Zachary Bonomo, CPA CA. MAcc
Senior Manager, Internal Audit Risk Consulting
John Heaton, CA, CISA, CISSP
KPMG LLP, Toronto
Patricia Wong, CPA, CA
Associate Vice President, Internal Audit
There is a significant global movement toward real-time payment (“RTP”) systems and global reach is accelerating. While RTP is a new capability for North America., numerous countries already have real-time retail payments systems (U.K., Mexico, Australia), and many existing systems are in the process of being modernized (Canada, U.S.). This session will outline the impact to major financial institutions and what internal audit’s role should be in the journey.
In this session, participants will:
- Explore the major changes that come with payment modernization and what that means for their organization.
- Identify which significant risks highlighted in this session are most applicable to their organization.
- Determine what changes are required to their current internal audit strategy based on the impacts of these changes.
- Examine the current change management plan (if one exists) at their organization to prepare for payment modernization.
Zachary Bonomo is an advisory partner in KPMG’s Toronto office, primarily serving Canadian banks, broker dealers, asset managers, financing companies, insurers, and Schedule II foreign banking institutions. He’s supported large financial services organizations in Canada and the U.S. with planning and implementing programs to comply with existing and new laws and regulations. Additionally, he’s planned, executed, and reported financial audits, regulatory compliance tests, and SOX readiness audits. Bonomo recently assisted a major Canadian bank in updating its internal audit approach to payment risk, assessing the impact of payment modernization on the bank’s risk environment, and developing a new framework to address key risk points across the payment journey.
John Heaton brings over 20 years of pragmatic experience in helping clients transform their IT risk and security organizations, solutions, and processes to meet ever-changing regulatory and customer requirements. His specialties include leading large-scale cybersecurity and transformation programs. Heaton has dealt extensively with top global organizations, having worked in North America, South America, and Europe. He has also led the security and controls implementation components of ERP projects.
Joleen Young has three decades of experience in the financial services environment. As a specialist in the payments space, she was a key participant and industry team member in the National Payment System transformation (regulation, systems, policies, structures, risk management, and establishment of structures within the Payments Association of South Africa). A large portion of her responsibilities encompassed supporting the bank and central banks in eight countries with implementing local RTGS systems, including the regulatory, collateral, processing (front, middle, and back office), and rule making aspects.
Patricia Wong has been with TD Bank for more than five years. As an associate vice president, she leads audits of payments, fraud, and TD insurance technology solutions. Wong previously led the internal audit business management group, which included the quality assurance, regulatory affairs, reporting, people and strategic initiatives, and operations teams. Prior, while with PwC Toronto’s assurance practice, she focused on asset management clients, such as mutual funds, ETFs, and hedge funds. She also worked on large European private equity real estate fund clients out of the PwC London, UK office. Additionally, Wong led training development and delivery in the learning and development national office of PwC Canada.