Governance, risk and compliance diploma launched

THE Deposit Protection Corporation (DPC) has joined forces with the Institute of Chartered Secretaries and Administrators in Zimbabwe (ICSAZ) and the International Compliance Association (ICA) to launch a governance, risk and compliance diploma for executives in the financial services sector.

Set at post-graduate level, the diploma has seven modules and candidates will also be issued with a certificate of proficiency in the deposit protection systems sector in a move aimed at nurturing a sound and stable financial services sector.

Finance minister Mthuli Ncube said a sound and stable financial services sector played a pivotal role in driving sustainable economic growth.

He said the qualification supported government's resolve to strengthen anti-money laundering through capacity building, training and awareness.

"It is, therefore, imperative that stakeholders in the financial services sector are 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," Ncube said.

The Treasury chief said Zimbabwe's vision to become an upper middle-income economy by 2030 envisaged a sound and stable financial sector that played a pivotal role in intermediation and supporting all sectors of the economy. This, he said, required interventions from all stakeholders to address risks related to corporate governance, compliance, risk management and consumer protection.

In a statement, the DPC said: "The governance, risk and compliance programme seeks to cover these areas comprehensively to help build a safe, sound and credible financial sector," Ncube said. "The diploma is well structured to comprehensively cover areas on governance, deposit protection, risk management and compliance.

"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 principled, ethical 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 One."

ICSAZ president Taona Munzvandi said the certificate would provide assurance to employers that the holders of the diploma have core knowledge, skills and understanding of managing and advising on risk, good corporate governance and key compliance matters to operate effectively in the financial services sector.