Ibrahim Adeeb

Ibrahim Adeeb Address: Cell: email: North Nazimabad Block C, Karachi, Pakistan. 74700. -- Key Strengths and Core Sills: Areas of Expertise Level o Financial reporting and review of financial statements Expert o Management reporting and budgeting/ forecasting Expert o Cost controlling and financial planning & analysis Export o Financial operations and treasury management Expert o Compliance with corporate laws Expert o Risk management Expert o Internal controls/ ICFR/ COSO/ SOX Expert o Business Process Improvement/ Reengineering Expert o Strategic organizational structure review and design Expert o ERP/ System implementation and functional advisory Expert o Development of policy/ procedural manuals, SoPs etc. Expert Financial Management Decision Support Professional Achievements – Highlights: • • • • • • • Assisted one of our most prestigious clients in achieving cost savings of approx. PKR 500 million annually through a process re-engineering and work load rationalisation project. Conducted an industry leading 2 day workshop for C-suite professionals, including CIAs and CFOs, presenting latest developments in emerging risk based and thematic internal audit practices. Participated as a member of an exclusive Working Group compiled by the Pakistan Banks’ Association (PBA) for commenting on regulatory affairs and negotiating with regulators for practical solutions to issues faced by the banking industry in Pakistan. The Group was comprised of prominent executives representing all banks operating in Pakistan, with PwC as the only representative from the consulting community. Developed a concept paper on risk-based remuneration, in line with international benchmark regulations, which was subsequently adopted by the local regulator and embedded within the local regulatory framework for banks. Successfully conducted an industry workshop on SBP’s Guidelines on Remuneration Practices which was attended by Board members, Presidents and C-Suite representatives from the entire banking industry in Pakistan. The workshop was chaired by the Governor State Bank of Pakistan. Developed a successful internal audit department from scratch at one of the industry leaders in Pakistan resulting in value added services to the organisation as a whole. Successfully completed over 15 large scale projects related to internal audits and internal controls during my association with A. F. Ferguson & Co., a member firm of the PwC network. Technical Knowledge Leadership & Management Ibrahim Adeeb Address: Cell: email: North Nazimabad Block C, Karachi, Pakistan. 74700. -- Professional Experience: 1) Position: Deputy General Manager Finance at Artistic Apparels (Pvt.) Ltd – from Jan 2022 to date Reporting directly to the CEO and Board of Trustees, key responsibilities: ▪ Lead overall financial operations including management reporting, financial reporting, finance business partnering, financial analysis, budgeting, treasury, receivables and payables. ▪ Production costing and controlling including pre order costing, period costing as well as job order post production costing. ▪ Corporate secretarial practices including compliance with corporate laws. ▪ Strategic decision support for new projects including business feasibilities ▪ Liaison with third parties such as auditors, legal advisors, consultants etc. ▪ Risk management and evaluation of the company’s control environment and development of remediation plans to address identified weaknesses. ▪ Development of formal Policies and Procedural manuals for different business cycles. ▪ Coordinating with IT department for streamlining ERP and bugs resolution. Significant achievements: Streamlined and formalised the Finance Department introducing various process improvements and efficiencies resulting in better reporting, enhanced accuracy and reduced TATs. Participated various capital and operational projects to reduce production costs and increase margins. Incorporated significant control and procedural improvements in the ERP for enhanced accuracy and efficiency. 2) Position: Director Finance at Burhani Hospital Trust – from 2017 to date Reporting directly to the CEO and Board of Trustees, key responsibilities: ▪ Managing overall financial matters, including working capital management, liaison with bankers, legal advisors, tax consultants etc. ▪ Strategic decision support through intelligent reporting and data analysis. Development of dashboards for Executives and Board consumption. ▪ Financial and management reporting including annual and monthly closings, MIS reporting, budgeting, feasibility reports, pricing and recovery. ▪ Secretarial support to Board of Trustees, including circulation of agendas, recording and approval of minutes, compliance with legal requirements, dealing with regulators, submission of regulatory reports, development of ToRs etc. ▪ Financial controls testing to ensure accuracy of financial information being reported internally as well as externally ▪ Development of Anti-Fraud Policy and Fixed Assets Policy. ▪ Cash, billing and receivables management, elimination of losses due to bad debts, recovery of past due amounts etc. ▪ Coordinating with IT department for streamlining ERP and bugs resolution. ▪ Upgrading ERP through testing and installation of new features and modules. ▪ Evaluation of the company’s control environment and development of remediation plans to address identified weaknesses. ▪ Development of formal Policies and Procedural manuals for different business cycles. ▪ Investigation of instances of frauds and other losses. Significant achievements: Streamlined and formalised Finance Department comprising of Accounts office, Admissions Office, Cash Counters, Corporate Office (Key accounts) and Billing Office. Introduced various forms and checklists for documenting Ibrahim Adeeb Address: Cell: email: North Nazimabad Block C, Karachi, Pakistan. 74700. -- operational tasks, ensuring accountability and eliminating errors. Upgraded ERP by introducing new features, control and modules. 3) Position: Consulting Manager in Business & Risk Consulting group at A. F. Ferguson & Co. a member firm of the network from 2006 to 2012 and 2014 to 2017 ▪ Key responsibility to execute various advisory projects effectively and efficiently, ensuring material gains for clients and the firm. Experience in various projects summarised below. S. No: 1 Project: Implementation of Guidelines on Remuneration Practices Year:- Project Scope: The project includes assisting our clients in the Banking Sector to implement the State Bank of Pakistan’s Guidelines on Remuneration Practices. The objective of these guidelines is to provide guidance to Banks and DFIs to develop fair, transparent and sound compensation policy that is aligned with risks and responsibilities of Financial Intermediation. These guidelines intend to make Directors and senior management more accountable for their governance and performance vis‐à‐vis determination and payment of compensation. The compensation policy needs to be objective and transparent. Activities involved in our project scope include: • • • • • Review existing governance structure with respect to remuneration practices and updating structure and responsibilities of the Board Remuneration Committee accordingly Development of a comprehensive all-encompassing inclusion criteria for identification of code staff and materiality thresholds Identification of areas for improvement in existing business, operational, HR and risk models and development of recommendations with respect to the current state of readiness for implementation of the Guidelines Assistance in development of risk-adjusted balanced scorecards for in-scope code staff after cascading of Bankwide strategies to employee level KPIs, covering required dimensions and business functions Assistance in development of Bank-wide remuneration framework in line with requirements of the Guidelines as well as relevant best practices Role in the Project: Subsequent to developing and introducing the product for advising our clients on implementing SBP’s Guidelines on Remuneration Practices as a first in the country, I am currently leading all related projects and report directly to the Engagement Partner. S. No: 2 Project: Business Process Re-engineering/ Process Improvement Year: 2016 Project Scope: Process re-engineering/ process improvement projects mainly focus on streamlining the entity’s process across the organisation with the objective of reducing processing time, increasing customer satisfaction, decreasing process costs and improving overall controls on the processes Activities involved in our project scope include: • • • Conducting detailed scoping study and development of detailed process inventory, documentation of process objectives and comprehensive As-Is process documentation Different work streams were identified for organisational structure review and business processes for effective project management Conducted detailed organisation structure review to identify any issues/ redundancies/ conflict of interest in existing structure and suggested proposed/ To-Be organisational structure and reporting lines Ibrahim Adeeb Address: Cell: email: • • • • • • • • • North Nazimabad Block C, Karachi, Pakistan. 74700. -- Information of the current state of affairs of the client in each of the above mentioned cycle was obtained through inspection and review of client documentation, observation of process execution and well-planned discussions held at the client’s convenience. Developed key performance indicators/ evaluation criteria and linked it with overall remuneration through an effective reporting and monitoring mechanism Rationalisation of branch and service centres through greater adoption of self-service channels and lower cost of service Identification and use of demographic, transactional and analytical data to drive business value, enhance customer satisfaction and work load management Benchmarking with best local and international practices Remediation Planning and implementation Revised senior management committees structure review such as BRC, ManCom, ALCO etc. and prepared comprehensive reporting packs and developed committees ToRs Alignment of overall business objectives with departmental and employee performance Development of comprehensive forms for data gathering/ transactions, balanced scorecards and KPIs/ KRIs for the key staff Role in the Project: Out of a total of 5 similar assignments completed by our firm, I was involved with two of our most prestigious clients as the Team Lead reporting to the Engagement Leader, responsible for overall knowledge leadership, project engagement, execution and completion. S. No: 3 Project: Internal Audit Transformation Year: 2017 Project Scope: One of our clients had initiated a strategic project to re-organise their Internal Audit function and incorporate latest internal audit best practices as well as redefine the scope of the department as a whole. The project had wide-ranging implications on the organisation and they engaged our firm to assist them in the process Activities involved in our project scope include: • • • • • Reviewing the overall organisational structure and business and risk matrix of the entity in order to assess the scope of work required Development of updated ToRs for the Internal Audit Department in line with best international practices. Significant changes included introduction of an internal audit consulting division, quality assurance division, management liaison section and a special projects team Development of an Internal Audit transformation plan, including finalising the updated Internal Audit organisational structure, development of JDs and KPIs for new positions, updating the Audit policy and manual to incorporate the enhanced scope of the department Development of working paper formats and audit checklists to support the relevant teams Development of detailed remediation plans outlining the transformation process and implementation initiatives along with relevant individual responsibilities and timelines Role in the Project: Co-Team Leader. This project was led by two Senior Managers from the department. Considering the complexity and far reaching impacts of the project, this project was executed by a select team of highly skilled individuals for maximum benefit to our client. Ibrahim Adeeb Address: Cell: email: S. No: 4 North Nazimabad Block C, Karachi, Pakistan. 74700. -- Project: Internal Audit Year:- Project Scope: Conducted various risk based and thematic audits for our clients involving full scope as well as agreed upon procedures assignments. Activities involved in our project scope include: • • • • • • Overall risk assessments in order to identify high risk areas in the organisation Development of thematic audit plans specifically targeting high complexity or high risk areas in line with client requirements in order to assess specific areas Development/ updating the annual audit plans in order to align the audit requirements (nature, scope, extent etc.) with the risk assessments Development of audit calendar and organisational structure in line with the audit plan covering the entire audit scope for the project, along with audit team planning, allocation of tasks, coordination of team deployments, generating testing documentation and work programs, development of a management reporting process etc. Leading audit activities across the organisation and finalising audit findings Communication of audit findings to relevant people and effective follow up, including development of follow-up reports and developing recommendations for improvement. Role in the Project: Participated in a number of recurring and not recurring internal audit assignments throughout my career, starting out as a junior team member responsible for executing audit inspections, to team lead responsible for entire assignments. S. No: 5 Project: Workload Assessment and Rationalisation Year: 2016 Project Scope: Activities involved in our project scope include: • Carried out a detailed time and motion study across different functions of the bank in order to identify optimum processing times and learning curves • Conducted a comprehensive headcount rationalisation through leaner organisational structure, identification of redundant positions and realignment of roles and responsibilities Role in the Project: Responsible for leading time and motion study across the bank, documenting actual results and comparing with projected figures. S. No: 6 Project: System Implementation Functional Advisory Year: 2015 Project Scope: Our client had initiated a project to automate their lending cycle by implementing a complete loan origination, collateral management and capital calculation system. In order to ensure that the bank’s requirements were duly translated into system abilities and to monitor system implementation, they engaged our services to: • • • Conduct a bank-wide review to identify and consolidate the bank’s requirements for corporate, commercial, retail, agricultural, Islamic and SME lending in the form of a comprehensive wish-list Rationalise and translate the wish list into Functional System Design (FSD) and ultimately into the Logical Design Document (LDD) Vendor assessment through identification of gaps in the system functionalities, i.e. identification of design elements not available in the system, along with finalising work-around processes to address the issues. Ibrahim Adeeb Address: Cell: email: • • • • • North Nazimabad Block C, Karachi, Pakistan. 74700. -- Vendor finalisation suggestions on best fit, system functionalities, customisation and cost considerations Identification of essential IT architecture including integration/ interface data points Assisting the vendor in system design and implementation by development of testing scenarios for Integration Testing and User Acceptance Testing Assisting the bank in conducting Integration and User Acceptance Testing as well as pilot testing prior to system implementation Development of a country wide system roll out plan along with user training material in coordination with system vendors Role in the Project: This project was executed by two teams. I was leading the team responsible for loan origination and collateral management side of the system, whereas another team was responsible for the capital calculation side of the system. S. No: 7 Project: Development of Policy and Procedural Manuals Year:- Project Scope: Our clients had implemented significant process changes over long periods of time as a result of regulatory requirements, operational requirements, strategic changes, product planning and process improvements. As a result their existing documentation such as policies, procedural manuals, SLAs etc. had become obsolete and needed to be updated. Scope of our work included: • • • Generating detailed process inventories in order to map bank-wide activities Mapping the activities with the organisational structure and existing documentation in order to identify processes and activities which are either not duly addressed or not adequately addressed therein Development of updated policy documents, procedural manuals and SLAs in order to ensure adequate documentation of bank-wide activities and processes Role in the Project: Team member responsible for executing assigned targets for designated cycles. These include branch banking, consumer lending and finance cycles S. No: 8 Project: Internal Control Review and Implementation Advisory Year:- Project Scope: The projects scope included evaluation of the banks’ internal controls (both operational controls and controls over financial reporting) considering the requirements of COSO Framework/ SOX Act and PCAOB Audit Standard 5. Major tasks and responsibilities included: • • • • • • • Scoping exercise for identification of significant accounts, disclosures and business processes/ cycles Documentation of As-Is processes through client interviews, procedural documentation and system walkthroughs Evaluation of internal controls over financial reporting (ICFR) and operating controls Identification of gaps through brainstorming and vetting the current policies/ practices against diverse benchmarks Preparation of detailed remediation plans and modification of bank’s process flows keeping in view international best practices and incorporating the agreed gaps and recommendations Identification and quantification of key risks using an Impact – Likelihood Matrix with judgmental overrides Development of Risk Control Matrices (RCMs) to document the controls deployed against inherent financial risks of the bank Ibrahim Adeeb Address: Cell: email: • North Nazimabad Block C, Karachi, Pakistan. 74700. -- Development of Control Testing Plans along with Management Reporting Packs for assessment of testing outcomes Role in the Project: Team member responsible for executing assigned targets for designated cycles. These include entity level controls, lending cycle, deposits cycle, treasury cycle, trade finance, consumer finance, retail banking, Islamic banking, finance function, customer experience, credit risk management and international banking 4) Position: Manager (Acting Head) – Internal Audit from 2012 to 2014 Reporting directly to the CEO, key responsibilities: ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ Development and updation of the Internal Audit Department organizational structure Development of the Internal Audit Policy and Procedural Manuals Financial controls testing to ensure accuracy of financial information being reported internally as well as externally Development of Internal Audit checklists for audit of areas, such as cash payments, cash receipts, revenue recording, accruals etc. Coordination with the company’s IT department for development of a comprehensive web based portal for recording, reporting and resolving audit observations Organisational restructuring and business process re-engineering Evaluation of the company’s control environment and development of remediation plans to address identified weaknesses Formalisation of procedures for revenue recording Development of formal Policies and Procedural manuals for different business cycles Investigation of instances of fraud and other losses Significant achievements: Assisted in development and staffing of the Internal Audit Department at TCS. The company previously did not have a formal internal audit function, resulting in inadequate controls and management oversight. I was tasked with the development, staffing and documentation of an Internal Audit Department which would not only provide sufficient management oversight, but also participate in achieving the overall organisational goals and objectives by providing necessary support to the business, operations and other support groups. The Department was formally launched in 2012 and continues to add value to the business today. Scholastics: ▪ CA Finalist from Institute of Chartered Accountants of Pakistan