COVID-19 pandemic represents the biggest test of the financial stability to the financial services sector. Pandemic constitutes unprecedented local as well as global macro-economic stress leading to slowed down economic conditions.
The depth and severity of financial shocks are often amplified by inadequate and low-quality capital in the financial services sector. On the other hand, many risks were not appropriately covered by a commensurate amount of capital, owing to weaknesses in banks’ risk identification and assessment. It is therefore of paramount importance to raise the resilience of individual credit institutions in periods of stress by seeking improvements in their forward-looking internal capital adequacy assessment processes (ICAAPs), including comprehensive stress testing and capital planning.
To help banks to navigate these ambiguities, we have thoroughly analyzed the ICAAP practices of the financial services sector in Sri Lanka combined with our own experience in ICAAP reviews and implementations.
![]() Sanath Fernando – Partner, Assurance, EY Sri Lanka |
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Rajith Perera- Partner/Principal, Financial Accounting Advisory Services, EY Sri Lanka |
Join us for the discussion with Sanath Fernando & Rajith Perera “A Likely Story?” a quick guide to practical application of ICAAP and stress testing organized by the Financial Accounting Advisory Services (FAAS) Academy of training of Ernst & Young, on 30 September 2020 from 9.00am to 12.00 noon, at Jaic Hilton Colombo. For Registrations, contact Thilini on Thilini.perera1@lk.ey.com or 0115578859.
- Rajith Perera, Partner/Principal, Financial Accounting Advisory Services, Ernst & Young, Sri Lanka
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