Profile A bilingual Audit Executive with expertise assisting management in assessing and controlling risk and evaluating business processes for improvement through best practises. As a Chief Audit Executive for North America reporting to CEO and Audit Committees, Tim directed the development and execution of risk based audit plans to address risk and satisfy multiple regulators and audit committees. Tim has established and directed the North American Internal Audit function for a Global Financial Services leader Proficient in directing Financial, Operational, Forensic, Project, IT and Compliance audits gained through over 30 years of external and internal audit experience in multi-unit, multi-country environments.
EXPERIENCE and EXPERTISE
ROYAL BANK FINANCIAL GROUP 2008 to 2017
Leader Capital Markets Finance Internal Audit Planned and executed audits in the Bank’s Capital Markets businesses globally including in Treasury Finance, Market Valuations, Securities and Derivatives reporting, Product and Financial Control, Group Risk Management, Economic Capital, Project implementation compliance to RBC Large Project Management Framework, Regulatory Capital BCAR (Basel Capital Adequacy Return), CCAR (Comprehensive Capital Adequacy Review) returns, SOX and IFRS Implementation and on-going compliance, Compliance to anti-money laundering and anti-terrorist financing regulations in Canada, USA and UK.
Identified numerous control issues and root causes and recommended practical mitigation solutions.
Developed remote auditing and continuous data analytics approach to SOX auditing for Canada, US and UK Capital Markets Product Control to reduce travel costs by hundreds of thousands of dollars while enhancing coverage.
Developed new risk based continuous auditing program and approach to address US Intermediate Holding Company US entity specific regulatory coverage requirements.
Oriented and trained new RBC external auditors PWC on RBC Capital Markets Product Control systems, processes, products and controls in Toronto, New York and London.
Used data analytics to enhance efficiency and effectiveness of capital markets product control audits.
COMPUTERSHARE 2000 to 2007- Chief Audit Executive for North America reporting to CEO and Canadian and US Audit Committees As Chief Audit Executive for North America reporting to CEO and Canadian and US Audit Committees Tim directed the development and execution of risk based audit plans to address risk and satisfy multiple regulators and audit committees. Tim established and directed the North American Internal Audit function for this Global Financial Services leader.
Head of Internal Audit Canada subsequently promoted to Head of Internal Audit North America
Established the internal audit function and infrastructure for Computershare in Canada and the USA. Implemented a risk-based audit plan to mitigate financial and operational risk and address regulatory compliance.
Built in house auditing teams through the hiring, training and motivation.
Directed the implementation of a risk based audit methodology based on COSO frame work.
Spearheaded the implementation of Enterprise Risk Management (ERM) and control self-assessment programs in North America.
Directed audit of financial disclosure controls for Canada and US to address SOX like requirements of Australian regulator.
Identified internal frauds and managed investigations and asset recovery efforts that resulted recovery of millions in fraud losses.
Integrated the audit departments of Computershare and Equiserve, the largest transfer agent in the United States, and maintained staff cohesion and morale.
Managed the first-time development of a SAS 70 to address US clients’ SOX requirements resulting in satisfied clients and a revenue stream for Computershare.
Established North American Fraud Action Committee to identify and address fraud risks resulting in the rapid dissemination of emerging threats and action plans globally across all business units.
Managed the project audit of the IT conversions of the shareholder records of the four stock transfer systems used by Equiserve to the Computershare proprietary system to satisfy requirements of US regulator, major clients, and the Board.
Regular participant in Chief Audit Executives Round Table of the Toronto Chapter of the Institute of Internal Auditors.
SCOTIABANK (Montreal Trust Division) 1990 to 2000 *
General Manager Ontario Regional Accounting
Assigned by Executive VP to turn around an accounting department that had deteriorated due to staff turnover and weak management. Successfully accomplished this mandate resulting in promotion to AVP Projects and Operations Assessment.
AVP Projects and Operations Assessment [Montreal Trust Division]
Appointed by Senior Management to lead this newly created position.
Member of the Montreal Trust Management Committee reporting to Executive Vice President Montreal Trust Division. Directed team evaluating operations for best practices, process efficiency, automation opportunities and internal controls.
Supervised projects to correct problem areas through root cause analysis of errors and innovative solutions.
Lead forensic investigation and documentation of frauds and unauthorized activities.
Managed the reviews of third party service providers and agent brokers for contractual and statutory compliance.
Managed and participated in business acquisitions due diligence related to operations and controls.
Headed up the development of Disaster Recovery and Business Continuity plans for Montreal Trust businesses.
Coordinated Y2K project relating to systems used by Montreal Trust and reported status to Management Committee.
Scotiabank Senior Audit Manager *
Directed audits of the Montreal Trust Division which included the: Pension and Investment Funds Services, Corporate Trust, and Stock Transfer businesses.
Managed and participated in other Scotiabank Group audits and investigations in Canada and Haiti.
Managed the forensic investigation and documentation of complex internal frauds. Identified fraudulent collateral security associated with fraud resulting in recovery of $13 million. Interfaced with law enforcement and court officers and presented evidence in court.
Montreal Trust Company Montreal Trust was a full service national trust company with a Personal Services Division that included: 64 branches providing retail banking and lending, personal trust wealth management and mutual funds services and the real estate sales businesses, and a Corporate Services Division that included: corporate debt administration and trustee services with $200 Billion of debt under administration, Pension trust services with $100 billion of assets under administration, and stock transfer operations which represented 65% of the Canadian market.
Manager Corporate Audit then Manager Branch Audit
Reported to the Chief Auditor. Between these two roles, directed audit of 100% of this multi-product, customer service driven major financial institution.
Brought increased focus on fraud and money laundering risks to internal audit programs resulting in an increase in the discovery of internal and external frauds by internal audit.
Implemented a short-term rotation program through audit to expose retail banking personnel to training in internal controls to increase their awareness of fraud risk and enhance their prevention and detection skills.
Developed and successfully launched a process of continuous control self-assessment with retail banking branch operations. This resulted in a formalized daily, weekly and monthly control verification process reducing risk of errors and losses.
Managed the investigation and documentation of special investigations of major internal defalcations and client frauds providing support for successful criminal and civil litigation including a loan fraud of $2.5 Million.
Spearheaded the development and implementation of a Risk Assessment model for the audit department to prioritize audits based on selected risk factors, resulting in a better allocation of audit resources based on risk.
Campos & Stratis Ltd. 1984 to 1990 Forensic Audit Manager:Honed skills in forensic audit in over 40 different industries saving insurers millions of dollars in exposing unsupported and excessive insurance claims for inventory losses, additional expenses and business interruption. Managed financial motive for arson and fidelity claim investigations Peat Marwick Mitchell & Co. (KPMG) 1981 to 1984 Senior Auditor:Articled for Chartered Accountant designation
EDUCATION Bachelor of Science (BSc.), Bachelor of Commerce (B.Com.) and Post Graduate Diploma in Accountancy (GDA) Concordia University Montreal
* Scotiabank acquired Montreal Trust in 1994. Computershare acquired Montreal Trust Stock Transfer and Corporate Trust businesses from Scotiabank in 2000.