Cpa,Dr.Fredrick Lagat
Financial manager,Chief Auditor,Risk management Expert,Corporate governance.Development Educator (DE),Expert in Cooperative &Sacco management,Leadership Expert
Eldama/ Ravine,Kenya,Rift Valley
Summary
Dedicated leader in Financial Management and Auditing and practitioner with diverse knowledge of all financial policies governing at both Local and International level to all aspects of financial, Auditing, stewardship, budgeting, financial analysis, resource procurement, operational analysis, and project management with a passion; to help drive the implementation of strategic change, develop and maintain sustainable corporate objectives in the industry through effective planning, attraction and positioning of both human and material resources within a multi-cultural setting in which people have opportunity to unleash their full potential.
Overview
17
17
years of post-secondary education
6
6
Certifications
11
11
years of professional experience
Work History
Finance Manager
BORESHA SACCO Society Ltd.
- Development and formulation of corporate financial strategies (strategic thought partner), monitoring and oversee successful implementation to ensure compliance with policies and regulatory standards
- Developing and implementing departmental financial policies, procedures and performance standards as per SACCO Regulatory Authority ( SASRA)
- First hand involvement in implementation of industry standards and regulations as spelt out by regulator (SASRA) leading to Boresha Sacco being second to be licensed nationally
- Establishing, maintaining, and coordinating the implementation of accounting and internal control procedures within all the six branches
- Monitoring revenue and expenditure stream in accordance with the SACCO budget and ensuring adherence to the SACCO budget and business plan
- Coordinating the preparation and consolidation of monthly financial and management reports - income and expenditure, cash flow statements and balance sheet
- Overseeing the resource allocation and adherence to the stated financial obligations in multi donor/ stakeholder where the SACCO is the implementing agency
- Analyzing and presenting financial reports
- Co-ordinate and lead annual audit
- Overseeing and lead Sacco's annual budget
- Ensuring appropriate controls and monitoring to ensuring efficiency
- Managing Sacco policies and critical financial matters
- Managing Sacco's cash flows
- Updated Sacco's accounting practices and policies
- Ensure compliance with the policy, procedures and all government requirements
- Main Achievements: Successfully made a case for, and facilitated extension of the loan repayment period from 36 months to 60 months leading to growth in loan portfolio, improved client retention and reduction of the portfolio at risk
- Offered significant technical support in the introduction of SACCO Link ATM for the members leading to a more efficient service delivery and membership growth
- Successfully the Sacco was licensed second nationally by SASRA
- Successfully introduced the international financial control ratios and standards relevant to the industry which have been instrumental in monitoring business growth and supporting management in decision making
- Hands-on and participated in most Sacco's policy development
- Developed internal teams that supported Sacco's business
- Kept Sacco leaders abreast on business cycles
- Ensured appropriate controls and monitoring of Sacco business.
Assistant Accountant
BORESHA SACCO society Ltd
- Preparing and review revenue schedules, payroll entries, invoices, journal vouchers and other accounting documents for the purpose of verification in the cash book
- Analyzing revenue and expenditure trends and recommending appropriate budget levels, and ensure expenditure control as per International Financial and Reporting Standards
- Monitoring and review of accounting reports for accuracy, completeness and fairness as to comply with SACCO Society Regulatory Authority rules
- Preparation of profit and loss statements and monthly and cost accounting reports for decision making by the board of directors
- Main Achievements: Successfully facilitated implementation of a monitoring system for movement of the SACCO property in and out of the premises through introducing gate pass and movement registers which improved misuse of the property
- Improved turnaround time in processing refunds and bereavement claims through the introduction of complains register and ensuring that no pending complain is carried forward to the following day
- Introduced structured process of verifying bereavement claims for the first time thereby reducing fraudulent claims drastically by to less than 10%.
Accounts Clerk
Government of Kenya (Office of the President)
- Handling of office imprest, controlling the vote book and examining of vouchers for onward approval by the District Accountant and payment by the District Cashier
- Preparation of local purchase orders (LPO) and local service orders (LSO) for suppliers of various goods and services to the District Commissioners Office
- Preparation of bank reconciliation and monthly returns for the department office of the president for reimbursement by treasury
- Main Achievements: Imprest and the vote book management through introduction of weekly routine report on verification, approval of claims, and timely accurate entries in the relevant books
- Successfully implemented effective procurement system through ensuring tendering is done in a professional manner, proper vetting of suppliers and verification of goods and services by the storekeepers.
Head of Internal Audit, Risk and Compliance
BORESHA SACCO Society Ltd.
8 2019
- Ensures and determine the adequacy of internal controls and their effectiveness
- To work with departments in ensuring effective, efficient and economic use of SACCO resources
- Supervise and co-ordinate the functions of Audit, Risk and compliance staff and Head office and the branches
- Identify business risks, systems weaknesses and policies and procedures deficiencies and advice the Sacco management
- Provide assurance that the policies and procedures are being adhered to, and the Sacco generally run in an efficient and effective manner
- Concerned with ensuring compliance with policies, procedures, regulatory and government requirements
- Concerned with future changes, emerging risks and competitors trends
- Plan and execute the Sacco's strategic leadership towards sustainability agenda in line with the strategies of the Sacco
- Evalute and ensure adherence to both Financial and Accounting reporting standards
- Develops sustainable community relationships and sustainable corporate responsibility strategies and projects
- Ensure the Sacco prepares and maintains Annual Financial Reports as per regulatory, government standards and remains current about best practices
- Together with teams oversees performance indicators outcomes
- Ensures the Sacco adheres to budgetary controls and proper cash management processes
- Overall management and co-ordination of the external Audit Activities
- Main Achievements: Developed integrated strategic and Audit strategy
- Reviewed the Risk management policy framework in line with the sustainability agenda of the Sacco
- Reviewed the economy, efficiency and effectiveness of the Sacco operations and working structures
- Prepared comprehensive annual audit plan for the Sacco
- Provided guidance in cash management activities and effective resource utilization
- Got involved in formulating and reviewing Sacco's strategies for the year 2020
- Overall management and co-ordination of all Audit activities in the Sacco
- Conducted special investigations regarding improper financial misapplications
- Ensure the external Audit activities of financial affairs of the Sacco for every financial year
- Prepared Annual Audit report for the CEO and the Board of directors
- Conducted Risk analysis on various Sacco activities and come up with risk matrix prioritizing risk management framework for the Sacco
- Conducted Risk analysis on the impact of Covid-19 Pandemic on Sacco business and advised on risk management approach during the pandemic period.
Board member (HSIF) professional Body-ICPAK
Baringo County Government Health Services Improvement Fund (HSIF)
07.2022 - 03.2024
- To deliberate on disbursement of funds to county Hospitals as per Baringo County Government Health Services Improvement Fund Act no.1 of 2021
Head of Corporate Affairs & BORESHA Foundation Manager
BORESHA Sacco and BORESHA Community Foundation
05.2017
- Ensures Sacco's internal and external communications including public relations, government relations, public policy, corporate restructuring, and determination of employee and customers attitudes in the Sacco according to management
- To work departments in formulating strategic, operational objectives for the departments in line with overall corporate plans
- Works with the CEO to implement integrated business plans, processes and integrated work processes and advice the Sacco
- Identify all the business risks and advise the Sacco Management teams accordingly
- Making financial decisions and monitoring of cash flows for the Sacco and the foundation
- Concerned with monitoring of business performance
- Concerned with future changes and competitors trends
- Plan and execute the Sacco's sustainability agenda in line with the strategies of the Sacco
- Ensure and develops sustainable community relationships and sustainable corporate responsibility strategies and projects
- Maintain good working relationships with various stakeholders towards attainment of the Sacco's corporate plans and investment programs
- Together with teams oversees performance indicators outcomes
- Ensures the Sacco remains current about best practices
- Overall management and co-ordination of the Sacco CSR financial matters by leading, directing, planning and controlling of all aspects BORESHA Community Foundation (CSR arm of BORESHA Sacco)
- Ensure effective implementation of all Sacco CSR activities and according to CSR policies and procedures
- Main Achievements: Developed integrated strategic and corporate strategy
- Developed sustainability agenda of the Sacco
- Developed CSR policy and foundations working structures
- Mobilized funding for BCF for the Sacco various CSR activities
- Got involved in formulating and reviewing Sacco's policies and strategies
- Overall management and co-ordination of all corporate stakeholders and new partners to the Sacco
- Implemented Sacco over thirty CSR activities for the Sacco
- Supervised and trained the head office and branch teams in performing at optimal levels in member service delivery
- Streamlined daily CSR activities and introduced process improvements to boost Sacco overall efficiency
- Prospected and developed over 10 new contributors to the BORESHA foundation fundraising database.
Branch manager Eldoret Branch
BORESHA SACCO Society Ltd.
01.2013
- Responsible for the SACCO's investments and management of balanced investment portfolio
- Overall management and co-ordination of the financial matters by leading, directing, planning and controlling of all aspects of reporting, budgeting, final accounts and liaison with internal and statutory auditors
- In liaison with the Chief Executive Officer (CEO), formulate corporate financial strategies, monitor and oversee their successful implementation and ensure compliance with approved policies and prudential regulatory standards
- Create and maintain strong financial discipline, provide periodic financial information and reports on the Sacco's performance to the Board of Directors and the senior management team
- Maintain strong internal policies, processes and controls in order to provide timely, consistent and accurate financial, treasury and management information for effective decision making
- Maintain good working relationships with various stakeholders towards attainment of the Sacco's corporate plans and investment programs
- Evaluate and measure finance & business performance against the Sacco's strategic plan, make recommendations and presentations to enhance society's performance to meet shareholders' expectations
- Responsible for the management, development and maintenance of a high performance team by providing good leadership and effective supervision and guidance of staff members under his/her charge
- Responsible for the Society's financial planning, forecasting and budgeting
- Responsible for management of costs so as to achieve business growth as outlined in the strategic plan
- Responsible for supporting decision making through preparation, analysis and presentation of comprehensive, timely, reliable and compliant financial reports
- Ensure effective implementation of financial and accounting policies and procedures
- Management of the general and subsidiary ledgers in accordance with internationally accepted accounting and financial reporting standards and preparation of final accounts for audit
- Prepare and analyze on a regular basis the Sacco's business plans, budgetary estimates and provide explanations on variances
- Prepare weekly, monthly and quarterly reports on performance of the Sacco to the board
- Ensure compliance with statutory and regulatory requirements
- Main Achievements: Developed branch strategies for branch growth
- Grew the branch customer base from 700 members to over 4000 members currently
- Established customer relations team in the branch
- Mobilized savings at the branch from Ksh 4m to currently over Ksh 24 million
- Got involved in establishing Kapsabet Fosa branch
- Branch has been able to be awarded best well organized branch for two consecutive by Uasin- Gishu county co-operatives office
- Was the best branch in Eldoret& Kapsabet ASK show two years running consecutive
- Increased branch income from Ksh 2 million to currently over Ksh 12 million
- Branch surpluses increased from deficit of Ksh -13 million to over Ksh 5 million
- Branch break even reduced by one and half years
- Marketing of Sacco products in the North Rift and Western Regions
- Hands on all branch activities and operations.
Education
Certified Financial Analyst PART 1 (CIFA 1) -
KASNEB
01.2019 - Current
PhD Business Management in Finance - undefined
Moi University
01.2013 - 04.2018
MBA In Finance - undefined
Kenya Methodist University
01.2010 - 04.2012
BBA in accounting Finance - undefined
Kenya Methodist University
01.2007 - 04.2011
undefined
Proficiency Microsoft Word, Excel, Access, MS-Dos, PowerPoint, QuickBooks
01.1999 - undefined
Skills
Financial Modeling
Certification
Driving License
Areas Of Competencies
- Formulation of strategic operational objectives for the departments in line with corporate plans.
- Implementation of the SACCO strategic & Business plan
- Identify all the business risks and advise the Sacco management accordingly
- Investments, asset and risk management
- Development & maintenance of high performance and motivated teams by providing transformative leadership & effective supervision, Coaching and initiating training of staff members
- Financial & operational planning, forecasting and budgeting
- Prudent management of costs so as to achieve business growth
- Preparation, analysis & presentation financial reports & ratios
- Preparation and Implementation of financial, operational & accounting policies and procedures
- Skills in implementing industry statutory and regulatory compliance requirements such as SACCO ACT, Rules, By-laws, SASRA ACT, Cooperative rules.
- New Product development and Marketing
- Building and developing high and motivated team of employees through embedding performance development
- Developing and operating a financial services network of SACCO branches based on assessment from relevant officials that promotes the SACCO corporate image
- Good corporate governance practices
- Treasury management
- BOSA/FOSA/Branch Management
- Proficient in prudent and efficient execution of financial plans
- Timeliness in reports to CEO, boards, donors and partners.
Professional Bodies
- Member Institute of Internal Auditors (Kenya Chapter)
- Member of Centre for Corporate governance
- Institute of Certified Public Accountants of Kenya (ICPAK)
- Kenya Institute of Management
- Certified Trustee of Pensions schemes (Collage of Insurance)
- Development Educator DE
Attributes
- High degree of Professional and personal integrity
- Critical Thinking
- Team player
- Keen on details
- Analytical and result oriented
- Thrive better on challenges
- Confident and outgoing
Professional Referees
- Dr. Ambrose K Chepkwei, Head of Human Resource & Administration, Boresha SACCO Society Ltd, +254 722 337 017, info@boreshasacco.co.ke
- Dr. Victor Kimeli, Senior Lecturer, University of Eldoret, P.O. Box 1125-30100 Eldoret, +254727830204, vkkimeli99@yahoo.com
- Dr. Moses Kipchichir Biwott, Lecturer, Kenya institute of Management, P.O Box 12962 Nakuru, +254720251741, mbiwott@yahoo.com
Training
- 07/2019, Corporate Governance & fight against corruption, Center of Corporate Governance
- 03/2019, Trustees Development Programme, RBA & Liaison
- 02/2019, Money Markets Crypto currency and Bit coins, ICPAK
- 06/2018, Financial management and cloud computing, ICPAK
- 05/2018, Five Day Corporate Governance Training for CEOs and Directors, Centre for Corporate Governance
- 01/2018, Corporate governance for Financial Institutions, MESPT & Shape Africa
- 01/2018, Micro Finance and Green Growth Financing for Financial Institutions, MESPT & Critical Consultants
- 10/2017, Financial management, ICPAK
- 2015, Governance and Financial management, ICPAK
- 2015, Managing firms in global challenges and terrorism age, KIM
- 2014, Financial management course, ICPAK
- 2014, Kenya Institute of Management
- 2014, Governance and Ethics conference, ICPAK
- 2013, Annual Governance and Ethics Conference, ICPAK
- 2012, Financial Reporting and Management Conference for Counties and Local Authorities, ICPAK
- 2011, Tax Compliance Workshop, Institute of Certified Public Accountants of Kenya
- 2010, Fraud examination and prevention, Strathmore University
- 2010, SACCO Compliance Workshop, Kenya Union of Savings Co-operative
- 2008, Risk and Information Security, AITEC
- 2008, Liquidity Management, Internal Controls and Customer care, Coop Bank
Timeline
Board member (HSIF) professional Body-ICPAK
Baringo County Government Health Services Improvement Fund (HSIF)
07.2022 - 03.2024
Certified Financial Analyst PART 1 (CIFA 1) -
KASNEB
01.2019 - Current
Head of Corporate Affairs & BORESHA Foundation Manager
BORESHA Sacco and BORESHA Community Foundation
05.2017
PhD Business Management in Finance - undefined
Moi University
01.2013 - 04.2018
Branch manager Eldoret Branch
BORESHA SACCO Society Ltd.
01.2013
MBA In Finance - undefined
Kenya Methodist University
01.2010 - 04.2012
BBA in accounting Finance - undefined
Kenya Methodist University
01.2007 - 04.2011
undefined
Proficiency Microsoft Word, Excel, Access, MS-Dos, PowerPoint, QuickBooks
01.1999 - undefined
Finance Manager
BORESHA SACCO Society Ltd.
Assistant Accountant
BORESHA SACCO society Ltd
Accounts Clerk
Government of Kenya (Office of the President)
Head of Internal Audit, Risk and Compliance
BORESHA SACCO Society Ltd.
8 2019
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