Growing up, Maheswari Kanniah balanced her time between the running track, hockey field, and study desk. Her late father, an advocate of education, instilled in her the importance of knowledge. This blend of discipline and curiosity led her to the financial services sector. Her fascination with the structure and governance of financial institutions, coupled with her passion for sports, shaped her expertise in compliance and regulatory governance. The dynamic nature of financial regulations kept her engaged, driving her to continually deepen her understanding of policies, fraud risk management, and corporate integrity.
A Career Shaped by Continuous Learning and Adaptation
Rather than a single defining moment, Maheswari’s approach to risk management and regulatory compliance has been shaped by a collection of experiences and lessons learned over her 45-year career. Leading the implementation of compliance and ethical frameworks, she faced resistance but transformed organisational mindsets by fostering open dialogue and demonstrating the long-term benefits of a strong compliance culture. This cumulative knowledge has shaped her understanding that risk management is an evolving process requiring constant vigilance and adaptability.
Navigating the Ever-Changing Regulatory Landscape
Adapting to the relentless pace of regulatory changes has been one of Maheswari’s biggest challenges. She emphasises the importance of fostering a culture of continuous learning within her teams, leveraging technology, and collaborating with regulators and industry peers to stay ahead of emerging trends. Beyond strategic adjustments, maintaining a sense of humour and resilience has been invaluable in navigating the ever-changing landscape of compliance.
Balancing Strategic Leadership with Operational Execution
Balancing strategic leadership with operational execution requires focus, balance, and the ability to adjust quickly. Maheswari believes in surrounding herself with people who excel in their roles and trusting them to deliver. By building strong connections within her team and with external stakeholders, she achieves a blend of big-picture thinking and day-to-day execution. Adaptability is key to maintaining flexibility in leading strategically while ensuring robust operational processes.
Proactive Governance: The Importance of Vigilance and Leadership Commitment
For Maheswari, proactive governance is about continuous monitoring, early detection of vulnerabilities, and leadership commitment. Integrating compliance into business decision-making rather than treating it as an afterthought helps organisations shift from reacting to regulatory changes to proactively strengthening their governance. Humanising learning through initiatives like the Fraud Awareness Week (FAW) interactive engagements have made compliance relatable and engaging, fostering a proactive culture.
Trends in Financial Crimes and Strengthening Defences
Maheswari observes that financial crimes have become increasingly sophisticated with the rise of digital platforms. Cyber fraud, identity theft, and complex money laundering schemes are more prevalent than ever. She advocates for leveraging technology and fostering a culture of vigilance to strengthen defences. AI-driven compliance tools, complemented by human oversight and critical thinking, are essential in mitigating financial crime risks. Regular staff training, stronger internal controls, and collaboration with regulatory bodies are crucial in staying ahead of emerging threats.
Fostering a Strong Culture of Corporate Integrity
Corporate integrity, according to Maheswari, starts at the top. Leaders set the tone, and their actions speak louder than any policy. At Kenanga Investment Bank (Kenanga or the Group), the Group Speak Up Policy has been instrumental in fostering a culture of integrity by creating spaces where people feel empowered to speak up. Building relationships and trust, fostering open dialogue, and recognising ethical behaviour are key measures in reinforcing integrity as a fundamental part of the corporate fabric. Reinforcing this commitment, Kenanga has in recent years engaged an independent third party for its whistleblowing platform. To strengthen this further, Kenanga has now onboarded Confide for this purpose, the first in Malaysia and Southeast Asia to do so. Founded by a whistleblower, Confide embodies transparency and accountability, reflecting Kenanga’s dedication to ensuring ethical concerns are heard and addressed with the seriousness they deserve.
Establishing Kenanga Group’s Corporate Partnership with ACFE: A Game-Changer in Fraud Prevention
Maheswari Kanniah’s pivotal role in establishing Kenanga’s corporate partnership with the Association of Certified Fraud Examiners (ACFE) has significantly advanced the fight against fraud in Malaysia and Southeast Asia. This collaboration has been a game-changer, building a community of professionals committed to combating financial crimes. Innovative programmes and initiatives, such as the FAW interactive engagements, have fostered a strong network of participants from various countries, strengthening defences against fraud. The involvement of regulators and law enforcement agencies has further reinforced anti-fraud efforts, ensuring that fraud prevention remains a shared priority across industries and jurisdictions.
Honoured with the “Outstanding Achievement in Outreach and Community Service” Award by ACFE
Receiving the Outstanding Achievement in Outreach and Community Service award in 2023 as the first and only recipient from Southeast Asia was a humbling and motivating experience for Maheswari. It reaffirmed the importance of her outreach and awareness efforts, as well as served as a reminder that there is always more to be done. She views the Outstanding Achievement in Outreach and Community Service award as motivation to continue expanding her efforts, finding creative ways to engage communities, and fostering relationships that amplify collective impact. Passionate about mentoring the next generation of compliance professionals, Maheswari aims to leave a lasting impact on the financial services sector by ensuring that fraud prevention and ethical leadership remain at the heart of business operations.
Driving Key Initiatives as the First Malaysian on the ACFE Board of Regents
As the first Malaysian elected to the ACFE Board of Regents, Maheswari has actively advocated for expanding ACFE’s reach by increasing accessibility to training programmes, mentorship opportunities, and networking platforms. With her term from 2024 to 2025, she aims to drive initiatives focused on inclusivity, innovation, and education. One of her goals is to expand programmes that benefit professionals in Southeast Asia and Asia. Additionally, Malaysia will host the ACFE’s Asia-Pacific Fraud Conference for the first time in August, furthering collaboration with regulators and industry leaders to empower professionals at all levels.
The Role of Mentorship and Community Engagement in Leadership
Mentorship has been a cornerstone of Maheswari’s leadership journey. She believes in uplifting those around her and sees it as her responsibility to pay forward the guidance and support she received from her mentors. Participating in several mentoring programmes, she values the mutual learning experience with mentees. Her goal is to champion these values and create a more knowledgeable, resilient, and ethical workforce in financial governance. Community engagement and mentorship go hand in hand, building relationships, sharing knowledge, and supporting young professionals’ growth and success.
Navigating Unique Challenges as a Female Leader in Financial Services
As a prominent female leader in financial services, Maheswari recognises the dual challenge women face in breaking through glass ceilings and navigating ingrained biases. Despite progress in gender diversity, unconscious bias and structural barriers persist. Organisations can support diversity by valuing and recognising women’s contributions, creating mentorship programmes, offering flexible work policies, and providing clear pathways for career advancement. Fostering a culture that celebrates diverse perspectives leads to richer, more innovative solutions.
Regulators also play a crucial role in promoting gender diversity. In Malaysia, the Securities Commission’s Malaysian Code on Corporate Governance recommends that all boards comprise at least 30% women directors. Bursa Malaysia has implemented requirements for listed companies to have a minimum of one female director on their boards. These regulatory measures have been instrumental in promoting gender diversity within corporate leadership. However, continuous efforts are needed to ensure that diversity is not just a metric, but a value embedded within organisational culture.
Advice for Aspiring Women Professionals
Maheswari advises aspiring women professionals in regulatory compliance and risk management to be confident in their expertise and never stop learning. She encourages them to challenge the status quo and build a strong network of inspiring individuals. Perseverance is critical, and staying true to one’s values and striving for excellence will set them apart in the field. Speaking up, sharing ideas, and trusting one’s unique value are essential for professional growth.
Evolving Role of Women in Financial Governance and Regulatory Leadership
The role of women in financial governance is evolving rapidly, with increasing recognition of their unique contributions to decision-making. Maheswari believes women will continue to shape the industry by bringing diverse perspectives, collaborative leadership styles, and innovative approaches to problem-solving. As organisations recognise the value of diversity, women will play an even more significant role in shaping the financial landscape, influencing policies, and driving sustainable outcomes.
Future of Financial Services & Compliance
Advancing Technology and the Transformation of the Regulatory Landscape
Maheswari Kanniah sees technology as a transformative force in compliance, shifting it from a reactive to a proactive process. AI-driven solutions enable real-time monitoring, predictive analytics, and efficient risk management. However, she emphasises that human oversight remains crucial. The future of compliance lies in harmonising technological innovation with human expertise to build robust, transparent, and ethical regulatory frameworks.
Addressing the Biggest Risks in the Financial Industry
Cybersecurity threats, regulatory changes, and financial crimes are among the biggest risks facing the financial industry today. Maheswari advocates for a proactive, holistic approach to risk management. This includes investing in technology, fostering a culture of vigilance, and implementing strong data protection policies. Continuous staff training on cyber threats and fraud prevention is essential, along with allocating resources to stay ahead of emerging threats. Collaboration across the industry and stakeholder-driven initiatives are key to strengthening collective resilience.
Emerging Regulatory Trends Shaping the Future
Sustainability and ethical governance are significant regulatory trends shaping the future of financial services. Regulators are incorporating Environmental, Social, and Governance (ESG) criteria into financial regulations to ensure responsible investment practices. Geopolitical risks and rising protectionism are also reshaping financial regulations, leading to more stringent cross-border compliance requirements. Maheswari emphasises the need for businesses to remain agile, adapting compliance strategies to align with both local and international expectations while navigating an increasingly complex global economy.
Sports and Leadership: Lessons from the Field
Maheswari’s experience as a national-level athlete and captain of the Malaysian Hockey Team has profoundly influenced her leadership style. Sports taught her invaluable lessons about teamwork, resilience, and leadership. She believes that success is built on unity, discipline, and the ability to inspire and push each other beyond perceived limits. These principles have shaped her approach to leading teams in the corporate world, fostering a culture of continuous growth and excellence.
Motivation and Staying at the Forefront of Compliance and Governance
After four decades in the industry, Maheswari remains motivated by the constant opportunity to learn, adapt, and make a meaningful impact. She is inspired by the passionate individuals she works with and the tangible impact of their efforts in strengthening governance frameworks and fostering a more ethical corporate culture. Staying at the forefront of compliance and governance requires adaptability, curiosity, and active engagement with industry developments. Maheswari’s motivation comes from knowing that their work safeguards trust, protects institutions, and contributes to a more transparent and accountable financial ecosystem.
Advice to Her Younger Self
Reflecting on her career, Maheswari would advise her younger self to embrace every challenge as an opportunity to learn and grow. She emphasises the importance of stepping out of one’s comfort zone, questioning the norm, and pushing the boundaries of what is possible. Trusting one’s instincts, standing strong to one’s principles, and building meaningful relationships are key to success. Maheswari believes that integrity and conviction are invaluable assets in an ever-changing world, and the journey, with its experiences and lessons, is what makes the ride worthwhile.
Maheswari Kanniah’s illustrious career in regulatory compliance and governance is a testament to her dedication, adaptability, and leadership. From her early days balancing sports and academics to her current role as a trailblazer in the financial services sector, Maheswari has continuously pushed the boundaries of what is possible. Her unwavering commitment to ethical business practices, mentorship, and proactive governance has left a lasting impact on the industry. As she continues to advocate for diversity, innovation, and integrity, Maheswari’s legacy serves as an inspiration for future generations of compliance professionals. Her journey is a reminder that success is not just about reaching milestones, but about the continuous pursuit of excellence, learning, and making a positive difference in the world.