Risk management and sustainable business success: How to get it right?

CIMA Technical Symposium 2008 on February 15 to shed key insights

The CIMA Technical Symposium is an annual event organised by the CIMA Sri Lanka Division that is targeted towards the accounting and business fraternity. This year the annual symposium is scheduled to be held on 15 February 2008 at the BMICH.

The theme of the CIMA Technical Symposium 2008 is “Risk Management for Sustainable Business Success”.

Speaking on the Symposium President CIMA Sri Lanka Division, Aruna Fernando said “the technical symposium was launched in 2005 with the objective of providing a channel for members and accounting professionals to improve their technical skills learning from eminent professionals in the industry. CIMA has employed technically proficient individuals to research and understand the changing environment and the demands of the industry. It is this calibre of professionals who team up with other leading international personalities annually to share their learning and experiences”.

“I am extremely proud to note the contribution that this programme had made towards the accounting fraternity over the years and wish to thank the Chairperson of the project Melanie Kanaka and her team for their efforts in conceptualizing and organising this years programme on a theme most appropriate in today’s context,” Fernando said.

Speaking in general about the CIMA technical symposium and the rationale for its development the Chairperson of the Technical Symposium Committee Melanie Kanaka stated “The CIMA technical symposium was architected by Lalith Fonseka, past president of CIMA, Sri Lanka in 2005. CIMA is one of the key internationally recognised professional bodies which deliver an annual technically focused symposium for both its members and the business community. Each year the symposium aims to focus on a technical topic that is fundamental to the Chartered Management profession as well as relevant to the business community”.

Kanaka added that the “CIMA technical symposium creates awareness and stimulates an interest among participants on cutting-edge developments and key challenges of the business community. It also serves as a forum to spur participants to develop their potential further, enabling them to perform better thereby adding value to their stakeholders in business. The forum will undoubtedly equip the participants with tools, and methodologies which are of direct and practical relevance to them”.

Speaking about this year’s technical symposium in particular, Kanaka said “the technical symposium will revolve around the central focus of Risk Management. The theme has been coined taking into consideration the uncertainties in which todays business environments operate both locally and internationally as well as the added challenges for any business to be more focused both strategically and tactically.

“The speakers at this years symposium will deliver thought provoking and stimulating papers focused around the different facets of RISK - i.e. :- Enterprise Risk, Strategic Risk, Compliance Risk as well as Risk assessment and awareness which is key for all businesses operating in today’s challenging environment.” Kanaka added.

The programme is a day program me which will see a key note address, the delivery of four diverse papers, as well as a session on practical insights as shared by a leading MNC.

The papers being presented are from internationally renowned resource persons from UK, South Africa and India who have had in-depth exposure in their relevant areas of risk management as well as draw experiences from both the region and internationally.

The Keynote address will be delivered by Alfred Ramosedi, Managing Director of Nedbank, South Africa. Ramosedi is also the Vice Chair of the Technical Committee of CIMA Global and the Immediate Past President of CIMA South Africa. The keynote address will focus around Risk Management in the context of Changing Role of Chartered Management Accountant

The Other paper presenters are:
Jean-Francois Lowes, Management Consultant & Trainer from UK. Jean is also a active CIMA memeber who has been involved in formulating a number of risk management CPD course for CIMA –UK. She will deliver a paper on Enterprise Risk Management.

Richard Mallett, The Director - Technical Development, of CIMA UK will deliver a paper on Strategic Risk. This paper on Strategic Risk will be set in the context of the broader frameworks of Enterprise Governance and Enterprise Risk Management, highlighting the importance of strategic risk

Prof. P C Narayan, a Faculty Member of Finance & Control Area, of the Indian Institute of Management Bangalore, India will deliver his paper on “Risk Management & Basel II. Prof. Narayan will focus on the capital adequacy norms of the financial markets and the need for significant change in the way banks identify, measure, and manage their risks and consequently the way they allocate capital. This session will deliberate on several other contemporary issues of risk management and Basel II and the effectiveness of the rollout of Basel II.

Rajiv Arora, Joint General Manager – Compliance, of ICICI Bank will present a paper on Compliance Risk and its impact on the Risk management and the business environment as a whole.

A full session at the symposium will dedicated to sharing of practical insights from an MNC. Ruwan Kumara, Risk & Control Manager of Ceylon Tobacco Company, Sri Lanka will share practical insights on the process they have adopted in managing risks to be within its risk appetite, risk management applied in strategy setting down to operational risk. Contributions to this session would also be made by Ms Shirani Jayasekera, Former Head of Risk & Control, Ceylon Tobacca Company, Sri Lanka.

The symposium will have adequate time for deliberation by the participants on the papers presented.

Key decision makers in organisations that have placed effectively risk management at the core of their business focus will undoubtedly benefit from this symposium.