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November 3, 2020 @ 8:30 am - February 1, 2021 @ 3:30 pm

| Ksh 10000

(established under the Accountant Act, Laws of Kenya)


THEME: Implementation Of Improved Internal Operations In Line With Regulatory Compliance Obligations

DATE: 3rd – 4th November 2020

VENUE: Virtual


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.

Companies in the financial services whether large financial conglomerates or more focused companies in retail banking/credit unions, investment management, life insurance, property and casual insurance, consumer lending often have hundreds of thousands or millions of individual customers. Given the large number of customers these companies serve, all the critical tasks are data-intensive, which makes the tasks ideal opportunities for leveraging BI in various forms.

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 utilise Stress Testing and Scenario Analysis to quality data for decision making and for determining the adequate levels of capitalisation.

Governance, Regulatory 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.

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. Overview of the Risk Based Supervision Regime and Methodology for the Financial Services Industry
  2. Leveraging on stress testing, actuarial modelling, and scenario analysis to assist in decision making, regulatory compliance & reporting
  3. Creation of optimal reserves and adequate capitalization
  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. Setting the optimal retention levels before ceding business to a reinsurer or retrocessionaire
  8. Value addition to the credit rating process and the various inputs required to improve the rating process
  9. Discussion of the rating methodologies by the various rating agencies: A.M Best, S&P, Moodys, Fitch and GRC
  10. Overview of the digital transformation trends in the Financial Services Sector for 2020 and beyond:
    • Mobile Banking
    • Mobile Pay
    • Mobile Apps
    • Blockchain
    • 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. Overview of the Cyber Security Framework and new technology requirements for strengthening of controls on overall IT Security
  14. Navigating through the regulatory governance and Fit and Proper requirements– Which way forward?
  15. Leveraging on Business Intelligence (BI) for performance management, process improvement, and decision support


The seminar charges for the Seminar are as follows:

Category Early Bird Registration
Members 10,000
Non-Members 10,000
International Delegates 120 USD


Members of ICPAK and those from reciprocating professional bodies will be awarded 10 CPD Units upon successfully attending all seminar sessions.


The Institute is registered as a trainer with the National Industrial Training Authority (NITA) 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. To qualify you should apply to NITA for approval prior to the date of the seminar

Further requests can be channeled to us via telephone calls on +254 733 856 262/ 0719 074100 or via email to with copy to

We encourage members to regularly visit our website for updates.


November 3, 2020 @ 8:30 am
February 1 @ 3:30 pm
Ksh 10000
Event Category:




CPD Hours
Associates Member Cost
Ksh 10,000
Full Member Cost
Ksh 10,000
Non Member Cost
Ksh 10,000
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ICPAK is an Institution
mandated to protect and uphold public interest
as well as develop and regulate the accountancy profession in Kenya.

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Contact Information:

P.O BOX 59963-00200,
CPA Center, Ruaraka, Thika road.
Nairobi, Kenya.
Telephone Line (Main) : +254 719 074 000
Mobile: +254 719 074 000, (+254) 733 856262

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