March 8, 2021
Derek Smith
Stories this photo appears in:
DEREK SMITH: IT governance vital in data-driven world
Changing economic conditions, access to global markets, evolution of information technology and an increased demand for enhanced corporate governance are all contributing factors to the growth of the Board’s role in governance.
Going the extra mile on compliance culture
Globally, many companies have struggled to meet investor expectations and remain competitive following the COVID-19 pandemic’s start. Regulatory environments have been enhanced, both globally and locally, to protect stakeholders while simultaneously cultivating an atmosphere for innovation and growth.
DEREK SMITH: Ethics critical to good business governance
The global issues we face today are multi-faceted and interconnected, and they are becoming increasingly complex with each passing day.
DEREK SMITH: Anti-financial crime regime must be alive
Since The Wolfsberg Group’s original issuance of its anti-money laundering (AML) principles for private banking in October 2000, and its subsequent statements over the past decades - including more recently its statement of effectiveness in December 2019 - many jurisdictions have taken steps to enact more effective regimes to combat financial crime and terrorism financing.
DEREK SMITH: Don’t simply ‘check box’ for passports over KYC
The fraud industry is booming. A few months before COVID-19 appeared, the Financial Cost of Fraud Report 2019 stated: “Fraud is costing businesses and individuals across the world $5.127tr each year.” Moreover, the results of a survey completed by the Association of Certified Fraud Examiners (ACFE) noted that due to the COVID-19 pandemic, experts have observed an increase in multiple types of fraud. Both historically ,and recently, financial institutions and designated non-financial business and professions (“DNFBPs) are targets of fraudsters.
DEREK SMITH: Following the crowd fails your business
Risk management is a topic that has increasingly made headlines around the globe due to the COVID-19 pandemic. Locally, after the release earlier this month of my first article in this two-part series on why businesses fail, I have had multiple conversations with colleagues about risk management. What was evident is that views are split about whether proactive risk management or reactive risk management should be deployed by companies.
DEREK SMITH: Third-party risks are key danger
Based on the past 15 months, corporate leaders must adopt a new approach to third-party risk management in response to growing business, information technology (IT) and security concerns, which have continued to shift in unpredictable ways. No matter the company’s size or industry, managing third-party risk is important. If you factor in existing or pending regulations in certain industries, the potential cost of inaction becomes very high. Today’s complex enterprises, resource constraints and a fear of the unknown are no longer valid reasons to delay taking an integrated approach to managing third-party risks.
DEREK SMITH: Pipeline ransomware attack exposes threat to Bahamas
The technology landscape has changed dramatically in the last year, making it a constantly shifting and evolving environment. This has tested enterprise risk management (ERM), governance structures and business continuity management strategies like never before. No one could have predicted the impact COVID-19 has had on business, technology and cyber security. What remains evident is that multiple industries lack robust risk management and incident recovery plans, which makes them vulnerable to cyber attacks.
Helping insurers to navigate client KYC
During a recent conversation concerning the growing complexity of the financial services regulatory environment, one position held firm – that legal and compliance professionals should be seen as partners in sustainability. And, in particular, insurers have been required to respond to new risks, make more substantial commitments and innovate to maintain their market share.
DEREK SMITH: Companies can’t ignore environment, social risk
As the focus on climate change steadily grows, and climbs to the top of the agenda for many governments and multinational organisations, so does the importance of corporate social responsibility (CSR). And, close to home, in the US there have been several reports that the Securities and Exchange Commission (SEC) has created a 22-person enforcement task force to examine “misconduct” related to environmental, social and governance (ESG) issues.
Running the race to full compliance
As I ran along the Cable Beach strip contemplating why I decided on a vigorous “speed repeat routine”, as I embarked on my second week of a year-long journey towards running my first full marathon, I was stopped by Bahamian-born, now-Washington DC domiciled, Reuters business writer Katanga Johnson.
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