NASSAU, BAHAMAS – Bahamian panelists highlighted risks of disruptions in the financial services industry and provided tips to manage change through strategic communications and compliance leadership at the 13th annual Caribbean Regional Compliance Association (CRCA).
Caribbean compliance professionals focused on disruptive risks impacting their industry during a panel discussion with Tanya McCartney, CEO of the Bahamas Financial Services Board.
McCartney 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.”
She continued: “These three areas require focused attention of the compliance professionals charged with protecting the reputation of their firms and ultimately their respective jurisdictions.”
The CRCA conference was held last Thursday and Friday at the Royalton Saint Lucia Resort and Spa.
The regional event attracted nearly 200-participants from The Bahamas, Barbados, Bermuda, the British Virgin Islands, Cayman Islands, Curaçao, Trinidad and Tobago, and the Turks and Caicos and other countries.
Delegates also discussed brand reputation management with Valdez K. Russell, principal of Bahamian-led communications firm VKR Insights.
Russell reiterated the importance of building and protecting individual and business reputations through an effective communications strategy.
He said: “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.”
Russell acknowledged there are multiple case studies throughout the Caribbean region, and globally, that distinguish successful entities from struggling businesses because of effective brand reputation management.
He challenged participants to “work diligently to identify opportunities for improved media and communication relationships to assist in managing your personal and organization’s brand.
“Secondly,” Russell continued, “identify key messages that will resonate with local and global audiences during periods of triumph and challenge.”
The panel discussion titled Disruptors: Shift Happens was moderated by Fareda Sands, the Immediate Past President of the Bahamas Association of Compliance Officers, and also included Alma M. Angotti, a Managing Director and Co-Head of Global Investigations and Compliance at Navigant.
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,” Sands added.