EY training program to dissect new Finance Business Act

From left: EY Sri Lanka Partner and FAAS Principal Rajith Perera, Partner Assurance Sanath Fernando and Partner Assurance Manil Jayesinghe

• Discussions to spotlight Act’s directions on classification and measurement of credit facilities of licensed finance companies

Financial Accounting Advisory Services (FAAS), the training academy of Ernst & Young (EY), will stage a training program on the accounting, governance and credit risk implications arising from the new Finance Business Act. 1 of 2020 issued by the Monetary Board of Sri Lanka. 

The program is scheduled to be held on 5 March from 9.00 a.m. to 1.00 p.m. at Mövenpick Hotel, Colombo 3. EY Partner Assurance Manil Jayasinghe, EY Partner Assurance Sanath Fernando and EY FAAS Partner/Principal Rajith Perera will be leading the technical sessions. 

The training program will offer a rewarding opportunity for Chief Executive Officers, Chief Financial Officers, Chief Operating Officers and Credit Risk Management Professionals to participate in a timely discussion on one of the critical changes affecting licensed finance companies with effect from 1 April 2021.

The training sessions will include discussions on the additional responsibilities of the board of directors and senior management in line with new directions. Under this, some key areas of discussion will be the credit risk management framework, customer credit risk evaluation process, 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 on 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 the globalisation of financial markets and advancement of technology. 

The overall session will also address the internal auditor’s role and perspective of the new direction. The objective of EY is to provide the financial services sector with an opportunity to discuss the challenges facing their business model and the way forward.

Interested participants are requested to confirm their participation to Thilini Perera by emailing [email protected] or calling +94 11 5578859.