• Info@aganoconsulting.com
  • Call Us: +254 (20) 267-0743

News & Opinions

 NB: as reported by “The Star”, a Nairobi Newspaper

Banks have been urged to invest in converged governance, risk and compliance functions to save them on major losses in the future especially loss and theft of data and fraud. At the ongoing AITEC Banking conference in Nairobi, participants heard that banks do not yet view these functions as well as information security as strategic investments.


Instead, the costs associated with say setting up a biometric system are seen as too high and better invested elsewhere. Dr. Matunda Nyanchama, a Canada-based consultant, gave the example of Canadian banks that came out of the global financial crisis unscathed because of stringent governance and compliance systems. “Regulation (in Canada) is done to a ‘T’,” Nyanchama said. “When the crisis came, the nation was saved.”

Eric Lusaka, a governance, risk and compliance consultant at PWC Kenya said these related functions tend to be muddled up or lumped together when they should be separately defined. In some organizations, compliance is placed together with risk while in others it is found in a legal and compliance department.

Yet compliance should be used to stringently enforce rules and regulations that should be followed when assessing credit risk and information security. “When problems arise each side says you are responsible,” Lusaka said. Hesham Hamdy, Chief Risk Officer of Arab International Bank of Egypt said such roles should be well defined. “It is better to segregate the duties. The functions are different,” Hamdy said. “I cannot head compliance and audit.” Hamdy said the roles sometimes overlap but that should be seen as an advantage.

Lusaka of PWC advised that banks use an umbrella model that converges information from these different functions together to avoid duplication of duties and the existence of contradicting information about the same issues in one bank. For example, the risk department may have different sets of risks from the Information Security department. Lusaka also identified information security as one area banks have yet to address fully. “Information Security is treated not as a strategic investment but as something nice to do,” said Lusaka. “Something as biometrics is seen as too expensive.”

Read 47475 times
Rate this item
(0 votes)


  • sales01@shiyipump.com
    sales01@shiyipump.com Friday, 09 June 2017 23:43 Comment Link

    Banks urged to invest in risk controls

  • love armreif cartier Kopie
    love armreif cartier Kopie Friday, 09 June 2017 23:08 Comment Link

    I do accept as true with all the ideas you have presented to your post. They are very convincing and will certainly work. Still, the posts are very quick for starters. Could you please prolong them a little from next time? Thank you for the post.
    love armreif cartier Kopie

  • Nike Air Max 90 Utility Chaussures Femme Bordeaux
    Nike Air Max 90 Utility Chaussures Femme Bordeaux Friday, 09 June 2017 21:58 Comment Link

    nike air max 90 premium em Chaussures Femme Noir et blanc

  • braccialetti d oro falso prezzi
    braccialetti d oro falso prezzi Friday, 09 June 2017 21:26 Comment Link

    Hi, I think your site might be having browser compatibility issues. When I look at your blog site in Ie, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other then that, fantastic blog!
    braccialetti d oro falso prezzi

  • Nike Air Max 90 Carved Chaussures Femme Blanc
    Nike Air Max 90 Carved Chaussures Femme Blanc Friday, 09 June 2017 20:52 Comment Link

    Nike Air Max 90 Woven Chaussures Femme Blanc

  • Wholesale China Jerseys
    Wholesale China Jerseys Friday, 09 June 2017 20:19 Comment Link

    The other equity shareholders are Secure International Finance Company ($80 million); Demerara Contractors Limited ($40M); Hand in Hand Motor & Life Insurance Company ($40M), and NIS ($80 M).
    Wholesale China Jerseys

  • Derek Barnett Jersey
    Derek Barnett Jersey Friday, 09 June 2017 18:05 Comment Link

    Leonard CraigAs for Radio licence fees, the GNBA has decided to retain the existing $ 2.
    Derek Barnett Jersey

  • cheap under armour
    cheap under armour Friday, 09 June 2017 17:31 Comment Link

    like Borel has done with Street Sense and Mine That Bird in the past three years, and you could probably count on one hand the number of those achieved 100 miles from center city Philadelphia. whose teammates came up with enough big stops and clutch buckets to keep the Bulls an arm鈥檚 length away for the rest of the evening to prevail in a 109-99 victory Saturday night and advance into the second round against Orlando. it was the very thing this series needed and the very thing it had lacked all along.21.6-4.41.42. a bit of perspective settled in when he realized the resident superstar in Staples Center didn鈥檛 have anywhere close to the luxury of complaining about Christmas Day work duty.鈥滻t definitely would have been great.
    cheap under armour

  • bevwpwi
    bevwpwi Friday, 09 June 2017 16:15 Comment Link

    Banks urged to invest in risk controls
    bevwpwi http://www.gbg5te220h3jw1wdb0hh1k0z1u517106s.org/

  • Incubator Machine Price
    Incubator Machine Price Friday, 09 June 2017 16:12 Comment Link

    Banks urged to invest in risk controls

Login to post comments

We are proud to be a leading in consulting and ICT training company. We are happy to serve you. Follow us on:

Our Firm

  • What we do
  • About us
  • Opportunities
  • Opinions & News
  • Contact
  • Partners
  • Awards
  • Experience
  • Events Calendar
  • Media Gallery

Contact Info

Ufundi Plaza,
Moi Avenue
Nairobi, Kenya 00200


This email address is being protected from spambots. You need JavaScript enabled to view it.

8.00 am to 5.00 pm