Page 6 - KZN Business Sense-11.5 - Lesedi Metsoamere-ABSA - eBook

POWERING FINANCIAL AGILITY AND GROWTH

ACROSS KWAZULU-NATAL

Farouk Ebrahim, EY South Africa’s FAAS market ■ IFRS Implementation and solution prepares consistent processes to focus on more
Assurance Partner is experiencing significant Technical Accounting: and accurate standalone and strategic priorities, FAAS unlocks
growth. This growth is driven Guiding clients through consolidated financial new levels of performance
by the increasing complexity complex IFRS transitions, statements, reducing manual and insight across the finance
n 2025, of financial regulations, the including the critical IFRS 18 effort through standardized function.
KwaZulu- adoption of International rollout, helping to update processes and interactive data
Backed by deep local expertise
INatal (KZN) Financial Reporting Standards accounting policies and management. and global capabilities, EY KZN
is home to (IFRS), and the need for streamline disclosures. ■ Ledger IQ: This AI-powered brings a unique understanding of
approximately enhanced financial transparency ■ Financial Reporting and analytics platform enables the region’s business landscape,
4,077 across various industries. Audit Remediation: Assisting finance teams to interrogate offering tailored support
registered in preparing and reviewing financial data using natural navigating the complexities of
As the demand for financial
companies, advisory services rises financial statements, language, automate reporting, evolving regulations, multi-
with Durban addressing audit findings, and and maintain transparent GAAP reporting, and digital
leading nationally, businesses in reinforcing internal controls audit trails. transformation.
KwaZulu-Natal are experiencing
at 2,303, these challenges firsthand. to elevate reporting quality ■ DigiART AI: This platform
Our relentless focus is to deliver
followed by Pietermaritzburg They are navigating more and compliance. utilises artificial intelligence solutions that drive compliance,
at 271, and Newcastle at 93. complex regulations, adapting ■ Process Redesign and to streamline transaction build operational excellence,
This diverse business landscape to new IFRS standards, and Automation: Leveraging reconciliations, offering real- and enable sustainable growth.
includes sectors such as seeking smarter, tech-enabled AI and advanced analytics time insights and controls With EY’s FAAS, businesses in
manufacturing, logistics, solutions to stay competitive. to transform finance through dynamic dashboards, KwaZulu-Natal can confidently
retail, and services, each facing In response, EY has positioned functions by automating enhancing accuracy and face the future, equipped with
unique financial reporting and its FAAS team in KZN to meet reconciliations, optimising efficiency. the tools and expertise needed
compliance challenges. this growing need with a robust the financial close process, At its core, EY’s FAAS offering to thrive in a dynamic and
As regulatory demands suite of services and local and supporting multi-GAAP empowers organisations across challenging environment. 
and multi-jurisdiction
intensify and digital expertise designed to deliver reporting requirements. KwaZulu-Natal to move faster,
transformation accelerates, real impact. report smarter, and operate T: +27 (0)31 576 8000
E: Farouk.Ebrahim@za.ey.com
Financial Accounting Advisory EY’s FAAS team in KZN We harness innovative more efficiently. By accelerating W: www.ey.com
financial statement close cycles
Services (FAAS) have become offers a full spectrum of technology platforms that while improving accuracy
essential for organisations advisory and technical services redefine finance operations and transparency, embedding
aiming for transparent, tailored to meet the region’s such as DigiFAAS, Ledger IQ predictive analytics into planning
compliant, and insightful unique business challenges. and DigiART AI: and forecasting, and freeing
financial reporting. This includes: ■ DigiFAAS: This automated finance teams from manual

HOW HR CAN SAFEGUARD YOUR ORGANISATION

AGAINST FIC VIOLATIONS

Sameer Kumandan, the ground by ensuring robust funds and contract approvals,
Managing Director, customer due diligence (Customer among other things. As such,
SW360 Due Diligence / Know Your Client) screening new hires thoroughly is
processes, applying enhanced essential. This includes running
n February 2023, due diligence for higher-risk identity and background checks,
South Africa customers, setting up transaction verifying beneficial ownership,
Iwas placed on monitoring systems, keeping checking for sanctions, and
the Financial Action comprehensive records and assessing links to politically
Task Force’s investing in proper staff training. exposed persons (PEPs). It’s
(FATF) “grey important to remember that
list” after HR and FIC Compliance risks don’t only occur at hiring;
the global Human Resource (HR) teams someone’s exposure or status may
watchdog in accountable institutions change, which makes continuous
found play a critical role in ensuring monitoring a must.
shortcomings in how the compliance with FICA. While
But comprehensive screening
country implemented anti- compliance is often viewed processes can be complex for
money laundering (AML) and as a legal or risk department various reasons. Successful
counter-terrorism financing function, HR must create an screening requires accurate, up-
(CTF) standards. Since then, organisation-wide culture of
government, regulators, and the accountability. Additionally, HR to-date data and often this data
is incomplete or inconsistent.
private sector have worked to has a responsibility to ensure the In addition, because screening
strengthen compliance with the right people are hired, vetted, involves personal and sensitive the risks associated with dramatically reduce fraud
Financial Intelligence Centre Act and continuously monitored to financial crimes. An integrated risks during the hiring process
(FIC Act). So much so that in June prevent compliance risks. data, HR has a responsibility compliance solution, VOCA and beyond. 
to ensure that any checks align
2025, the FATF acknowledged the with privacy laws. Finally, when enables real-time identity
significant progress that had been To illustrate the importance dealing with large workforces, the verification, automated risk For more information contact
made on the various action items of this, consider a traditional assessments, and ongoing T: + 27 (0)86 034 0000
proposed when the grey listing was mining company. While a scale of screening/monitoring can monitoring, making compliance E: info@searchworks.co.za
be costly and time-consuming,
announced over two years ago. mining company is not explicitly and due diligence simple. W: www.searchworks.co.za
listed in Schedule 1 categories of especially when done manually. As fraudsters become more
While getting South Africa accountable institutions, there
With VOCA from SW360,
off the grey list is a whole-of- are many aspects of mining HR and people teams can sophisticated, HR professionals
need all the help they can get
government effort, the private operations that can trigger FIC in navigating the complexities
sector must also play a part. relevance. For example, HR must automate critical compliance
Accountable institutions have recognise that senior management processes, which reduces of compliance. With automated
manual effort and mitigates
processes, HR professionals can
a responsibility to comply on can influence the movement of

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