EY discussion on the New Finance Business Act

Financial Accounting Advisory Services ( FAAS) – Academy of training of EY (Ernst & Young) organises a training programme on the accounting, governance and credit risk implications arising from New Finance Business Act. 01 of 2020 issued by the Monetary Board of Sri Lanka. The programme is scheduled to be held on the 05th of March 2020 from 9.00am to 1.00pm at Mövenpick Hotel, Colombo 03. Manil Jayasinghe, Partner Assurance at EY, Sanath Fernando, Partner Assurance at EY and Rajith Perera, Partner/ Principal FAAS at EY will be resourcing the technical sessions. Thistraining programme will be a rewarding opportunityfor CEOs, CFOs, COOs and Credit Risk Management Professionals for a timely discussion of one of the critical changes affecting the Licensed Finance Companies with effect from 01.04.2021.

The training sessions will include discussions on additional responsibilities of the board of directors and senior management in line with new directions. Under this, some key areas of discussion will be credit risk management framework, Customer credit risk evaluation process and Customer centric-assessment criteria, assessment of potential risk, Internal control framework on Expected Credit Losses (ECL), Write-off policy, Approved ECL model policy and procedure including the policies on Business model assessment

The sessions will also deliver insight towards the regulatory perspective of the new direction in order to comply with the same. Regulatory factors are key to credit risk management as they help to establish the standard and minimum requirement for managing credit risk especially at present with globalization of financial markets and advancement of technology.

Overall session will also address the Internal Auditor role and perspective of the new direction. The objective of EY is to provide the financial services sector, the opportunity to discuss the challenges to their business model and the way forward.