Africa-Press – Mauritius. A capacity-building programme, that brought together Board Members and Chief Executive Officers from member authorities of the Southern African Development Community (SADC) and Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA), opened, this morning in Ebène.
The Chairperson of the Financial Services Commission, Mauritius (FSC Mauritius), and First Deputy Governor of the Bank of Mauritius, Mr Mardayah Kona Yerukunondu; the Chairperson of CISNA, Mr Kenneth Simataa Matomola; the Senior Programme Officer of SADC Secretariat, Mr Mario Lironel; the Chief Executive of the FSC, Mr Dhanesswurnath Thakoor and other personalities were present.
The event is an initiative of FSC Mauritius in collaboration with the CISNA Secretariat to promote financial stability by effectively and efficiently championing a process of collaboration, engagement and co-ordination between the regulators and stakeholders.
In his address, Mr Yerukunondu, that the workshop will help to achieve CISNA’s mission, that is, to ensure that the non-bank financial services regulatory frameworks within SADC member states are harmonised and comply with best international practices, standards and principles in line with international standards.
He underlined that a well-developed corporate governance framework plays an important role in achieving resilience and operational transparency in an organization.
He also highlighted that transparency, accountability and fairness are key principles of good governance. The board is responsible to ensure the practice of good governance in an organisation, stated the First Deputy Governor.
He also dwelt on the critical functions of the board in mitigating risks, and implementing good practices in the best interest of an organisation. As for Mr Matomola, he said that the workshop is an excellent platform to review the progress of CISNA at the regional level.
Underlying the Strategic plan of CISNA in contributing to a better regulation and increased cooperation amongst the Member States, he indicated that it is focused on the three main areas namely harmonisation of regulatory framework; institutional capacity building; and market development.
He further stressed on the need to comply with best practices standard and principles so as to be at par with international standards while preventing fraudulent actions.
As for Mr Lironel, he indicated that the capacity-building programme will facilitate cooperation among SADC financial institutions and to be consistent with SADC’s objectives.
He reiterated SADC’s commitment to continue to work for social, regional, political and economic integration as well as building resilience and self-reliance for a more secured and sustainable region.
About CISNA The CISNA was established in 1998, as a committee of authorities responsible for the supervision of insurance, securities, and non-banking financial institutions in SADC Member States. CISNA Secretariat The CISNA Secretariat was officially opened in 2022 to fulfil its role in the achievement of the SADC Vision 2050.
The hosting of CISNA’s Secretariat in Mauritius testifies the commitment of the FSC Mauritius to reinforce existing collaboration with regional counterparts, and the engagement of the FSC Mauritius as a key enabler to contribute towards the adoption of a harmonised regulatory and supervisory standards in line with international best practices.
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