Deputy Head of Internal Audit. Acting Head for 1 year.
Kuwait International Bank
Total years of experience :45 years, 4 Months
Managing the Internal Audit Deparment. Implementing the annual risk-based audit plan, and ensuring that performance complies with the standards, internal audit policies and procedures, risk-based methodology, achieves the objectives and is backed by audit evidence. Interacting with C-Suite executives, the Audit Committee, and with other Committees of the Board and Management, and making presentations. Scheduling assignments and setting staff targets, assignment planning and deliverables, directing audits/reviews and follow up of outstanding audit issues. Review and assessment of internal control systems and processes that are established to ensure compliance with policies, procedures, regulatory directives and governance frameworks, and in identifying weaknesses, making recommendations and providing advisory to all levels of management.
Training courses conducted were at the Institute of Banking Studies (established by the Amir's decree to provide specialized banking education in Kuwait). The courses were on “Stress Testing and Capital Adequacy Assessment”, “Auditing the Treasury - Front, Middle and Back Offices”, “Credit Risk Assessment Audit” and "Corporate Governance Compliance" and so on. A mix of training techniques such as slides, lectures, videos, case studies, group exercises and role-play were used. Also conducted the Regulator stipulated Compliance and AML training for all the employees at two employer banks (in Bahrain and Kuwait) and at other financial institutions upon invitation. The required documented evidence can be provided.
Accomplishments:
• Officiated as Head in the absence of the CAE and managed 12 staff.
• Skilled in developing the Audit and Risk Management strategy in line with the functional strategy to ensure vertical alignment and horizontal integration with corporate vision and business departments’ strategies.
• Expert in assessing if departmental strategies and plans developed and implemented are in-line with the corporate vision and mission.
• Accomplished in effective achievement of departmental objectives, preparing and executing annual risk based audit plans, setting and monitoring annual targets, scheduling assignments, assignment planning, and directing audits/reviews.
• Demonstrated ability for leading Internal Audit towards quality excellence in assurance and consulting, evaluating audit documentation, reviewing draft reports and auditee responses, conducting rectification follow-up and educating the departments to enhance controls and risk mitigation to ensure that audit irregularities do recur.
• Ensured that audit plans and procedures meet approval of the CEO and Board Audit Committee.
• Dynamic team-builder, facilitator and mentor, setting individual objectives, recruiting qualified staff, managing performance, developing and motivating staff, provision of formal and informal feedback and appraisal.
• Strong skills in analyzing and recommending departments’ budgets, monitoring actual versus budget, analyzing variances, and making recommendations to control budgetary deviations, cost reduction or performance improvement.
• Provided excellent consultancy to business units on areas of unsatisfactory performance and for capitalizing opportunities.
• Skilled in managing the Internal Audit function, interacting with the CEO and C-suite executives, and making presentations to the Board Audit Committee, and providing them with annual, periodic and ad-hoc reports, and receiving guidance from them in developing and implementing strategic plans.
• Expert in evaluating risks, controls effectiveness and governance standards/ frameworks, spotting weaknesses in internal control, prepayment audit and review documents, actively guiding the Audit team to work within and across functional units to ensure relevant risks are controlled.
• Provided regular value-added inputs and advisory to improve processes to ensure compliance with required regulations and policies, matching with the business growth and complexities.
• Strong project driving skills that ensure timely completion and smooth implementation. Managed multiple assignments under extreme pressure and met tight deadlines.
• Ensured effective coordination and liaison with external auditors to ensure smooth progress of audits, implementation of professional audit standards and resolving outstanding audit queries.
• Skilled in piloting and directing change through continuous improvement of departmental systems, processes and practices based on international best practice, changes in international standards and changes in the business environment which demand proactive action plans.
• Managed/directed fraud investigations and recommended controls enhancements.
• Performed risk based process reviews focused on risk identification, controls and continuous assessment for regulatory, operating, market and credit risks, vis-à-vis the changing business environment, growth, technology, competition and anti-money laundering laws. Re-defined and rationalized processes and controls resulting in efficiencies, reduced turn-around time and stronger controls.
• Assessed the evaluating, monitoring and reporting processes/mechanism for the key risks by management, and reported the gaps, lapses and breaches via published reports to provide assurance. Reviewed policies & procedures, verified their implementations and tested related controls, to provide assurance on the risk management frameworks.
• Executive Manager - Heading the Banking Operations Audit, comprising all head office divisions as well as overseas branches and subsidiaries.
• Directed audits, schedulling, budgeting and managing resources.
• Review, guidance and adding value to the job done by the audit teams.
• Finalised audit reports for publishing.
• Special responsibilty for streamlining the AML and Compliance functions for the Bank.
Appointment approved by the Central Bank of Bahrain.
Member of: (i) Management Committee, and (ii) IT Steering Committee (both chaired by the CEO).
Accomplishments:
• Set up and headed the Internal Audit, AML and Compliance functions, as per statutory regulations as well as international guidelines and best practices.
• Prepared risk based annual audit plan, presented to the Board Audit Committee, obtained approval and implemented the same.
• Prepared the Compliance Universe and mapped/embedded AML/compliance into all products and processes.
• Provided ongoing assurance and guidance to the Board about compliance with various regulatory directives, international guidelines (FATF) and best practices.
• Liaised with regulators with regard to AML/TF and Compliance function and issues.
• Delivered consultancy to revamp operational and business processes that resulted in cost savings of about 15%, reduced turn-around time and enhanced controls.
• Conducted Bank-wide training programs for all staff of the Bank on: (i) Combating Money Laundering and Terror Financing, (ii) Basel II - Overview and Roadmap, (iii) Banking Operations, (iii) Operational Procedures.
• Provided periodic reports and updates to the Board Audit Committee and the CEO.
• Re-prepared Audit Charter, Audit Manual, KYC Policy & Procedures, and AML Policy & Procedures.
• Created and implemented an effective counter-fraud and investigation strategy.
• Worked closely with business and support divisions to implement the annual business plan and strategy.
• Put in place controls and anti-fraud measures for automated solutions, and as Secretary of the IT Steering Committee successfully cut-over to the upgraded core banking systems (Branch Power and Bank Master).
• Led Enterprise Risk Management initiative, culminating in assessment by senior leadership team and Board of key business risks and development of appropriate risk responses.
As Audit Manager officiated as Head in the absence of the Head of Internal Audit and managed 18 staff. Responsible for audit of all divisions and branches.
Accomplishments:
Audit:
• Prepared risk based audit plan, and directed/performed complex audits of all head office divisions and large branches (local & overseas). Achieved over 15% costs savings year on year.
• Detected money laundering via multiple letters of credit for import of steel scrap in the sum of US $ 16 million.
• Detected revenue leakage of over US $ 800, 000 during the audits over a period of three months.
• Detected a scam of US$ 25 million perpetrated by a client.
• Assessed the policies/procedures, Key Risk Indicators, related processes, work & data flow, key controls and triggers, to ensure the comprehensiveness of the implemented risk management frameworks and made recommendations thereon.
• Verified the Performance Indicators and whether achieved, the reasons for non-achievement and provided comments/recommendations thereon.
Fraud:
• Investigated incidents reported, suspicions and allegations (whistle blown); detected fraud during audits; organized and managed bank-wide investigations; reconstructed incidents based on evidence and findings to prepare the case.
• Designated as the central contact between the Bank and the external agencies (Police, regulators, lawyers, finger-print experts and insurance examiners).
Projects:
• Part of the project team and involved in testing and implementation of: Core Banking system cut-over to Kapiti Equation 400 and Beam Impact; Eximbills for Trade Finance; Vision Plus for credit cards; Clearing and Bills for Collection systems; Stationery management system; User Access System (browser-based); Loans classification and provisioning system, and several other automated solutions.
Saraswat Bank (www.saraswatbank.com) was established in 1918, and is India's leading co-operative bank with business of US$ 6.45 billion, operating in six states with 223 fully automated branches and 137 owned ATMs.
Frontline Banking related experience:
• Managed a medium sized branch with 18 staff.
• Achieved year-on-year the approved budgets and targets (assets and liabilities) prescribed for the Branch.
• Excellent client relationship management causing the clients to prefer the employer Bank as a bank of choice.
• Joint custodian for cash, bullion and securities.
• Processed/approved corporate and retail loans and trade finance products per lending policies and delegated approval authority.
• Performed credit administration functions, treasury and investments middle office and back office functions.
• Recording of transactions, preparing the Day Book and posting to the General Ledger (manual environment from 1982 to 1986; automation embarked upon from mid-1986).
• Performed centralized banking operations.
• Recovery and follow-up of delinquent loans.
Audit Firm with 300 clients then, comprising corporations, partnerships, non-profit and individuals.
Senior Auditor
Responsible for 12 audit clients and 23 tax clients that generated 22% of the Firm’s revenue.
• Audited incorporated companies, partnership firms and one non-profit association (National Sports Club).
• Prepared and filed tax returns for clients, and represented clients at the tax appeal cases and successfully and obtained tax refunds.
• Provided company affairs, incorporation and management consultancy services to clients.
Course provider was Bureau Veritas.
Certified Internal Controls Auditor.
Course provider was British Standards Institute (BSI), UK.
Additional qualifications/education details are given below: 1. C.A. Finalist, Institute of Chartered Accountants of India.