Mr Chipunza says new body launch on Wed­nes­day

The Sunday Mail (Zimbabwe) - - BUSINESS - Busi­ness Reporter

A NEW or­gan­i­sa­tion meant to pro­mote min­i­mum stan­dards for en­ter­prise and reg­u­la­tory gov­er­nance, in­clud­ing cor­po­rate ethics and fi­nan­cial crime com­pli­ance — the Com­pli­ance So­ci­ety of Zim­babwe (CoSoZ) — will be launched in the cap­i­tal on Wed­nes­day.

The or­gan­i­sa­tion is mod­elled along the lines of the Com­mit­tee of Spon­sor­ing Or­gan­i­sa­tions of the Tread­way Com­mis­sion (COSO), which is a joint ven­ture ini­tia­tive of five pri­vate sec­tor or­gan­i­sa­tions ded­i­cated to pro­vid­ing thought lead­er­ship through the devel­op­ment of frame­works and guid­ance on en­ter­prise risk man­age­ment, in­ter­nal con­trol and fraud de­ter­rence.

Though the or­gan­i­sa­tion tar­gets to mo­bilise mem­ber­ship from en­ter­prise gov­er­nance, com­pli­ance and fi­nan­cial crime prac­ti­tion­ers in Zim­babwe, it will also rope in in­ter­est groups from sec­tors such as oc­cu­pa­tional health and safety, en­vi­ron­ment, IT and cy­ber se­cu­rity.

In essence, the or­gan­i­sa­tion plans to evolve as a stan­dard-set­ting body for com­pli­ance risk man­age­ment method­ol­ogy.

In a state­ment last week, CoSoZ said it plans to el­e­vate com­pli­ance of­fi­cers to be “ea­gle eyes” of their or­gan­i­sa­tions.

“It (the or­gan­i­sa­tion es­tab­lishes a fo­rum for Com­pli­ance Pro­fes­sion­als to ex­change views and in­for­ma­tion and en­cour­age best prac­tice. It is the in­formed voice and lob­by­ing body for com­pli­ance pro­fes­sion­als, which es­tab­lishes di­a­logue with stake­hold­ers and makes sub­mis­sions to reg­u­la­tory bod­ies and Gov­ern­ment in re­la­tion to the devel­op­ment of pol­icy and leg­is­la­tion on com­pli­ance is­sues.

“CoSoZ thus en­ables com­pli­ance prac­ti­tion­ers to be the “ea­gle eyes” for their or­gan­i­sa­tions with re­spect to cor­po­rate com­pli­ance,” read part of the state­ment.

CoSoZ mem­bers are drawn from many sec­tors of the econ­omy and hold a va­ri­ety of roles within large and small or­gan­i­sa­tions.

The mem­bers in­clude heads of cor­po­rate gov­er­nance and com­pli­ance; com­pli­ance man­agers; com­pli­ance of­fi­cers; reg­u­la­tory af­fairs man­agers; money laun­der­ing re­port­ing of­fi­cers; le­gal prac­ti­tion­ers and an­a­lysts.

In­dus­tries rep­re­sented within the mem­ber­ship also in­clude bank­ing and fi­nance; cap­i­tal mar­kets; in­sur­ance; util­i­ties; min­ing; man­u­fac­tur­ing; health and whole­sale and retail among oth­ers.

As a Trust, CoSoZ — set up in terms of the No­tar­ial Deed of Trust — is gov­erned by a Board of Trus­tees, while the day-to-day oper­a­tions are over­seen by the Ex­ec­u­tive Coun­cil.

Author­ity is del­e­gated to var­i­ous key board com­mit­tees.

The found­ing trustee is Dr Walter Zure who has over 19 years of bank­ing ex­pe­ri­ence and is presently em­ployed by CBZ Hold­ings as a group prin­ci­pal gov­er­nance and com­pli­ance ex­ec­u­tive.

Fur­ther­more, the board of trus­tees in­cludes Mr Des­mond Jairosi-Chipunza, cur­rently head of com­pli­ance for Bar­clays Bank Zim­babwe; Ms Sithuthuk­ile Sibanda, head of com­pli­ance at Stan­bic Bank; Mr Collin Mu­tam­bira, se­nior man­ager — com­pli­ance and money laun­der­ing re­port­ing of­fi­cer (MLRO) for FBC Hold­ings Ltd; and Pa­tience Chi­nomona, head of com­pli­ance for Met­bank Ltd.

Mr Chipunza

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