diligence on REITS, Investment, Divestment and Restructuring Transactions. This included independently evaluating the fundamental variables of the transaction, market analysis, capital consumption, risk and return, financial model assumptions and report to Board Risk Committee.
• Developed systems, processes and organizational structure for Investment Risk Department. Developed Investment Risk policy and procedures, Governance structure, DOA matrix, Functional statements based on industry best practices, Reporting templates for Subsidiaries, Risk Committees and Regulatory Reporting.
• Investment Risk Models. Developed and Implemented quantitative risk management models that were used for monitoring risk and implementing strategies.
• Conduct independent due diligence on Investment, Divestment and Reorganization Transactions. This included independently evaluating the fundamental variables of the transaction under review, market analysis, RWA and capital consumption, risk and return, financial model assumptions and report to Board Risk Committee. Evaluate the impact of market condition, FX, financing costs, RWA etc on the overall return on the investment. Also, independently review financial model and conducted sensitivity analysis and discuss risk management issues with asset managers.
• IFRS 9 implementation. Evaluated the P&L impact of IFRS 9 on Investment portfolio. Identified the key risks due to classifications. Involved in development of RFP for Accounting Consultants and Software Developers. Finally, monitor IFRS 9 implementation timeline to abide with Central Bank of Kuwait deadline of January 2018.
• Market Trends and Analysis. Evaluating market performances in terms of return, currency movements, yields, volatility, sovereign ratings and its direct or indirect impact on KFH investments.
• Active Monitoring of 3rd Party Fund Managers. Review performance (portfolio and operational) on an ongoing basis. Conduct detailed attribution and peer group as well as stress testing on a quarterly basis. Review potential risk management breaches/issues. Conduct detailed due diligence on investment and other portfolio/manager related processes (investment, operations, risk management, etc.). On an annual basis conduct on site detailed due diligence on Fund managers and present the results to Investment Product Committee.
• Underwriting for single real estate acquisitions. This included evaluating the fundamental variables of the deal in terms of property under review, market analysis, revenue, costs, financing disposition assumptions and risks. Prepare a financial model, a draft term sheet with Managers and finally presentation to Investment Product committee for final approval.
• Market Trends and Product Analysis. This includes identifying and evaluating industry, market and investment product trends, existing and emerging competitors and other factors affecting the business environment.
• New Manager Selection. Conduct supporting research for new mandates which includes selecting a targeted universe, developing appropriate screens, conducting the screening, testing various screens, and analyze short list (performance, track record, risk management policies and management). Develop critical/focus points for RFP and subsequently final selection meetings. This includes analyzing responses to the RFP. Build final presentation to Investment Product Committee.
• Developed Business Continuity Policy for the Department. Detailed business units key processes, process owners, critical times and recovery processes, dependency within NBK Capital and to third party service provider, used an impact scale to rank the impact over time of processes failing as a result of any type of incident and resource requirement during an incident.
• Developed Debt and Capital Re-structuring Plan in consultation with Citibank for International Leasing & Investment Company (ILIC). Launched US$ 1.2 billion Islamic Real Estate Funds Sukuk Funds in the Saudi Arabian and UAE market that included but not limited to developing the concept of the Fund Structure, Financial Model and Offering Documents for road shows and presentation during investor conferences;
• Established US$ 1 billion Islamic Real Estate Funds for the MENA region that included but not limited to developing the concept of the Fund Structure, Financial Model and Offering Documents for road shows and presentation during investor conferences;
• Developed and launched US$ 175 million Islamic Venture Lease Fund with Equity Warrants in MENA region that included but not limited to developing concept of the Fund Structure, Financial Model and Offering Documents for road shows and presentation during investor conferences;
• Involved in capital increase of organizations listed on Kuwait Stock Exchange. This included in evaluating the effects of capital increase on share price, shareholding and financial health of the Companies and in accordance made presentations to Board of Directors;
• Key role in listing a KD 28 million real-estate company on Kuwait Stock Exchange including valuation and creating marketing material for increasing the capital of the company;
• Constructed Feasibility Studies involving multi-scenario financial models involving recapitalizations, acquisitions, syndications, refinancing, financial ratio calculation, IRR analysis and debt scheduling for acquisition of various Real Estate projects;
• Structured and executed various Sharia compliant products such as Ijara, Murabaha, Reverse Murabaha, Musharaka, Istitna;
• Provided industry research, capital markets analysis for clients, pitched proposals and marketing materials for soliciting new business and management presentations for institutional investors.
• Developed and implemented enterprise wide, quantitative approaches for Investment companies to manage market, operational and credit risks;
• Led teams on Corporate governance assignments by measuring them against best practices, and developed solutions to close the gaps and enabled change to minimize risks and maximize benefits;
• Prepared Policies and Procedures manual for a prominent investment companies in Kuwait KFIC (Kuwait Finance & Investment Company);
• Supervised Internal Control reviews for Investment companies in accordance with Kuwait Stock Exchange Guidelines;
• Led internal audit teams on fraud investigations;
• Supervised detailed Internal Audit assignments in order to achieve planned audit objectives and to ensure compliance with Firms policies and procedures, Kuwait Stock Exchange and Central Bank Regulations;
• Upon completion of assignments, conducted exit meetings and accordingly Issued Final Reports;
• Contributed to practice and business development by creation of successful client proposals and documenting implementation methodologies to syndicate knowledge capital;
• Played key role in securing subsequent client engagements and add-on revenue.
• Prepared Policies and Procedures manual for few prominent investment companies in Kuwait KAMCO (KIPCO Asset Management Company) and Kuwait Financial Center (MARKAZ);
• Supervised Compliance testing on Capital and Operational expenditures for Real Estate Companies;
• Led teams on Internal Control reviews for Investment companies in accordance with Central Bank of Kuwait Guidelines;
• Prepared Internal Audit Charter for Financial Institutions;
• Developed Risk based Internal Audit plan and Work programs for financial institutions and other Organizations;
• Supervised detailed Internal Audit assignments in order to achieve planned audit objectives and to ensure compliance with Firms policies and procedures and Central Bank regulations;
• Upon completion of audit assignments, Issued draft reports to management, organized exit meetings and Issued Final reports.
• Performed several internal audit projects for diverse portfolio including private and publicly listed concerns involved in oil and gas, Investment companies & Financial Institutions, trading and warehousing, manufacturing, and hospitality for their various departments;
• Made recommendations for effective internal controls after careful examination of current system.
• Monitored Kuwait Airways Investments and Loans. During this process analyzed the financial statements of subsidiaries in depth, reviewed liquidity position, performed profitability analysis by reviewing returns on Investments (ROI), also Inventory and debtor’s turnover ratio’s and on the basis of this analysis presented quarterly reports to higher management;
• Monitored loans that involved follow-up on repayment schedule, calculation of interest payments for settlement of loans, form a link between legal departments and banks for settlement of a loan. In addition also study the credit market for loans and advice higher management accordingly;
• Finally, preparing budget for Kuwait Airways Treasury Division.
• Actively involved in allotment of finance to multinational companies scrutinizing the project proposal of corporate on the basis of “PARSERS” system followed by HSBC Bank plc .
• Performed credit evaluation by analyzing the financial statements in depth, working capital ratios, inventory and debtors turnover ratios, profitability analysis by reviewing returns on investment (ROI) and conducted in-depth trend analysis to ensure procedures were in adherence to bank policies.
M.B.A Finance.