Monitoring the conduct of your business by ensuring there are robust systems and controls in place and that you have an independent process to identify and remediate any weaknesses in your policies and procedures is a hallmark of good corporate governance. It also protects your firm and your clients. Specifically, an independent audit should be… READ MORE
The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) released its 2019 Examination Priorities on December 20, 2018. While most of these priorities may not have a direct impact on firms located in Bermuda, many firms have affiliates or branches in the U.S. that will be affected. Of particular note are the priorities around digital assets, cybersecurity and money laundering.
In the recently published HFM Bermuda 2018 Special Report, Oyster Consulting (Bermuda) Director Henry Komansky and Consultant Chiara Soria reflected on the incoming AML/ATF regulation and the evolving necessities of board governance as the island’s regulatory scope increases. (Excerpts) The pace of regulatory change continues to increase and the BMA has recently published a number… READ MORE
Companies set many plans and objectives yearly to continue good business operations. This is like most people who have on their lists improving their health so they can aim to live longer. In the same way, firm leaders also need to apply this this determination to the wellness of their firms. What should be on… READ MORE
As gifts are given and received, with the introduction of the Bermuda Bribery Act 2016, its time to consider the following important questions: Do I need to report the Quality Street? (Not Likely) What about that Goslings 2017 America’s Cup Trophy Rum and Decanter? (Yes, and can I have some?) The Bermuda Act, like its UK parent,… READ MORE
How you complete and answer that question could be the difference between your firm’s survival or not. Business Continuity and Disaster Recovery plans are designed to ensure that your firm is able to provide critical services during a time of crisis and also survive and recover from disasters. An effective plan must be designed to… READ MORE
Oyster Consulting is proud to offer a new service for Insurance Managers. Since late 2016/early 2017 Insurance Managers have been included in the group of entities regulated by the BMA for compliance with Bermuda’s Anti-Money Laundering (“AML”)/Anti-Terrorist Financing (“ATF”) regime. All such regulated entities in Bermuda are obligated to have an independent AML audit performed… READ MORE
