Project Description

‘Isle of Man Coronavirus Community Support’ started yesterday

If you are self-isolating on the Isle of Man and need someone to help you with shopping or to run errands, a Facebook group has been set up to assist.

‘Isle of Man Coronavirus Community Support’ was started yesterday.

Francesca Signorio-Hooper told Dollin Mercer how it came about:
Effective risk management is at the core of all governance systems of control and is central to ensuring that decisions are not made that result in the company operating outside the strategic corporate appetite of the board.

It is our experience that members of core senior management and the executive board often have a clear individual understanding of the risks the company faces and the boundaries of what is acceptable and what is not. It is not always clear though that as a collective, senior management and the board have the same views. This can lead to, at best, disjointed decisions, silo mentality and a lack of clarity for staff who are implementing the companies policies on a day to day basis. At worst the company is exposed to significant financial or reputational loss and a straining of the relationship with the regulator.

Risk taking is a fact of everyday life in business. Lucrative opportunities can bring enhanced profitability, and longer term sustainability as businesses successfully diversify operations. Without proper understanding of the significant exposures together with the implementation of the appropriate controls to manage or mitigate them, volatile profits can result in undermining the financial strength of the company, poor decisions can inadvertently involve the company in financial crime and reputations, years in the making, can be destroyed.

It is the consideration, assessment and agreement by the board of the extent to which it is willing to expose its operations to risk and the effective monitoring and control of that exposure that ensure that opportunities are pursued in a controlled, managed and acceptable manner resulting in a sustainable business.
Communication of this common understanding aligned to the longer term strategy of the company provides clarity for staff, investors, and regulators.

the IOMFSA concludes its letter with its strongest warning yet:

“The supervisory teams will follow-up in 2021 with a sample of licenceholders as to the board’sconsideration of the matters outlined in this letter. “Where there is non-compliance with the relevant requirements, the Authority will have regard to the consideration given by licenceholders to this correspondence, when exercising its regulatory and enforcement powers”.

Rowany AML Solutions Limited can help companies to evaluate their current risk management frameworks, providing an independent perspective of an experienced Head of Supervision. Meet us for a chat over coffee (or tea), to see how we might be able to help you.

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