Non-fiction reading,
Mbongeni Madela
Risk Officer
Brackenfell
Summary
Accomplished Senior Risk Analyst from Allan Gray Proprietary Limited, adept in enterprise risk management and strategic thinking. Excelled in enhancing risk processes, reducing operational risks by implementing robust controls, and fostering a strong risk culture. Proven track record in stakeholder engagement and developing innovative risk mitigation strategies, significantly increasing organizational resilience.
Seasoned collaborator experienced in meeting needs, improving processes and exceeding requirements in team environments. Diligent worker with strong communication and task prioritization skills.
Overview
22
22
years of professional experience
Work History
Senior Risk Analyst
Allan Gray Proprietary Limited
08.2019 - 08.2024
- Supported the development of new business initiatives with comprehensive risk assessments and mitigation strategies.
- Evaluated third-party vendors for potential risks, ensuring the organization''s resources were protected from external threats.
- Increased transparency around risk exposures by developing clear communication channels between departments.
- Promoted a strong risk culture within the organization through training programs and ongoing communication efforts.
- Collaborated closely with stakeholders across different functions in order to obtain necessary information for detailed risk assessments.
- Collaborated with cross-functional teams to identify, assess, and mitigate emerging risks in a timely manner.
- Reduced operational risks by implementing robust control frameworks and monitoring systems.
- Strengthened internal controls by leading targeted audits and sharing best practices across departments.
- Enhanced risk management processes by conducting thorough analyses and providing actionable recommendations.
- Collaborated with the IT department in developing sophisticated tools to better predict, monitor, and manage potential risks impacting the organization.
- Developed comprehensive risk reports for regulatory bodies, demonstrating adherence to industry standards and requirements.
- Conducted scenario analyses to stress test organizational resilience against potential future events or market changes.
- Drove process improvements by identifying inefficiencies in existing workflows and recommending solutions based on thorough analyses.
- Monitored industry, technological and economic developments to stay current on potential risks.
Enterprise Risk Officer
Old Mutual Wealth
07.2014 - 12.2017
- Established and oversaw application of operational risk policies, technology and tools and governance processes to create lasting solutions for minimizing losses.
- Served as subject matter expert for development and implementation of corrective action plans where substantial unnecessary loss resulted regularly from current policy.
- Fostered productive business partnerships with team members and outside representatives to benefit personal understanding of risk factors and strengthen influence through positive reputation.
- Studied front line risk acceptances to identify avenues for improvement to new and existing business initiatives.
- Applied subject matter expertise and industry knowledge to provide independent oversight to operational risk management activities.
- Enhanced communication between departments by establishing a centralized risk information repository.
- Maintained a comprehensive risk register, regularly updating and tracking mitigation actions to ensure optimal risk management.
- Participated in audit reviews, providing expertise on risk-related matters and ensuring accurate documentation of findings.
- Collaborated with cross-functional teams to identify, assess, and mitigate potential risks across the organization.
- Produced and analyzed scorecards and other performance management tools to identify and mitigate risk exposure and monitor progress towards stated project goals.
- Ensured regulatory compliance by staying current on industry standards and updating company policies accordingly.
- Identified areas for efficiency improvements throughout the organization using targeted cost-benefit analyses.
- Implemented effective controls to limit operational risks associated with work processes in various departments.
- Evaluated emerging risks to proactively address potential threats before they materialized into significant losses.
- Designed custom training programs to educate employees on best practices in managing risks within their respective roles.
- Conducted thorough due diligence on potential investments, minimizing exposure to unforeseen risks.
Senior Auditor/Internal Audit Manager
Old Mutual Life Assurance
07.2006 - 06.2014
- Mentored junior auditors, contributing to their professional development and enhancing team performance.
- Completed audit papers by thoroughly documenting audit tests and findings.
- Managed multiple concurrent audits, effectively prioritizing tasks to meet deadlines without compromising quality.
- Enhanced audit efficiency by implementing risk-based audit strategies and streamlining processes.
- Reduced instances of non-compliance by conducting thorough audits and providing clear recommendations for improvement.
- Implemented best practices in auditing procedures through continuous learning and professional development activities.
- Identified management control weaknesses and provided value added suggestions for remediation.
- Strengthened the company''s overall control environment by identifying weaknesses and recommending corrective actions.
- Assisted in the development of training materials and resources for new hires, ensuring a smooth onboarding process for employees joining the internal audit team.
- Facilitated clear communication between auditors and stakeholders regarding findings, promoting transparency throughout the entire audit process.
- Improved team performance by providing ongoing training, guidance, and mentorship to junior auditors.
- Contributed to continuous improvement efforts within the department by sharing best practices and offering constructive feedback on existing processes.
- Leveraged technology tools such as data analytics software to enhance the efficiency and accuracy of internal audits conducted.
- Conducted regular follow-up reviews to ensure that previously identified concerns were addressed appropriately in a timely manner.
- Developed comprehensive audit plans to address identified risks, ensuring timely and effective execution.
- Maintained detailed records of completed audits for reference purposes, ensuring easy access to historical information when needed.
- Evaluated the effectiveness of implemented internal controls by regularly reviewing policies and procedures for compliance with regulatory requirements.
- Increased compliance with regulations through regular monitoring of internal controls and procedures.
- Ensured adherence to professional standards in all aspects of the audit process, upholding the integrity of audit work performed.
- Performed root cause analyses on identified issues, providing actionable recommendations for long-term improvements in business practices.
- Collaborated with management to develop action plans to address identified issues, fostering a proactive approach to risk management.
- Created a more collaborative work environment by fostering open communication channels between auditors, management, and other stakeholders.
- Prepared working papers, reports and supporting documentation for audit findings.
- Supported external auditors by providing accurate documentation and timely responses to inquiries during annual reviews.
- Assessed the effectiveness of corporate governance structures, contributing to enhanced transparency and accountability within organizations.
- Identified control gaps in processes, procedures and systems through in-depth research and assessment and suggested methods for improvement.
Auditor
Auditor-General South Africa
01.2003 - 12.2005
- Analyzed data and findings to prepare reports detailing financial information.
- Maintained confidentiality, handling sensitive information discreetly throughout all stages of the audit process.
- Performed observations and evaluated supporting documents to supplement audit findings.
- Provided detailed documentation on audit findings, facilitating swift corrective action when necessary.
- Managed multiple concurrent audit engagements, prioritizing tasks to meet deadlines without compromising quality.
- Planned and executed follow-up audits at appropriate intervals.
- Ensured compliance with regulatory requirements by performing regular audits and staying up-to-date on industry standards.
- Followed established auditing processes to meet internal and regulatory requirements.
- Developed strong relationships with clients, building trust and ensuring a high level of satisfaction during the audit process.
- Ensured the integrity of financial reporting by verifying the accuracy of accounting records and reconciliations.
- Enhanced financial accuracy by conducting thorough audits and identifying discrepancies in financial statements.
- Interviewed auditees to gather data needed to conduct audits.
- Interpreted national, provincial and local laws, accepted auditing principles and procedures and program standards to audited materials and data to detect non-compliance and facilitate recommendations.
- Streamlined audit documentation, ensuring accurate and accessible audit trails.
- Strengthened stakeholder confidence with transparent and clear communication of audit findings.
- Enhanced financial accuracy and compliance with thorough audits of internal financial processes.
- Maintained up-to-date knowledge of industry regulations and standards, ensuring audit practices remained compliant.
- Conducted detailed risk assessments for identifying and mitigating potential financial discrepancies.
- Prepared working papers, reports and supporting documentation for audit findings.
Education
Business Risk Management - Risk Management
University of Cape Town
04.2001 -
Certified Internal Auditor -
Institute of Internal Auditors
04.2001 -
Honours Bachelor of Accounting Science - Applied Financial Accounting
University of South Africa
04.2001 -
Bachelor of Commerce - Financial Accounting
University of The Western Cape
02.1997 - 03.2001
Skills
Enterprise risk management
Portfolio management
Data analytics
Market risk analysis
Scenario analysis
Risk mitigation strategies
Operational risk evaluation
Strategic thinking
Problem-solving
Time management
Business process improvement
Client relationship management
Verbal and written communication
Team collaboration
Internal auditing
Analytical thinking
Microsoft Office Suite
Risk assessment
KPI tracking
Gap analysis
Business process mapping
Accomplishments
· Successfully implemented Enterprise Risk Management Framework in two of important business within the group, being Multi-Manager Asset Management and Stockbroking businesses where none existed before.
· Played a key role in the successful implementation of Board Notice 158 to a life insurer business.
· Implemented enhancements to quality of reporting to group governance structures, in particular the various boards.
· Implemented risk framework for Hedge Funds for a Management Company per Board Notice 52 of Collective Investment Schemes Act.
· Played a leading role in the 2017 ORSA submission.
· Acted as Lead for Risk Function and successfully facilitated the first FSB visit for Hedge Funds in 2017.
Highlighted the severe risk of poor Health and Safety Plan and oversaw the implementation and formalization of the H&S plan and became H&S Committee member.
Affiliations
The Institute of Risk Management of South Africa
Institute of Internal Auditors
CFA Institute
Interests
Geopolitics
Timeline
Senior Risk Analyst
Allan Gray Proprietary Limited
08.2019 - 08.2024
Enterprise Risk Officer
Old Mutual Wealth
07.2014 - 12.2017
Senior Auditor/Internal Audit Manager
Old Mutual Life Assurance
07.2006 - 06.2014
Auditor
Auditor-General South Africa
01.2003 - 12.2005
Business Risk Management - Risk Management
University of Cape Town
04.2001 -
Certified Internal Auditor -
Institute of Internal Auditors
04.2001 -
Honours Bachelor of Accounting Science - Applied Financial Accounting
University of South Africa
04.2001 -
Bachelor of Commerce - Financial Accounting
University of The Western Cape
02.1997 - 03.2001
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