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TCI: Better risk management, leads to stronger and more profitable businesses, says PwC

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#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

TCI Hosts Strategic Defence Summit as Overseas Territories Regiments Strengthen Security Partnerships

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Turks and Caicos, December 4, 2025 – The Turks and Caicos Islands this week became the centre of regional security cooperation as senior defence leaders from across the British Overseas Territories gathered in Providenciales for the 4th Annual Overseas Territories Commanding Officers Conference — a three-day summit focused on strengthening capability, maritime readiness, and inter-territorial partnerships.

Acting Governor Anya Williams and Premier Charles Washington Misick, OBE, on December 1, welcomed Lord Lancaster, a key figure in the establishment of the TCI Regiment and the current Honorary Colonel of the Cayman Islands Regiment, for a courtesy call and high-level briefing session. Lord Lancaster joined Permanent Secretary for National Security Tito Lightbourne, TCI Regiment Commanding Officer Colonel Ennis Grant, and Commanding Officers from Bermuda, Cayman, Montserrat, the Falkland Islands, and UK defence representatives.

The visit, along with the wider conference agenda, signals a meaningful step forward for the rapidly evolving TCI Regiment, which has grown into a crucial national asset for disaster response, coastal security, joint operations, and resilience planning. Lord Lancaster’s presence carries additional significance: he was instrumental in shaping the Regiment’s formation in 2020 and remains a vocal advocate for expanding the capabilities of small-territory defence units within the UK network.

At the conference’s opening ceremony, Acting Governor Williams emphasised the importance of “collaboration and strategic leadership across the Overseas Territories,” noting that shared challenges — from climate shocks to transnational crime — demand a unified approach. The Permanent Secretary echoed this, highlighting increased maritime coordination and training pathways as areas where the TCI is seeking deeper integration with its regional counterparts.

Throughout the week, Commanding Officers participated in strategic discussions, intelligence and security briefings, resilience planning sessions, and on-site engagements showcasing the TCI’s developing operational infrastructure. The agenda also focused on improving interoperability — ensuring that Overseas Territories regiments can operate seamlessly together during disaster deployments, search and rescue missions, and joint maritime operations.

For the TCI Regiment, hosting the conference marks a milestone: it positions the young force as an active contributor in shaping the region’s security future rather than merely a participant. Leaders left no doubt that the momentum is intentional — and that the Turks and Caicos Islands are strengthening their role within a broader, coordinated defence framework designed to safeguard shared interests.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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Michael Misick Rejects Government’s 60/40 Shift as Business Licensing Debate Reignites

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Turks and Caicos, December 4, 2025 – For the first time in his long political career, former Premier Michael Misick appeared on Drexwell Seymour’s “Financially Speaking” radio programme this week — and he used the platform to forcefully reject the Government’s new 60/40 business-ownership model, arguing that Turks and Caicos Islanders are once again being positioned to lose ground in their own country.

The interview came at a pivotal moment: the Washington Misick Administration has just issued a detailed press statement confirming that the controversial 100% Islander-only ownership requirement — praised by some as overdue protectionism and criticised by others as unconstitutional and discriminatory — was never Cabinet’s intended position. A “drafting error,” the Government now says, caused the blanket 100% clause to appear in the Business Licensing (Amendment) Bill, prompting a pause in Parliament and a full review.

This week, Cabinet reaffirmed its balanced 60/40 framework, arguing that meaningful majority control for Turks and Caicos Islanders must coexist with access to external capital, expertise, and investment partnerships. The Government cited international models, financing constraints for local entrepreneurs, and the need to avoid “harsh outcomes” that could unintentionally weaken local businesses or violate constitutional safeguards. It further pledged strengthened anti-fronting mechanisms, tighter oversight, and mandatory protections for local shareholders.

But Michael Misick isn’t convinced.

During the wide-ranging RTC interview, the former Premier dismissed the 60/40 model as inadequate and accused successive governments of diluting the rights and economic standing of heritage Turks and Caicos Islanders. He argued that fronting has flourished under the existing 51% rule, and that only full, uncompromised Islander ownership in certain industries can prevent locals from being reduced to symbolic partners with no real power. Misick described the Business Licensing Board’s disappearance, the rise of unchecked approvals, and the growing dominance of expatriate capital as evidence that the country is “losing itself, bit by bit, every sunrise.”

Seymour, a CPA and economic commentator, echoed concerns about fronting and asked whether the territory’s leaders were “afraid” to implement robust protections. Misick went further, accusing modern politicians of lacking political courage and failing to defend the long-term interests of heritage Turks and Caicos Islanders.

“Every time legislation comes to empower our people, there is resistance,” Misick said.
“When it’s something that penalises our people, no one objects.”

The Government’s clarification attempts to neutralize that narrative, insisting Cabinet did not “retreat” under pressure but merely corrected an error to restore policy integrity. Still, the timing — after months of public debate, stakeholder pushback, and ongoing reference to the Grant Thornton economic impact report — has only deepened suspicion among critics who say the Administration is wavering.

What is clear is this:
The Business Licensing reform has cracked open the deepest unresolved question in the Turks and Caicos Islands — how to protect a small population from economic displacement while maintaining an investment climate that supports national development.

With Parliament scheduled to revisit the Bill this month, the clash between political philosophy and economic pragmatism is now on full display. And as Misick made clear on RTC, this debate will define not just policy, but identity.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.  

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Health

Bruce Willis’ Brave Gift to Dementia Research – And His now Quiet Link to Turks & Caicos

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December 4, 2025 – Hollywood legend Bruce Willis – arguably the most famous former home owner in Turks and Caicos Islands – is facing the most difficult role of his life and turning it into one last act of service.

Willis, 70, retired from acting in 2022 after his family revealed he had been diagnosed with aphasia. The following year, specialists confirmed he is living with frontotemporal dementia (FTD), a degenerative brain disease that attacks language, behaviour and personality.

In recent interviews and appearances, his wife Emma Heming Willis has said Bruce is “surrounded by love and care” and that the family is learning to find joy in new ways, even as the disease progresses.

Now, Heming Willis has gone further.  In her 2025 memoir The Unexpected Journey, she writes that the family has decided Bruce’s brain will be donated to science after his death to advance research into FTD.  That decision has been highlighted in recent coverage by futurist and science outlets, which describe it as a carefully considered step after months of watching a still-physically-strong man steadily lose speech, reading and independence.

Neurologists have long stressed how rare donated brain tissue is for FTD, and how essential it is to understanding which proteins, mutations and mechanisms are actually driving the disease.  The Willis family’s choice means the brain that powered some of cinema’s most iconic characters could one day help researchers diagnose the condition earlier and design better treatments – even if it cannot help Bruce himself.

For Turks and Caicos, the story lands close to home.  For nearly two decades Willis owned “The Residence” on exclusive Parrot Cay – a 7.3-acre, Asian-inspired beachfront compound with a five-bedroom main house, two guest villas and a yoga pavilion.  He and Emma listed the estate in March 2019 for US$33 million; it sold a few months later for about US$27 million, one of the biggest residential deals in TCI history.

So, while Bruce Willis no longer has a physical address in Turks and Caicos, his connection to these islands remains part of his global story – a story now shifting from blockbuster fame to medical legacy, as his family turns private heartbreak into a public contribution that could change what we know about dementia.

Developed by Deandrea Hamilton • with ChatGPT (AI) • edited by Magnetic Media.

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