SGV conducts workshop for Cebu rural banks

As part of its capacity-building initiatives for rural banks, SGV, in partnership with the Rural Bankers Association of the Philippines (RBAP), conducted a two-day workshop last 4-5 May 2018 at the Cebu Grand Hotel, Cebu City. There were 27 participants representing 10 rural banks, one cooperative bank and others from private practice.

FSO Senior Director Cathy Biliran opened the discussion on BSP Circular 855, outlining the importance of having robust credit management policies and frameworks in place, as well as its complete documentation and monitoring. This includes managing Past-Due and Non-Performing loans, as defined by BSP Circular 941.

Associate Director Ruben Simon discussed a holistic approach on formulating credit risk strategy, incorporating an integrated stress-testing as well as new approaches in penetrating new markets as espoused by BSP Circular 908 – the Agri-Value Chain Financing Framework.

Senior Associate Russel Ailes expounded on the proportionate application of PFRS 9, based on the portfolio of the rural banking sector. This includes discussions on approaches in determining Expected Credit Loss (ECL) and loan loss methodologies, among others. He further emphasized that having a comprehensive and ‘clean’ set of data is the prerequisite in formulating models for financial institutions.

Associate Director Ruben Simon also introduced the Risk-Based Capital Planning as an iterative process for capital planning—which takes into consideration the financial institution’s business and strategic plans and risk assessments, as well as its stress-testing scenarios.

FSO Advisory Partner Christian Lauron also discussed how Strategic Asset Allocation can further help the banks in not only managing their resources but also maximizing the potential of these resources. To close the workshop, Associate Director Ruben Simon discussed sample data visualization tools to help the banks formulate management dashboards that could aid in management decision-making.

Also present during the workshop was Rural Bankers Research and Development Foundation Program Manager Ace Calang.

Presenting SGV’s Got Talent Year 7 Finalists!

The SGV’s Got Talent 2018 Auditions were held last 2-3 May at the Washington SyCip Development Center. Out of 41 who auditioned, only 8 emerged as finalists in the Vocal category. Out of the 13 entries in the Dance & Open category, only six qualified for the Grand Finals.

SGV Cebu also held their own auditions last 10 May, and one duo act made it in the finals. The finalists are:

SGV’s Got Talent is now on its 7th year. Past SGV’s Got Talent Grand Winners include – beatboxer Mik Salinas, ballroom pair Vinel Pestaño and Florence Valderama, SGV Cebu’s acoustic band composed of Venice Lafradez, Jose Mondelo, Ricky Sembrano, and Leyman Mancera, singing diva Blessing Barcelona, singer and guitarist Cyra Jureidini, and vocal powerhouse Gladys De Vera.

This year’s Grand Finals will be held on 29 May at the World Trade Center, Pasay City, Manila. The Grand Winner, 2nd and 3rd placers will be awarded P60,000, P40,000 and P30,000 respectively, and a consolation prize of P5,000 will be given for each of the other acts. The winners will also get a chance to perform at SGV’s 72nd Staff Anniversary Party later this year.

SGV Baguio holds TRAIN Seminar

SGV Baguio recently held a TRAIN Seminar at the Venus Parkview Hotel, Baguio City with SGV Tax Partner Leo Leaño as speaker.

It focused on the amendments introduced by the TRAIN Law, including its impact on the tax compliance of taxpayers and the specific special laws it repealed. Several other topics on General Tax Updates were also touched upon during the seminar.

Alumni partners attend executive briefing

SGV conducted an executive briefing for its alumni partners last month at the Washington SyCip Development Center. The briefing included updates on the Code of Corporate Governance, Philippine Financial Reporting Standards, the Data Privacy Act, the TRAIN Law, Securities Regulation Code Rule 68, and the SEC Oversight Assurance Review (SOAR) Inspection Program. A total of 42 retired SGV partners attended the briefing.

ASEAN Regional Risk Management Group Head and Risk Services Head Leo Matignas discussed the different features of the updated Code of Corporate Governance, while Accounting Standards Group Head Yen Abarca covered the latest addition and amendments to PFRS. General Counsel Willie Villanueva briefly discussed the Data Privacy Act of 2012. Market Group 4 Leader Atty. Fame delos Santos provided insights on the salient features of the TRAIN Law. Professional Practice Director and Risk Management Head Lucy Chan then talked about SRC Rule 68 revisions and the SEC’s SOAR inspection program.

FSO holds session on FinTech adoption in ASEAN

The SGV Financial Services Organization (FSO) team led by FSO Head Vicky Lee-Salas recently conducted a briefing on Financial Technology (FinTech) at the SGV Development Center. FSO Advisory Partner Ian Lauron formally opened the event, which was attended by staff members from various service lines.

Given the visible increase in FinTech adoption and growing demand for FinTech solutions in the financial industry, the session aimed to provide an in-depth discussion on of the adoption of FinTech in Southeast Asia.

The keynote speaker was EY ASEAN FinTech Leader Varun Mittal, who discussed the current FinTech landscape as well as market developments and strategies among incumbent and emerging players in the industry. He also highlighted that technology has triggered the democratization of access to service, experience and products across sectors, which creates an environment he dubs as a “FinTech Startup Paradise.” This democratization has led to big changes in financial services.

The three key pillars of FinTech marketing, focus areas for evaluation, and risks to be assessed were given emphasis. Mr. Mittal also shared what’s in store for SGV/EY in the coming years – additional services and new key values we can provide to clients in light of these changes.

The event was organized by the FSO group with a core team led by FSO Head Vicky Lee-Salas and Partner Ian Lauron with the assistance of Senior Managers Veronica Arce and Catherine Biliran.

SGV/EY SG participates in the 2018 Chamber of Thrift Banks National Convention

EY Singapore and ASEAN FinTech Leader Varun Mittal was a speaker at the Blockchain Technology Forum in the 2018 Chamber of Thrift Banks (CTB) National Convention, held at the Makati Shangri-La Hotel in April.

With the theme “Banking on Disruptive Technologies,” the convention emphasized CTB’s dedication to keeping its member thrift banks updated on continually evolving technologies and aimed to provide members with a top-level understanding of the disruption in business models brought about by advancements in technology.

The highlights of the CTB convention included the induction of CTB Officers and Trustees for 2018, as well as forums focusing on topics such as the National Retail Payments System (NRPS). Other topics included imminent developments including fintech, artificial intelligence and robotics for banking, and cloud computing technology. For the blockchain technology forum, Varun Mittal’s talk included an overview of blockchain and its key features, how financial and non-financial Institutions are responding to the technology, and the benefits and key challenges of adopting blockchain.

Chamber of Thrift Banks Officers and Trustees

The program’s guest of honor and keynote speaker was Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr. He spoke of the BSP’s awareness of the need for banks to adapt to the digital banking revolution and that the BSP has established an enabling regulatory environment that allows innovations to thrive while ensuring that risks are effectively managed. He affirmed that the BSP is committed to supporting CTB and is looking forward to continued partnerships in fostering the use of technology for the good of the banking public.

Also in attendance were FSO Advisory Partner Christian Lauron, Assurance Partner Francis Balagtas, and Senior Manager Veronica Arce.

Associate Director climbs Mt. Hamiguitan

FSRM Associate Director Ben Simon joined an expedition team to ascend the summit of Mt. Hamiguitan (1,620 MASL) in Davao Oriental. The Hamiguitan Range Wildlife Sanctuary, located within the municipalities of San Isidro and Gov. Generoso and Mati City, was inscribed as a UNESCO World Heritage Site and an ASEAN Heritage Park in 2014. As part of the Eastern Mindanao Biodiversity Corridor, it is one of the last habitats of the Philippine eagle and the Philippine cockatoo. It also hosts the most expansive pygmy forest of century-old trees in the country as well as a number of critically-endangered flora and fauna.

The mountain was closed off in 2010 for conservation purposes and has recently reopened with strict guidelines. The team was the first independent group of mountaineers to ascend its summit since its reopening. Ben, an advocate of responsible mountaineering, has extensive mountaineering experience covering major peaks and summits in Asia.

Cyber Team professionals acquire certifications

Congratulations to the SGV Cyber Team for continually strengthening its technical capabilities. Led by partner-in-charge Warren Bituin (WRB), the Cyber Team has successfully grown in number and expertise over the years. Let’s all congratulate the SGVeans under WRB’s mentorship for passing their respective certification exams.

The Certified Information Systems Auditor (CISA) program offered by ISACA is a globally recognized certification for individuals knowledgeable in the audit, control, monitoring and assessment of information technology and business systems.

Our CISA exam passers are:

· Angela C. Chan – Senior Associate; 2nd highest scorer in the Philippines
· Jacquelyn Gracel V. Ambegia – Senior Associate; 3rd highest scorer in the Philippines
· Lalaine N. Aviles – Senior Associate
· Mary Grace G. Uy – Senior Associate
· Edmark M. Billones – Senior Associate
· Lovelee May A. Ramel – Senior Associate
· Sarah Lee D. Barrozo – Senior Associate
· Rea Marie L. Javal – Senior Associate
· Carmina D. Lugue – Senior Associate

ISACA’s Certified Information Security Manager (CISM) program is designed for professionals involved in the management, design and oversight of enterprise information security, and promotion of international security practices.

Our CISM exam passers are:

· Robin Jay S. Danao – Senior Director
· Alvin G. Manuel – Director; 2nd highest scorer in the Philippines
· Angela C. Chan – Senior Associate; 3rd highest scorer in the Philippines
· Nixon C. Garais – Senior Associate
· Adrienne Kim M. Aguilar – Senior Associate

The ISO/IEC 27001:2013 Lead Auditor Course is a five-day development training to acquire the expertise necessary for the certification audit of an information security management system (ISMS) in compliance with ISO 19011 and ISO 17011.

Our ISO/IEC 27001 Lead Auditor Course exam passers are:

· Edmark M. Billones – Senior Associate
· Nixon C. Garais – Senior Associate
· Micah O. Pablo – Senior Associate

The Certified Ethical Hacker (CEH) program is part of the information security track offered by the EC-Council designed to provide individuals with practical knowledge in penetration tools, techniques, and hacking technologies.

Our CEH exam passers are:

· Marlon G. Cacho – Associate
· Ma. Jessica D. Calderon – Associate
· Phillip Enrico T. Ching – Associate
· Jed Kenley S. Chua – Associate
· Ma. Patricia O. Egonia – Associate

Congratulations, everyone!

ISACA elects and re-elects SGVeans to 2018 Board of Trustees

Advisory Partner Allan Ocho (AWO) and Associate Director Michelle Claire de Luna were re-elected while Director Elvin Mercader was newly elected to the 2018 Board of Trustees (BoT) of the ISACA Manila Chapter during the association’s 2017 Annual General Membership Meeting held at I’M Hotel, Makati City. AWO was also selected as the association’s Auditor in an internal election among the BoT while Michelle and Elvin were appointed as the Director for Membership and Assistant Treasurer, respectively.

ISACA (formerly known as the Information Systems Audit and Control Association), is an independent, non-profit, global membership association for information systems governance, control, security, and audit and assurance professionals. It offers globally accepted and recognized certification programs where professionals can become a Certified Information Systems Auditor (CISA), a Certified Information Security Manager (CISM), Certified in the Governance of Enterprise IT (CGEIT), Certified in Risk and Information Systems Control (CRISC), or a Certified Cybersecurity Practitioner (CSXP).

ISACA has 217 chapters established in over 188 countries worldwide, and the chapters provide members with educational, resource sharing, advocacy and professional networking opportunities as well as a host of other benefits on a local level.

JMC speaks at the Solo Sustainability Forum

Advisory Partner Ian Canlas (JMC) was invited to be a panelist for the Solo Sustainability Forum on the latest developments in sustainability reporting and assurance in the region held last 24 February at the Loral Hotel Solo, Central Java, Indonesia.

Organized by the National Center for Sustainability Reporting and the Institute of Certified Sustainability Practitioners, the Solo Sustainability Forum brought together academicians and company representatives, who are all Certified Sustainability Reporting Specialist and Certified Sustainability Reporter Assurer alumni.