We recently had the opportunity to interview Sherif Afifi, the Group’s Chief Compliance Officer. Sherif boasts an impressive 23-year career specializing in compliance, anti-financial crime, and risk management in the MENA region. His accomplishments include reducing risk exposure and improving operational efficiency. With a wealth of experience in managing complex projects and leading successful teams, Sherif has much to share. Discover more about him and his journey in the interview below.
Journey In Brief
We wanted to learn about his journey and more about his journey through these years. We asked, “Can you briefly share your career journey in the banking, fintech, and payment industry, highlighting your most significant achievements in risk management, compliance, and governance?”
Sherif Afifi shared, “Throughout my 23-year career, I have worked with central conventional and Islamic banks in the GCC, such as the National Bank of Kuwait (NBK) and ( Kuwait International Bank – KIB ) Additionally, I have extensive experience in consulting, Fintech, and payment industries, having worked with a top Forbes-listed fintech company in Kuwait (One Global Group). which has multiple regulated related parties by central banks in bahrain and egypt and MENA region and i have been approved by multiple central banks in the region.
I serve as the Group Head of Compliance and Risk at Pyypl Group Ltd, a leading fintech and financial services provider company in the Middle East, Africa, and Central Asia. Throughout my career, I have achieved significant milestones in risk management, compliance, and governance by establishing effective risk frameworks, ensuring adherence to regulatory requirements, combating financial crimes, and cultivating strong partnerships with regional regulatory bodies.”
Addressing Specific Risks
We were intrigued to learn how he handles all the unique and specific financial risks in the UAE region. We asked, “How would you assess and address the unique risks associated with digital payments, fintech solutions, and cross-border transactions within the UAE?”
He shared, “To assess and address risks associated with digital payments, fintech solutions, and cross-border transactions in the UAE, I would create a comprehensive risk management framework, stay updated on regulations and best practices, implement strong cybersecurity measures, manage cross-border risks, foster a culture of risk awareness, and leverage technology and data analytics. This approach ensures effective risk management, promoting the organization’s stability and reputation.”
Enhanced Technology For Compliance
Approaching the latest technology is essential to enhancing risk management and other roles that Sherif is involved in. We asked, “How have you leveraged technology or data analytics to improve risk management, compliance, and governance practices in your past roles?”
He shared, “In my past roles, I have leveraged technology and data analytics to improve risk management, compliance, and governance practices by implementing advanced risk monitoring tools, automating compliance processes, and using data to inform decision-making and risk mitigation strategies.”
Approach To Crisis Management
We were interested to learn how Sherif Afifi deals with crisis management. So we asked, “What is your approach to crisis management? Can you share an example of a situation where you effectively managed a crisis and how you ensured the organization’s resilience?”
He replied, “My approach to crisis management involves proactive planning, clear communication, and swift decision-making. In one situation, I effectively managed a crisis related to a cybersecurity breach by assembling a cross-functional response team, communicating with stakeholders, and implementing remediation measures to ensure the organization’s resilience.”
Experience Of Working In The MENA Region
Describe your experience working with regulatory bodies within the GCC and the MENA region. How do you maintain strong relationships with regulators and ensure transparency and collaboration?
He shared, “I have extensive experience working with regulatory bodies within the GCC and the MENA region. To maintain strong relationships with regulators and ensure transparency and collaboration, I engage in open dialogue, share timely and accurate information, and actively participate in industry events and discussions.”
Communication Is The Key
Being involved in such a crucial role, having top-notch communication skills and good relations with other officials is of utmost importance. We asked, “As a C-level executive, how do you communicate and collaborate with other executives and board members on risk, compliance, and governance matters?”
Sherif shared, “I communicate and collaborate with other executives and board members on risk, compliance, and governance matters through regular meetings, reports, and strategic planning sessions. In one instance, my collaboration with other executives significantly improved the organization’s risk posture by streamlining our risk management processes and enhancing our risk analytics capabilities.”
Viewing The Future
How do you envision the future of risk, compliance, and governance in the fintech and payment industry? What emerging trends and challenges do you foresee, and how would you prepare Pyypl Ltd to navigate these changes effectively?
Sherif Afifi shared, “I envision the future of risk, compliance, and governance in the fintech and payment industry characterized by increasing regulatory scrutiny, rapid technological advancements, and evolving customer expectations. To prepare Pyypl Ltd to navigate these changes effectively, I would focus on staying abreast of emerging trends, investing in technology and data-driven solutions, and fostering a culture of innovation and adaptability.”
Crucial Lessons Learnt During These Years
During one’s career path, getting different experiences is an inevitable part. So we asked, “What are the most important lessons you’ve taken away during your career?”
He shared, “The most important lessons I’ve learned throughout my career include embracing change and adaptability, fostering collaboration and open communication, prioritizing risk management and compliance, pursuing continuous learning and professional development, building strong relationships with stakeholders, focusing on customer needs and expectations, and emphasizing ethical behavior and integrity. These lessons have been vital in navigating challenges and achieving success in the banking, fintech, and payment industries.”
Advice To Beginners
Beginners opening their career path in this similar industry will find it helpful to hear from an expert like Sherif Afifi. So we asked, “Any tips for beginners in the same industry?”
For beginners, the essential tips for success include developing a solid foundation, staying updated on industry trends and regulations, networking, seeking mentorship, emphasizing soft skills, pursuing continuous learning, taking the initiative, and maintaining a growth mindset. These strategies will help establish a successful career and enable continued professional growth.
Connect with Sherif Afifi on LinkedIn.
