Diploma in Governance, Risk and Compliance launched

19 Sep, 2021 - 00:09 0 Views
Diploma in Governance, Risk and Compliance launched Mr Vusilizwe Vuma

The Sunday News

Judith Phiri, Business Reporter
THE Government has said the Governance, Risk and Compliance (GRC) diploma has come at an opportune time, as the programme will help capacitate financial sector stakeholders to continuously contribute positively to the country’s economic growth.

Delivering the keynote address on the official launch of the Governance, Risk and Compliance Diploma for the financial services sector in Harare last Wednesday, the Minister of Finance and Economic Development, Professor Mthuli Ncube, in a speech read on his behalf by the Ministry’s Director of Financial and Capital Markets, Mrs Judith Rusike said the GRC diploma came at an opportune time as the economy continues to register positive strides.

“The economy continues to register positive strides and I am happy to note the important role the financial services sector is playing in supporting Government policies.

“The introduction of the Governance, Risk and Compliance diploma comes  at an opportune time, as this programme will help capacitate financial sector  stakeholders to continuously contribute positively to the country’s economic growth,” he said.

Prof Ncube said a sound and stable financial services sector plays a pivotal role in driving sustainable economic growth.

The Minister noted that it was imperative for stakeholders in the financial services sector to be continuously equipped with the latest knowledge and skills on critical aspects that strengthen the sector such as corporate governance, risk management, deposit insurance and compliance.

“I am also pleased to note the qualification supports Government’s resolve to strengthen anti-money laundering through capacity building, training and awareness,” said Prof Ncube.

He said vision 2030 envisaged a sound and stable financial sector that plays a pivotal role of intermediation and supporting all sectors of the economy.

The Minister noted that it required interventions from all stakeholders to address risks related to corporate governance, compliance, risk management and consumer protection.

“The Governance, Risk and Compliance program seeks to cover these areas comprehensively to help build a safe, sound and credible financial sector.

‘The National Development Strategy (NDS1) recognises human capital development as a catalyst to the attainment of national priorities.”
Prof Ncube called on stakeholders in the financial services sector to enroll for the programme to enhance their knowledge base, financial system stability, innovation, and help drive the country’s financial literacy thus helping  transform Zimbabwe into a  knowledge driven upper middle income economy by 2030.

Deposit Protection Corporation chief executive officer Mr Vusi Vuma said  the official launch of the GRC diploma was a significant milestone for the banking sector.

“The diploma is tailor-made to contribute to the enhancement of financial stability and economic growth of Zimbabwe.

“A financial literate society is not easily susceptible to panic bank runs which invariable then creates instability within the financial sector thus negatively impacting economic growth,” said Mr Vuma.

He said the diploma was well structured to comprehensively cover areas on governance, deposit protection, risk management and compliance.

Mr Vuma said there was need to inculcate a culture of integrity and ethical values as  some of the causes of bank failures in Zimbabwe have been attributed to failure to adhere to good corporate governance principles, compliance, and sound risk management practices.

“We are confident that this programme will help in the development and training of ethical and principled banking practitioners and will help strengthen the banking sector so that it continues to play its pivotal role in achieving national priorities enshrined in the National Development Strategy 1 (NDS1).”

He said his organisation’s core mandate was to protect depositors and to contribute to the stability of the financial system and they were confident that the programme will help them achieve their mandate.

Mr Vuma said DPC took the diploma as an opportunity to increase public awareness of the scheme and deepen understanding of deposit insurance.

“As an active member of the National Financial Inclusion Forum being spearheaded by the Reserve Bank of Zimbabwe, we are  fully committed to the national agenda of driving financial literacy and financial inclusion and we believe such programs will help contribute to the aspirations of the Forum,” he said.

Mr Vuma said they were also in the process of engaging other academic institutions with a view to introduce a deposit insurance module as part of the education curricula.

Chartered Governance and Accountancy Institute in Zimbabwe (formerly Institute of Chartered Secretaries and Administrators in Zimbabwe) chief executive and secretary Dr Lovemore Gomera said the diploma was introduced to alleviate financial crises that have increased emphasis on good governance and controls within the financial services sector (FSS) institutions.

He said the institute entered into collaboration with two crucial partners, the Deposit Protection Corporation (DPC) of Zimbabwe and the International Compliance Association (ICA) from the United Kingdom to deliver a tailor-made GRC qualification to the financial services sector in Zimbabwe.

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