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Elizabeth Karuga is a seasoned finance professional with extensive experience in financial management, internal audit, and risk management. She holds a Bachelor of Business Administration degree from the University of Eastern Africa Baraton and has worked with various organizations, including KPMG East Africa, PwC Rwanda, and CfC Stanbic Holdings. She is a skilled leader with a strong background in finance, accounting, and management. Elizabeth has managed the finance function for Kenya and East Africa, led teams in internal audit and risk management, and developed finance policies and procedures manuals for leading organizations. She has also worked as a consultant, providing assurance over core banking system implementations and forensic audits. With her strong educational background and extensive experience, Elizabeth is well-equipped to provide expert financial guidance and support to organizations. Elizabeth Karuga is a seasoned finance professional with extensive experience in financial management, internal audit, and risk management.

Experience

  • KPMG East Africa
    • Nairobi, Kenya
    • Head of Finance for the East Africa Region
      • Jan 2020 - Present
      • Nairobi, Kenya

      As the Head of Finance, it is my responsibility to manage the finance function for Kenya and East Africa. I am responsible for all financial and fiscal management aspects of the Firms’ operations, which include providing leadership and coordination in the administrative, business planning, accounting and budgeting efforts of KPMG in East Africa.

    • Finance Consultant and CEO
      • Dec 2018 - Dec 2019
      • Rwanda

      Founder and CEO of Providence Consulting Limited, a company registered to provide a platform for provision of consulting services in Rwanda. The company focused on training and during the course of the year, I was involved as a facilitator in various training sessions with the Institute of Certified Public Accountants in Rwanda (ICPAR) and The Institute of Internal Auditors (TheIIA) Rwanda chapter. I paused operations of the company when I relocated back to Kenya in December 2019.

    • Finance Consultant
      • Jun 2014 - Nov 2018
      • Rwanda

      As a Finance Consultant, I was responsible for:  Supporting management in preparation of financial statements, completion of long outstanding audits and ensuring timely audits going forward with clean audit reports;  Implementation of the finance policies and procedures manual, which I was responsible for developing while at PwC Rwanda and ensuring its ongoing update;  Ensuring continuous improvement of the control environment through implementation of recommendations arising from audits and other reviews;  Design, preparation and timely presentation of quality reports to various stakeholders (including Management, Board and relevant government ministries);  Consolidation / preparation and monitoring of budgets;  Serving as a liaison or coordinator for external and internal audits, as well as any other reviews that may be carried out on Finance by external parties (including revenue authorities); and  Providing support to the finance team and building capacity on matters related to finance / accounting. In addition to the above, I: Was secretary to the Board Finance, Audit and Risk Committee (RCAA) and presented the Committee report during Board meetings;  Was part of the separation team and participated in development of key separation documents including organisation structures and budgets for each entity, Separation Agreement, Draft Prime Minister’s order, assignment agreements (for tenants, airlines, suppliers and staff), various communication templates, carve-out / separation blue-print, among others. I also preparing periodic reports of the same to Management and the Board.  Contributed to negotiations with lenders for the New Bugesera International Airport as a finance representative from the existing airport;  Developed a debt reduction policy with key performance indicators to facilitate monitoring; and  Participated in preparing a staff capacity assessment for RAC following separation.

    • Head of Risk Assurance Services (RAS)
      • Jul 2012 - May 2014
      • Rwanda

      At PwC Rwanda, I was responsible for the Risk Assurance Services function, which offered consulting services in internal audit, risk management and business controls advisory (review and documentation of procedures). While there, I led teams in the review and documentation of financial policies and procedures for the finance functions of leading organisations, in an aim of assisting them to formalise their procedures while aligning them with best practice. In seeking to position PwC as a thought leader in the industry, I wrote various articles on Internal Auditing in the New Times, a Rwandan daily newspaper and was also invited to speak at workshops organised by the Institute of Certified Public Accountants of Rwanda (ICPAR). I was also involved in training the internal audit team of Bank of Kigali on principles of internal audit, risk-based internal audit and auditing of key banking business cycles.

  • Various
    • Kenya and Rwanda
    • Consultancy Services - Part time
      • Apr 2011 - Jul 2012
      • Kenya and Rwanda

      I took a one-year sabbatical during which time I worked part-time as a consultant. I primarily worked with PwC Rwanda and Inscap Associates. I was the lead consultant in development of finance policies and procedures manuals for the Old Mutual shared services center and for six organisations in Rwanda.

    • Senior Manager, Internal Audit
      • Mar 2010 - Mar 2011
      • Kenya

      In 2010, a demerger of the insurance companies within CfC Stanbic Holdings was announced to the public. Following the demerger, and having previously been a resource for the Holding company, I was retained in the Bank as a Senior Manager with responsibility over specialised audits of credit within East Africa (including Mauritius) while continuing to engage in and assist in the supervision of assignments in the Standard Bank Africa and Kenya-specific internal audit plans. During the year, I was involved in the audits of credit in Mauritius, Mozambique, Kenya and Tanzania. This entailed working with members of the respective country audit teams, as well as resources from other countries, with an aim of transferring knowledge and aiding in continuous development of expertise within the Standard Bank, Group Internal Audit function.

    • Acting Head of Internal Audit
      • May 2009 - Feb 2010
      • Kenya

      During this period, I was charged with oversight of the internal audit function of CfC Stanbic Holdings, which included CfC Stanbic Bank, CfC Stanbic Financial Services, Heritage Insurance (Kenya and Tanzania), CFC Life Assurance and Strategis Insurance Tanzania. I was responsible for identification of key risks within the entities, preparation of annual plans that adequately covered review of those risks, presenting the annual plans to the respective Audit Committees, ensuring appropriate resourcing of the function, ensuring execution of assignments according to the plans and ensuring quality presentation of results to the Audit Committees. This also entailed influencing the control environment by facilitating follow-up of agreed actions to address identified risks as well as creating and maintaining rapport with the respective Audit Committee Chairpersons and consistently briefing them on emerging risks. I also had to manage the needs and expectations of different Managing Directors, while working across different industries (banking, stock broking and insurance) as well as geographies (Kenya and Tanzania). During the same period, I was also involved in providing assurance over a sizeable core banking system implementation project and reporting the results thereof to the responsible Project Steering Committee and the Audit Committee. In addition, I provided oversight over forensic audits, especially of procurement processes. As acting head of function, I was responsible for supporting staff as they carried out their respective duties and for their coaching and development.

    • Head of Internal Audit
      • Jul 2006 - Apr 2009
      • Kenya

      I was the Head of Internal Audit for the insurance businesses of the then CFC Group (later CfC Stanbic Holdings and Liberty Kenya Holdings Limited). My main responsibilities were to direct and manage the internal controls, risk management and compliance reviews across the companies, while reporting to the Audit and Risk Committees of the respective companies. At the time, I was also the convener of and secretary to the Audit and Risk Committees. The function was still in its formative stages in the insurance companies when I joined it and as such, I was responsible for building up its profile so that management viewed internal audit as vital partners to the business.

    • Internal Auditor
      • Jan 2004 - Jun 2006
      • Kenya

      Before the merger, CFC Bank was the holding company for Heritage Insurance (Kenya and Tanzania), CFC Financial Services and CFC Life Assurance Limited. While there, I specialised in the delivery of internal audit services across the companies. In the course of my stay, I managed to grow from an “officer” level to a full manager at my next appointment, which was a transfer to head the function at the insurance companies.

  • PwC
    • Kenya
    • External Auditor
      • Oct 2000 - Dec 2003
      • Kenya

      While at PwC, I specialised in the delivery of professional audit services to companies across various sectors. These included consumer and industrial products, financial services and non-governmental organisations. I left as an audit senior.

    • Credit Control Officer
      • Jan 2000 - Sep 2000
      • Kenya

      I worked in the Credit Control department and was responsible for debt collections from private-paying patients. I was also involved in training staff in various skills such as communication skills and customer service.

    • Volunteer
      • 1993 - 1995
      • Kenya

      I worked as a volunteer before joining the university. I was involved in office administration and taught Bible classes in various schools, including the Alliance Girls’ High School where I attained my ordinary level education. I was also part of a singing group while there.

Education

  • 1995 - 2000
    University of Eastern Africa Baraton
    Bachelor of Business Administration - BBA, Accounting and Management - double major

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