Raj V. Gutta.

PhD, PMP, RMP, ACP, SME

2048 Hollis Road
Lansdale, PA 19446
raj@znainc.com

Senior Risk, Compliance, Finance, IT and Change Management Executive , with success in establishing Global Enterprise Risk,
Governance, Compliance and Internal Audit functions in financial services companies. Proven record in formulation and
implementation of Governance, Risk, Control and Compliance frameworks including Basel II & III, ICAAP, CCAR, Reg Y; 14
A, 14 Q, 14 M; submissions and Dodd Frank. Expertise in Risk Identification, Qualitative and Quantitative assessment of risk
and Mitigation and Monitoring of risks. Risk Model validation and stress and scenario testing and refreshment of these models.
Design and execution of Risk Architecture, and risk technology processes for enterprise wide Holistic, Integrated and
Comprehensive Risk Aggregation framework. Developing economic capital models for Risk Capital planning, allocation and
attribution. Establishment of feedback loops, risk dashboards risk communication, risk appetite and risk culture across the
Enterprise. Strong analytical background in Credit, Market, Liquidity and Operational risks and their aggregation and
diversification in stochastic modelling with tools such as copulas for stress correlations. Anti-Money Laundering (AML)
training, templates, and AML Processes development and implementation for compliance. Proven leader and subject matter
expert in Finance, Banking, Insurance, Risk and IT infrastructure. Expertise in Data Warehousing architecture, Business
Intelligence and Predictive Analytics.

Proven Change Management Experience and project/program management skills and have successfully completed several
Global Risk, change Management and IT projects. Had own software development company. Expert in Establishing PMO,
Agile and traditional SDLC methodologies, IT infrastructure, IT and Information security processes. Trained hundreds of
Project Managers, Risk Managers. Change Management expert with proven experience.

PROFESSIONAL EXPERIENCE

Z&A InfoTek Inc. 35 Water View Blvd, Parsippany, NJ 07054 Feb 2013 to Present
Senior Managing Principal and Head of GRC/ERM practice, and PMO.

Alliance Partner of Thomson Reuters to implement and train Accelus Enterprise GRC4.4.01, ARM Products of TR.
Implementing and Training at: BTMU, Dominion, Flextronics, ILFC, North West Insurance, State Fund, UBS

Several teams under my supervision implementing and training the following modules at various clients.
Thomson Reuters GRC/ERM Modules being implemented. Feb 2014 to Present.
o Audit
o Compliance
o Enterprise Risk Management (ERM)
o Financial Controls Management (FCM)
o IT Governance
o Operational Risk Management (ORM)

Client: Housing and Urban Development: Washington DC. Sep 2013 to May 2014 .

Change Management Project: Program Director. Leading and supervising the team.

o Implement, train and Manage change for New Generation Management System and Portfolio Risk
Management Tools Products across HUD, Nationwide.
o Used ADDIE Model, ADKAR Model, and Kirkpatricks 4 levels of Training Evaluation Methodology, for
Change Management.
o Change Management Plans, Training Material, Evaluation Templates and Training of all Stakeholders at
various levels.

Client: Federal Retirement Thrift Investment Board (FRTIB): TSP. Washington D July -2013 Dec 2013.
Developed Plans, Policies, Procedures and Processes for Enterprise Risk Management and Internal Controls
implementation.
 Framework for Internal Controls, Framework for Enterprise Wide Risk Management, GAP analysis, Process,
Policy Development, implementation and training plans, Project and Program Requirements and staffing and
implementation plans. List of Deliverables and Milestones, Cost and Resource estimation for implementation.
Disclosure, Dashboards and other Internal and External communication plans and templates.

Client: General Electric Capital Corporation: Norwalk and Danbury, CT April 2013 July 2013
My Role and Responsibility: Risk Modeling, Risk Model validation, Model Stress Testing:

o Corporate Aircraft Prepayment Model development, deployment, validation and Stress Testing
o Corporate Aircraft Residual Value Modeling, Testing and Deployment
o Corporate Aircraft Pricing Model development and Validation
o Counter party credit risk Modeling. Credit Scoring Models, ROC curves for Models,
o Prepayment Risk and Prepayment Prediction Models, Using Logistic Regression GEE Models using SAS
o Aircraft Price Forecasting Models using MA, AR, ARMA and ARIMA Econometric Models.
o Model Risk and Model Maintenance for Market, Credit and Operational Risk.
o Regulation Y and Dodd Frank required Risk Processes and Internal Control Frameworks.

o Change Management Strategy, Planning and Executive Training. Change Communication plans,
Communication approaches and communication vehicles, templates and methodologies.

o Change impact analysis, Risk assessment and mitigation for change management. Training and coaching
modules and power points, FAQ, tools such as Force Field Analysis, Salient Models for Stakeholder
expectation assessment.
o Change and Transition Models, Components of change, ADKAR, Freeze unfreeze models, Change
effectiveness measures, KPI, KSI, Change success factors.
o Change Management as Project Management.

Client: McGraw-Hill Financial: 2 Penn Plaza, New York, New York 10121 Feb 2013 to April 2013.

My Role and Responsibility: Risk Data Services: Program Management:

o Developing Platts ICE, GAS and Power forward curves:
o Mark to Market Gas and Power settlement curves
o Platts forward curve for Oil
o Follow the Sun Curves

CITI Bank: 111 Wall Street, New York, NY. Oct, 2011 Jan 2013.

Senior Risk and Program/Portfolio, Change Management and PMO Consultant/

Enterprise Risk Architecture: Risk Technology; Risk Governance Model for the PMO office.
o Program Risk Management Strategies and processes. Development and implementation.
o Risk Identification and Categorization, inputs and tools and techniques necessary for the process
o Risk Analysis and Risk Prioritization. Processes for Risk Response and Risk escalation
o Monitoring and Controlling Portfolio and Program Risks. Risk /Issue escalation models
o Risk Policies and Procedures and governance structure. Necessary tools and templates.
o Training and educational material development to train Project and Program Managers.
o Trading, Order routing, system risk and Market Integrity risk.
o Repos, Reverse Repos, Repo interest and margin, Convertible Repo, Cross currency Repo, Tri party
Repos.Re-purchase transactions, tax treatment, Repos credit Risk .
Global Credit Risk Commercial and Retail risk Platform development, implementation and Oversight.

o Risk on all modules and Risk Dash boards for each Program.
o Credit Analysis, Credit Origination, and Facility Management, Credit approval, Remediation, Collateral
Management and other modules.
o Verify and determine the requirements adequacy and assess risk for cost, scope, schedule and quality on a
weekly basis.

Raj Gutta, Ph.D., PMP, RMP, ACP, SME.

 o Stakeholder and resource management globally across lines of business and organizations.
o Aligning strategic and business objectives with IT initiatives.
BaselII & III, ICAAP

Risk Assessment, Capital Assessment, Capital Planning and Stress and Scenario testing as part of ICAAP
and CCAR. Steps ICAAP, CCAR development and Stress and Scenario testing.
o Macro-Economic Scenarios, Financial Market Scenarios, Internal Business Scenarios. Basic and Stressed
Scenarios and Scenarios and stresses provided by Fed.
Feds Modified Regulation Y, CCAR, 14 A , 14 Q, and 14 M Data submissions.
Dodd Frank and SOX compliance.
Change Management Planning, Change Dimensions; People, Process and Technology changes.
Trained Change Management Project Leaders.

JP Morgan Asset Management, - Columbus, OH Oct 2010 Sep 2011

Vice President, Enterprise Risk Management and Global Insurance Solutions and Risk Analytics

Responsible for Enterprise Risk Management for Insurance companies

o Risk framework formulation, process setting, Risk appetite setting, Risk reports and communication
feedback loops. Establishing a Holistic, Integrated and Comprehensive risk framework.
Economic Capital Modeling, Model validation and Stress Testing
o Responsible for Model analytical framework, Model validation, Model Risk, Calibration and Back
Testing. Mark to Market and Mark to Model Valuation of Balance sheet.
o Calculated Economic Capital by LOB, and the Enterprise. Aggregation of risks and calculation of
Diversification benefits.
Dynamic Financial Analysis and Asset Liability Management
o Calculated Cash flow projections using dynamic stochastic models for assets and liabilities for
multiple periods. Assumptions and constraints of these models would be consistent with client risk
profile.
o Premium risk, Reserve Risk, Commercial Lines, Personal Lines,
Economic Capital Modeling and Dynamic Risk Modeling, tail events and tail risk analytics
o Several risk metrics for normal and stressed conditions such as VaR, TVaR absolute, relative and
marginal. These metrics are calculated at the Enterprise level and LOB level.
Insurance Advisory services
o Rating agency and Regulatory help in addition investment management strategies, hypothetical
market moves, Portfolio re-balancing strategies, Portfolio risk analysis, Baseline and alternate
strategies for the portfolios, Risk budgeting and risk decomposition for the portfolios.
o NAIC ORSA, Solvency II, Standard Model, and Internal Model.
Asset Risk Management, Portfolio performance attribution, Portfolio Optimization
o Responsible for Risk Return trade-offs and optimization of portfolios consistent with client risk
appetite. Portfolio performance attribution to risk factors, portfolio Managers, Alpha and TEV
calculations, Custom composite Benchmark setting based on liabilities, liability driven investments.
o Historical optimization, Fixed income-equity optimization, Long short optimization.
o Calculation of Portfolio risk factors such as OAD, OAC, Duration, Vega,, YTM,YTW, OAS,OASD,
Systematic TEV, Idiosyncratic TEV, Risk factor VaR, and TEV, Sector VaR and TEV, Security bucket
VaR and TEV, Systematic VaR and TEV, Default VaR and TEV, Idiosyncratic VaR and TEV
o Trade Life Cycle: Front office, Middle office and Back office activities to complete the trade cycle.
Economics of trade such as Pre trade Negotiation, RFQ, trade execution and confirmation, creation of
standard identifier, Post trade changes, Counterparty changes, Give Ups, terminations, Fee and
Revaluation of trade
Change Management and Program Management: Projects and Change Management across various
lines of business.

Raj Gutta, Ph.D., PMP, RMP, ACP, SME.

 o Responsible for various cross organizational initiatives, Stakeholder expectations Management,
Change Management when new Models, IT Products, tools and processes are implemented. Vendor
and contract management and SDLC and PMLC .Resources allocation and management across all
initiatives. Dash boards and communication feedback loops to senior management and steering
committee.
Basel II & III and ICAAP
Risk Reports, Risk Budgeting, and Portfolio Cash flow projections.
o TEV, VaR and TVaR reports monthly, quarterly including Risk decomposed into several risk factors,
Sectors and security buckets. Risk Metrics are attributed to Risk load factors, yield curve shifts, twists
and level. Tail Risk Reports, and Distributions. Information ratios, Sharpe ratios and links to client
risk appetite and risk heat maps. Establishing Risk Control limits and Risk monitoring processes.
Member of the Asset Management Policys Quant subcommittee for Risk Management.
SOX-404 Top Down Risk Assessments and Internal Controls.

Tools and Software Packages Used:

BondEdge, Barclays Point, Yield Book, SAS, QRM, Credit Metrics, KMV, Kamakura
Ultimate Risk Solutions, Numerix, Algorithmics, Oracle , Matlab, SAS
Igloo, Re-Metrica, Barrie Hibbert, Prophet, SunGard, Imagine Software for derivatives
DFA Capital, Risk analytics and multi factor stochastic risk models, kamakura, Actimize, SunGard, ARM
Moses, Mac Method for reserves, Air Worldwide for Cat modeling, @Risk, Igloo, Re-Metrica, Gems, Barrie
Hibbert, Barclays POINT, MS Project, Rational Rose, Smart Draw

A.M. Best Company Oldwick, NJ July 2006 April 2010

Manager, Enterprise Risk Management and Economic Capital Modeling

Responsible for analyzing and assessing Enterprise Risk Management frameworks of Insurance companies and writing
reports on frameworks.
Responsible for training the financial analysts in Risk Management and Risk mitigation concepts, practices and
implementation
Training analysts on Risk appetite, risk limits, Risk Tolerances and their application in strategy setting.
Developed risk Management criteria to assess the companies risk profile and to aid the analysts in ratings
Developed Economic Capital Model Criteria for the Insurance companies to assess the strengths and weaknesses of the
model and to consider them in ratings.
Trained financial analysts in Economic Capital Model concepts and methodologies
Made Presentations and Spoke on important risk topics all over the /country at important Insurance and Banking
seminars and symposiums.
Trained Insurance rating analysts in Solvency II and Basel II for banking analysts.
Trained analysts in Market Consistent Embedded value concepts, Mark to Market and Mark to Model accounting
methods.
Basel II and ICAAP: examination advise and training in ICAAP assessment and ICAAP gap assessment. Integration of
ICAAP into Enterprise Risk Framework. ICAAP regulatory compliance.
Created an ERM manual for use within the company for the analysts.
Expertise in Alternate Risk Transfer; Reinsurance, Captives, Insurance linked securities, Insurance derivatives,
P&C underwriting Risk:
Calculating claim ratios
Premium risk: Creating probability distributions of claims based on historical and simulated data; determining
severity and frequency of small and large claims and calculating Economic Capital for reserve risk based on the
distributions generated at required quintile, depending upon the rating level
Combine frequency and severity distributions to get a joint distribution to determine the worst case scenario to
determine Economic capital
Loss Triangles to determine Economic Capital for Reserve Risk or run off risk
Evaluation of third party CAT models, Exceedance probability curves to determine Economic Capital for CAT
risks
Change Management across the Organization, Training and Coaching over 100 Financial analysts in Risk
Management Changes, IT changes Models Methodology changes.

Raj Gutta, Ph.D., PMP, RMP, ACP, SME.

 o Designing and coordinating the development of global capital model(s) Developing of risk curves for assets and
liabilities on insurance company balance sheets Analysis of risk profile and development of risk factors for various
asset classes, underwriting risk and credit risk Managing the use of outside consultants where necessary to complete
risk analysis Establishing guidelines required for company models to be recognized in the rating process and evaluate
models base on those guidelines Public presentations to discuss A.M. Bests capital adequacy model and its use in the
ratings process of PC and Life Companies. Assisting analysts in the use of the model in unusual circumstances
Interacting with Information Services Dept. on the programming and maintenance of the model Training of analytical
staff on the use of the model 10+ years experience working with capital models and risk distributions Expertise in
loss distribution and aggregation of loss distributions Experience in working with financial services capital models

SSV Enterprises Inc. Lansdale, PA April 2002 June 2006

Management and Consulting Company

Chief Operating Officer/Executive Vice President

Responsible for Financial Management including income statements, Balance sheet analysis, Capital Expenditures,
Working Capital Management, sales and revenue analysis. Financial reporting and compliance. Supervise train and
manage talented software engineers accountants, and other functional managers.
Conducted Financial Risk Management including identifying major risks, qualitative and quantitative analysis of risks.
Risk mitigation and hedging. Risk measurements and metrics in various scenarios. Calculating VaR for different
horizons, delta, Gamma, Vega, Calculations for derivative portfolios. Duration and duration matching for different yield
curves in fixed income portfolios. Duration and convexity matching in asset liability management.
Performed as Subject Matter Expert in Finance. Training, coaching and mentoring IT teams to develop software in the
financial industry. Excellent self-directed research skills. Ability to perform Quantitative analysis, quantitative research
and modeling.
o Client: UBS:
Developed Fixed Income Performance attribution system (FIPA).This is to support Wealth management, groups to
provide valuable advisory services to clients on, Asset Projections, Executive Stock Option models, Portfolio
rebalancing, Investment Holdings, Liquidity needs and future goals. The system solutions advises the client, on wealth
management strategies, provide clear complete picture of the client asset position, and those that are held by other
providers, full brokerage capabilities, access to IPOs and other third party products.
o Client: Wells Fargo:
Developed the new CIS (Client Electronic Investment Services) portal, customers can view at one place; Account
information, their investment relationships, Invest able balances. Based on the clients portfolio, the systems logical
functions present various future investment strategies, in expediting the clients, decision making process. ECIS is a
client- server based portal application, which will allow customers, to access an aggregated view of account balances
and maturities, portfolio holdings and trade transaction activity. The system is intended to free relationship managers
from investment information services and spend more quality time on investment advisor. The portal also provides the
client with financial news, (via links to internal systems, market benchmarks ( DJIA, S&P, NASDAQ) and news
through existing internal market data services such as the Global Market Group
o Client: HDFC Bank, Mumbai:
Facilitated the creation of database systems, for credit card info in a highly secure environment, and eliminated the
traditional methods of ledger/accounting books. Users can access their statements, card information, and can down load
statements. Security testing was an important aspect.

Avtech Technology Institute South Plainfield, NJ July 2006 Present

Technology Training Company (Part time/Weekends)

Instructor: Risk Management Professional, Project Management Professional courses:

Teach software life cycle methodology, Requisite pro, Rational unified process, development of use cases, Activity
diagrams using UML and visio. Gap analysis using existing technologies, work flow process diagrams and
development of Financial MIS reports as per the functional requirements.
Teach and use PMBOKs Ten knowledge areas and five process groups and prepare students for PMP certification.
Teach Risk Management, Communications Management, Quality Management, Human resources Management, Time
Management, Procurement Management, Cost Management, Scope Management and Integration Management
Teach Agile Methodologies and prepare professionals for PMI-ACP exam.

Raj Gutta, Ph.D., PMP, RMP, ACP, SME.

Avighna Global Solutions: Risk and IT Consultancy Company : Woodbridge, NJ Jan 2011 Present
Senior Director/Board Member (Part time/Weekends)

Train Consultants, developers, and Business Analysts in Risk Domain area such as Market Risk, Credit Risk, OP Risk
Training and Teaching Anti Money Laundering, Agile Project Management classes, PMP, Risk Management, Business
Analysis, Basel, CCAR as required by Consultants as they are placed in Financial Services Industry in various
Projects.
Strategy, Business Development Planning, Portfolio Management.

Samitra Enterprises, Inc/Samitra Software Lansdale, PA 1992 2002

Operated four service companies and a software development, training and staffing company. Clinets include Wyeth,
ABN Amro, HSBC etc.

President, CFO

Directed and oversaw planning budgets, financial analysis, compliance, and reporting. Reviewed and approved all
contracts, quantitatively measured performance, staffing, and compensation. Risk management, Quality control and
monitoring, Scope management of Projects. Functional and Program Management responsibilities to increase net
income and CRM in a Matrix environment.
Directly involved with, assisted and developed intranet and internet for American Home Products, updated benefit
management systems and human resource management systems.
This is a financial services company providing investment advisory services to individuals and institutional investors.
The company manages a range of Stock, Bond, and money market mutual funds, and other investment portfolios.
Performance attribution system (PAS) was developed to provide advisory services to clients on asset projections,
Portfolio rebalancing. The systems solution advises the client on Wealth management strategies, provides a clear and
complete picture of client assets, research data and tax and insurance information.

ACADEMIC EXPERIENCE

Bloomsburg University Bloomsburg, PA 1988 1993

Associate Professor of Finance

Courses taught: Portfolio Management, Investments, Commercial Bank Management, Corporate Finance,
International Financial Management, and Financial Markets.

Cheyney University Cheyney, PA 1986 1988

Assistant Professor of Finance

Course taught: Financial Markets, Corporate Finance, Investments and Financial Management

Robert Morris Associates (Risk Management Associates) RMA Philadelphia, PA 1985 1986

Research Associate
Responsible for generating Domestic and International charge-off reports, during 1985, 1986, 1987 and helped create
RMA statement studies. Bank Financial ratio analysis.

PROFESSIONAL CERTIFICATIONS
Certified Project Management Professional (PMP)
Certified Risk Management Professional (RMP)
Certified Business Analyst (CBA)
Certified Agile Project Management Professional (PMI-ACP)
Trained in Basel iii, Dodd Frank, CCAR, and Systems Risk and Compliance from International Association of Risk
and Compliance Professionals Washington DC.

WHITE PAPERS AND PRESENTATIONS:

Enterprise Risk Management and Internal Controls
Raj Gutta, Ph.D., PMP, RMP, ACP, SME.
 Economic Capital Modelling Methodology
Model risk and Model Stress Testing
Risk Appetite Framework
NAIC ORSA, Solvency II
Risk and Ratings
Predictive Modeling
CCAR, BASEL III, Dodd Frank, Anti Money Laundering, DF title VII, Swaps and Derivatives
BASEL ICAAP.

EDUCATION
PhD Economics, Econometrics.
Nagaruna University, India

PhD Candidate Finance

Lehigh University & Temple University
Bethlehem, Philadelphia, PA

MS Econometrics & Finance

Temple University, Philadelphia, PA

MA, BA Economics & Mathematics

Nagaruna University, India.

Raj Gutta, Ph.D., PMP, RMP, ACP, SME.