Senior Vice President - Governance, Risk & Compliance
Arab Investment Company
مجموع سنوات الخبرة :26 years, 3 أشهر
- Member of the Risk and Compliance Committee, an independent committee of board of directors.
- Member of the Corporate Governance Committee, an independent committee of board of directors.
- Member of the Audit Committee, an independent committee of board of directors.
- Member of the Finance, Credit review and Provisions Committee, an executive committee.
- Member of the Investment and Credit Committee, an executive committee.
- Establishing the annual risk - based Audit and compliance plan, and design the audit methodologies, and supervise its implementation.
- Establishing the compliance and Anti Money Laundry and Terrorist Financing Combat policy and procedures, updating them as per regulations and rules issued.
- Conducting comprehensive and detailed risk assessment, including: defining inherent risk, define residual risk of assigned department or functional area in established/required timeline.
- Identify financial, operational risks, and conduct audits and raise periodic reports to the executive management and board of directors, and follow up the resolving of the observation on timely manner.
- Assure compliance with Corporate Governance Guidelines, and raise a periodic report to corporate governance committee, and follow up the resolving of the observation on timely manner.
- Plans the scope of the audit, and prepares an audit and compliance program.
- Conducting gap analysis to ensure that regulatory requirements are completely fulfilled.
- Establishing Regulatory Compliance Matrix (RCM) which defines all the applicable laws and regulations and the areas of responsibility.
- Oversees the audit testing of specified area and identify reportable issues and dimension of risks.
- Establishing and updating compliance and Audit checklists required to conduct regular testing.
- Providing compliance and AML advisory support to the Company and assist in handling enquiries from the law enforcement/ regulatory authorities in Kuwait.
- Initiating and developing the comprehensive compliance program, which can protects assets; anticipates emerging compliance trends; and designs improvements to internal control structure.
- Overseeing and monitoring the implementation of the compliance program.
- Periodically revising the program in light of changes in the needs of the organization, and in the law and regulations of the regulated authorities.
- Developing and promoting risk-based tools/monitoring systems; maintaining the AML related data base for the company, review and comment of the company’s manuals, policies and guidelines from an AML perspective.
- Evaluating/recommending the initiation of investigative procedures to respond to alleged violations of rules, regulations, policies, procedures and standards of conduct and developing/overseeing a system for uniform handling of such violations.
- Avoids legal challenges by understanding current and proposed legislation; enforcing regulations; recommending new procedures; complying with legal requirements.
- Developing, coordinating, and participating in a multifaceted educational and training program that focuses on the elements of the compliance program, and seeks to ensure that all appropriate employees and management are knowledgeable of, and comply with Capital Market Authority and Central Bank standards and regulations.
- Responding to government investigations and queries as the principal point of contact.
- Maintain the shareholders registry, and reflect all changes and transfers of shares.
- Member of the risk and compliance committee, an independent committee of board of directors.
- Establishing the annual regular and risk - based compliance plan.
- Establishing the compliance and AML policy and procedures, updating them as per regulations and rules issued.
- Conducting comprehensive and detailed compliance risk assessment, including: defining inherent risk, define and design proper, define residual risk.
- Conducting gap analysis to ensure that regulatory requirements are completely fulfilled.
- Establishing Regulatory Compliance Matrix (RCM) which define all the applicable laws and regulations and the areas of responsibility.
- Establishing and updating compliance checklists required to conduct compliance testing
- Providing compliance and AML advisory support to the Company and assist in handling enquiries from the law enforcement/ regulatory authorities in Kuwait.
- Initiating and developing the comprehensive compliance program, which can protects assets; anticipates emerging compliance trends; and designs improvements to internal control structure.
- Overseeing and monitoring the implementation of the compliance program.
- Periodically revising the program in light of changes in the needs of the organization, and in the law and regulations of the regulated authorities.
- Developing and promoting risk-based tools/monitoring systems; maintaining the AML related data base for the company, review and comment of the company’s manuals, policies and guidelines from an AML perspective.
- Evaluating/recommending the initiation of investigative procedures to respond to alleged violations of rules, regulations, policies, procedures and standards of conduct and developing/overseeing a system for uniform handling of such violations.
- Avoids legal challenges by understanding current and proposed legislation; enforcing regulations; recommending new procedures; complying with legal requirements.
- Developing, coordinating, and participating in a multifaceted educational and training program that focuses on the elements of the compliance program, and seeks to ensure that all appropriate employees and management are knowledgeable of, and comply with CMA, CBK standards and regulations.
- Responding to government investigations and queries as the principal point of contact.
Crafted an impressive growth path rising from the position of Head of Compliance, Saudi Arabia to Head of Compliance of Group, Kuwait within a short span of time.
Designation Chronology:
• May 2011- Present: Head of Compliance of Group, Kuwait
• June 2008 - May 2011: Head of Compliance, Saudi Arabia
• May 2011- Present: Head of Compliance of Group, Kuwait:
Key Responsibilities:
• Developing, initiating, sustaining and amending policies and procedures for the general operation of the Compliance Program and its related activities to prevent illegal, unethical or improper conduct.
• Administering day-to-day operation of the Program for smooth functioning, ensuring overall adherence to Kuwait capital market authority (CMA) and Central Bank of Kuwait (CBK) regulations.
• Planning and coordinating strategies for accomplishing all conditions authorized by CBK. Reviewing and submitting CBK reports including alerts and corrective action reports. Fostering sound business relations with CBK professionals.
• Providing AML advisory support to the Company and assist in handling enquiries from the law enforcement/ regulatory authorities in Kuwait.
• Communicating, coordinating with relevant departments on anti-money laundering related issues, and conduct internal anti-money laundering training sessions.
• Developing and promoting risk-based tools/monitoring systems; maintaining the AML related data base for the company, review and comment of the company’s manuals, policies and guidelines from an AML perspective.
• Providing the authorities information, records they may require for implementing administration of capital law and regulations.
• Interacting and corresponding with regulatory authorities and maintaining comprehensive file of correspondence, communications, circulars and notification issued by the CMA.
• Coordinating with other departments including Risk Management, Internal Audit, HR, for directing compliance issues to appropriate existing channels for investigation and resolution, consulting with the corporate attorney as needed to resolve difficult legal compliance issues.
• Evaluating/recommending the initiation of investigative procedures to respond to alleged violations of rules, regulations, policies, procedures and standards of conduct and developing/overseeing a system for uniform handling of such violations.
• Reviewing and evaluating compliance programs and ensure that compliance Issues/concerns within the Watheeqa Holding are being appropriately evaluated, investigated and resolved.
• Identifying potential areas of compliance vulnerability and risk, developing/implementing corrective action plans for resolution of problematic issues and providing general guidance for avoiding or dealing with similar situations in the future.
• Ensuring appropriate reporting of violations or potential violations to authorized enforcement agencies when required.
• Ascertaining and providing direction and management of the compliance Hotline and scrutinizing the performance of the Compliance Program and relates activities on a continuing basis, taking appropriate steps to improve its effectiveness.
• Coordinating with various departments including Human Resources Department to develop an effective compliance training program, including appropriate introductory training for new employees and ongoing training for all employees and managers.
• Providing reports on a regular basis as directed or requested, to keep the Corporate Compliance Committee of the Board and senior management informed of the operation and progress of compliance efforts.
• June 2008 - May 2011: Head of Compliance, Saudi Arabia:
Key Responsibilities:
•Handled day to day operations of the compliance program, developed/maintained policies/procedures for the general operation of the compliance program and its related activities to prevent illegal, unethical or improper conduct.
•Planned and conducted reviews of the financial, operational and compliance activities of the company in alignment with Saudi capital market authority (CMA) and Saudi Arabian Monetary Agency (SAMA) regulations.
•Provided consultative support to business groups to develop appropriate compliance self test. Supervised preparation of the bank’s compliance self-testing module and evaluated results and provided corrective action for effective resolution.
•Evaluated the self-rating by business units pertinent to compliance policies. Recommended, developed and maintained the quality of compliance operations for all businesses in the company on a regular basis.
•Managed the compliance assessment, analyzed compliance and legal issues, identified and diagnosed requirement for compliance activity across various divisions of the organization. Organized awareness programs through training and communication processes.
•Assessed pro-active businesses compliance programs and ensured that each division has prepared its annual compliance training assessment needs.
•Chalked out objectives and developed procedures to ensure adherence to all compliance requirements.
•Established risk management programs and scope of work, responsible for overall execution of the organizational policies and reported the same to audit committee.
•Coordinated with department heads to gauge effectiveness of risk management and compliance. Directed compliance issues to appropriate channels for investigation and resolution.
•Communicated with the company’s staff to resolve the compliance issues within the Watheeqa, ensured results are in line with Compliance Standards of Practice and recommended to resolve issues along-with follow up.
•Monitored the performance of the compliance program and related activities on a continuing basis, took appropriate steps to improve its effectiveness.
• Identified requirement of compliance trainings, conducted training sessions to develop highly proficient accounting/ financial management team aware of the implications of compliance.
• Providing AML advisory support to the Company and assist in handling enquiries from the law enforcement/ regulatory authorities in Kuwait.
• Developing and promoting risk-based tools/monitoring systems; maintaining the AML related data base for the company, review and comment of the company’s manuals, policies and guidelines from an AML perspective.
Key Responsibilities:
•Planned and conducted reviews of the financial, operational and compliance activities of the Bank.
•Prepared and maintained risk profiles and control procedures related to the branches operations and the Bank’s head office departments operations for smooth functioning.
•Designed annual audit plans, objectives and scope of work in conjunction with senior auditors, assisted with overall execution of audit program and final report delivery.
•Evaluated system effectiveness and performed professional audits in accordance with the approved audit program.
•Supervised appraisal and integrity of processes and systems to ensure that controls are adequate and effective in design and operation and as per policies/procedures and management objectives.
•Prepared procedures/policies for internal audit-controlling, assigned staff and budgeting hours for audits, tracked the progress of audits and provided technical assistance to auditors for smooth execution of internal audits.
•Conducted risk assessment, identified and evaluated/analyzed major risks and controls for key business processes and made recommendations for the same.
•Supervised appraisal and integrity of processes and systems to ensure that controls are adequate and effective in design and operation and as per policies/procedures and management objectives.
•Scrutinized the audit working papers for identifying areas of improvement and provided recommendations to improve establishment's accounting and management practices.
•Monitored the functioning of finance departments and provided appropriate recommendations/inputs to improve operations and reduce costs.
•Collected and analyzed data to detect deficient controls, duplicated effort, excesses, fraud or non-compliance with laws, regulations and management policies.
•Assessed internal controls, highlighted areas of weak internal control and recommended strategies for robust internal controls
•Evaluated financial feasibility/profitability of products, divisions, projects and facilities in close coordination with company's senior management, initiated financial due diligence.
•Provided guidance to Internal Audit Staff in conduct of audits and other audit related issues, supervised and directed the staff, reviewed output and formulated findings and recommendations for enhancement of performance across the bank.
•Managed the development and maintenance of staff relationships through individual contacts and group meetings in the bank.
•Kept abreast with the happenings in the industry, appraised investment rationale of the client, reviewed bank strategy, analyzed HR and MIS practices thereby providing the bank with the necessary visibility as regards the above.
Designation Chronology:
• November 2004 - August 2007: Senior Internal Auditor and Inspection Supervisor - Head Office.
• July 2001 - November 2004: Internal Auditor - Branches.
• November 2004 - August 2007: Senior Internal Auditor and Inspection Supervisor - Head Office:
Key Responsibilities:
• Led a team of auditors for conducting internal audits, performed risk assessments.
• Formulate audit strategies, schedules and programs, perfected audit methodologies for critical parameters and prepared summary review memo, detailed reports and recommendations for the board of directors and audit committee.
• Evaluate all Operations of bank’s units (including: Corporate Credit Dep., Letters of credit Dep., Letters of Guarantee Dep., Finance Dep., Planning Dep., …etc), accounting transactions and financial statements in accordance with internal and external parties’ requirements.
• Assure that all credit decisions and approvals are in line with the bank credit policy and programs, and with the credit authority matrix and in accordance with the Central Bank of Jordan limits.
• Analyzed key finance performance indicators/trends, such as financial ratios and cross division comparisons which, includes establishing financial benchmarks of acceptable performance and comparison of actual results to budget thus initiating corrective actions.
• Provide inputs as an acting consultant in the areas of auditing to the executive committee of the company.
• Manage the placing of tests for Control risk self assessment (CRSA) and randomly tested the CRSA done by the administrative units managers to observe its compatibility with the current working status and output.
• Resolve procedural non-conformities such as correction of accounting entries in financial statements and ensured adherence to proper financial accounting standards/ practices of the bank.
• Design key manuals, evaluation and feedback questionnaires such as job description manuals, internal control questionnaires and internal control system evaluation forms.
• Supervise overall activities of the audit team, conducted periodic performance reviews and accordingly recommended modular training/promotions.
• July 2001 - November 2004: Internal Auditor - Branches:
Key Responsibilities:
• Review all branch operations and financial statements.
• Examine and analyzed journal and ledger entries, financial statements, inventories, expenditures, tax returns and other accounting and financial records, documents and systems of the clients to ensure financial recording accuracy and compliance with established accounting standards.
• Compute financial ratios by analyzing monthly and yearly financial statements, balance sheet, cash flow statement, aged receivables/ payables listing on a periodic basis.
• Manage the placing of tests for Control risk self assessment (CRSA) and randomly tested the CRSA done by the administrative units managers to observe its compatibility with the current working status and output.
• Supervise the conduct of customer service staff to be in line with the bank’s code of conduct.
• Supervise Quality assurance.
• Reporting periodically to the head of internal Audit and inspection.
Ensure accuracy of input and efficiency in settlement of deals performed by Treasury (FX/MM and CP deals).
Produce payments and Confirmations & Advises in a timely and accurate manner.
Perform deal confirmation matching and promptly investigate any exception.
Cover the nostros accounts to avoid paying debit interest.
Implement all control measures for Treasury Operations to minimize risk and avoid losses.
Ensure smooth coordination and reconciliation with Treasury (front office).
Ensure adherence to external/internal regulatory requirements and fulfill all Central Bank as well as Head office reporting requirements in a timely and accurate manner.