Bahamas News
BAHAMAS: PwC shares insights on how businesses can increase success through better risk management practices
#Bahamas, April 28, 2018 – Nassau – PwC argues that developing and integrating a robust Enterprise Risk Management (ERM) framework will lead to cost savings, more efficient allocation of resources and reduction in reputation risk exposures.
Bruce Scott, Risk Assurance Leader for PwC in the Caribbean says, “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. 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”.
Mr. Scott was speaking Tuesday (April 24) at a Professional Ethics and Risk Management conference hosted by the Bahamas Institute of Chartered Accountants. He also presented in Freeport, Bahamas on day 2 of the conference. The objective of the conference was to improve the Risk Management capabilities of participants.
In his presentations, Mr. Scott also highlighted the importance and roles of the 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 provides support to the first line of defense and includes functions like risk management, quality and compliance; 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.
Risk management teams led by Bruce Scott, have been making presentations at a number of conferences, training seminars and providing consultations across the region to increase and improve risk management knowledge and practices. The team has also performed extensive research on why organisations fail to properly identify, analyse and address business risks and has worked with a number of businesses regionally to provide cutting edge Enterprise Risk Management Services. The findings from the research has also resulted in the development of a regional Risk Management seminar series entitled “Better risk management, better business performance” hosted by PwC, to share risk management best practices and lessons learnt.
RBC Royal Bank (Bahamas) Limited (“RBC”) is pleased to announce the recent appointment of Kerryl-Lyn King-Henry as Country Manager and Area Vice President (“AVP”), Personal and Commercial Banking, Turks & Caicos Islands (TCI).
In her new role as Country Manager and AVP, King-Henry will take on full responsibility for the bank’s operations, strategy, and development in the TCI market, with a strong focus on solidifying partnerships with the Government, regulatory bodies, and the local community.
King-Henry brings to the role a dynamism influenced by nearly 25 years of industry experience. Prior to her new appointment, she served as AVP of Business Banking in Trinidad and Tobago. She has held progressively senior roles within both personal and commercial banking, as well as various functional units.
King-Henry holds a Master of Business Administration (MBA) degree, with a specialization in Leadership, FinTech and Big Data Analysis, in addition to a Bachelor’s Degree in Business Administration. Further enriching her professional profile, Kerryl-Lyn is a certified John C. Maxwell Coach, Trainer, Teacher, and Speaker. Her passion for leadership and development is matched by her commitment to community service, as she actively volunteers her time and leverages her professional expertise to mentor and support others. “
Kerryl-Lyn’s extensive experience and proven leadership capabilities make her the perfect choice to lead our operations in the Turks & Caicos Islands,” said Ericka Rolle, RBC’s Managing Director and Vice President, Personal Banking, The Bahamas and TCI.
“Her commitment to excellence, combined with a genuine passion for community engagement, aligns perfectly with our Bank’s purpose of helping clients thrive and communities prosper. We are excited to see the positive impact she will undoubtedly bring to her new role,” she added.
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