Hesham Sakr

Experience

• 

  Financial Regulatory Authority FRA

  Oct 1993 - now

  🎯 𝑲𝒆𝒚 𝑨𝒄𝒉𝒊𝒆𝒗𝒆𝒎𝒆𝒏𝒕𝒔: ▪ Orchestrated successful supervision of a team of 7 auditors, cultivating a culture of continuous improvement in procedures, customer care, and compliance programs.▪ Effectively oversaw the operational and financial processes of the corporate governance and cash flow departments, resulting in heightened compliance standards.▪ Provided invaluable guidance to the management on risk assessment, internal controls, and process improvements, leading to a substantial reduction in process errors.▪ Generated concise and comprehensive audit reports specifically tailored for senior management and board review, facilitating well-informed decision-making.▪ Implemented innovative strategies to streamline operations, resulting in increased efficiency and cost savings.▪ Spearheaded successful initiatives to strengthen compliance frameworks, ensuring adherence to regulatory requirements.▪ Developed and implemented training programs for staff members, enhancing their skills and knowledge in audit procedures and compliance measures.▪ Fostered effective relationships with stakeholders, including senior management, auditors, and regulatory bodies, ensuring smooth collaboration and communication.▪ Proactively identified and addressed potential compliance risks, mitigating their impact and preserving the organization's reputation.▪ Played a key role in driving organizational change by championing digital transformation initiatives, resulting in improved data analysis and reporting capabilities. Show less 🎯 𝑲𝒆𝒚 𝑨𝒄𝒉𝒊𝒆𝒗𝒆𝒎𝒆𝒏𝒕𝒔: ▪ Successfully led a team of 4 examiners for both onsite and offsite insurance inspections, utilizing the RBS approach (Risk Base Supervision) to conduct thorough financial and technical inspections for all insurance lines of business (life and non-life insurance). ▪ Implemented FSA (Financial Services Authority) standards to ensure that market entities followed compliant practices and maintained accurate and satisfactory risk disclosure processes.▪ Provided valuable advice to the management on risk assessment, resulting in amendments to the laws and regulations governing the Insurance Market. The suggestions were successfully incorporated into the final draft.▪ Played a key role in the development and review of new financial products within the insurance industry, ensuring they were well-designed and posed no potential risks to the financial markets or the rights of policyholders.▪ Developed and implemented efficient inspection procedures and workflows, resulting in streamlined processes and improved productivity within the team.▪ Established strong relationships with industry stakeholders, including insurance companies, regulators, and policymakers, fostering effective collaboration and communication channels.▪ Conducted regular training sessions for team members to enhance their knowledge of insurance regulations, risk assessment methodologies, and market trends, resulting in improved performance and expertise.▪ Actively participated in industry conferences, seminars, and working groups to stay updated on emerging trends, regulatory changes, and best practices in insurance supervision.▪ Received recognition for exemplary leadership and achievement in ensuring regulatory compliance and promoting sound practices within the insurance industry. Show less 🎯 𝑲𝒆𝒚 𝑨𝒄𝒉𝒊𝒆𝒗𝒆𝒎𝒆𝒏𝒕𝒔: ▪ Conducted thorough reviews of policies' prices, commissions, and terms to ensure compliance with regulatory rules and guidelines.▪ Assessed compensations and underwriting practices to ensure compliance with policy terms and the availability of adequate funds to meet obligations.▪ Ensured fair competition within the insurance market by monitoring and preventing companies from engaging in practices that favor specific policies or unfairly disadvantage others. ▪ Implemented comprehensive audit procedures to evaluate the accuracy, completeness, and integrity of insurance policy data and documentation.▪ Identified potential compliance issues, deviations from regulatory standards, and areas for improvement through meticulous analysis of insurance policies and related documents.▪ Collaborated closely with underwriters, actuaries, and other stakeholders to obtain necessary information and documentation for auditing purposes.▪ Prepared detailed audit reports outlining findings, recommendations, and corrective actions to address identified non-compliance issues.▪ Provided valuable insights and recommendations to insurance companies on improving policy pricing, commission structures, and terms to enhance compliance and market competitiveness.▪ Conducted risk assessments to identify potential risks and vulnerabilities within insurance policies and underwriting processes, ensuring proactive risk mitigation strategies.▪ Stayed abreast of industry regulations, market trends, and best practices in insurance auditing to maintain a high level of expertise and effectiveness in performing audit functions. Show less

  • General Manager-Non Financial Market

    Apr 2013 - now

  • Insurance Team leader

    Jun 2008 - Apr 2013

  • Insurance Auditor

    Oct 1993 - May 2008
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  Egyptian civil liability insurance pool

  Jan 2024 - now

  Managing Director