See also:

A message from Alan Hutton, president of FundSERV: FundSERV board to champion key industry initiatives

Edward Waitzer appointed to FundSERV board

FundSERV alters course for improved customer service

Customer satisfaction measured through annual survey

Business Continuity Update: Second office goes online

PKI helpdesk merges with technical support: "Less is more"

FundSERV's FundSTATE — a handy tool that just got better

FundSERV E-mail lists

FundSERV Network Performance

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David Purewal is a man who spends most of his time preparing for the worst that can possibly happen. It's not because he's a pessimist by nature. It's because, as FundSERV's new director of internal audit, preparing for the worst is a significant part of his job.

Since March, Purewal has been hard at work on the Company's business impact analysis (BIA) project. The BIA survey is a critical component of FundSERV's business continuity plan. Purewal will help to define the plan by determining what processes, applications and resources take priority in recovering from a disaster or major incident affecting FundSERV's ability to operate.

With more than $11.6 billion CDN in payments facilitated through the FundSERV N$M network so far this year, and the Company playing an ever more pivotal role in the investment fund industry, enterprise risk management has become a top priority.

At the recommendation of FundSERV CFO Frank Vree, the role of internal auditor was created in 2004. The role is wide-ranging and reports directly to the board of directors through the audit committee.

"Up until this point, we didn't have an internal, independent evaluation of our risk management strategies," said Vree. "We relied on external audits to identify potential risks and exposures. Through David, we now have the benefit of an objective internal opinion and evaluation of our processes that goes beyond finances to include operational and IT risk management."

Purewal was already somewhat familiar with FundSERV operations. In his previous position, he was a manager with PricewaterhouseCoopers in the Audit and Assurance Group. This firm provides external auditing services to FundSERV.

"I enjoy working with the people at FundSERV, and the presented opportunities are a very good fit for me," says Purewal. "It's been an exciting six months since joining the firm. I thought I knew a fair bit about FundSERV, but because of my new role, I've received intensive exposure to the inner workings of FundSERV. The more I've learned, the more I've come to appreciate how complex and integral the Company is to the fund industry."

While risk management is a key focus area for Purewal, he will also be involved in the areas of corporate governance, ethics and ensuring effective performance management and accountability. He will also co-ordinate external non-financial audits and provide an additional level of internal control by reviewing financial results. It sounds like a tall order, but with a Masters of Accounting degree and a CA and CPA designation, Purewal is confident he can make a significant contribution to FundSERV's mission.

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