Insurance Industry to Benefit from Compliance Training
The players in the local insurance market and their counterparts in the OECS will soon be the beneficiaries of training in Compliance.
The regional Financial Intelligence Units have been giving close scrutiny to the compliance programmes of insurance entities in the region. Without a programme in place, companies and their executives face the possibility of severe fines, penalties and even jail time.
The Insurance Association of the Caribbean Inc. (IAC) will, on November 16, 2016, partner with the Insurance Council of Saint Lucia (ICSL) to provide the insurance fraternity in the OECS with much needed training required in preparation for this era of heightened enforcement.
The course, which will be held at Sandals La Toc Golf Resort and Spa, will be facilitated by Prabha Siewrattan, Group Head of Compliance of the Guardian Holdings Group of Companies. Ms. Siewrattan has extensive regulatory experience in the financial services industry and is an Attorney-at-Law admitted to practice at the bars of St. Kitts/Nevis and a fellow of the Association of Chartered Certified Accountants (FCCA).
- The seminar will review the relevant pieces of legislation in the OECS and focus on the following, amongst other issues:
- The international standards for financial regulations and best practice and how these are reflected in domestic legislation;
- The role of the Compliance Officer and the need to appoint one depending on the size and complexity of the business;
- Who are the ultimate owners of compliance from a corporate governance perspective and the role of the Board of Directors;
- The compliance risks and how they affect an institution and the wider impact on a jurisdiction and a region;
- The downsides of compliance.
Participants will receive Certificates as a testimony to their participation.