International audit and consulting group Mazars has launched ‘The Next CFO’, a web TV channel that explores the future of corporate finance departments. ‘The Next CFO’ gives audiences an insider’s view into the corporate finance department of tomorrow. A first of its kind, the web TV channel also serves as a fresh and modern platform for CFOs to share their vision of a rapidly changing profession.
Mazars’ customers, rather than its brand or services, are at the heart of stories featured on this channel. Seven original programmes paint a portrait of the chief financial officer of tomorrow through candid interviews and debates from the profession’s key players. This innovative medium comes at a time of major transformation for both companies and their business models.
Mazars Malta managing partner Anthony Attard said: “By 2020, close to 40 per cent of accounting transactions could be performed by machines, which would completely upend the finance department’s traditional tasks. The first episodes of ‘The Next CFO’ series demonstrate the main themes of this profound shift: change management, technological disruption, the need to recruit unconventional profiles, the importance of continuous learning, international and intercultural communication and deeper interactions with the other corporate functions.
“The diversity of speakers, international reach and innovative approach of ‘The Next CFO’ make it a truly unique medium, designed to be a platform for discussion, reflection and executive education for CFOs and future CFOs.”
This video streaming platform for financial decision-makers is available at www.thenextcfo.tv. It currently offers seven original programmes in English, and new episodes will be released regularly.
Banking Sector Data Protection Guidelines published
Updated Data Protection Guidelines for the Banking Sector have now been finalised and published on the websites of the Malta Bankers’ Association and of the Office of the Information and Data Protection Commissioner.
The updated guidelines reflect and address the requirements of the EU’s General Data Protection Regulation (GDPR), which will become applicable in all Member States as from Friday.
These guidelines are the fruit of extensive meetings held over a number of months by a joint Working Group consisting of members of the Malta Bankers’ Association and representatives of the Office of the Information and Data Protection Commissioner.
The GDPR will replace the EU’s Data Protection Directive 95/46/EC which was transposed into national law in 2001. Data Protection legislation regulates the processing of all personal data, and the aim of the GDPR is to further strengthen such protection for all individuals within the EU.
James Bonello, MBA Secretary General, explained: “These guidelines are intended to focus on those sections of the regulation which may not be entirely clear, or which could lend themselves to differing interpretations, thereby ensuring that a common understanding is arrived at, and a consistent interpretation is applied, across the banking sector”.
The Information and Data Protection Commissioner, Saviour Cachia, recognises the need for the processing of personal data by banks in this heavily regulated sector. He said that these guidelines are aimed at providing banks with a clearer interpretation of the law when dealing with specific situations involving the processing of personal data. He emphasised: “While the guidelines are a good starting point for banks to comply with their data protection obligations, these shall apply without prejudice to any decision which the Commissioner may take on complaints and on any other specific data protection issue”.
Fimbank holds AGM
Fimbank plc recently held its Annual General Meeting at the Intercontinental hotel. Chairman John C. Grech explained to the shareholders present the background to the group’s performance last year and referred to the 2017 financial results as “a clear indicator of the sound strategic path adopted over the past years and a highlight of the commitment and resolve in ensuring a strong and sustainable growth trajectory for Fimbank.”
Dr Grech added that the recent Rights Issue was a significant milestone in the bank’s development specifically underlining the underwritten agreement by the bank’s majority shareholder, United Gulf Holding, which saw an injection of $105 million allowing Fimbank to strengthen its capital base and extinguish a $50 million sub-ordinated loan agreement.
Group chief financial officer Ronald Mizzi proceeded to explain that for the year ended December 31, 2017 the group registered a profit of $7.7 million, compared to a restated profit of $5.4 million in 2016. At December 31, 2017, total consolidated assets stood at $1.64 billion, a decrease of six per cent on the $1.74 billion reported at end 2016.