‘Bring Compliance into Focus’ symposium a success

• Sub-Committee for Compliance of the FHA hosted its first Compliance Symposium on 6 December

Compliance is a field that focuses on prospectively ensuring adherence to laws and regulations, institution’s internal policies and process by identification, prevention, monitoring and detection, resolution, and advisory. 

Compliance officers within the compliance department have a duty to their employer to work with management and staff to identify and manage regulatory risk. Compliance officers provide an in-house service that effectively supports business areas in their duty to comply with relevant laws and regulations and internal procedures. 

To enhance the knowledge of the Compliance Officers of Licensed Finance Companies (LFCs), the Sub-Committee for Compliance of the Finance Houses Association of Sri Lanka hosted its first Compliance Symposium themed ‘Bring Compliance into Focus’ on 6 December to address key areas in the field of compliance. The illustrious membership of the Sub-Committee for Compliance is drawn from ex-officio Compliance Officers of LFCs in Sri Lanka, which are members of the Finance Houses Association of Sri Lanka. 

The Sub-Committee for Compliance (SCC) of the Finance Houses Association of Sri Lanka (FHA) was formed on 9 April, with the following objectives,

i.Provide a forum for discussion of compliance-related issues of the members of the Sub-Committee.

ii.Represent the views and serve as a focal point for bringing issues faced by members to the attention of the relevant parties, including the FHA, the Central Bank of Sri Lanka and other regulatory bodies and negotiate on behalf of the members to achieve a common goal. 

iii.To reach a consensus among the membership with regard to the approach to be taken when liaising with regulatory authorities on new laws and regulations that are enacted.

iv.Undertake, promote and facilitate studies and discussions in the field of compliance in Licensed Finance Companies (LFCs).

v.Organise and promote research and to undertake studies in the field of Compliance.

vi.Plan and organise teaching and arrange training programs in the field of Compliance for LFCs.

vii.Promote understanding, cooperation and fellowship between the LFCs. 

viii.Engage in any other activities connected with or incidental to the above objectives.

In keeping with these aims, the SCC has been actively providing guidance and support to its members and their companies through a series of events and activities. The SCC hosted its first symposium on compliance themed ‘Bring Compliance into Focus’ within nine months since inception for the benefits of Compliance Professional of LFCs by focusing on contemporary topics in the field of compliance.  

The symposium focused on areas of particular importance to LFCs in Sri Lanka, such as ‘Role of NBFIs in the context of Financial Stability,’ ‘Challenges in Implementing AML/CFT Regulations,’ ‘Creating an Effective Compliance Culture for Sustainable Business Growth’ and ‘Data Privacy and Emerging Technology’. 

This symposium featured speeches and panel discussions by an eminent panel of speakers comprising of the directors of the key departments of the Central Bank of Sri Lanka, academics and recognised business personalities. The Compliance Professionals of LFCs benefited by enhanced their knowledge and understanding expectation of regulators since the topics were universal relevance to them. 

H. A. Karunaratne, Deputy Governor, Central Bank of Sri Lanka, attended the Symposium as the Chief Guest and J. P. R. Karunaratne Assistant Governor, Central Bank of Sri Lanka, Guest of Honour to the Symposium presented the keynote address. Roshan Abeygoonewardena, the Chairman of the Finance House Association of Sri Lanka and an Executive Director of CDB Finance PLC, delivered the inaugural speech of the Compliance Symposium.   

W. Ranaweera, the Director of Department of Supervision of Non-Bank Financial Institutions of the Central Bank of Sri Lanka (SNBFI) – presented the topic on ‘Role of NBFIs in the context of Financial Stability’. D. M. Rupasinghe, the Director of Financial Intelligence Unit of the Central Bank of Sri Lanka delivered his presentation on ‘Challenges in Implementing AML/CFT Regulations’. 

A speech on ‘Creating an Effective Compliance Culture for Sustainable Business Growth’ was delivered by Aravinda Perera, the Chairman of Singer Finance (Lanka) PLC and former Managing Director of Sampath Bank PLC, whilst Sujit Christy, Governance, Risk, Compliance and Cybersecurity Professional, a passionate cybersecurity adoption evangelist and a Director of Layers-7 Seguro Consultoria Ltd. shared his experience on ‘Data Privacy and Emerging Technology’. 

The first three sessions were followed with panel discussions, moderated by Thushan A. Amarasuriya [Director/CEO of Singer Finance (Lanka) PLC], Premasiri Ratnayake (retired Senior Banker and Compliance/Risk Management Professional) and Ashane Jayasekara (Deputy Managing Partner and National Head of Risk, IT and Forensic Services for BDO Partners). 

The event was sponsored by Infrasoft Technologies (the Platinum Sponsor), Quantum Data Engines, and N*able (Principal Sponsor). Daily FT functioned as the official newspaper to the event. Gold FM and Hiru FM were the Electronic Media Partners.