Is it permissible for me to recite a daily portion (wird) of the Quran with the intention of it being an ongoing charity (sadaqah jariyah) on behalf of my deceased colleague? And will I receive a reward for that, or will the reward be for the deceased only? And does the ruling regarding delaying the completion of the Quran beyond forty days apply to me in this situation?

Reading the Quran and dedicating its reward to the deceased is permissible. The reader receives the reward, and the deceased receives a reward similar to that of the recitation. Some scholars have stated that both the one who dedicates and the one to whom it is dedicated are rewarded, and "whoever guides to a good deed is like the one who does it." As for delaying the completion of the Quran for more than forty days, it is disliked for one who has no valid excuse, as stated by Imam Ahmad.