Top Australian expert explores the future of global financial services
Top Australian expert explores the future of global financial services at CA Sri Lanka CEO Forum
In its first CEO Forum for the year 2012, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) featured top Australian expert Mr. Edmund Bosworth, Head of Risk-Reward, at Westpac Banking Corporation, Australia who explored in detail the post global financial crisis scenario facing the world today.
Addressing a well-attended breakfast forum at the Galadari Hotel in Colombo on March 5th Mr. Bosworth spoke on the theme ‘Regulation, too big to fail and the future of global financial services’ where he elaborated and shared Australia’s experiences and how it continued to remain strong in the face of growing adversities.
Addressing over 100 top Chief Executive Officers in the country, Mr. Bosworth noted that the global financial crisis continued to remain a global crisis in the financial system the world over.
He noted that subsequent to the crisis which affected the US and Europe primarily, the world today has a better appreciation of funding and liquidity risks while there are some entities that are too big to fail.
Commenting on the ‘too big to fail’ concept, the Australian expert noted that the too big to fail is a concept here to stay, and therefore it was imperative for large banks to prepare ahead for possible failures.
He also emphasized that for Europe in particular the situation appeared bleak due to an aging population in the region.
“By 2020, the European population would have aged and will be less productive than it is today,” he noted.
“Faced with change and challenges, the consumer protection is strengthening globally,” he disclosed.
According to him while a significant part of the world suffered due to the global financial crisis, Australia did not face any major setbacks primarily due to the adaptation of a simpler financial eco-system, culture of disclosure, a floating currency system, strong bankruptcy laws and owing to aggressive and empowered supervisors along with the lessons learnt from the banking crisis triggered by deregulation in the early 1990s.
Mr. Bosworth’s presentation was followed by a panel discussion that featured an eminent panel of local experts namely, Mr. Nihal Fonseka, Chief Executive Officer, DFCC Bank; Mr. Dirk Pereira, Chief Executive Officer, Union Assurance; and Mrs. T M J Y P Fernando, Director Bank Supervision of the Central Bank of Sri Lanka. The session was moderated by Ms. Coralie Pietersz, Finance Director, Finlays Colombo PLC.
CA Sri Lanka President Mr. Sujeewa Rajapakse addressing the forum noted that in a context where new regulations and challenges are the order of the day, the industry should look at balancing the demands of regulatory change. “And for this I believe a multidisciplinary approach and comprehensive and innovative solutions are needed to keep ahead with changing times,” he said.
Mr. Rajapakse noted that the financial services industry should remain an essential and important part of the economy and therefore regulation is an important factor for stability and success.
“We must expect and encourage better regulation which should be both effective and boast of high standards.
Today in these challenging times it is important that we all unite and work together and learn lessons from both at a local and at an international level. But it is imperative that we distinguish between what has worked for the betterment of the industry, and what areas that needs to be strengthened and improved,” he added.
Westpac Banking Corporation is Australia’s second largest bank and the world’s 15th largest bank by market capitalization.
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A Sri Lanka – INSEAD Global Leadership Programme receives rave reviews from top financial professionals
The highly successful CA Sri Lanka – INSEAD Global Leadership Programme organized by the Business School of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) which will make a comeback for a third time next month has received rave reviews from top financial professionals in the country for its innovative and contemporary curriculum.
The CA Sri Lanka – INSEAD Global Leadership four-day programme was initially launched in Sri Lanka in June 2011 and made a comeback for a second time in September due to the overwhelming demand.
Among some of Sri Lanka’s leading corporate financial professionals who participated in last year’s workshop was the Chief Financial Officer of Aitken Spence PLC Ms. Nilanthi Sivapragasam who expressed her great satisfaction in the programme.
“It was an interesting and absorbing programme. The teaching techniques were innovative and the outline of the course content with appropriate examples and videos was excellent. It was an enjoyable four days and the CA Business School should be encouraged to bring in more programmes of this nature to Sri Lanka,” she added.
The same positive feedback was also received from Ms. Manohari Abeysekera who functions as the Manager of the Strategic Business Development Unit of Hayleys PLC.
According to her, the programme director Dr. Thomas Mannarelli who guided the four day sessions was interesting and facilitated out-of-the-box thinking.
“Most of the exercises were practical, day-to-day office problems and how would you tackle these issues. There wasn’t a single boring moment, and the sessions were infused with lots of interactive learning with group based assignments,” she added.
Head of Financial Reporting & Analysis of Bharati Airtel Lanka (Pvt) Ltd., Mr. Nipuna Wahalathantri noted that out of all the leadership training programmes he had attended, the CA Sri Lanka – INSEAD Global Leadership Porgramme was the most effective programme. “I like the way it was structures and the trainers from INSEAD were fabulous,” he added.
Meanwhile, General Manager - Tuna Exports of Global Sea Foods (Pvt) Ltd, Mr. Channa Weeratunga said that overall the workshop was an eye opener to many areas of management at highest level which is often not focused on.
The third Global Leadership Programme will be held from 14th to 17th March 2012 and aims at grooming high-end corporate executives including business leaders with enhanced and global leadership qualities deemed a necessity in today’s ever evolving business context.
The programme will see a thought provoking outline aimed at enhancing leadership qualities of business leaders covering a wide range of topics including; vision and leadership transition; creative thinking outside the box; influence without authority; leading organization change; leading high performance teams; decision making under uncertainty; negotiation dynamics and influencing for change.
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“Sisunena” programme by CA Sri Lanka enlightensthousands of students
 The Institute of Chartered Accountants of Sri Lanka in keeping with its role as one of the country’s largest tertiary education providers successfully spearheaded a series of seminars under its “Sisunena”programme in its continuing endeavor to enlighten and expand the knowledge of students in the commerce stream.
The seminar series delivered by a panel of experts washeld across various parts of the country covering the south, north, east and even the commercial capital of Colombo targetingGCE Advance Level students in the commerce stream.
The seminar delved in detail on the Sri Lanka Accounting Standards that are applicable for the G C E Advanced Level examination and also the A/L Accounting Model Paper prepared by the Institute.
Due to the topical subjects covered in the seminars, the demand for these seminars is constantly increasing and the Institute has taken steps to cover most schools located in every province across the countrythis year.
The most recent “Sisunena” seminar was held in Ratnapura Districtin collaboration with the Zonal Department of Education, Ratnapuraon 23rd February 2012at SumanaBalikaVidyalaya, Ratnapurawith an impressive participation of over 500Advanced Level students on Leases, Decisions on Investments, Marginal Costing, and Capital Investment Appraisal Techniques.
The lecture was delivered by renowned lecturer proficient in the subject, namely Mr. Saman Bandara, Chartered Accountant,Senior Lecturer of the University of Kelaniya.
Through the “Sisunena seminar series, students are not only given the necessary psychological boost necessary to face the examinations with confidence but the seminars are also a platform to these students encouraging and edifying them to choose their line of profession wisely.
Mr. Wasantha Kumara, Additional Director of the Zonal Education Department, Ratnapuraemphasized in his speech to the students that at a time when the world was facing various forms of crises from global financial meltdowns to many other issues, chartered accountants were still in high demand both locally and globally and this was one profession which commands an impressive level of prestige the world over.
He further emphasized that students who follow chartered accountancy at the CA Sri Lanka had the advantage of being knowledgably equipped both practically and theoretically, apart from the general knowledge gained which is required to survive in today’s competitive business context.
“Chartered Accountants who are members at the CA Sri Lanka also now have the option of obtaining membership from the prestigious Institute of Chartered Accountants of England and Wales (ICAEW) following a memorandum signed between CA Sri Lanka and ICAEW,” Mr. Saman Bandara added.
He added that through the education gained at the Institute, reaching the highest echelon in the corporate world was not an impossibility as an impressive number of chartered accountants today hold high-end positions in the corporate world in the likes of CEO, CFO, Finance Director and Director, Managers and many other senior level positions in the management level.
Mr. Bandaraconcluded by saying that students should not waste their precious years in confusion but should instead consider a career path in the most sought after profession in the world today, which guarantees a job placement in any part of the world.
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Give Blood… Give Life…
Second CSR Initiative by PACSS Concludes Successfully
The Practicing Accountants Chartered Students’ Society (PACSS) successfully concluded its second CSR event, a blood donation campaign on the 11th February 2012 at the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka). The blood donation campaign “Give Blood… Give Life…” was organized to commemorate the society’s 30th anniversary. The event attracted more than 75 donors who generously donated their blood to give life to others.
PACSS is the students’ body of the Institute of Chartered Accountants of Sri Lanka. The blood donation campaign marks the second CSR initiative in the 2011/12 calendar of the society. In late 2011, the committee successfully concluded its first CSR activity at the Sujatha Elders’ Home.
The society wishes to express its sincere gratitude to the CA Sri Lanka Council members, staff, students and all those who donated blood to make the event successful.
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