Maheswari Kanniah, the Group Chief Regulatory and Compliance Officer at Kenanga Investment Bank Berhad, is a trailblazer in the financial services sector. With a career steeped in governance and compliance, she has become a respected voice in navigating the intricate intersection of ethics, regulation, and business strategy.
Her journey into compliance began with an unexpected twist. Early in her career, Maheswari was offered a chance to lead her first compliance team—a role she initially hesitated to accept. “I was very comfortable as a company secretary and genuinely enjoyed the work,” she recalls. However, a moment of introspection pushed her to embrace the challenge. “I thought to myself that I should take the risk and do what most others might shy away from at that stage in their lives.” That decision proved pivotal, setting the stage for her transformative leadership in compliance.
Maheswari’s solid background in governance made the transition seamless. Her ability to apply governance principles to compliance reshaped how her teams approached the field, bringing a fresh perspective to an often-overlooked discipline. “Governance is a key element of compliance,” she explains. “By leveraging those principles, I aimed to change the whole landscape of how we view and implement compliance.”
Her fascination with regulatory frameworks and ethics goes beyond ticking boxes. It stems from witnessing the profound impact of compliance failures early in her career. “I saw how lapses in compliance could destabilize organizations and ripple through communities,” she shares. Those experiences instilled in her a deep resolve to become part of the solution—a role she approaches with unwavering passion.
For Maheswari, compliance is more than adhering to rules; it’s about building trust. “An organization thrives when stakeholders—employees, customers, investors, and regulators—can depend on its integrity,” she says. This belief underpins her approach, where guiding businesses toward success is as much about accountability as it is about ambition. “Doing what’s right, even when it’s challenging, is non-negotiable.”
Over the years, the field of compliance has grown increasingly complex with the rise of globalization, technological advancements, and emerging risks. These shifts have only deepened her commitment to the profession. Whether it’s protecting investors, mitigating fraud, or fostering a culture of ethics, Maheswari remains inspired by the tangible impact her work delivers. “The opportunity to make a difference every day is what drives me,” she shares.
Milestones That Define a Legacy
For Maheswari, a series of transformative milestones has shaped her career, each underscoring her commitment to integrity and governance. Among these, establishing the compliance department at an investment bank stands out. Initially hesitant to take on the challenge, she embraced the opportunity, igniting her passion for regulatory work. “That role showed me the immense value of compliance in building trust and integrity within organizations,” she reflects.
One of her proudest achievements came when Kenanga Investment Bank Berhad partnered with the Association of Certified Fraud Examiners (ACFE). Spearheading this initiative, Maheswari ensured Kenanga became the first organization in Southeast Asia to join ACFE’s Corporate Alliance. This milestone earned her the ACFE’s Outstanding Achievement in Outreach and Community Service award, making her the first Southeast Asian recipient. “Receiving that recognition was incredibly rewarding,” she says, “because it reflected years of dedication to promoting ethical practices across the financial sector.”
Kenanga’s Fraud Awareness Week campaigns, which engaged industry leaders, regulators, and the community in vital discussions on fraud prevention, were instrumental in this success. Beyond these campaigns, Maheswari has mentored young professionals and contributed to educational programs focused on fraud detection and governance.
Her election as the first Malaysian to the ACFE Board of Regents in the USA marked another landmark moment. This honor allowed her to amplify the region’s voice globally, further strengthening her fight against financial crime. “It’s a privilege to represent Southeast Asia on a global platform and contribute to shaping the future of compliance and governance,” she shares.
Lessons from a Journey of Integrity
Maheswari’s career in financial services has been a masterclass in leadership shaped by valuable lessons. At the heart of her philosophy lies a steadfast commitment to integrity. “Doing the right thing, even when it’s difficult, is non-negotiable in an industry where trust is everything,” she emphasizes. This principle has guided her decisions and fostered trust within her organization and its people.
Collaboration has been another cornerstone of her journey. Leading diverse teams taught her the power of collective problem-solving. “No one has all the answers. By working together, we’ve created solutions far beyond what anyone could achieve alone,” she explains. Flexibility and openness to change have also been crucial. Navigating the ever-evolving financial landscape requires adapting to new regulations, technologies, and market dynamics.
Mentorship has been both a gift and a responsibility for Maheswari. “I’ve had exceptional mentors who shaped my path, and I feel a strong duty to pay it forward,” she says. Guiding young professionals to unlock their potential and navigate challenges with confidence has been one of the most rewarding aspects of her career.
Community service is another area where Maheswari finds purpose. She participates in initiatives promoting education, good governance, and fraud awareness, believing these efforts create informed and empowered communities. At the national level, she has contributed to regulatory reforms and capacity-building programs, driving systemic change. “True success is measured not just by personal achievements but by the positive impact we create for others,” she reflects.
Her work with the Malaysia Australia Business Council’s mentoring program has been particularly fulfilling. Seeing mentees grow and transform as leaders reminds her that learning is lifelong. “Helping others navigate leadership challenges and watching their confidence grow is deeply gratifying,” she says. For Maheswari, shaping the next generation of leaders who will excel in their careers and uplift their communities is the ultimate reward.
A Vision for Fraud Prevention
The partnership between Kenanga Investment Bank and the Association of Certified Fraud Examiners (ACFE) was born from Maheswari’s vision to combat financial crime on a broader scale. Recognizing the increasing sophistication of fraud, she saw the need for greater expertise in fraud risk management. “Partnering with ACFE was a natural step forward to strengthen prevention and detection efforts,” she explains.
In 2015, Kenanga became the first organization in Southeast Asia to join the ACFE Corporate Alliance, a milestone that elevated the bank’s standards and influence. Through the partnership, Kenanga gained access to global best practices, cutting-edge resources, and advanced training in fraud prevention. “This wasn’t just about improving our internal processes,” Maheswari shares. “It was about leading by example and inspiring others to prioritize anti-fraud initiatives.”
The results have been transformative. Internally, the partnership fostered a culture of vigilance, equipping employees to proactively address fraud risks. Externally, it positioned Kenanga as a thought leader in compliance and governance. “We’ve seen a ripple effect, with other organizations recognizing the importance of collaboration in combating fraud,” she notes.
The partnership remains a testament to Kenanga’s commitment to innovation and ethical conduct. By aligning with global fraud prevention standards, the bank has strengthened its position as a leader in integrity while inspiring others across the financial sector. “This collaboration demonstrates the power of shared vision and action in creating meaningful change,” Maheswari states.
A Global Voice for Anti-Fraud Advocacy
Being elected as the first Malaysian on the Association of Certified Fraud Examiners (ACFE) Board of Regents was a pivotal moment in Maheswari’s career. This position offered her the chance to represent Southeast Asia on a global stage and amplify the region’s unique challenges in combating financial crime.
Her vision for this role is as ambitious as it is purposeful. “My goal is to ensure that the voices of emerging markets are heard in the global fight against financial crime,” Maheswari shares. These markets face hurdles such as limited resources and the rapidly evolving complexities of fraud brought on by digital transformation. To address this, she advocates for greater accessibility to anti-fraud education and tools, ensuring organizations worldwide have the knowledge and capabilities to protect themselves.
Collaboration is another cornerstone of her efforts. Recognizing fraud as a global issue, she champions the sharing of insights and strategies across borders to develop more comprehensive solutions. Maheswari is particularly passionate about integrating advanced technologies like artificial intelligence and data analytics into fraud prevention efforts. However, she emphasizes the importance of ethical frameworks to guide their application, ensuring that innovation does not outpace accountability.
Through her role, Maheswari strives to leave a lasting legacy. “This is more than a personal milestone for me. It’s an opportunity to drive innovation, inclusivity, and ethical leadership in the anti-fraud profession,” she asserts. Her work reflects her dedication to shaping a profession that not only adapts to modern challenges but also embodies integrity and trust.
Building a Culture of Integrity
For Maheswari, the foundation of compliance, ethics, and governance began at home. Influenced by parents who instilled a deep respect for honesty and responsibility, she carried these values into her leadership journey. “I often questioned household rules as a child,” she recalls, “but those principles laid the groundwork for my professional path.”
In her view, leaders who prioritize integrity set the tone for their organizations. Compliance should not be about enforcing rules but about empowering employees to make informed, ethical decisions. “Embedding compliance into an organization’s DNA makes it part of daily life, not just something brought up during audits or training sessions,” she explains.
Maheswari emphasizes the importance of regular and interactive training programs. Such initiatives not only build awareness of compliance standards but also equip employees to address risks proactively. Providing practical tools and resources fosters a culture where employees feel confident in navigating ethical challenges.
Creating safe reporting channels is another key element. Confidential systems and protections against retaliation encourage openness and build trust. “When employees feel secure about speaking up, potential problems can be addressed early, preventing larger issues down the line,” she notes.
Open dialogue is equally important. By discussing ethical dilemmas transparently, Maheswari believes organizations can transform compliance into a shared responsibility. This approach creates a workplace where ethical behavior is celebrated, ultimately fostering long-term success and integrity.
Balancing Compliance with Innovation
In Maheswari’s experience, compliance and innovation are not opposing forces but complementary drivers of sustainable growth. She advocates for viewing compliance as an enabler rather than a hindrance, demonstrating how it can align regulatory requirements with creative solutions. “When compliance is integrated into the strategic process, it becomes a driver of trust and competitive advantage,” she explains.
Early collaboration between compliance teams and project planners is critical to this balance. By identifying risks upfront, organizations can avoid delays and mitigate potential setbacks. This approach reframes compliance professionals as partners in innovation rather than gatekeepers.
Remaining adaptable is another essential factor. By staying informed about industry trends and regulatory shifts, organizations can anticipate changes and position themselves as leaders in best practices. For Maheswari, effective communication is key to this adaptability. Translating complex regulations into actionable insights ensures that operational teams understand how compliance supports their goals.
Ultimately, Maheswari underscores that the right mindset and collaboration can bridge the gap between compliance and innovation. This balance fosters not only regulatory excellence but also sustainable growth, proving that ethical practices can go hand in hand with groundbreaking achievements.
Building Resilience in High-Stakes Compliance
Navigating the intricate world of compliance within regulatory frameworks like the Central Bank, Securities Commission, and Stock Exchange requires a balance of expertise, purpose, and emotional strength. For Maheswari, this journey is rooted in a steadfast commitment to upholding ethical standards and safeguarding trust. “Knowing that my work protects organizational integrity is a powerful motivator, especially during complex challenges,” she shares.
Maheswari views continuous learning as a cornerstone of resilience. She regularly engages in industry events, collaborates with thought leaders, and explores innovative tools to stay ahead in an evolving landscape. Her dedication to growth is exemplified by her pursuit of qualifications late in her career, earning the Chartered Banker designation at 60 and becoming a Certified Expert in ESG and Impact Investing at 62.
Emotional resilience is another critical aspect. Facing high-stakes decisions with poise requires mindfulness, mentorship, and reflection. Maheswari’s approach includes seeking guidance from trusted advisors, drawing from past experiences, and practicing techniques to maintain clarity under pressure.
Equally vital is collaboration. Maheswari emphasizes the power of strong, supportive teams in tackling challenges. “Shared accountability and diverse perspectives lead to more effective problem-solving,” she explains.
For Maheswari, resilience and adaptability are not innate traits but skills honed through experience and a commitment to growth. She inspires her teams to embrace uncertainty with confidence, ensuring they are well-prepared to navigate future complexities.
Lessons from the Field and Track
Before becoming a trailblazer in the compliance world, Maheswari was making waves as a double international athlete. In the 1980s, she captained the Malaysian Field Hockey Team and represented the country in athletics, a remarkable journey that deeply influenced her leadership style.
Sports taught her valuable life lessons. “Preparation is key,” she says. Success, she believes, is not determined on game day but through consistent effort and strategic practice. This philosophy has shaped her professional mindset, underscoring the importance of thorough planning in achieving organizational goals.
Determination, another attribute honed on the field, has been instrumental in her career. Competing under unpredictable circumstances instilled in her the ability to remain focused and resilient—qualities she considers indispensable in the fast-paced corporate environment.
Above all, teamwork stands out as the bridge between sports and leadership. Maheswari believes that success is a collective effort, whether on the field or in the boardroom. She fosters a culture of trust and open communication, ensuring every team member feels valued and empowered.
Her competitive spirit, tempered with humility and respect, drives her to aim for excellence while embracing setbacks as learning opportunities. “I celebrate successes as collective achievements,” she reflects, a principle that continues to guide her approach to leadership.
Compliance as a Foundation for Trust
In her role as Group Chief Regulatory and Compliance Officer at Kenanga, Maheswari is shaping a compliance culture centered on integrity and accountability. For her, compliance is more than a regulatory necessity; it is a cornerstone for building trust with clients, employees, and stakeholders. “Trust is the currency of long-term success,” she remarks.
Maheswari’s vision for compliance aligns with the dynamic nature of the financial services industry. With technological advances such as AI and blockchain reshaping the landscape, she prioritizes integrating these innovations into compliance frameworks. This approach enhances operational efficiency and risk detection while upholding ethical standards.
Developing talent within the compliance team is another pillar of her strategy. As a Certified Capital Market Professional and Compliance Advocate for the Securities Industry Development Corporation, Maheswari is dedicated to equipping the next generation of compliance professionals with the skills and knowledge they need.
Her efforts extend beyond Kenanga. Through strategic partnerships and active participation in industry forums, Maheswari is positioning the organization as a leader in fraud prevention and regulatory excellence. She envisions Kenanga not just as a compliant institution but as a model of innovation and ethical leadership.
By fostering a culture of trust and sustainability, Maheswari is ensuring Kenanga thrives in an ever-changing world. Her ultimate goal? To leave behind a legacy where compliance and accountability are seen not as burdens, but as enablers of growth and purpose.
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