Mr Chipunza says new body launch on Wednesday
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.