Manager Control

Gerard Gaffney

** **** **** ****: 203-***-****

Easton, CT 06612 home: 203-***-****

Executive Summary

Experienced audit, governance, risk & controls executive with extensive hands-on experience in all

aspects of internal controls, process improvement, compliance, regulation and risk management in

banking, broker-dealer and finance organizations. Accomplishments include establishment of

internal audit and compliance departments, development of Sarbanes-Oxley control and reporting

functions, advising the Chief Auditor of a major regional bank in improving the risk management

function, and achieving operational and control efficiencies by revising the control self-assessment

programs in global banking and broker-dealer settings. I have performed this work in the U.K.,

Europe, Singapore and Australia.

Employment History:

MORGAN STANLEY SMITH BARNEY October 2006 – 2009

Senior Vice President, Business Risk Manager

• Established and managed control self-assessment standards throughout Smith Barney, including

overseas locations.

• Manager for the Sarbanes-Oxley project for Smith Barney. Reduced control exceptions from 22

to 2.

• Introduced cross-functional process documentation as a way to make activities transparent,

improve controls and better manage enterprise risks.

• Redesigned the risk and control environment for a major foreign location and improved their

internal audit rating from unsatisfactory to satisfactory.

CITIGROUP/SMITH BARNEY & WEBSTER BANK July 2004 – October 2006

Consultant

• For CitiGroup Private Bank Group and Smith Barney: developed and enhanced the Sarbanes-

Oxley program including identification of risks, controls and test scripts.

• Smith Barney: Established standards and procedures for the Business Risk Management

function.

• Webster Bank: Developed a revised risk management program for the Chief Internal Auditor.

DEXIA BANKING GROUP: June 2000 to May 2004

FINANCIAL SECURITY ASSURANCE (January 2003 to May 2004)

Chief Internal Auditor

Established the internal audit function for a major financial guaranty insurance company.

• Identification and risk ranking of the audit universe.

• Established annual audit plan, performed or supervised execution of the audit missions, hired

and supervised the audit team.

• Interfaced with external auditors, parent company internal auditors and Dexia Audit

Committee.

• Assisted in the documentation effort of company-wide internal control structure, focusing on

financial reporting related processes and controls.

• Responsible for the remediation of identified control weaknesses.

DEXIA BANKS (June 2000 to December 2002)

Head of Internal Audit

Established a risk-based internal audit function for the two Dexia banking entities in New York.

• Adopted Dexia internal audit methodology for the U.S. regulatory environment.

• Introduced an enhanced risk assessment methodology appropriate to the U.S. market.

• Initiated the use of audit tools such as process mapping and computer assisted audit techniques.

SAN PAOLO-IMI BANK June 1995 to June 2000

Vice President – Compliance

Established the Compliance function and instituted policies and procedures to maintain ongoing adherence to

all applicable federal and state banking rules and regulations.

• Revised all Branch policy and procedural manuals and introduced flowcharting and other

analytical tools to identify opportunities for operational efficiencies and monitoring of internal controls.

• Served as liaison with federal regulators during periodic examinations.

DEUTSCHE BANK, NORTH AMERICA June 1987 to June 1995

Audit Manager

Assisted the Audit Director in developing a risk-based audit and compliance approach for various areas of

international banking and broker-dealer operations.

• Performed proactive analysis of workflows, data flows and the internal control environment.

• Performed audits of foreign exchange, money market, mutual funds, broker-dealer activities,

derivative products, and government securities.

NATIONAL BANK OF KUWAIT February 1986 to June 1987

Internal Audit Controller

ARAB BANK, LTD. October 1983 to February 1986

Internal Auditor

OFFICE OF THE COMPTROLLER OF THE CURRENCY July 1974 to October 1983

Associate National Bank Examiner

Professional Associations and Certifications:

The Institute of Internal Auditors – Certified Internal Auditor

American Society for Quality – ASQ Certified Quality Manager

Education:

B.A., Economics, Rollins College, Winter Park, Florida 1974

M.S., Performance and Information Systems Auditing, New York University, New York, New York, 1998

Languages:

Conversant in German

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