Kenya Highlands Sacco tightens grip on risk management

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By Our Reporter

Kenya Highlands Sacco has put in place appropriate mechanism that ensures accountability of all transactions and engagements of the society.
This is in addition to tight internal control mechanism to safeguard the assets of the Sacco.
“We have also enhanced risk based audit and put in place an active directory to monitor system performance and especially on the new trends on cyber-crime and technology related risks,” said Sacco chairman Richard Mutai.
The Sacco has also adopted open style office operation in all branches as it commits to transparency and accountability to its members.
The move comes at a time when the Sacco has continued to achieve positive financial performance in spite of tough times across the financial sector.
In Financial Year ended 31st December 2017, the Sacco recorded 11.07 per cent total assets growth to hit Sh2.397 billion from Sh2.158 billion in the year 2016.
Sacco’s loans and advances recorded 21.80 per cent increase to jump from Sh986.4 million in the year 2016 to over Sh1.2 billion. Members deposit, share capital and total revenue had a significant growth.
The membership grew by 9.47 per cent to reach 76,757.
“We recognise the importance of increased membership to our business. We urge all our members to market the Sacco aggressively,” said Mutai.
The Sacco has also intensified education and training of members and staff to ensure everybody is empowered to be in tandem with current changes.
Last year the Sacco was awarded the most improved Sacco in tier 2 category at national Ushirika Day celebrations and second runners-up in the Champion of Governance Award.

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