Business
Mitigating bribery, corruption & corporate risks with automated compliance
Compfie addresses a major industrial concern
Aparajitha Corporate Services Private Limited, India’s no. 1 company for Compliance in association with 3W, a leading Transformational Consulting and Training Company in Sri Lanka, organised its 2nd Global Compliance Webinar recently.
Aparajitha Corporate Services Private Limited introduced its Global E-Governance & Compliance Platform – ‘Compfie’ in Sri Lanka in association with 3W Consulting headquartered in Colombo, last year. This move to position ‘Compfie’ in Sri Lanka’s compliance market marked a major development for the strategic country partnership between Aparajitha and 3W.
The virtual webinar session was about understanding compliance management and the role technology & digitisation can play in transforming financial compliance for organisations.
Speaking on the importance of the session, Mr. Nagaraj Krishnan, Managing Director, Aparajitha Corporate Services Private Limited said, “With increased regulatory changes and the ‘new normal’ brought forth by COVID-19, One major trend in corporate compliance to watch out for in 2022 will be the substantial increase in digital transformation in terms of automation and simplification of compliance-related processes. Any e-compliance architecture needs to be designed to provide complete visibility and a bird’s eye view of the compliance status across the country, state, and unit levels. It is equally important for experts to provide round-the-clock support in updating country-wise Industry-specific laws and auto-configuring the software with an appropriate domain covering laws under Labour, Fiscal, Corporate, Commercial, EHS, and industry-specific catering to large global organisations, medium and small firms,” adds Krishnan.
“Sri Lankan Companies today have rapidly prioritised Compliance, as Boards have stepped up their commitment to Corporate Governance driven by SEC, Market and regulatory dynamics. Since the outbreak of the Pandemic, Corporates have faced the challenge of facilitating “Work from Anywhere” and operating through Hybrid Models has further compounded the risk of non-compliance. Companies are required to comply with Regulatory Standards, around the value chain in their operating model covering Fiscal, HR, and Environment Functions. A Board can keep track of the Compliances spread across the different Business Functions and different job responsibilities through our Compliance solution “Compfie”; a fully integrated online Compliance Management tool designed to Global Standards with a dynamic Country, Industry, and Corporate Legal Knowledge Management System embedded. This Legal KMS in Compfie also caters to specific Sectors, Industry Compliance Standards, and requirements,” said Mr. Stefan Moraes, Managing Director, 3W Consulting.
Some of the major aspects discussed in the session included; how digitization can help businesses in…
Mitigating Operational Challenges in Tracking Compliances for Multiple Location / Multiple Regulatory Compliances – Department of Registrar of Companies (DRC), Inland Revenue Department (IRD), Central bank of Sri Lanka (CBSL), Securities and Exchange Commission of Sri Lanka (SEC), Financial Intelligence Unit (FIU), Insurance Regulatory Commission of Sri Lanka (IRCSL) and Sri Lanka Customs (SLC)
Complying with all applicable laws and management responsibility as per Sri Lanka Auditing Standards (SLAuS 250)
Preventing and detecting Money Laundering & Financing Risks while dealing with customers through Financial Transaction Reporting Act (FTRA), Designated Non-Finance Business (DNFB), and Customer Due Diligence (CDD) Regulations
Keeping an organisation up-to-date with proactive alerts on the changes in the applicable laws and regulations together with relevant guidelines, determinations, directions, notices, and circulars by regulators (CBSL, IRD, DRC, IRCSL, FIU, SEC, etc.)Avoiding the risk of missing any important Financial Compliances – Anti-Money Laundering (AML), Compliance Obligations, Customer Due Diligence, and United Nations Sanctions, Outsourcing Regulations, Basel III and Sri Lankan Financial Reporting Standards (SLFRS)
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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