Johannesburg-based Nkosana Dlamini, ACMA, CGMA is head of risk reporting and risk regulatory advisory at Absa Group, one of Africa’s largest diversified financial services groups.
Nkosana studied accounting as an undergraduate, followed by a postgraduate degree in financial management in 2012, where he was introduced to The Chartered Institute of Management Accountants (CIMA). He said CIMA intrigued him due to its focus on strategy and global reach. With his enthusiasm for finance, Nkosana felt that studying with CIMA was a perfect fit.
Nkosana joined Absa in 2013 in their three-year graduate programme for candidates who had studied with CIMA. His career began in retail banking and continued in group finance, where he spent the next nine years; he’s spent the past five years in senior management, in group finance.
Recently, Nkosana decided to pivot and broaden his skill set which led to his current position as head of risk reporting and risk regulatory advisory. In his new role, Nkosana is able to combine his finance experience with the risk aspect, which as he noted, is the core engine of the bank. He added that the bank is in the business of taking risks, so helping to join the dots and piece together that crucial mix of finance and risk is what he really enjoys.
Nkosana shared his perspectives on the vital role of the CGMA® designation in accounting and finance for long-term success.
How has studying with CIMA contributed to your skills and distinguished you in the workplace?
Studying with CIMA has given me technical accounting and financial reporting skills. Furthermore, it’s also given me business strategy and leadership competencies, so that I can combine accounting with business strategy and leadership expertise.
One of the key areas of focus within CIMA’s CGMA® Professional Qualification is performance management, which was essential for me, especially when I was in finance. The other great gain for me is the link between finance and technology in the ever-evolving landscape.
We’re seeing digital transformation at the forefront of everything we do, and the skills and competencies gained through CGMA Professional Qualification in this area have helped me a lot.
Interestingly, when I interviewed for my current role, I learned that my CGMA designation was a key factor in me being shortlisted. The hiring team was specifically looking for someone who could think strategically and bring strong business acumen to the table. Now, in my position, I constantly look for ways to help the organisation translate strategies into optimal returns. Realising that my CGMA designation played a significant role in advancing my career was eye-opening; it truly made a difference.
How are you ensuring that you stay relevant in finance and accounting?
I’ve been learning and gaining practical risk and control expertise. It’s been an uncomfortable change for me as it’s a new area of development in my career. That being said, I know that my experience to date has given me a solid foundation on which to build new skills.
Recently, I’ve had to learn to write policies and frameworks, which was initially quite scary. However, it’s engaging. We’re creating an organisational manual on how to operate better, such as process definitions and a blueprint of how we design our control environment. It’s interesting and challenging at the same time.
We’re also looking at AI machine learning and automation – how can we include that in our processes? How can we monitor risk appetite and how can we have early detective mechanisms with the assistance of AI? We want to ensure that we make the most of the ample opportunities available.
Additionally, being a CIMA member means I get ongoing support and access to career-boosting resources from AICPA® & CIMA®, which helps me keep abreast of developments in my career, thrive as a finance and accounting professional and bring more value to my employer.
How does the CGMA designation equip accounting and finance professionals with the skills they need?
As a CGMA designation holder, you’re equipped with future-ready skills. When thinking about the future, things like artificial intelligence (AI), automation and integrating technology are super important for finance and accounting professionals. There’s also the rise of blockchain and cryptocurrencies and how they’re going to change the way we handle payments and financial markets. Financial services are evolving quickly, especially with fintech.
As AI takes over routine tasks, it frees us up to offer more value-added expertise backed by big data analysis. CGMA designation holders will be crucial in providing strategic insights. Plus, with climate change on everyone’s mind, finance can come up with products or strategies related to pricing and budgeting. Integrating finance with environmental, social and governance initiatives is just common sense.
Lastly, the profession needs to adopt strategies and products that maximise shareholder value while also incorporating ethics and corporate governance into these new technologies. As a CGMA designation holder, I am in a great position to make a difference and lead in this dynamic environment.
What advice would you give to people considering a career in finance?
The first thing I’d say is go for it, just go for it, and don’t wait any longer! There are lots of opportunities for professionals who are holders of the CGMA designation. As a CGMA candidate, ethics and integrity are the foundations of your professional development and career. The world of finance is changing very rapidly at the moment, especially with digital transformation. So, you need to make sure that you keep up with advancing trends, and that you are able to link finance with new technologies and the necessary skills.
While it’s important to focus on knowledge and technical expertise, it’s equally key – if you want to progress in the organisation that you aspire to work in – that you also focus on soft skills. It’s particularly important as you progress in your career to cultivate emotional intelligence. As a CGMA designation holder, your skills will be very transferable across a wide variety of organisations or even in your own personal endeavours.
As a leader, how do you support finance team members in their professional growth?
For me, the most important thing is to encourage diversity, because it helps organisations to have diverse thoughts and diverse expertise, and that’s vital to ensure creativity and innovation in the organisation. The other thing is to give people freedom to explore and encourage them to try new things and be their authentic selves. As individuals, we vary significantly within an organisation that shares a common set of values and objectives. I strive to answer the question: How do we give our people the proper resources and an environment that’s inclusive and enables them to show up with their best foot forward?
Additionally, studying with CIMA is essential due to its emphasis on ongoing education. I believe in promoting the advantages of studying with CIMA, ensuring individuals are well-informed and current with developments in the operational landscape.
Why would you recommend that employers hire CGMA designation holders?
Businesses constantly face different challenges, and CGMA designation holders bring a unique ability to think creatively, use analytical and programming skills to tackle organisational issues and plan for the future.
As a CGMA designation holder, my job involves spotting trends and creating strategies to mitigate risks, with a strong emphasis on future planning. We’re always looking at the organisation’s medium-term strategy, identifying both current and future risks that might affect its implementation and finding opportunities. Having a forward-thinking approach is crucial.
So, in conclusion, I genuinely believe that CGMA designation holders are naturally great problem solvers, which makes them incredibly valuable in finance departments.
