Chaitali Sonawane
RISK MANAGEMENT
Mumbai,Maharashtra
Summary
- Results-driven risk management professional with over 7 years of extensive experience in third-party risk management and regulatory compliance within the EMEA region
- Proven expertise in developing and managing outsourcing frameworks, ensuring adherence to complex regulatory requirements, and executing submissions to authorities such as the PRA, FCA and FINMA
- Demonstrated ability in conducting gap analyses, audits, and vendor risk assessments to uphold stringent standards and implement process improvements
- Adept at collaborating with global stakeholders, including Operational Risk, Internal Audit, and Compliance teams, to enhance operational efficiencies and ensure regulatory alignment
- Committed to making a meaningful impact in financial services risk management through strategic oversight and proactive risk mitigation.
Overview
8
8
years of professional experience
4
4
years of post-secondary education
Work History
Associate (TPRM)
Morgan Stanley Advantage Services Pvt Ltd
Mumbai
3 2022 - Current
- Provides comprehensive support to the TPRM EMEA Coverage Officer, overseeing all aspects of Third Party and Outsourcing risk management
- Develops monthly/quarterly reporting packs for EMEA Third Party Governance Committee (EMEA TPGC) as well as Asia and Global Third-Party Governance Committee meetings
- Assists Morgan Stanley's Business Units and support functions in effectively managing Third Party risks, ensuring adherence to Firm's TPRM Framework
- Collaborates with other functional teams including Operational Risk and Internal Audit for vendor onboarding and various assessment completion along with maintaining quality standards
- Manages Firm's Outsourcing inventory, overseeing Inter-Affiliate and External Third-Party Outsourcing relationships ensuring these adhere to the EBA regulatory requirements
- Assisting Reg Relations team in numerous regulatory requests on behalf of the firm received by regulators like PRA, FCA, BaFin, etc
- Proficient in intricacies of Risk Acceptances processes considering the inherent and residual risk ratings of services
- Well-versed in EMEA regulatory frameworks including the EU AI Regulation, DORA (Digital Operational Resilience Act), Failure to Prevent Fraud Act (FtPF) under ECCTA and additional requirements
Risk Management Executive
KPMG
Mumbai
12.2019 - 03.2022
- Facilitated conflict check clearance for BUs by utilizing firm’s tools Sentinel, KRisk system and email communication protocols
- Ensured compliance with SEBI (Prohibition of Insider Trading) Regulation by providing support for approval of trading requests
- Conducted gap analysis of processes and documentations, identifying deficiencies and inadequacies, and implementing improvements
- Provided assistance in client and engagement acceptance approvals, while effectively resolving queries from diverse sources
Risk Management Senior Associate
Willis Towers Watson
Mumbai
02.2017 - 11.2019
- Conducted comprehensive audits and reviews for Mumbai and UK Operations team, ensuring adherence to stringent quality standards and processes
- Conducted daily review of SAFRs (Self-Assessment File Review), proactively identifying and reporting the risk issues, queries, compliance and sanction breaches
- Collaborated with stakeholders in UK, process leads, and team leads to highlight areas for improvement and implement necessary recommendations
- Provided calibration and peer-review support for the RQM Team in UK, further enhancing the quality and accuracy of deliverables
Education
Bachelors of Science - Biotech
Ramniranjan Jhunjhunwala College
Mumbai, Maharashtra 06.2013 - 02.2017
Skills
Risk Management and Mitigation
Third Party Risk Management
Compliance
Regulatory Knowledge
Risk Assessment
Inquisitive
Eye for Detail
Query Resolution
Risk Management Framework
Risk Monitoring and Reporting
Stakeholder Communications
Internal Control Analysis
Awards and Accomplishments
- Received ‘KUDOS’ award for successfully reviving the Non-Onboarding process and effectively clearing the backlog dating back to 2018.
- Recognized for demonstrating exceptional skills in stabilizing the pilot process of ‘Quality Assurance’, ensuring a consistent quality percentile of 97% and above, maintaining excellence throughout the tenure.
- Recognized for outstanding assistance in submitting various regulatory inventory submission requests to numerous regulators, ensuring compliance and timely completion.
Projects
- WEM To CEM: Efficiently conducted the analysis for the transfer of WEM (Willis Excellence Module) to CEM (Client Excellence Module), ensuring smooth transition and seamless integration
- Non-Onboarding Process: Successfully trained newly hired candidates for the project, resulting in the restoration of the non-onboarding process with a backlog dating back to 2018, effectively bringing it back on track
- Annual PRA (Prudential Regulation Authority) Material O/S Inventory Submission: Assisted in managing the annual PRA material outsourcing inventory submission process by liaising with business units, internal audit, sourcing, and technology teams to ensure accurate updates to the PRA template. Contributed to the development of the project plan, participated in weekly status calls with stakeholders, and helped secure necessary senior management sign-offs
- Annual FINMA (Swiss Financial Market Supervisory Authority) Material O/S Inventory Submission: Collaborated with Compliance stakeholders in Switzerland and business units to finalize the annual outsourcing inventory for regulatory submission. Ensured accuracy and completeness of the inventory, facilitating compliance with FINMA requirements and supporting effective risk management
- Morgan Stanley Saudi Arabia Regional Headquarter Set-Up: Currently providing support in the establishment of the new regional headquarter in Saudi Arabia, set to go live in Q1 2025, in alignment with MENA (Middle East and North Africa) requirements. Collaborating with business units to map new outsourcing arrangements and changes to the existing outsourcing population in Morgan Stanley's golden sources of data. Ensuring all risk parameters are adhered to, maintaining compliance with the regulatory framework
Languages
English
Bilingual or Proficient (C2)
Hindi
Bilingual or Proficient (C2)
Marathi
Bilingual or Proficient (C2)
Timeline
Risk Management Executive
KPMG
12.2019 - 03.2022
Risk Management Senior Associate
Willis Towers Watson
02.2017 - 11.2019
Bachelors of Science - Biotech
Ramniranjan Jhunjhunwala College
06.2013 - 02.2017
Associate (TPRM)
Morgan Stanley Advantage Services Pvt Ltd
3 2022 - Current
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