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Tony Kwan
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Finance leader with 30 years of experience in financial reporting and treasury
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Tony is an expert in:
. Statutory and Regulatory Reporting . IAS 39 Fair Value accounting . FAS 133 Hedge Accounting . IFRS9 Financial instrument accounting . Automating financial technology . Mortgage Accounting . Asset Liability Management . Projects (IFRS 9 impairment, OSFI reporting, SOX, EUC) . Designing and building a securities database (Trading and AFS) to centralize disclosure and governance . Custer 7 Excel governance and control . Cognos Disclosure Management system CDM . Driver based forecast and planning |
WORK EXPERIENCE (RBC) 1986 - 2017
Sr. Director, Statutory and Regulatory Reporting 2009 - 2017
- Automate Report to Shareholders process leveraging Cognos Disclosure Management, resulting in both effectiveness and over 50 workday savings by front loading efforts.
- Design and build securities data base (Trading and AFS) which enabled centralization of disclosures and ensure enterprise governance and consistencies resulting in hundreds of workdays eliminated across the enterprise.
- Executed various accounting standards and projects (IFRS 9 impairment stream, OSFI reporting, SOX, EUC Controls etc).
Sr. Director and program lead, Project IAS 39
2006 – 2009
- Led bank-wide design and execution of IAS 39 (Fair Value accounting)
- Design and executed Classification and securities disclosure process with strong SOX controls.
Sr. Director - Forecasting and Financial Reporting, Global Technology & Operations 2004 – 2005
- Led major restructuring impacting over 3,000 FTE by centralizing IT and Operations groups across the enterprise.
- Constant up/down communication with senior executives and impacted groups.
Sr. Director, Global Services 2003 – 2004
- Responsible to help define and deliver financial results.
- Cut areas where cost/benefits did not make financial sense.
Sr. Director and program lead, Enterprise General Ledger Replacement 2001 – 2003
- Prepared PAR (Project Appropriation Requests) from CFO to Board to replace 40 disparate GL systems across the enterprise into one with cost over $100 million and 73,000 workdays.
- Led Project Office, Financial Office, Training and Legal streams.
- Project was delivered on budget and on time.
Project Lead/Sr. Director, Corporate Treasury / Finance (FAS 133 Hedge Accounting) 1999 – 2001
- Led the design and execution of Hedge Accounting enterprise wide with minimal budget.
- Worked directly with the CFO office to deliver results on time on budget and minimize earning volatilities.
Sr. Director, Merger Office (RBC- BMO proposed merger), Head Office 1998-1999
- Led both RBC and BMO Finance team in delivering critical financials analysis to both banks’ Board and Canadian Ministry of Finance and the Competition Bureau.
- Tracked and cost out public commitments made by both Banks.
Sr. Director, Enterprise Financial Policy & Decision Support 1997-1998
- Designed and implemented Economic Capital Allocation and Matched Maturity Funds Transfer Pricing policy and systems.
CFO and Sr. Director, Mortgages Business 1996-1997
Sr. Director, Finance Review Transformation Task Force 1995-1996
Senior Manager – Asset Liability Management 1992-1995
Manager, Performance Management, Forecasting and Planning 1989-1992
Assistant Manager Forecasting – Corporate Comptroller 1987-1989
Financial Analyst – Corporate Comptroller 1986-1987
Sr. Director, Statutory and Regulatory Reporting 2009 - 2017
- Automate Report to Shareholders process leveraging Cognos Disclosure Management, resulting in both effectiveness and over 50 workday savings by front loading efforts.
- Design and build securities data base (Trading and AFS) which enabled centralization of disclosures and ensure enterprise governance and consistencies resulting in hundreds of workdays eliminated across the enterprise.
- Executed various accounting standards and projects (IFRS 9 impairment stream, OSFI reporting, SOX, EUC Controls etc).
Sr. Director and program lead, Project IAS 39
2006 – 2009
- Led bank-wide design and execution of IAS 39 (Fair Value accounting)
- Design and executed Classification and securities disclosure process with strong SOX controls.
Sr. Director - Forecasting and Financial Reporting, Global Technology & Operations 2004 – 2005
- Led major restructuring impacting over 3,000 FTE by centralizing IT and Operations groups across the enterprise.
- Constant up/down communication with senior executives and impacted groups.
Sr. Director, Global Services 2003 – 2004
- Responsible to help define and deliver financial results.
- Cut areas where cost/benefits did not make financial sense.
Sr. Director and program lead, Enterprise General Ledger Replacement 2001 – 2003
- Prepared PAR (Project Appropriation Requests) from CFO to Board to replace 40 disparate GL systems across the enterprise into one with cost over $100 million and 73,000 workdays.
- Led Project Office, Financial Office, Training and Legal streams.
- Project was delivered on budget and on time.
Project Lead/Sr. Director, Corporate Treasury / Finance (FAS 133 Hedge Accounting) 1999 – 2001
- Led the design and execution of Hedge Accounting enterprise wide with minimal budget.
- Worked directly with the CFO office to deliver results on time on budget and minimize earning volatilities.
Sr. Director, Merger Office (RBC- BMO proposed merger), Head Office 1998-1999
- Led both RBC and BMO Finance team in delivering critical financials analysis to both banks’ Board and Canadian Ministry of Finance and the Competition Bureau.
- Tracked and cost out public commitments made by both Banks.
Sr. Director, Enterprise Financial Policy & Decision Support 1997-1998
- Designed and implemented Economic Capital Allocation and Matched Maturity Funds Transfer Pricing policy and systems.
CFO and Sr. Director, Mortgages Business 1996-1997
Sr. Director, Finance Review Transformation Task Force 1995-1996
Senior Manager – Asset Liability Management 1992-1995
Manager, Performance Management, Forecasting and Planning 1989-1992
Assistant Manager Forecasting – Corporate Comptroller 1987-1989
Financial Analyst – Corporate Comptroller 1986-1987
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EDUCATION
M.B.A. (Finance and Accounting), McGill University, 1985 Diploma in Management, McGill University, 1983 Bachelor in Engineering (Civil), McGill University, 1982 |
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Major recognitions:
- Recognized by RBC CEO in RBC bank wide Annual Employee shareholders meeting for transforming Asset/Liabilities management by introducing and executing computer simulation - Received recognition letters from Senior Executive (SVP Capital Marketa) for reducing Risk Weighted Assets and improve tier 1 capital ratio by over 10 bps |