TCI News
TCI: Better risk management, leads to stronger and more profitable businesses, says PwC
#TurksandCaicos, March 16, 2018 – Providenciales – PwC argues that better risk management practices make for better business. Cost savings, more efficient allocation of resources and improved business performance are all likely to be achieved when organisations formally integrate Enterprise Risk Management (ERM) into their strategic and operational activities.
“Companies that equip their line managers (i.e. the first line of defense) and staff with the tools and techniques to identify, assess and respond to risks in a proactive manner, will have a competitive edge,” said Bruce Scott, Risk Assurance Leader for PwC in the Caribbean. “We know that major risk exposures are rarely confined to discrete areas in an organisation, but rather, can have a domino effect across the organisation. It is for this reason that PwC has developed a holistic approach to risk management to help protect businesses, facilitating strategic decision making and enhancing efficiency. Our teams have extensive experience having already worked with public and private sector clients of all sizes to understand and address an extensive range of strategic and operational risks”.
Bruce was speaking on Thursday (March 8) at PwC in the Caribbean’s Risk Management seminar hosted at the Regent Village in Providenciales. The seminar is the latest in a regional series to improve the ability of businesses to manage risks at every stage. The third in the series, and the first in the Turks and Caicos Islands, entitled “Better risk management, better business performance”, not only looked at the practicalities of identifying and managing risk proactively and defensively, but also outlined the importance and roles of Three Lines of Defense in a business.
The three lines of defense are:
- First line of defense (line managers) is responsible for day-to-day execution and management of risk and controls;
- Second line of defense, includes the risk and compliance functions who a play a supporting role to the first line by providing risk management guidance, training and independent reviews of risk exposures faced by the first line; and
- Third line of defense is internal audit, which is responsible for independently testing that the company’s risks are being mitigated. The third line may also include external auditors and regulators.
The PwC team also shared expert insights on the importance of having a sound business continuity planning process that protects against natural disasters as well as unique disasters such as a fire and the importance of a multi-skilled internal audit function that can independently test controls 
over critical risks faced by an organisation. Other presenters included Nick Haywood, Territory Leader, PwC, Turks and Caicos Islands, Carolyn Bell Wisdom, Risk Assurance Partner, Jamaica, and David Green, Manager, Turks and Caicos Islands.
Nick Haywood, Territory Leader, PwC, Turks and Caicos Islands said, “PwC risk management teams led by Bruce Scott, have performed extensive research on why organisations have failed to properly identify, analyse and address business risks. We’ve worked with a number of businesses regionally to provide cutting edge Enterprise Risk Management Services. Our goal is to provide businesses with the knowledge and resources to manage enterprise-wide risk and for the local business community to be aware that PwC not only provides financial statements audits, but also a range of value-added non-audit services.
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TCI News
Experience Turks and Caicos and Aquila Host Product Development Workshops to Strengthen Sister Islands Tourism
PROVIDENCIALES, TURKS AND CAICOS ISLANDS – Experience Turks and Caicos, in collaboration with the Aquila Center for Cruise Excellence, successfully hosted a Product Development Workshop for tourism stakeholders from North Caicos, Middle Caicos, and South Caicos on Wednesday, January 14 and Thursday, January 15, 2026.
The workshop was designed to support tour operators, entrepreneurs, and tourism-related businesses as they adapt to the evolving demands of the global tourism industry. Participants engaged in hands-on exercises and structured sessions aimed at reimagining existing tourism products and developing new, innovative, and sustainable experiences that are market-ready and aligned with current visitor expectations.
Throughout the workshop, attendees were equipped with practical tools and strategies to develop high-impact tourism offerings, strengthen
product packaging and pricing, assess market readiness, and enhance value creation. Emphasis was also placed on collaboration, partnership development, and the promotion of sustainable practices to ensure that the Turks and Caicos Islands remain a fresh, competitive, and appealing destination. More than 20 participants representing tourism businesses across the islands took part in the training sessions.
“Experience Turks and Caicos has a responsibility to ensure that all communities across the Turks and Caicos Islands benefit from tourism. These workshops are designed to equip local businesses with the essential tools and knowledge needed to maximise the opportunities within the industry, and we look forward to supporting their continued growth,” said Mr. Paul Pennicook, Interim CEO Consultant.
Speaking on the importance of the initiative, Candesha Mills the Product Development Manager at Experience Turks and Caicos said: “We are actively working on destination development by supporting our stakeholders as they reimagine their products and experiences. Workshops like this are critical to helping businesses identify opportunities for collaboration, create bundled offerings, and develop cohesive tourism experiences that align with emerging trends and evolving visitor expectations.”
The workshops were facilitated by Ms. Ambra Attus, who guided participants through strategies for designing distinctive and engaging tourism experiences that resonate with today’s travellers.
She said: “Product development is where destinations truly define their identity, and these trainings are designed to help operators in North, Middle and South Caicos create experiences that are not only market-ready, but meaningful, high-quality, and rooted in what makes these islands truly special. These sessions reflect a forward-thinking commitment by Experience Turks and Caicos to invest in their people and in the long-term quality of the destination’s tourism product. Aquila is proud to be your training partner.”
The workshop also featured the Invest TCI MSME Team, who were on site with an information station available throughout both sessions. Stakeholders had the opportunity to engage directly with the team, gain insights into the MSME Programme, and learn more about the range of support services, incentives, and resources available to assist business growth and development.
Experience Turks and Caicos commended participants for their commitment to investing in their businesses and contributing to the continued enhancement of the destination’s tourism product. The organisation expressed appreciation for the active participation and innovative ideas shared during the session, which are expected to contribute meaningfully to the sustainable growth of tourism in North and Middle Caicos and South Caicos.
Providenciales, Turks and Caicos Islands – Thursday, 5 February 2026: The Informal Settlements Unit (ISU), in collaboration with
partner agencies, coordinated a multi-agency enforcement exercise on Wednesday, January 28, 2026, at Silverado Wells in Five Cays. The exercise was led by the Crown Land Unit, pursuant to its statutory mandate under the Crown Land Ordinance to prevent squatting and encroachment on Crown land. The ISU coordinated the operation, with support provided by Immigration and Border Services, while the Royal Turks and Caicos Islands Police Force ensured security throughout the activity.
The enforcement action followed a series of inspections conducted by the Crown Land Unit throughout Five Cays, which identified an illegal concrete structure on the subject parcel. In keeping with the provisions of the Crown Land Ordinance, a Section 22 Notice of Illegal Occupation was posted on the structure. Following the failure of the responsible party or parties to comply within the prescribed timeframe, enforcement action was authorised.
The Informal Settlements Unit reiterates that these coordinated enforcement exercises form part of the Government’s ongoing efforts to uphold the law, protect Crown land, and manage informal settlements in a structured and lawful manner. Members of the public are reminded that unauthorised occupation and development on Crown land is unlawful and subject to enforcement action.
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TCI News1 week agoIllegal Structure Removed During Crown Land Enforcement Exercise in Five Cays