Grasp knowledge into your hands JANUARY - JUNE 2013

KPMG ACADEMY Grasp knowledge into your hands JANUARY - JUNE 2013

Foreword Dear clients and friends, The KPMG Academy training activities have been met with great success. As of April 2009, our experienced training team delivered seminars to approximately 2450 professionals across all industries in Cyprus and organized 4 international conferences on leadership, taxation and tourism, welcoming a selection of world renowned speakers. Our aim is to continue leading in the training field throughout the first semester of 2013, by utilizing our professional and academic expertise and turning our knowledge into value for the benefit of our clients, our people and the society in general. The Academy collaborates with experts from the KPMG s network, professionals from other successful companies and academics from both Cyprus and abroad. We organize in-house and open training programs as well as international conferences, addressing a wide range of areas such as technical and financial matters as well as essential professional skills. This brochure provides an overview of our open courses and valuable information on seminars that shall keep you up to date and enhance your business performance. For the period of February June 2013, we offer a selection of 8 open seminars which reflect current market needs and training priorities and 3 of which have been approved by the Human Resource Development Authority (HRDA). Suitable subsidies will, therefore, be available to all HRDA qualifying participants. These seminars can be also delivered in-house and can be tailored to the specific needs of your organization. We would like to take this opportunity to thank you in advance for trusting KPMG as your preferred training provider and we look forward to welcoming you to our modern training facilities. Kind Regards, Christos V. Vasiliou Head of KPMG Academy 3

A. KPMG ACADEMY SEMINARS By Seminar category The seminars below may also be organized as in-house training programs. A separate table is displayed on page five (5) which indicates the date, the cost, the available HRDA subsidy as well as the language of each seminar. No. TITLE LANGUAGE PAGE IFRS AND ACCOUNTING 1 2 ΛΟΓΙΣΤΙΚΗ ΚΑΙ ΧΡΗΜΑΤΟΟΙΚΟΝΟΜΙΚΑ ΓΙΑ ΜΗ ΛΟΓΙΣΤΕΣ IFRS UPDATES AND ADVANCED APPLICATIONS GR ENG 9 10 3 TAXATION TAX UPDATES 2012 ENG 12 4 INTERNATIONAL TAX PRINCIPLES ENG 13 FINANCIAL RISK MANAGEMENT 5 A GLOBAL PERSPECTIVE ON TODAY S INSURANCE CHALLENGES: CAPITALIZATION, SOLVENCY ISSUES AND AVAILABLE RESTRUCTURING TOOLS ENG 15 6 CYPRUS AS A JURISDICTION FOR ALTERNATIVE INVESTMENT FUNDS AND ASSET MANAGEMENT: ICIS FUNDS, CYPRUS ALTERNATIVE INVESTMENT FUND MANAGERS AND MIFID INVESTMENT FIRMS ENG 16 ORGANISATIONAL STRATEGY 7 BUSINESS PROCESS REENGINEERING ENG 18 RESTRUCTURING 8 ΔΙΑΧΕΙΡΙΣΗ ΜΕΤΡΗΤΩΝ ΣΕ ΠΕΡΙΟΔΟΥΣ ΚΡΙΣΗΣ GR 20 4

B. KPMG ACADEMY SEMINARS By Seminar date TITLE A GLOBAL PERSPECTIVE ON TODAY S INSURANCE CHALLENGES: SOLVENCY, CAPITALIZATION AND AVAILABLE RESTRUCTURING TOOLS ΔΙΑΧΕΙΡΙΣΗ ΜΕΤΡΗΤΩΝ ΣΕ ΠΕΡΙΟΔΟΥΣ ΚΡΙΣΗΣ DATE PRICE PRICE Including VAT HRDA SUBSIDY NET COST Including VAT LANGUAGE 27/02/2013 11/03/2013 Free 250 Free 295 Free Nil Free 295 English Greek BUSINESS PROCESS REENGINEERING 08-09/04/2013 450 531 Nil 531 English ΛΟΓΙΣΤΙΚΗ ΚΑΙ ΧΡΗΜΑΤΟΙΚΟΝΟΜΙΚΑ ΓΙΑ ΜΗ ΛΟΓΙΣΤΕΣ 15/04/2013 270 318,60 Nil 318,60 Greek TAX UPDATES 2012 20/05/2013 325 383,50 118,75 264,75 English INTERNATIONAL TAX PRINCIPLES 03/06/2013 300 354 Nil 354 English CYPRUS AS A JURISDICTION FOR ALTERNATIVE INVESTMENT FUNDS AND ASSET MANAGEMENT: ICIS FUNDS, CYPRUS ALTERNATIVE FUND MANAGERS AND MIFID INVESTMENT FIRMS 10-11/06/2013 500 590 266 324 English IFRS UPDATES AND ADVANCED APPLICATIONS 17/06/2013 350 413 133 280 English 5

General Information In-House and Open Training Programmes: KPMG Academy's specialized team of professional trainers has developed seminars on broad topics both In-House and Open. In-House Seminars may be offered on demand for small groups of employees and associates as well as target the training needs of a specific company. The content, duration and level of these seminars can be adjusted. If a company wishes to apply for sponsorship to the Human Recourse Development Authority (HRDA), KPMG Academy will provide any necessary assistance for the preparation of the application. Should you are interested in learning more regarding our In-house training programmes, please ask for our In-house seminars brochure. Open Executive Courses/Seminars address a wide range of areas such as technical and financial matters as well as essential professional skills. The attendees of these courses may be employers and employees of different companies. Training Venue Details: Most seminars are conducted at KPMG's training centre in Nicosia. Payment Procedures: Bank deposit at: Hellenic Bank Main Branch KPMG Limited 115-01-479914-01 Swift Code: HEBA CY2N IBAN: CY94005001150001150147991401 Cheque: The cheque should be sent to Persa Papademetriou. Please ensure that you send a copy of all payment-related documents and the bank transfer slip by fax (22 513 294) to the attention of Persa Papademetriou. Information: For further information you may contact Persa Papademetriou: T: +357 22 209 053 F: +357 22 513 294 E: academy@kpmg.com.cy W: www.kpmg.com.cy Address: KPMG Limited 14 Esperidon Street 1087 Nicosia Cyprus Registrations: You may register for a seminar by submitting the registration form at the back of this brochure as well as the relevant fee, at least five (5) working days prior to the commencement date of the seminar. An order of priority will be maintained as the number of seats are limited. The number of participants for HRDA subsidized seminars is restricted to 28. You may submit your registration form by fax: 22 513 294 or email: ppapademetriou@kpmg.com Alternatively you may post your registration form to the KPMG address, indicated above, to the attention of Persa Papademetriou, KPMG Academy coordinator. 6

Participation Fees & Discounts Participation Fees & Discounts Information regarding the price of open seminars is available on page five (5) as well as on each seminar s content page. Most seminars are subsidized by the HRDA and the corresponding subsidy for all eligible participants is noted on page five (5) in the appropriate column. Group Booking Discounts* For three or more (3+) participants from the same company a 10% discount will be provided on the total cost, before VAT and the HRDA subsidy; for five or more (5+) participants from the same company, a 20% discount will be provided on the total cost, before VAT and the HRDA subsidy. Early Bird Discount There is a 10% Early Bird discount for each participant who enrolls in certain training courses at least three (3) weeks prior to the commencement date of the seminar. If the Early Bird discount applies, participants should calculate it after the VAT and the HRDA subsidy. 3 + participants 10% 5 + participants 20% The example below indicates how participants may calculate the discounts and the total amount payable: Number of Participants: 3 Original Price of Seminar per participant: 350 Discount for 3 participants: 10% VAT: 18% HRDA subsidy per participant for a 7h course: 133 Number of participants: 3 Original price: 350 x 3 = 1,050 Calculation of the discount for 3 participants: 1.050 x 10% = 105 Discounted price: 1.050-105 = 945 Calculation of the Early Bird discount: 945 x 10% = 94.50 New amount with Early Bird Rate: 945-94.50 = 850.50 VAT: 850,50 x 18% = 153,09 Price including VAT: 850,50 + 153,09 = 1003,59 Calculation of the HRDA subsidy: 133 x 3 = 399 Price after HRDA subsidy for all eligible participants: 1003,59-399 = 604,59 * The seminar fees include all training material and catering. Only available for delegates from one company attending the same course. 3 + weeks prior to the seminar 10% 7

IFRS and Accounting

Λ Ε Π ΤΟ Μ E Ρ Ε Ι Ε Σ Σ Ε Μ Ι ΝΑΡIΟΥ Ημερομηνία: 15/04/2013 Τόπος: Γραφεία KPMG, Λευκωσία Ώρα: 8:30 π.μ - 4:30 μ.μ Κόστος: 270 + Φ.Π.Α. Γλώσσα: Ελληνική Εισηγητές: Α. Χριστοφίδης, Χ. Βασιλείου Λογιστική και Χρηματοοικονομικά για Μη Λογιστές Το σεμινάριο αυτό μπορεί να συμβάλει στις προϋποθέσεις για Συνεχιζόμενη Επαγγελματική Ανάπτυξη. Στο σημερινό επιχειρηματικό κόσμο είναι σημαντικό οι διευθυντές να κατανοούν τη γλώσσα της λογιστικής και της οικονομίας. Το πρόγραμμα παρέχει στους συμμετέχοντες τις βασικές δεξιότητες που χρειάζονται για την ερμηνεία των οικονομικών καταστάσεων και την εξοικείωση με το λειτουργικό κύκλο μιας επιχείρησης λαμβάνοντας υπόψη τα θέματα κινδύνου, χρηματοοικονομικών και αξιολόγησης επενδύσεων. Στόχος Σεμιναρίου Aυτό το σεμινάριο θα βοηθήσει τους συμμετέχοντες να : Κατανοήσουν τις κύριες αρχές της λογιστικής και των χρηματοοικονομικών Διαβάζουν και να ερμηνεύουν οικονομικές καταστάσεις Κατανοούν τον κύκλο ζωής μιας επιχείρησης Αντιληφθούν την έννοια του λειτουργικού και οικονομικού κινδύνου Εξοικειωθούν με τις βασικές τεχνικές αξιολόγησης επενδύσεων Ενημερωθούν για τις διάφορες ημερομηνίες καταβολής φορολογιών και κατάθεσης λογαριασμών στις αρμόδιες αρχές Μεθοδολογία Η μεθοδολογία του προγράμματος συνδυάζει τη θεωρεία, χρησιμοποιώντας εργαλεία power-point, με διάφορες ασκήσεις και παραδείγματα. Το πρόγραμμα είναι πρακτικό και διαδραστικό. Συμμετέχοντες Το σεμινάριο απευθύνεται σε διευθυντές, βοηθούς διευθυντές και οικονομικούς διευθυντές εταιρειών οι όποιοι δεν ασχολούνται εις βάθος με λογιστικά θέματα ή/και δεν έχουν πτυχίο λογιστικής, υπευθύνους λογιστηρίου και βοηθούς λογιστηρίου, δικηγόρους και νομικούς σύμβουλους, υπεύθυνους τμημάτων, λειτουργούς Χρηματοοικονομικών Ιδρυμάτων και όλους τους επαγγελματίες και επιχειρηματίες οι οποίοι επιθυμούν να βελτιώσουν τις δεξιότητες και τη γνώση τους στον τομέα αυτό. Περιεχόμενο Σεμιναρίου Λογιστική και Χρηματοοικονομικά Ποιος είναι ο ορισμός της λογιστικής και των χρηματοοικονομικών Βασικές αρχές λογιστικής και χρηματοοικονομικών και η εφαρμογή τους Ερμηνεία Οικονομικών Καταστάσεων Διερεύνηση και αντίληψη του Ισολογισμού και του Λογαριασμού Κερδοζημιών των Χρηματοοικονομικών ροών Εταιρική Χρηματοδότηση Ο κύκλος ζωής μιας επιχείρησης Μέθοδοι εταιρικής χρηματοδότησης Αξιολόγηση επένδυσης: βραχυπρόθεσμες και μακροπρόθεσμες επενδύσεις Αξιολόγηση επιχειρήσεων-βασικές Αρχές Κανονιστικό Περιβάλλον Η φορολογική συμμόρφωση και οι υποχρεώσεις υποβολής των δηλώσεων στις φορολογικές και άλλες Αρχές 9

P R O G R A M D E TA I L S Date: 17/06/2013 Location: KPMG Offices, Nicosia Time: 8:30 a.m. - 4:45 p.m. Investment: 350+ VAT Net investment after subsidy from the HRDA of 133: 280 (including VAT) *The subsidy may change according to the size of the company **For all eligible participants Language: English Directors: P. Peleties, Z. Hadjizacharias M. Karantoni, T. Yiasemides, G. Prodromou A. Efstathiou IFRS Updates Seminar and Advanced Applications A revised outline will be sent to you as soon as the new IFRSs are released This seminar may contribute to Continuing Professional Development requirements. The purpose of this course is to provide a comprehensive and up-to-date technical training on advanced application issues and in-depth learning related to newly introduced IFRS standards and in some cases currently effective IFRS standards via interactive mini-case and scenario based modules. Course Objectives By the end of the Seminar participants will: Understand the new requirements of IFRS 10, IFRS 11 and IFRS12 Be informed about the current application issues that are creating challenges in the implementation of IFRS 10, IFRS 11 and IFRS12 Understand the requirements of IFRS 9 in relation to the classification and measurement of financial assets and financial liabilities Learn about the changes to the current practices of fair value measurement through the introduction of IFRS 13 and application issues Understand the parameters for the preparation of combined financial statements Assess the impact of the European Sovereign Debt Crisis on the Euro zone and the Cyprus Economy Methodology The teaching methodology of this course combines formal theoretical instruction with frequent reference to real case scenarios. The course is intended to be practical and interactive, with delegates being encouraged to ask questions. Participants* Financial controllers, finance managers, finance directors and auditors who wish to be informed on IFRS updates and advanced application issues. Course Content Time to Consolidate (IFRS 10, IFRS 12) Assessing potential voting rights Key factors in assessing de facto power Supplier relationships which can lead to control Structured entities New disclosure requirements Joint Arrangements (IFRS 11, IFRS 12) Explanation of what constitutes a Separate Vehicle Unlimited Liability Vehicles Obligations for Liabilities Other facts and circumstances that can affect the classification as a joint operation New disclosure requirements Financial Instruments Briefing (IFRS 9) Overview of the current status of the work of IASB in replacing IAS39 Determine the classification of Financial Assets and Financial Liabilities Determine when a reclassification is required Subsequent measurement after initial recognition Effective date and transition requirements Fair value measurement (IFRS 13) Nature and scope of IFRS 13 Implications of IFRS 13 s fair value definition Changes from current practice Combined Financial Statements Difference between combined and pro forma financial statements Parameters for the preparation of combined financial statements Common practice issues Sovereign Debt Crisis Briefing European Sovereign Debt Crisis Effects in the Euro zone Financial position of the Cyprus Economy The programme has been approved by the HRDA. Enterprices participating with their employees who satisfy HRDA s criteria, are entitled to subsidy *The number of participants is restricted to 28. 10

Taxation

P R O G R A M D E TA I L S Date: 20/05/2013 Location: KPMG Offices, Nicosia Time: 8:30 a.m. - 3:45 p.m. Investment: 325+ VAT Net investment after subsidy from the HRDA of 118,75: 264,75 (including VAT) *The subsidy may change according to the size of the company **For all eligible participants Language: English Directors: G. Markides, V. Koufaris Tax Updates 2012 This seminar may contribute to Continuing Professional Development requirements. It is imperative that taxpayers are informed of the changes undertaken in 2012, due to the fact that issues relating to these amendments will be raised by the tax authorities upon their examination of a company s tax affairs. Course Objectives This Seminar aims to: Enlighten the participants on the changes enacted from 2012 onwards Inform the participants of the risks that may arise from the erroneous application of this legislation and to provide them with an outline of the correct way of handling their company s tax affairs Present opportunities to promote Cyprus as an international financial center, given the amendments to the provisions of the Cyprus Tax Legislation Methodology The teaching methodology combines formal theoretical instruction with reference to examples. The course is intended to be practical and interactive, hence the participants will be encouraged to ask questions. The knowledge obtained during the course is intended to be of immediate practical use within their workplace. Participants* CFO s, accountants, auditors and tax consultants Course Content Corporate Income Tax Deemed income for Directors Shareholders Non-deductible expenses The abolishment of article 39 Employment of expats and the 50% income exemption for 5 years as of 2012 Circular 2011/14 tax returns of nonresident companies Circular 22.12.2011 submission of returns via taxisnet Special Defence Tax Scope Increase of rates Intercompany dividends 4 year threshold Practical examples Immovable Property Tax Scope Rates The New IP Regime IP protection in Cyprus Patents Trademarks Copyrights The new IP regime in the spotlight tax benefits Practical examples The New Twins Structure Scope Russian thin capitalization rules Interest deductibility new amendments Group relief mechanism Availability of Group relief from first year Accelerated Depreciation Assets covered Applicable rates The programme has been approved by the HRDA. Enterprices participating with their employees who satisfy HRDA s criteria, are entitled to subsidy *The number of participants is restricted to 28. 12

P R O G R A M D E TA I L S Date: 03/06/2013 Location: KPMG Offices, Nicosia Time: 8:30 a.m. - 4:45 p.m. Investment: 300 + VAT Language: English Directors: C. Markides, V. Koufaris, M. Liasi H. Malek International Tax Principles This seminar may contribute to Continuing Professional Development requirements. Amongst others, this Seminar outlines the beneficial tax provisions of the Cypriot corporate environment and explains the most beneficial tax structures which interpose Cypriot companies. This course guides the participants on how to handle several tax issues. Additionally, it provides them feedback in order to understand how their income is being taxed as well as insight on how to implement effective tax policy. Furthermore, it updates the participants on new tax topics and informs them of the forthcoming tax laws. Finally, it also enlightens them on how the EU handles such tax subjects. Course Objectives By the end of the Seminar the participants will: Gain knowledge of the general provisions of the Cyprus tax and social security regime Understand the tax benefits offered by the Cyprus tax system Learn of the frequently used tax structures using a Cyprus company Be informed of any recent and future developments on the Cyprus tax and social security legislation Methodology The course is intended to be practical and interactive, hence participants will be encouraged to ask questions and bring forth personal tax situations which can be discussed during the seminar. Participants The Seminar may have a wide audience, from medium to high level employees. Course Content Income Tax Law N.118(I)/2002 Understanding what is corporate tax residency Being informed of the types of taxable income and those which are exempt Realizing the possibility of tax deductions and the utilization of tax losses, including group relief Understanding the tax implications of reorganizations Appreciating the impact of arm s length principles for inter-corporate transactions Special Contribution for the Defense Law N.117(I)/2002 Understanding the mode of taxation of dividends received from abroad Appreciating the distinction between active and passive interest Cypriot Double Tax Treaty Network Being informed of Cyprus most beneficial double taxation agreements Cyprus Aspects of EU Tax General principles of EU Tax and the draft Directive on Common Consolidated Corporate Tax Base (CCCTB) Corporate Tax Structures Through Cyprus Being informed of the most beneficial tax structures and the means these can be used for efficient tax planning (practical examples) Taxation of Individuals Obtaining an overall understanding of what is tax residency for individuals and personal tax rates Understanding the concessions available for expatriates Social Security in Cyprus Understanding the social insurance regime in Cyprus and the impact of Cyprus EU accession Being informed of recent tax planning trends: the Global Employment Company 13

Financial Risk Management

P R O G R A M D E TA I L S Date: 27/02/2013 Location: KPMG Offices, Nicosia Time: 10:30 a.m. - 1:00 p.m Investment: Free Language: English Directors: J. Wrynn, E. Iacovides, M. Lazarou A Global Perspective on Today s Insurance Challenges: Capitalization, Solvency Issues and Available Restructuring Tools This seminar may contribute to Continuing Professional Development requirements. The current financial climate has presented insurers with even greater challenges than those faced in the past. The eurozone crisis is here to stay, insurers investments and assets are devalued and investment returns are at their lowest ever. This seminar aims to provide a global overview of the challenges faced by insurers today and offer various ideas for possible solutions used globally. Course Objectives By the end of the seminar participants will: Go beyond the headlines to learn critical global issues facing insurers Be aware of the challenges faced by the Cyprus insurance industry and be offered with possible solutions Understand the solvency challenges faced by the global insurance industry and how it has dealt with them Be better informed of the solutions available and learn practical tips for implementing within their organizations Be empowered with knowledge that enables them to make business decisions in time and avoid crises Be able to discuss concerns with practitioners who have direct experience in these issues Return to their organizations armed with knowledge and a global perspective to help make a difference toward long-term success Methodology This high-level and informative seminar will give participants the opportunity to hear a former Superintendent s views on the current economic climate and how this affects insurers and their solvency requirements. The seminar will also suggest practical ways in which insurers can fulfill new solvency requirements and manage solvency issues with specific tools and mechanisms available. Participants Shareholders, CEOs and senior finance executives of insurance companies interested in hearing about how insurer solvency and capitalization issues are dealt with and managed in Europe and globally. Course Content The Challenges facing the Cyprus Insurance Market Provide an overview of the current economic environment under which Insurance Companies in Cyprus operate Discuss the challenges facing Insurance Companies in Cyprus as a result of the current economic environment Address the challenges facing Insurance Companies in Cyprus as a result of the introduction of Solvency II A Changing Paradigm: The Challenges and Opportunities Facing the Global Insurance Market (A Former Regulator s View) Generally discuss how the financial crisis has impacted the insurance industry Provide an overview of the current insurance regulatory regime at the international, regional, and national levels Compare and contrast the U.S. system to the European systems of Solvency I and now Solvency II Provide an overview of the challenges and opportunities facing the global insurance marketplace Exit Solutions: How, When, Why? Not the End But a Way Forward Overview of the challenges that may lead to consideration of exit solutions Outline of the tools available Description of the financial and legal process Recognize when to engage in the process and avoid a crisis or fire sale How you can make it work for you 15

P R O G R A M D E TA I L S Dates: 10-11/06/2013 Location: KPMG Offices, Nicosia Time: 8:30 a.m. - 4:45 p.m. Investment: 500 + VAT Net investment after subsidy from the HRDA of 266: 324 (including VAT) The subsidy may change according to the size of the company Language: English Directors: C. Vasiliou, C. Kaniouras, R. Papadopoulos Cyprus as a Jurisdiction for Alternative Investment Funds and Asset Management: ICIS Funds, Cyprus Alternative Investment Fund Managers and MiFID Investment Firms This seminar may contribute to Continuing Professional Development requirements. Valuing our Clients training priorities, as of 2010, KPMG s Academy hosts a minimum of 2 training courses on Funds annually, focusing on several important issues. The ICIS are the most preferred investment fund vehicles in Cyprus. Throughout this seminar, the participants will be provided with the opportunity to gain information on the forthcoming ICIS legislation and its opportunities offered. In addition, participants will be informed of the Cyprus UCITS and services providers as well as familiarize themselves with Fund Management provisions, policies and procedures. Furthermore, the Asset Management industry in Cyprus mainly consists of Cyprus Investment Firms. It is, therefore, imperative to shed light on issues which are of concern to their operators as well as on the applicable liability regime. Course Objectives Present in detail the new ICIS legislation and indicate the business opportunities which are hidden behind the applicable provisions Define the limits between ICIS which are affected by the AIFMD and the ICIS which are subject only to national regulation Analyze in detail the investment policies that can be pursued through ICIS investment funds Explain the procedure of creating a UCITS management company or an AIFM and the content of their operations manuals and procedures Methodology The teaching methodology combines formal theoretical instruction with reference to comparative examples from other jurisdictions. The course is intended to be interactive and practical, taking the current market and regulatory practice both in Cyprus and abroad into consideration, hence the participants will be encouraged to ask questions. Participants* Lawyers, auditors, accountants, fiduciary services providers, supervisory authorities personnel, asset managers (including Cyprus Investment Firms), custodians, administrators, and other financial services providers. Course Content The new ICIS legislation Overview of the key aspects between new and repealed ICIS Law provisions Clarify when an ICIS is subject to both the ICIS Law provisions and the AIFMD and when it is only subject to the ICIS Law Detailed explanation of the investment policies that can be pursued through an ICIS Specific issues shall be explained. A few of these issues are outlined below: Depositary, Valuation, Delegation arrangements, The Independent directors duties, Content of the contractual documents and the offering memorandum of an ICIS The Regime Applicable to Cyprus Alternative Investment Fund Managers Pursuant to the Cyprus Law on Transposing the AIFMD The approach of the Cyprus legislator regarding the AIFMD provisions which are left to the discretion of the member states Comparative overview of the solutions adopted by other EU Member States The procedure and documentation required for submission and authorization as well as their content Ongoing compliance requirements Liability regime Overview of the UCITS Funds Focusing on UCITS Management The structure and the investments of UCITS funds Overview of the upcoming UCITS V legislation The way to establish a UCITS management company: Requirements, Documentation and its content, Procedures and their content, Ongoing compliance requirements, Comparative overview with compliance requirements of other UCITS management jurisdictions, Liability regime MiFID investment firms and Presentation of the Regulation of the Asset Management Business Differences between asset management under MiFID and fund management Liability regime of MiFID asset managers Parallel presentation of the responsibilities and liability of asset managers under MiFID, AIFMD and UCITS The programme has been approved by the HRDA. Enterprices participating with their employees who satisfy HRDA s criteria, are entitled to subsidy *The number of participants is restricted to 28. 16

Organisational Strategy

P R O G R A M D E TA I L S Date: 08-09/04/2013 Location: KPMG Offices, Nicosia Time: 8:30 a.m. - 4:45 p.m. Investment: 450 + VAT Language: English Director: Α. Athanasiades Business Process Reengineering This seminar may contribute to Continuing Professional Development requirements. Businesses often need to modify their working model in order to increase operating efficiency and reduce costs. This requirement becomes an even greater necessity in tight market conditions or following a merger or downsizing. The aim of this course is to assist the participants in understanding the basic principles, approach and methodologies of Business Process Reengineering. Course Objectives By the end of the Seminar participants will: Have an understanding of what BPR is Understand when BPR is needed Establish the appropriate BPR team Design and execute an action plan Learn how to tackle issues during a BPR Learn how to handle Resistance Define Metrics Communicate results Methodology Participants will be informed of the theory behind BPR through a well-balanced seminar that includes the theoretical academic information combined with real-life practical examples. The active participation of the team will be encouraged during the sessions, whilst a workshop will take place on the second day of the seminar. Participants Directors, executives and operations managers who will be tasked to assist an external team of consultants or form the internal team of employees which will perform a Process Reengineering exercise for the organization. Course Content Overview of BPR What Business Process Reengineering is What Business Process is Types of Processes Process Decomposition Benefits and Challenges Why Reengineering is necessary Symptoms of Poor Processes Common Delivery Issues Approaching BPR BPR Lifecycle Process Mapping Resistance to Change Change Management Transition to change Stop Blaming Resistance! Understanding the Current Processes (As is) What a management system is Example Models Triggers Selecting Processes Analysis Process Mapping Improvement Opportunities Identification of Problematic Areas Identification of Opportunities Communication/Monitoring Communicating Results KPI s Monitoring Practice Workshop - Case Study 18

Restructuring

Λ Ε Π ΤΟ Μ E Ρ Ε Ι Ε Σ Σ Ε Μ Ι ΝΑΡIΟΥ Ημερομηνία: 11/03/2013 Τόπος: Γραφεία KPMG, Λευκωσία Ώρα: 8:30 π.μ - 4:45 μ.μ Κόστος: 250 + Φ.Π.Α. Γλώσσα: Ελληνική Εισηγητές: Χ. Αναγιωτός, Χ. Ταλιώτη Διαχείριση Μετρητών σε Περιόδους Κρίσης Το σεμινάριο αυτό μπορεί να συμβάλει στις προϋποθέσεις για Συνεχιζόμενη Επαγγελματική Ανάπτυξη. Η οικονομική κρίση, οι αυστηρότερες πιστωτικές συνθήκες, η αυξανόμενη ανταγωνιστικότητα και οι ρυθμιστικές πιέσεις έχουν αλλάξει τη δυναμική της αγοράς. Ως αποτέλεσμα, όλο και περισσότερες εταιρείες αντιμετωπίζουν προβλήματα ρευστότητας. Στόχος Σεμιναρίου Το σεμινάριο στοχεύει να: Εφοδιάσει τους εκπαιδευόμενους με τις κατάλληλες γνώσεις ώστε να μπορούν να αξιολογούν καταστάσεις εταιρειών σε οικονομική δυσχέρεια Προσφέρει εργαλεία για τη βελτίωση της λειτουργικής απόδοσης των εταιρειών και την ενίσχυση της ροής μετρητών Εκπαιδεύσει τους συμμετέχοντες στον τρόπο εφαρμογής των σωστών διαδικασιών για την αποτελεσματικότερη διαδικασία λήψης αποφάσεων και την καλύτερη διαχείριση των κινδύνων Παρουσιάσει πως μπορεί να σταθεροποιηθεί η διαχείριση των ταμειακών ροών σε βραχυπρόθεσμη βάση Εξετάσει τις διαθέσιμες επιλογές μιας εταιρείας για δημιουργία εισροών σε μετρητά σε μακροπρόθεσμη βάση Βοηθήσει τους χρηματοπιστωτικούς οργανισμούς (Δανειστές) να εντοπίσουν τις εταιρείες σε πολύ προβληματικές καταστάσεις και να τους δείξει πως μπορούν να εφαρμόσουν νέες και υπάρχουσες στρατηγικές για να εξασφαλίσουν το υπόλοιπο του δανεισμού Συμμετέχοντες Λειτουργοί χορηγήσεων δανείων, οικονομικοί διευθυντές εταιρειών, διευθυντές εταιρειών, υπεύθυνοι λογιστηρίου, λογιστές που είναι υπεύθυνοι για εισπράξεις /πληρωμές σε πιστωτές, υπεύθυνοι τμημάτων οι οποίοι διαχειρίζονται συγκεκριμένο προϋπολογισμό / μετρητά. Περιεχόμενο Σεμιναρίου Ανάλυση συμπτωμάτων εταιρειών σε οικονομική δυσχέρεια Παρουσίαση δεικτών και προκλήσεων των εταιρειών που αντιμετωπίζουν προβλήματα οικονομικής ροής Ανάλυση δεικτών για προσδιορισμό του χρόνου που έχουν οι εταιρείες για να σταθεροποιήσουν την κατάσταση Άμεση δράση/έλεγχος στις εισροές και εκροές των εταιρειών Παρουσίαση τρόπου λήψης γρήγορων αποφάσεων για άμεσα αποτελέσματα στις ροές μετρητών της εταιρείας με σκοπό να εξαγοραστεί χρόνος για να μπορεί η εταιρεία να λάβει μακροπρόθεσμα μέτρα για την αντιμετώπιση της κρίσης Παρουσίαση τρόπου εντοπισμού ανεπαρκούς ελέγχου στη διαχείριση μετρητών Ανάλυση των αλλαγών και των μέτρων που μπορεί να πάρει μια εταιρεία για την καλύτερη διαχείριση μετρητών Ετοιμασία προβλέψεων ταμειακών ροών και επίβλεψη πραγματικών αποτελεσμάτων Παρουσίαση τυποποιημένης μορφής κατάστασης ταμειακών ροών σε ημερήσια/μηνιαία/ετήσια βάση Παρουσίαση τρόπων επίβλεψης διακύμανσης των πραγματικών αποτελεσμάτων με τις προβλεπόμενες ταμειακές ροές Μελέτη περίπτωσης για αφομοίωση των θεμάτων του σεμιναρίου Διαχωρισμός των συμμετεχόντων σε ομάδες με σκοπό να δουλέψουν σε προκαθορισμένη εταιρεία που θα τους δοθεί, η οποία βρίσκεται σε οικονομική δυσχέρεια. Σκοπός αυτής της μελέτης περίπτωσης θα είναι να προσδιορίσει η κάθε ομάδα τα προβλήματα της εταιρείας με βάση τα στοιχεία που θα δοθούν Παρουσίαση των αποτελεσμάτων της κάθε ομάδας και σχολιασμός από τους παρουσιαστές του σεμιναρίου Ερωτήσεις από τους συμμετέχοντες και περίληψη του σεμιναρίου 20