Ranjani Joseph – Partner, Head of Banking Services & Markets & Deputy Head of Audit at KPMG Sri Lanka

My evolution from a housewife and young mother, initially lacking self-confidence, to now a Partner, Head of Banking services & Markets and Deputy Head of Audit, has been profoundly transformative. I credit much of this transformation to the support of my family, and KPMG, especially my father, who was a motivating force in my life. Upon joining KPMG, despite being the oldest, junior member at that time, I never anticipated the career growth that awaited me. The firm provided a nurturing environment that allowed me to discover and cultivate latent potential, propelling me forward on an unstoppable trajectory of growth and development.

My journey within the banking sector began with roles ranging from audit senior positions in bank audits to manager, senior manager, Director, and Partner. These experiences provided insights into bank audits, particularly their complexities. As I advanced to the role of Partner, my focus shifted more towards working closely with banking institutions. The onset of the COVID-19 pandemic marked a significant turning point, necessitating the development of new audit methodologies and accounting approach to navigate unprecedented challenges. Collaborating within the KPMG global network, I engaged with KPMG regional banking Teams to better understand suitable approaches that complied with accounting standards while guiding banks through turbulent times.

Furthermore, leading the multi-disciplinary KPMG Team on Asset Quality Review for banking sector during economic crisis further honed my technical expertise and leadership abilities. With an in depth understanding of the banking sector cultivated over years of working in audit and consultancy services, I’ve been able to proactively contribute value through audits, advisory engagements, and regulatory discussions.

Internationally, my tenure at KPMG Melbourne proved pivotal, offering exposure to diverse leadership styles, and challenging me to adapt to an unfamiliar environment and make an impact. This experience instilled in me a versatile approach to leadership, recognizing the need to tailor my style to meet individual personalities and situational demands.

Engaging with audit committees and boards further reinforced the importance of adaptability, fostering mutual respect based on technical prowess rather than gender.

 

Kamaya Perera – Partner, Head of Management Consulting & Technology, Deputy Head of Advisory & PPC at KPMG Sri Lanka

KPMG, as one of the oldest professional services firms in Sri Lanka with over 126 years of operations, takes immense pride in its role in driving the nation’s development agenda. Our contributions are multifaceted, encompassing various sectors and impactful initiatives. For instance, the National Development Assistance Group provides essential policy advisory services, collaborating closely with government entities and development agencies to craft policies and regulations that foster economic innovation and national competitiveness.

Whether it’s supporting the establishment of national priority institutions or aiding in the formulation of economic policy frameworks while working with the country’s government and development agencies, regulators and chambers, our expertise ensure the efficacy and forward-thinking nature of these initiatives. We actively engage in industry development, partnering with vital sectors such as financial services, utilities and transport & logistics to identify opportunities, streamline operations, and promote sustainability.

Furthermore, our focus extends to entrepreneurship and SME support, where we collaborate with international development organizations, as well as local financial institutions, to empower MSMEs with the tools they need to succeed. We recognize the role of women led MSMEs in driving economic growth and advocate for gender equality in our endeavours.

Capacity building is another crucial aspect of our work, where we actively empower local businesses, government institutions, and development agencies through training and development initiatives. Sustainable development lies at the core of our ethos, guiding our actions and decisions.

In advisory services, we strive to facilitate Sri Lanka’s embrace of technology and innovation to address social issues and propel growth. This entails devising digital approaches advocating for technological integration in key sectors and fostering environments conducive to the growth.

 

Thamali Rodrigo – Partner, Restructuring, Corporate Governance and Enterprise Advisory at KPMG Sri Lanka

Throughout my career, there have been numerous standout moments, many of which have significantly contributed to my growth and expertise. One key milestone was the extensive training we received when introducing our service line to Sri Lanka. This involved collaboration with KPMG offices in Germany, France, and Australia, offering invaluable insights into restructuring and corporate governance practices in different contexts. Moreover, KPMG Sri Lanka leveraged its global training and experience to train and support the KPMG MESA (Middle East and South Asia) region in conducting similar engagements. Collaborating with the region, KPMG Sri Lanka assists in delivering their engagements and helps them overcome challenges they may face during the process.

Additionally, each client engagement presents its milestone. One notable example involves a large family-owned business facing the prospect of division. Instead of simply facilitating a split, we guided the family through a process aimed at ensuring the sustainability of their enterprise. Today, they thrive as a unified business, a testament to the success of our collaborative approach.

Another milestone is our work with a prominent service industry business grappling with succession and structural challenges. Within a relatively short period, we directed a thorough restructuring effort, clarifying roles and ownership structures to ensure smooth business continuity. Despite the founder’s passing, the business continues to flourish under its redefined leadership, a rewarding outcome of our efforts.

These examples underscore the diversity and complexity of challenges we encounter, each offering distinct learning experiences and fulfilment. The opportunity to collaborate closely with clients, guiding them through transformative processes, is inherently motivating. Witnessing businesses not only survive but thrive amid adversity is immensely gratifying and serves as a constant source of inspiration.

In essence, the challenges inherent in my role are precisely what inspire me. Each problem presents an opportunity for progress and growth, fueling my passion for delivering impactful approaches to Firm clients.

 

Pyumi Sumanasekara – Partner, Sustainability, ESG, Family Business & Board Governance, Global Assurance at KPMG Sri Lanka

So, with the climate crisis and social inequality being of paramount importance today, the urgent need for action is undeniable. However, despite commitments made at various forums, tangible progress has been lacking. I often use the phrase, “intolerable performance exists when intolerable performance is tolerated,” to underscore the importance of taking decisive action.

Sustainability has become the indispensable perspective through which businesses must chart their trajectory. To thrive, businesses must cultivate the requisite knowledge, comprehension, and expertise to not only shift their own mindset but also to catalyze others towards adopting this perspective for a more significant impact. The conventional approach of ‘business as usual’ has proven to be unsustainable, necessitating a transition towards an ‘unusual’ form of business that prioritizes sustainability. It is imperative for businesses to integrate sustainability into a viable and enduring model.

In this evolving landscape, businesses must adopt a sustainability lens in their operations, from strategy formulation to risk analysis. Embracing unconventional approaches is essential, as the traditional business-as-usual model is no longer sustainable. Leadership is pivotal in driving this paradigm shift, as leaders play a crucial role in fostering change within organizations.

Efforts to address sustainability issues range from small-scale initiatives like energy conservation to fundamental shifts in business practices. Analogous to Hercules’ transformative action in cleansing the stables, unlocking sustainable practices holds the key to long-term prosperity for businesses and the country. Profitability and longevity are intrinsically linked to sustainability, making it imperative for businesses to adopt this mindset.

As for our role, our team in Sri Lanka has evolved significantly over the years, working tirelessly to assist businesses in navigating sustainability challenges. Firm services from reporting frameworks to strategic guidance, leverage our international expertise to deliver impactful methodologies. Acting as catalysts for change, we facilitate the adoption of sustainable practices, empowering businesses to thrive in a rapidly changing world.

 

Rifka Ziyard – Principal, Tax & Regulatory at KPMG Sri Lanka

Certainly, when we examine the tax landscape in Sri Lanka, it’s crucial to acknowledge its complexity, characterized by multiple taxes. Recent economic challenges have spurred the government’s efforts to boost revenue generation. Measures such as increasing the VAT rate and removing exemptions reflect this endeavor to enhance tax collection, particularly through indirect taxes. Additionally, initiatives aimed at broadening the tax base, such as mandatory registration for residents over 18, are designed to provide the Inland Revenue Department with comprehensive taxpayer data.

It’s important to clarify that registration doesn’t automatically imply tax liability; individuals earning over 100,000 rupees monthly are subject to taxation. Simplification and digitization efforts, like strengthening the RAMIS for filing and payments, signify a move towards streamlining tax administration.

The Government is also striving to adopt best international practices, by being part of the inclusive framework of Base Erosion and Profit Shifting (BEPS) to prevent profit manipulation across jurisdictions. Multinational corporations face heightened scrutiny through transfer pricing audits to foster tax compliance.

In assisting Firm’s clients, our priority is to keep them informed of these regulatory changes and their implications. We serve as trusted advisors, providing timely updates and insights tailored to their business strategies. Collaboration is key; understanding their objectives allows us to offer customized tax approaches within the set legal boundaries. We aim to enhance their knowledge on tax obligations while fostering compliance.

Moreover, we keep clients abreast of relevant case law developments, enabling them to leverage legal precedents to their advantage. Beyond domestic regulations, we also provide insights into global tax trends, especially pertinent for Firms’ clients with international operations. Our extensive global network facilitates access to up-to-date information, empowering clients to navigate evolving tax landscapes effectively.

 

 

 

 

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