ICIFA Strategic Plan 2021-2025 Launch

28 June 2021  

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SPEECH BY HONOURABLE KIPRONO KITONY, EBS

AT THE 2ND ICIFA STRATEGIC PLAN LAUNCH (2021-2025) ON FRIDAY, 25TH JUNE 2021 at 9.30 AM

Ladies and Gentlemen,

I feel honored to have been invited to this important occasion marking the official launch of the 2nd strategic plan of the Institute of Certified Investment and Financial Analysts (ICIFA). May I also express my gratitude to the Council for their invitation to me, to grace this occasion as the Chief Guest as you unveil your strategic plan for the next five years. This 2nd strategic plan outlines the direction ICIFA will take in promoting excellence and professionalism of registered practitioners in the financial industry. I am pleased that it came to realization after taking into consideration the concerns from ICIFA members, stakeholders and interested parties who supported its successful preparation. The ideas and strategic objectives put forth are impressive and well-articulated.

As you are aware, strategic planning under the prevailing Covid-19 pandemic is an urgent priority for many organizations across all industries. The need to model scenarios and map out strategies that will prepare organizations to be as effective and sustainable for the future remains paramount. As a regulatory and professional body, ICIFA has been no different. Risks and uncertainties are escalating and keeping up is a challenge to regulatory bodies and professionals who need to keep track of these changes. I am therefore happy that in launching the strategic plan, the Council has put in place measures that are pitched towards adapting to the ‘new normal’ in which we find ourselves. In the coming five years, the Council of ICIFA will focus on the following three priorities;

1. Member Development services.
2. Building institutional capacity.
3. Building market standards and practices.

ICIFA seeks to enhance ‘Member Development’ i.e. deliver member value and increase member satisfaction as outlined in the strategic plan. Met with the new challenge of the context under which it will operate in, I am pleased that in its new strategic plan, ICIFA reaffirms its commitment to providing opportunity to discuss and engage with stakeholders through its delivery of continuous professional development programs to members.

Today, we launch a strategic plan that has been developed successfully by the ICIFA Council in collaboration with the Committees and Secretariat. The Council provided their valuable input during its development and voted on its adoption. However, the greater purpose of the plan lies with the employees who should be inspired by the new vision of the Institute. Indeed, the Institute recognizes that ‘Building Institutional Capacity’ will lead to quality services to members and effective engagement with stakeholders. This will also involve deepening the presence of the Institute nationally and regionally.

The role of ICIFA in the advancement of financial services, particularly the finance and investment field is considered critical. It emphasizes this on its 3rd pillar ‘Building Market Standards and Practices’ and maps out strategies for the development of standards that will guide the investment and finance professionals in effectively carrying out their roles. I am happy to note that the Nairobi Securities Exchange is represented in ICIFA’s Council, and Statutory and Council Committees. The Nairobi Securities Exchange particularly notes the need for it to support ICIFA in the delivery of quality assurance standards for observance by the members of ICIFA and licensed firms operating in the financial market which is critical in the development and growth of the financial services sector.

I wish to reiterate the words of those who spoke before me, that since the commencement of the Investment and Financial Analysts Act. No. 13 of 2015, ICIFA has made great strides in the registration and regulation of investment and finance professionals. It has grown its membership of qualified investment and finance professionals, increased partnerships with other stakeholders, and promoted training and research for investment and finance professionals. As a stakeholder, we recognize that in order for ICIFA to make a major contribution to the development and growth of Kenya’s finance sector, a strong working relationship between all players is necessary. This I believe will increase the Institute’s ability to respond to changes in the business environment effectively and efficiently.

In conclusion, it is gratifying that the new strategic plan provides for performance measurement and its implementation over the course of five years. I wish to sincerely thank the Council, Statutory and Council Committees, ICIFA membership, Secretariat and the stakeholders who supported the successful preparation of this strategic plan. I wish you all the very best in the implementation of your 2nd strategic plan.

It is my pleasure to declare the Institute of Certified Investment and Financial Analysts (ICIFA) 2nd Strategic Plan 2021-2015 officially launched.

Thank you and God bless you all.