Annual Risk and Compliance Conference Hosted
An array of subjects aimed at helping delegates with changing regulations and landscapes were explored at the annual risk and compliance conference, Manx State of the Nation (MSoN), organised by the Alliance of Isle of Man Compliance Professionals (AICP) with the support of lead sponsor PwC Isle of Man.
The live streamed virtual conference welcomed more than 180 delegates as a local line-up of regulators, executives and risk and compliance commentators delivered presentations to update the audience on a range of subjects relevant to the ‘normal’ and the ‘new normal’.
Graeme Snape, AICP Chairman, opened proceedings welcoming delegates to the first virtual meet in the 16-year history of the conference, reflecting on the year passed and looking forward to the compliance challenges of the future.
The keynote address was delivered by Hon Laurence Skelly, MHK, Minister for Enterprise who shared his views on what lies ahead for the Isle of Man in 2021 and looking forward to 2022. He described the work being done to keep the Island at the forefront of opportunities, including branching into InsureTech and reaffirmed the role of partnership and collaboration to the Isle of Man’s success; working together in the pursuit of excellence.
Followed by senior representatives from the Financial Services Authority who informed delegates about the trends arising from supervision and shared the key observations and learning points.
Kath Quayle, Senior Manager, PwC Isle of Man, then delivered a detailed presentation on the recurring themes and hot topics at the forefront of the regulatory advisory agenda.
The morning continued with an update from the Financial Intelligence Unit and an MLRO panel discussing the role of the MLRO, and how it has been affected by the world events of the last 12 months and what the future holds.
The afternoon kicked off with cyber security experts highlighting the dangers and ethics of using the dark web and demonstrating what information can be found and purchased on the underground network.
The conference concluded with a panel discussion focused on managing risk and compliance during the pandemic. The senior leaders from industry and regulatory bodies discussed what they have seen and experienced with regards to managing risk and compliance during these unprecedented times.
Graeme Snape, AICP Chairman, said: ‘We were delighted to be able, given the current environment, to deliver MSoN for the first time in its 16-year history in a virtual format. This couldn’t have been achieved without the support of, not only our sponsors and speakers, but that of our perennial key suppliers - Kevin Ellis of Avid Events and Justin McMullin and his team at ELS.
‘Over 180 virtual attendees welcomed our knowledgeable all local speaker line-up and delivery of their current thoughts and insights. Additionally, we launched the AICP annual bursary – “AICP James Shimmin Memorial Bursary”, which is offered to encourage a new or recent entrant to compliance roles to assist in developing their career and the development of our profession.
‘Following a week of AICP team downtime, planning for MSoN 2022 commences!’
Kath Quayle, Senior Manager at PwC Isle of Man explained: ‘The Isle of Man maintains a commitment to benchmark its regulation against international standards and these standards are high. Working together with the AICP to support the conference promotes and strengthens the standards of compliance on the Isle of Man. Hearing the views of several leading risk and compliance professionals provided great insight and it was encouraging to see such a large attendance.’