Karunakar Kaushik

• Partner with Global CFO’s, Controllers and Head of Transformation to establish finance operating models including Growth and create Operations strategy for F&A practice, including setting up new locations, Governance Models and KPIs for Finance

• Oversee F&A operations delivery for Insurance clients for RTR, PTP, OTC, Reporting, FPnA, Treasury, Compliance (99%+ SLA accuracy and 100% on timelines, delivered consistently)

• Developed relationships with senior stakeholders (External: CFOs, Finance Controllers, Business Heads, Head of Transformation; Internal: EVPs, OCs, SVPs) to align financial strategies and goals.

• Build capability for complex F&A work for EXL (FP&A, BMA reporting, Life and Annuity Controllership)

• Drive people initiatives and organizational OKRs including client management (AI TNI and upskilling, 100% NPS, ESAT of 4.7/5 achieved, Attrition less than 10%)

• Managed over 800 full-time equivalents (FTEs) across various functions.

• Drive Transformation projects in partnership with clients and digital teams at EXL including Agentic AI in Finance (Close cycle reduction by 2 days, Reduction in outstanding beyond 90+ days by 40% in 6 months)

• PnL Responsibility (Revenue enhancement and GM improvement – c.35M revenue under management of the portfolio)

• Transitioned complex finance processes from global locations, partnering on change management to ensure seamless integration.

• UK based General Insurer: Record to Report, Transactional Services (P2P and O2C), FPnA and MI Data Lead - Balance sheet size: GBP 10Bn) (November 2015 to December 2019)
• UK based Multi-line Insurer: Managed collections strategy to optimize recovery efforts. (January 2020 to May 2020)
• USA based Life and Annuities Company: F&A (Record to Report, IT and Enabling Solutions)- Balance sheet size: USD 896Bn, Consolidated) (June 2020 onwards)
• Led a team as Senior AVP, overseeing key functions.
• Lead the offshore team and close the books of accounts, using IFRS/US GAAP, of UK and USA based insurance company. Also, review of tax analysis for the clients/subsidiaries of the client, including support on notes to accounts.
• Managed transactional services including broker reconciliations (OTC), AP (PTP), reconciliation operations, debt management, and MI design and reporting, ensuring accuracy and compliance.
• Led transformation projects for clients, delivering key initiatives such as cash flow forecasting tool, close tracker implementation on Nerve Hub, and operating model changes to enhance operational efficiency.
• Reviewed journals in TM1 and Oracle as a second level reviewer, ensuring accuracy in reconciliations.

• As a Consultant, I:
• Reviewed clients’ financials and provided guidance on tax and corporate governance matters, including budgeting, forecasting, and compliance.
• Guided startup clients in establishing financial planning and administration operations tailored to their specific needs.
• Consulted on financial business re-engineering by reviewing existing accounting systems and processes, recommending improvements in collections (OTC), payables (PTP), and accounting (RTR) for diverse clients, including a state government in North India.
• Recommended bookkeeping system setups from preparation to FSCP, identifying gaps and necessary controls to enhance operational efficiency.
• Provide training to employees of Big 4 client on Canadian GAAP and IFRS/IAS
• Provide clients with services in respect of IT and ST return computation, filing and assistance with other issues in these areas

• Provide oversight and support risk management administration, including budgeting, forecasting, cash flow (USD1.5Bn), RTR, and monthly financial reporting for both corporate and board level for Nissan Global Reinsurance Ltd. (2.5Bn entity) and its subsidiary. Europe which includes review of month end financials of NGRe prepared under IFRS and its subsidiaries (Canadian GAAP, IAS/ IFRS and US GAAP)
• Lead the year-end audit process which required preparation of technical memos and review of NGRe consolidated financial statements, being the subject-matter expert on IFRS for insurance and reinsurance
• Led compliance matters for the entity and its subsidiaries, interacting with regulators in Bermuda, USA, Canada, and Europe. Covered compliance aspects included J-SOX, local statutory compliance, corporate delegation of authority, and IFRS Phase II project.
• Lead the setting up of new brokerage entity in Malta which required knowledge of Malta Financial Services Authority (MFSA) rules
• Organized and led finance meetings with key representatives from subsidiaries in USA, Europe, and Canada to ensure alignment on financial strategies and compliance.
• Directly reporting to the Board and keeping them abreast of the changes in the regulations at Bermuda, developments in IFRS Phase II, Solvency II and CISSA
• Provided Internal Audit support to President and CFO, collaborating with external vendors and government agencies (BMA) to enhance financial oversight and compliance.
• Training the finance staff with consists of Financial Controllers, Vice President and Senior Vice President on Compliance, IFRS, Solvency II and CISSA
• Preparation of Corporate Governance policies and getting them approved by Board which includes CFO and Global Treasurer of Nissan Motors Limited (NML)
• Pioneer and authored an Accounting and Process Manual which helps minimize the Operational Risk Charge under Solvency II
• Perform claims reconciliation of Captive programs including managing accounts payable (PTP) and collections (OTC)
• Executed financial modeling for new subsidiaries/entities, focusing on treasury management, free cash flow management, and funding strategies, including raising funds through extended service liability contracts from inter-company entity (NMAC) for dividend and liquidity management.
• As part of this job, I have obtained an overall understanding of the financial aspects of the reinsurance business, compliance and regulatory requirements of Bermuda Monetary Authority (BMA), MFSA and Central Bank of Malta (CBM).

• Led audit projects as an Audit Senior, focusing on compliance and quality assurance.
• Plan and execute the audit of captive insurance companies (class 1, 2 and 3) in accordance with US GAAS, Canadian GAAP and IAS under the applicable reporting framework (US GAAP, Canadian GAAP and IFRS) in accordance with EY Global Audit Methodology (GAM)
• Executed cross-border engagements under the EY India initiative, coaching and guiding staff while planning and budgeting engagements to ensure timely completion and adherence to client deadlines.
• Reviewed statutory returns in accordance with Bermuda Monetary Authority (BMA) regulations.
• Managed the timely completion of assignments by addressing technical accounting issues in captive audits and liaising with clients.
• Guided and supervised staff and first-year seniors in planning and executing audit engagements.
• Reviewed internal control environments for large insurance clients, performing walkthroughs to identify potential risks and necessary controls.
• Coordination with other EY offices performing the audit of global clients which includes providing inter-office clearance to primary EY audit team on a timely basis
• As part of planning and executing these engagements, I obtained an overall understanding of the business, industry, compliance and regulatory requirements of BMA.