Nevellan Moodley CA(SA) on LinkedIn: #ai #aigovernance #airiskmanagement #financialservices… (2024)

I had the pleasure of presenting at the University of Cape Town PGDA 6*6 event where I presented on the impact of AI and Blockchain on accounting and finance functions. It was great to represent BDO South Africa and meet some of the young future CA(SA)s. Thank you to the team for allowing me the opportunity to own the stage and for the support from my fellow partners and alumni Jared Mitri CA(SA) and Junaid DhansayI am looking forward to engaging more with all of you and looking forward to seeing you in our offices next year. #graduaterecruitment #uct #PGDA6by6plus

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I recently watched a video where there was a social study done in South Africa on a basket of goods with the view to finding the cheapest retailer in South Africa to purchase a specific basket of goods. The results were interesting and just shows the challenges that the lower LSM faces in South Africa. FYI this was a Tik-Tok video. #grocerycosts #inflation

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Hello to my network I had a chance to get our entire FS advisory team together and we were able to spend some quality time together talking about what is most important to us: Our people, our culture and how we continue to keep this as our number one priority strategic objective. The entire event was termed “Unity” and I believe we have taken several steps forward to reach a state of unity. The sessions were expertly facilitated by Heidi Volschenk and the richness of the discussions and learnings were incredible and have provided me and my fellow partners with great insights into our team as well as our sustainability going forward. To my fellow leaders in the FS Advisory team Michelle De Oliveira, CA (SA) Kevin Moodley CA(SA) Justin Roberts Cezanne Krieg Zakhele Nyandeni CA(SA) Bianca Blanckenberg CA(SA) Dr Raeesah Jooma Sean Bierman (CISA) Keshan Pillay, CISA, CISM, CRISC, CGEIT, AGA (SA) and the entire team, I look forward to sharing this special journey with people that are the best in their relative spaces with a big point to prove. You are a really talented group of individuals and I am proud to have been entrusted with leading you. Lance September : Thank you for your consistent support and encouragement. Without your leadership, this journey would be impossible. BDO South Africa And a thank you to all our FS partners for your unwavering support at all times. Last shout out to Jenna-Lee E'Silva for all the efforts behind the scenes to make this an incredible experience for everyone. #unity #FSadvisory #oneFSasvisory

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I am ecstatic to announce 3 promotions to Associate Director across the FS advisory business at BDO South Africa. Bianca Blanckenberg CA(SA) and Dr Raeesah Jooma : We welcome Bianca and Raeesah into the senior leadership team as new Associate Directors into the credit team. It’s a space that continues to grow rapidly and we are uniquely positioned with our innovative BDO Credit Risk Suite(CRS). Sean Bierman (CISA) : Sean started his career as a first year working with me and I am incredibly proud to see his rise up to Associate Director. He operates within the Internal audit and Data governance area of our business which continues to show phenomenal growth. To the 3 of you: I am so incredibly proud of your achievements and I look forward to continuing the walk with you on this incredible journey in our Financial Services team. #promotions #credit #internalaudit #data

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Special shout out to Bianca Blanckenberg CA(SA) and Dr Raeesah Jooma for this fantastic piece on Financial guarantees. It is such a pleasure to have you in our FS Advisory team and to all my connections out there, please do reach out if you require anything in the world of credit and financial guarantees. BDO South Africa : we look forward to engaging with you. #credit #guarantees

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🌟 Empowering Women in Tech at BDO South Africa : our Mentorship program🌟As a proud male leader of our FS Advisory practice, I am thrilled to support our dynamic Women in Tech group led by Dr Raeesah Jooma The strides they are making in innovation and leadership continue to inspire me every day especially with the way they deal with the issues that women face in the working world on a daily basis This month, we are excited to launch a Women Mentoring Session, designed to empower, connect, and elevate the voices of women in our industry. I wholeheartedly support this initiative and encourage all aspiring female tech leaders to join us. It’s not just an opportunity to grow—it's a platform to shine and lead the future of technology.Let’s stand together to support and uplift the incredible women in tech.To all the female students out there: please click below and schedule a one on one session with one of the amazing women in our team. See below for more details: #WomenInTech #Leadership #Mentoring #DiversityInTech #FSAdvisory

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The new AI regulation introduced by the EU, known as the Artificial Intelligence Act, imposes legally binding rules on AI systems to ensure transparency, ethics, and user safety. At BDO South Africa we have seen that regulation in the EU is ofren tailored and brought into the South African market a bit later. Having regulation is far easier than supervising as well an enforcing the regulation. I think this space is going to be incredible and is going to create new careers that have previously never existed. Key aspects of the regulation include:1. **Transparency and Ethics**: The act mandates tech companies to inform people when interacting with AI, such as chatbots, and requires labeling of AI-generated content like deepfakes. It's aimed at ensuring that AI systems are designed to allow for the detection of AI-generated media. 2. **Impact Assessments**: Organizations providing essential services must assess how AI use affects fundamental rights. 3. **Regulation of Powerful AI Models**: The act addresses foundation models (large, versatile AI systems) by requiring better documentation, compliance with EU copyright law, and transparency about training data. Stricter regulations apply to the most powerful AI models, but companies are tasked with determining if they fall under these rules. 4. **AI Governance**: A European AI Office will be established for compliance and enforcement, making the EU a global leader in AI regulation. Fines for noncompliance can reach up to 7% of a firm's global sales turnover.5. **Bans on Certain Uses**: The act prohibits the use of AI for biometric categorization systems that utilize sensitive characteristics, untargeted scraping for facial recognition, emotion recognition in work or educational settings, social scoring, manipulation of human behavior, and exploitation of vulnerabilities. Predictive policing is banned unless it involves clear human assessment and objective facts 6. **Exemptions for Military and Defense**: AI systems developed exclusively for military and defense purposes are not covered by this regulation.7. **Classification System**: The AI Act introduces a classification system based on the risk level posed by an AI technology to health, safety, or fundamental rights, ranging from minimal to unacceptable risk. High-risk AI systems, such as autonomous vehicles and medical devices, require adherence to stringent regulationsI think seeing the specific areas further stress that enforcement and supervision is going to be incredibly difficult. Would tech and AI startups relocate to areas that don’t have AI regulated in the short term to help them innovate without regulation? This is going to be a fascinating journey. #euaiact #ai

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New CODI Regulation in South AfricaAs South Africa prepares to implement the CODI (Corporation for Deposit Insurance) regulation, a pivotal shift in the landscape of financial regulatory compliance is upon us. The CODI framework is designed to enhance the stability of the financial system by protecting depositors and ensuring a safer banking environment.At BDO South Africa we recognize the challenges this new regulation presents from working through the regulations as well as operationalising the processes to manage reporting and disclosure. With our deep regulatory expertise and cutting-edge technology solutions, we are uniquely positioned to help our clients navigate the complexities of deposit insurance regulations. Our regulatory and technology teams led by Cezanne Krieg and Kevin Moodley CA(SA) as well as Michelle De Oliveira, CA (SA) who leads our FS internal audit practice collaborate to bring cradle to grave solutions that allow us to be different in the market. - Strategic Advisory:on deposit insurance regulations to optimize compliance and returns.- Internal Audit Services: tailored to CODI compliance, ensuring your business not only meets but exceeds regulatory standards. We have developed an incredible audit program. - Pre-Implementation Reviews: to streamline your processes, safeguarding against future regulatory hurdles.The inception of CODI in South Africa's financial landscape is a testament to the country's commitment to safeguarding its economy and protecting consumers. Drawing from our rich history of regulatory excellence and innovation, we are ready to guide you through the transition and beyond.We have helped a number of clients walk the path to complying with various different regulations and our key strength is our ability to assist you in complying with the regulations as well as digitising the processes to manage, administer and comply to the new regulations. Please do reach out to me to take the discussion forward. #codi #regulation #banks

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Are you ready to take your work to the next level? Look no further than Copilot! As someone who has recently integrated AI into their ways of working, I highly recommend this tool. Copilot has two versions: a free web-based version that comes with a standard Microsoft subscription, and the Microsoft 365 version that is embedded in your favorite Microsoft apps. Once I mastered the basic version, I moved onto the embedded version and saw some impressive results. I was able to create an entire PowerPoint presentation, from sourcing images to designing the layout, saving me around 70% of my preparation time! Two practical cases: 1. During an internal Teams call, I used Copilot to get a summary of the meeting and key actions by the end of it. I sent the summary out to the team and everyone was in shock that I was the one sending it out! 2. In this AI-driven world, we need to make practical changes to the way we work to ensure we are seamlessly working together with AI to make us more efficient, creative, and ultimately competitive. Are you ready to join the AI revolution? Give Copilot a try! #copilot #ai

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