JIGNESH RAJANI
Market Risk
Summary
A well-presented, self-motivated, and confident accountant. Willingness to take on added responsibilities to meet team goals. Multi-tasker and excellent team player with the ambition to expand knowledge and experience in a given role. Over 10 years of experience in the Audit and Market Risk environment.
Overview
12
12
years of professional experience
1
1
Certification
Work History
Head of Market Risk
Prime Bank Kenya Limited
11.2023 - Current
- Recommending, monitoring and reporting of counter-party limits for Placements and FX.
- Review of market positions and ensure that opportunities are taken and losses are mitigated
- Monitoring of the market FX rates which are uploaded on the system from Bloomberg/Reuters.
- Ensure the revaluation profit/loss is accurate and fairly represents the profit/loss for the FX business.
- Monitor the ALM limits for the Bank such as Total investment limits in Securities, Stop loss limits, FX limits, total lending limits etc.
- Monitor the CRR and ensure the levels are within regulatory approval.
- Validate MTM valuations for AFS bonds/bills and ensure they are within stop loss limits.
- Monitor country risk ratings for offshore investments.
Internal Audit - Assistant Manager
Redington Gulf Limited
01.2021 - 08.2022
- Identified risks in the current process flow for various departments
- Introduced job description template and survey policy to identify gaps between the descriptions issued to them vs what they are doing
- Introduced AML checks for vendor and non - trade vendor onboarding
- Introducing a cyber security framework for the organization
- Preparing a general terms and conditions of Sale clauses for Redington invoices
- Identifying areas to implement the first level of defense within the organization
- Managed to save the organization USD 4000 per month on re-working the space utilization of the inventory warehouse
- Identified SAP system gaps such as Unrealized gains/losses being booked as realized gains/losses during partial payments and noted that payment terms can be changed after invoicing stage as per the system design.
Internal Audit - Assistant Manager
Prime Bank Limited Kenya
06.2016 - 02.2021
- Reviewed the upgraded pre-paid card product which would enable customers to be able to change pin/deactivate card and load card online
- Identified cost savings worth USD 100,000/= over DMS licenses
- Initiated a solution for custodial debt reconciliations which were not being done for over 10 years
- Created a Business requirement document for Reconciliation department to help automate the custodial debt reconciliation
- Identified long - outstanding debts for the Bancassurance wing since 2015, being written off without any senior management approval
- Introduced the idea of reviewing empty lockers as CBK regulations get stricter on locker management
- Assisted reconciliation department and IT department to find a solution for automating the reconciliation for Pesa link transactions which have a cut off period at 2pm
- Reviewed the net open position for treasury department to find a solution for the variances which were originating every day
- Part of the IFRS 16 Steering Committee
- Advised card center on the tax implications for moving to an outsourced card service
- Part of the pre - paid multicurrency card team whereby I assisted the team on the risks involved in the prepaid multicurrency card process flow
- Monitored and reviewed the custodial software - "Moneyware" Upgrade to the latest version
- Introduced new procedures in line with the new process flow brought about by the new software
- Saved the organization $7,000 a month by identifying non - value added security services
- Avoided the organization CIT insurance costs of approx
- $3,000 by identifying branches which do not carry out CIT services however are insured for CIT for the year.
External Audit
RSM Eastern Africa
01.2013 - 01.2016
- In charge of planning, field execution and finalization of audits of SMEs - including preparation of financial statements and advising on the tax position of the client
- Experience in audit of wide range clients ranging from transport, engineering, Investment property, Steel companies shipping, hotel industry, charitable organizations, micro-finance, and also general trading companies)
- Team member in audits of large clients entirely responsible for various sections such as revenue and cost of sales cycle, payables, receivables, property plant and equipment, cash, and cash
- Audits of specific sections including payroll, bank reconciliations, accrued leave, Non-current assets schedules, Impairment provisions, Inventories etc
- Preparation of the tax computations, statutory deductions schedules, advance tax schedules and other tax related matters
- Preparation of the trial balance and financial statements for sole proprietors
- Different clientele include industrials, engineering, millers and hospitality
- Conducted stock takes for the various products held by organizations and advised on different control weaknesses and gave recommendations
- Audited the potential areas of risk such as petty cash movement, bank reconciliation system and inventory movement
- Identified potential business, financial, reputational and liability risks and reported to management.
Education
Master of Arts - Chartered Accountant.
ICAEW
UK 04.2001 -
Certified Accounting Qualification - Chartered Accountant
CPA Kenya
04.2001 -
Bachelor of Arts - Bachelors of Applied Accounting
Oxford Brookes University
United Kingdom 04.2001 -
Master of Arts - Accounting And Business Management
ACCA
UK 04.2001 -
Skills
Risk mitigation strategies
Capital Adequacy
Risk Analysis
Interest rate risk
Portfolio Management
Asset Liability Management
Scenario analysis
Educationalandprofessionalhighlights
- ACA - ICAEW - (Institute of Chartered accountant of England and Wales) - Member - 2021
- BSc, in Applied Accounting - Upper Second-Class Honors, Oxford Brookes University, UK
- CPA (K) - Certified Public Accountants of Kenya.
- ACCA - Association of Chartered Certified Accountants (UK)
- CAT - Certified Accounting Technician.
Hobbiesvolunteeringandinterest
- Oxford Brookes University registered mentor for BSc in Applied accounting. Students were required to have a mentor support for thesis to be accepted.
- Part of the "Care for all kids" which is an NGO started in the USA dedicating itself to deliver affordable and high-quality school education to Kenya's underprivileged children. I was reviewing the accuracy and the presentation of the budgets before they are handed over to various donors.
- Volunteered at an NGO called CAPYEI whereby I reviewed the organizations policies and procedures and identified gaps to mitigate the risks. I volunteered every quarter.
- Member of local football and table tennis team clubs. Participated in various local tournaments.
- Coaching to young aspiring table tennis players at a local club.
Awards
- Achieved honors and distinction awards in Lamda (London Academy of Music and Dramatic art) in the category of speaking of verse and pros.
- Member of the Kenyan national table tennis team in the 2008 Commonwealth Games held in India.
- Ranked No. 1 in Kenya in the sport of table tennis - 2008
- Successfully completed the Presidential Award Scheme I.e. Gold, silver and bronze level.
- Best Boy awarded by Oshwal Academy for the best student achieving success in Academics and Co-curricular activities - 2008
References
REFERENCES CAN BE PROVIDED UPON REQUEST
Certification
ACI - Middle Office Certification - Ongoing.
Timeline
ACI - Middle Office Certification - Ongoing.
09-2024
Head of Market Risk
Prime Bank Kenya Limited
11.2023 - Current
Internal Audit - Assistant Manager
Redington Gulf Limited
01.2021 - 08.2022
Internal Audit - Assistant Manager
Prime Bank Limited Kenya
06.2016 - 02.2021
External Audit
RSM Eastern Africa
01.2013 - 01.2016
Master of Arts - Chartered Accountant.
ICAEW
04.2001 -
Certified Accounting Qualification - Chartered Accountant
CPA Kenya
04.2001 -
Bachelor of Arts - Bachelors of Applied Accounting
Oxford Brookes University
04.2001 -
Master of Arts - Accounting And Business Management
ACCA
04.2001 -
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