The Tribune

Bahamian panelists focused on disruptive risks to the financial services industry, and how to manage change through strategic communications and compliance leadership, at a regional conference.

Attending the 13th annual Caribbean Regional Compliance Association (CRCA) summit, Tanya McCartney, the Bahamas Financial Services Board (BFSB) chief executive, said: "Compliance professionals remain critical to the adherence of global expectations and demands relevant to client relationships and regulatory governance.

"As we manage change within the industry, we must remain alert to regulatory risks, customer expectations' risks, and emerging risks. These three areas require the focused attention of the compliance professionals charged with protecting the reputation of their firms and, ultimately, their respective jurisdictions."

The CRCA conference was held from November 7-8 at the Royalton Saint Lucia Resort and Spa. The event attracted nearly 200 participants from The Bahamas, Barbados, Bermuda, the British Virgin Islands (BVI), Cayman Islands, Curaçao, Trinidad and Tobago, the Turks and Caicos and other countries.

Delegates also discussed brand reputation management with Valdez K Russell, principal of VKR Insights, a Bahamian-led communications firm. Mr Russell reiterated the importance of building and protecting individual and business reputations through an effective communications strategy.

He explained: "The difference between crisis and disaster is preparation and communication. It is vital for compliance professionals to build reputations that inspire confidence and trust. This helps to foster trustworthy relationships that lead to reputation success."

Mr Russell acknowledged that throughout the Caribbean region and globally there are multiple case studies that distinguish successful entities from struggling businesses because of effective brand reputation management.

He said: "Work diligently to identify opportunities for improved media and communication relationships to assist in managing your personal and organisation's brand. Secondly, identify key messages that will resonate with local and global audiences during periods of triumph and challenge."

The panel discussion, entitled Disruptors: Shift Happens was moderated by Fareda Sands, the immediate past president of the Bahamas Association of Compliance Officers (BACO). It also included Alma M. Angotti, a managing director and co-head of global investigations and compliance at Navigant.

Ms Sands said: "This panel was designed to connect participants with experienced speakers to examine what happens within the field and what's critical to staying ahead of the curve in the ever-changing world of compliance.

"It was compelling for the audience to learn from Bahamian leaders in compliance leadership and strategic communications. The disruptors panel was a highlight for our delegates, and we know that they all benefited from the meaningful contributions of Bahamian thought-leaders."