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Compliance is “the concern of everyone”

Addressing compliance officers at a recent summit in Nassau, Scotiabank (Bahamas) Ltd managing director Kevin Teslyk said that compliance needs to be rooted in the culture of any company. 

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TheBahamasInvestor.com
Friday, September 21, 2012
Friday, September 21, 2012

Compliance within an organization is not restricted to one department, according to Scotiabank (Bahamas) Ltd managing director Kevin Teslyk, but impacts on every aspect of the business and can ultimately build stronger customer relationships.

He made the comments during the Bahamas Association of Compliance Officers (BACO) at the organization’s 11th annual Money Laundering Reporting Officers (MLRO) Day earlier this month.


Teslyk also said that there are several key requirements to ensure a company has a strong culture of compliance and one of the most critical is ensuring that compliance starts at the most senior level. He added that the compliance officer should have direct access to the chief executive officer, board of directors and other managerial staff.

“Compliance must be the concern of everyone, viewed as an integral part of the business activity,” he said.

The Scotiabank head recommended that directors meet once a year to assess compliance risk and develop strategies to mitigate that risk, as well as holding compliance reviews.

He also emphasized the importance of “tangible and well-documented” accountability and educational and professional development–ensuring that all members of staff are briefed on an organization’s compliance policy.

“The compliance field is maturing and evolving, which has a very direct and real impact on our customers. It is important we stay ahead of the curve,” he said.

“We take compliance for granted, but what you do, day in and day out, is critically important.”

He went on to say that each compliance officer is also a business developer and that compliance should facilitate the development of good business and screen out bad business.

“For me, compliance is all about customers. It is about ongoing management of customer relationships.”

cmorris@dupuch.com

Ambassador of the People’s Republic of China to The Bahamas Hu Shan made a two-day visit to Grand Bahama this week to donate computers and strengthen diplomatic and business ties. Pictured: Hu Shan, Ambassador of the People’s Republic of China to The Bahamas, pays a courtesy call on Minister for Grand Bahama Michael Darville. Left to right: Minister Darville; Ambassador Hu; and Melvin Seymour, permanent secretary in the Ministry for Grand Bahama.

The Ministry for Grand Bahama and the Bahamas Agricultural and Industrial Corp have committed to working together on agribusiness and light manufacturing, according to the Minister for Grand Bahama Michael Darville. Pictured: Minister for Grand Bahama Michael Darville (seated, centre) pictured with BAIC executive chairman, Arnold Forbes (seated, right) and Melvin Seymour, permanent secretary in the Ministry for Grand Bahama (seated, left), along with several senior officers and consultants from BAIC September 19. (BIS Photo/Simon Lewis)

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