Monika Goyal

Monika is a director with over 25 years of experience, working in the design and implementation of audit, risk management and compliance frameworks in mature and greenfield environments. Her she pragmatically works to solve business problems by understanding regulator expectations to deliver seamless governance and risk management solutions.

Monika is a subject matter expert in audit, risk and compliance. She has worked in dynamic business environments and with stakeholders at Board executive and senior management levels, global financial institutions and most recently as the Chief Audit Executive at the Australian Securities Exchange (ASX). Over her career, she has rebuilt and revitalised non-performing risk, audit and compliance functions.

At Protiviti Australia, Monika is focused on working collaboratively to build trusted relationships and developing and leading high performing teams to navigate complexity and deliver exceptional client service.

Major projects and accomplishments

Internal audit strategy – Monika designed and implemented a revised internal audit strategy for an integrated listing, trading, and clearing and settlement business to focus on corporate governance frameworks, strategic projects and emerging risks instead of historical attention to low-level process improvements. The revised internal audit strategy transformed corporate governance, business processes and operations in project, policy, risk, vendor management, IT governance and compliance testing, resulting in increased efficiency and reduced risk.

Internal audit framework development and implementation – Monika developed and implemented the internal audit framework for an ASX listed entertainment group offering gaming, hospitality, dining and nightlife. The framework was designed and implemented within 12 months and included all phases of the internal audit lifecycle from strategic planning to board reporting. 

Internal audit uplift – Monika was appointed into a large fund manager to oversee and strengthen the internal audit framework, and to rebuild business confidence with the function. Over a three-year period, she established an internal audit function that had the confidence of the Board, senior executives and the business, and implemented an assurance framework leading to improvement of the internal control environment.

Governance advisor – Monika was a key advisor to boards and executive management on key governance matters, including risk frameworks, risk culture, project delivery and corporate culture.

Risk and compliance framework development and implementation – Monika designed and implemented a risk and compliance framework for a large fund manage, that required a holistic approach and of all possible risks, including financial, product, operational and strategic risks. The framework also included compliance management elements, including obligation and policy management. Following implementation, the risk and compliance function was recognised for assisting in business decisions, engaged to advise and assist in resolving business issues and received positive Board feedback due to no significant issues and breaches of risk or compliance obligations.

Risk management framework design – Monika assisted in the design of the risk management framework for an integrated listing, trading, and clearing and settlement business, including risk assessments, incident and breach management, Top 10 risk analysis, as well as Risk Committee and Board reporting. The revised framework was acknowledged as pragmatic, promoting robust discussion and ensuring effective decision making.

Risk management and compliance framework integration – Monika oversaw the integration of risk and compliance function for two large fund managers that merged.

Risk and compliance framework implementation in international offices – For a large fund manager, whilst expanding global operations over three years opening offices including, New York, London, Tokyo, Singapore and New Delhi, Monika led the development and implementation of a scalable international risk and compliance toolkit, adjusted for each locality, following collaboration with local leaders and law firms to identify local regulatory requirements. She also ensured compliance with local frameworks, with no significant breaches or incidents.

Areas of expertise

• Internal audit
• Risk management
• Compliance
• Governance
• Technology audit

Industry experience

• Securities listing, trading, clearing and settlement
• Asset management
• Gaming and hospitality

Professional memberships and certifications

• Institute of Internal Auditors (audit committee member)

Education

• Bachelor of Science (Business Information Technology) - University of NSW
• Master of Commerce (Accounting and Finance) - University of NSW