Operational risks in Transfer Agency

Over recent years, the investment fund industry has undergone a profound transformation, continuously reshaping itself to meet the evolving expectations of investors, distributors and regulators. This evolution has naturally extended to transfer agents, whose operating models, organisational structures, risk management approaches and regulatory frameworks have significantly progressed, alongside increasingly complex interactions within the investment fund value chain.

This transformation is largely driven by technological innovation, including the development of advanced IT solutions and the growing use of artificial intelligence, opening new perspectives and redefining the future of transfer agency activities.

Our training is designed to equip you with a clear and practical understanding of transfer agency operational processes, applicable to both UCITS and alternative investment funds. This first module places a particular emphasis on two key components of transaction management: document reception and management, as well as account registration and maintenance.

By the end of the session, participants will gain a comprehensive understanding of operational risks within transfer agency activities and their root causes, enabling a clearer assessment across people, processes, systems and external events.

This training offers a practical and experience-driven perspective on operational risk within Transfer Agency activities. It builds on real-life situations commonly observed in day-to-day TA operations, drawing in particular on PwC’s extensive experience gained through control reviews and assurance engagements across the investment fund industry.

Rather than focusing solely on theoretical concepts, the session invites participants to reflect on how operational risks actually arise, evolve and materialise in practice. Through selected illustrations inspired by real operational environments, it highlights the subtle interactions between processes, systems, people and the broader regulatory and market context.

The training is designed to stimulate awareness, encourage critical thinking and provide participants with a structured lens through which to better understand the operational risk challenges specific to the Transfer Agency function, while leaving room for deeper exploration during the session.

This training is coordinated by Toufik Chaib, Partner and Julia Collura, Director at PwC Luxembourg.

Toufik Chaïb is a partner leading the Trust and Transparency Solutions team at PwC Luxembourg, specialising in bridging operational and external stakeholder requirements with a focus on IT, including ISAE 3402/3000, SOC2, and other ISAE IT-based solutions. He leads PwC’s task force on controls and processes for Sustainable Finance and supports clients with ESG product distribution. Previously, Toufik was Head of the PwC Luxembourg desk in Hong Kong/China, serving as Market Leader for clients operating between Luxembourg and China. He also leads the AWM APAC team for PwC Luxembourg, advising financial institutions in Asia Pacific on European asset management strategies. His expertise covers Asset & Wealth Management, fund distribution strategy, risk assurance, regulatory compliance (UCITS & AIFMD), and audit matters, with notable clients including Goldman Sachs, JP Morgan, BNP Paribas, and others.

Julia Collura is a director at PwC with 13 years of experience in the financial sector, specialising in business and Information Technology controls within the Asset Management industry, including Fund Administration, Management Companies, Depositary Bank, and Custody. She possesses deep knowledge of local regulatory requirements, risk and controls assessment, and security configurations, with expertise in controls reporting for standards such as ISAE 3402/3000 and SOC2 across various industries including Asset Management, Telecom, and Fintech. Julia has led significant projects, notably managing a full control framework implementation for a telecommunications company, and is skilled in IT audit, risk assessments, business process reviews, and AML/CTF reviews.