THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
THE FINANCIAL SERVICES SEMINAR – RECORDING
THEME: The journey towards improved regulatory compliance and streamlined processes for entities in Financial Services Sector
3rd – 4th November 2021
Governance, Regulation and Compliance continues to be complex business challenge. As new laws and regulations are introduced, their requirements challenge boards to greater levels of transparency, objectivity, and professionalism. Increased accountability and potential exposure to liability means directors need to ensure that corporate governance standards are adhered to and robust compliance management systems are in place. The regulatory bodies in Kenya as those of other markets have thus instituted some mandatory forms to be filled in while appointing new directors, CEOs, and heads of control functions. These forms act as background checks and thus aid in strengthening the oversight and prudence of the holders of these critical positions. Owing to this requirement, it is important for professionals in the financial services industry to be exposed and trained in how to fill the fit and proper forms and the accompanying regulatory compliance documentation.
The major categories of financial institutions include central banks, retail and commercial banks, internet banks, credit unions and Saccos, investment banks, investment companies, brokerage firms, insurance and reinsurance companies and mortgage companies. Currently, there are main regulators for all the entities in the Financial Services Industry, with an objective of instilling compliance and seamless platform for competition and sanity among the firms. The objectives of financial regulators are usually to maintain confidence in the financial system while contributing to the protection and enhancement of stability of the financial system. Another objective is also to secure the appropriate degree of protection for consumers.
While carrying out their regulatory role, Financial Services Regulators have instituted several compliance obligations which have changed the key operations of entities in the financial services industry including the core systems and key documentation and operational tools within the companies. This has led to a gap in knowledge and lack of clarity of the various obligations required and thus professionals in the Financial Services are continuously seeking for knowledge in how to enhance their internal processes to fulfil these requirements.
The financial risk management disasters of the last fifteen years made it clear that risk management is fundamental to good corporate governance and prompted several responses relating to governance and internal control. Over this same period, company managers have also increasingly recognized the potential for effective risk management to add value to an organization, and the language of risk management has started to permeate the day-to-day language of business. As a result, it is now commonplace and a requirement for entities in Financial Services to utilize Stress Testing and Scenario Analysis to quality data for decision making and for determining the adequate levels of capitalization.
This seminar will provide an opportunity for professionals in the Financial Services Industry to share experiences and ideas on the various dilemmas and opportunities as presented above.
The seminar has been designed to focus on the following key topics:
1. Leveraging on stress testing, actuarial modelling, and scenario analysis to assist in decision making, regulatory compliance & reporting
2. Creation of optimal reserves and adequate capitalization
3. Overview of the Risk Based Supervision Regime and Methodology for the Financial Services Industry
4. Overview of key standards and the Financial Statement Close Process (FSCP) during and post the pandemic
5. IFRS 9 and IFRS 17
6. Modelling, quantification, and optimal risk management practices for the key risks affecting entities in the Financial Services Industry:
• Concentration risk
• Accumulation risk
• Credit risk
• Market dynamics risk
• Reserving risk
• Capitalization risk
7. Overview of the Cyber Security Framework and new technology requirements for strengthening of controls on overall IT Security
8. Navigating through the regulatory governance and Fit and Proper requirements- Which way forward?
9. Leveraging on Business Intelligence (BI) for performance management, process improvement, and decision support
10. Overview of the digital transformation trends in the Financial Services Sector for 2020 and beyond:
• Mobile Banking
• Mobile Pay
• Mobile Apps
• Automated Wealth Managers
• Big Data
11. Deep dive into the various regulatory returns and the key requirements to be submitted
12. Insights on the Anti Money Laundering, FATCA & GDPR Policy requirements and compliance obligations to be fulfilled by entities in the Financial Services Industry
13. Discussion of the rating methodologies by the various rating agencies: A.M Best, S&P, Moodys, Fitch and GRC
14. Value addition to the credit rating process and the various inputs required to improve the rating process
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS (CPD UNITS):
Members of ICPAK and reciprocating professional bodies will be awarded 10 Structured CPD Units upon successfully completion of the Webinar.
The Webinar charges are Kshs. 10,000. Charges will cater for online video access fees, learning materials, and e-certificates of attendance
Registration: Delegates are reminded to note that online booking for webinar is mandatory on https://www.icpak.com/event-registration/Online Booking
We call on Seminar participants to note that booking for is available only online at www.icpak.com/events and will close two hours before the training session. Delegates are reminded to note that online booking for training sessions is mandatory.
NATIONAL INDUSTRIAL TRAINING AUTHORITY (NITA) REIMBURSEMENT:
The Institute is registered as a trainer with National Industrial Training Authority. The Institute’s registration number is DIT/TRN/47. Participants who are registered levy contributors should apply to NITA for reimbursement of their fees. Please note that this is applicable for Kenyan citizens only and subject to NITA regulations. Remember that to qualify you should apply to NITA for approval prior to the date of the conference. Further details can be obtained from their website (www.nita.go.ke)
Further requests can be channeled to us via telephone calls on +254 719 074 000, (+254) 733 856262 or via email to firstname.lastname@example.org.
We encourage members to regularly visit our website https://www.icpak.com for updates.