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varlene guischard

Innovation and the 4th Industrial Revolution

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According to a Forbes article entitled “The 4th Industrial Revolution Is Here – Are You Ready?”, the Fourth Industrial Revolution describes the exponential changes to the way we live, work and relate to one another due to the adoption of cyber-physical systems, the Internet of Things and the Internet of Systems.” The article goes on to state that “The Fourth Industrial Revolution is disrupting almost every industry in every country and creating massive change in a non-linear way at unprecedented speed.”

In keeping with our mission to provide for our stakeholders opportunities for continuous learning, the Arthur Lok Jack Global School of Business will join in on this conversation, on the 4th Industrial Revolution (4IR), as we host a discussion on Tuesday 5th February 2019, at the Lok Jack GSB, Yara Auditorium, on the topic “In the Hot Seat – Innovation and the 4IR: Implications and Opportunities for the Caribbean”. The Featured Speaker will be Mr. Crispin Chatar, Head of Research on Drilling for Schlumberger International, based in Silicon Valley San Francisco. Members of the Lok Jack GSB Faculty, Dr. Richard Ramsawak and Mr. Faheem Mohammed, will also join in for an edifying panel discussion.

As a subject matter expert responsible for developing new digital technologies and solutions for the Schlumberger International, Mr. Chatar will inspire minds through his global business experiences by sharing insights into how companies compete in the realm of the 4th Industrial Revolution.  Also to be discussed are the lessons for companies in the Caribbean, that is, how companies can be innovative and how they can benefit or adjust to the new realities of the 4IR. From a leadership standpoint, Mr. Chartar will share how he finds, retains, motivates and leverages quality talent to continue to compete in what can be considered one of the most dynamic and intensive revolutions yet experienced by businesses internationally.

To secure a seat, please contact Ms. Stephanie Lezama-Rogers at s.lezama-rogers@lokjackgsb.edu.tt or call (868) 645-6700 today!

 

Compliance Seminar 2019

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Participants informed that Trinidad and Tobago would have high levels of crime once crime remains profitable, at the Compliance Seminar 2019

On Thursday 17th January 2019, Attorney’s-at-Law, Compliance Analysts, Mediators, Consultants and Financial Crimes Prevention Personnel converged at the Arthur Lok Jack Global School of Business, Mt. Hope campus to discuss Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) activities in the nation and outline pro-active counter-measures to combat these nefarious activities. The Seminar provoked insightful and interactive discussions around the topics of AML and CFT as participants were edified on their legal obligations with regard to reporting suspicious actions. Participants were also encouraged to assess their stakeholders and implement Enhanced Due Diligence (EDD) procedures when necessary to minimize risks of regulatory non-compliance.

The Compliance Seminar commenced with a special address from Ms. Susan Francois, Director, Financial Intelligence Unit of Trinidad and Tobago (FIU), who highlighted the legal AML and CFT obligations of institutions. Ms. Francois discussed the five (5) pillars of AML / CFT obligations, which were the adoption of a risk-based approach, written policies, procedures and controls, a designate Compliance Officer / Alternate Compliance Officer, a staff-training program and an independent audit of systems and controls. Institutions are required to implement these activities should they fall under the purview of the Central Bank of Trinidad and Tobago, the Trinidad and Tobago Securities Exchange Commission (the TTSEC) or the FIU; the three named Supervisory Authorities mandated to ensure that institutions comply with AML and CFT legislative and regulatory requirements.

Ms. Belinda James, Senior Director, Compliance, Caribbean Banking, RBC Financial (Caribbean) Limited was next on the agenda with a presentation on emerging risks and trends in AML. Some of the emerging risks identified were Trade-based Money Laundering, Virtual Currencies, Human Trafficking, Bribery and Corruption. Mr. Rennie Lakhan, Lecturer at UWI-ALJGSB / Senior Analyst, Ministry of Finance followed and took a deep dive on the topic of CFT through the analysis of case studies. This interactive segment stimulated thought provoking conversations around violent extremism and crime. During this segment Mr. Lakhan stated that Trinidad and Tobago would have high levels of crime once crime remains profitable. He went on to encourage participants to follow ‘clean money’ in addition to ‘dirty money’ to further reduce funding for terrorism and highlighted some indicators of possible terrorism financing which included travels to conflict zones.

The packed agenda continued with Ms. Dawne Spicer, Executive Director, Caribbean Financial Action Task Force, who gave a special address on where Trinidad and Tobago stands in accordance with global and regional standards of AML and CFT best practices. The Seminar concluded with Ms. Cindy Sadaphal, Attorney-at-Law, Co-Founder / Director of ACPTT who elaborated on the Enhanced Due Diligence measures that institutions could implement to prevent Terrorism Financing of financial products. These measures involved conducting a background scan on customers, determining a customer’s source of wealth and clearly identifying the reasons for undertaking a particular business activity.

At the end, participants of the Compliance Seminar 2019 were equipped with actionable counter measures and approaches that can be implemented to combat Money Laundering and Terrorism Financing. The knowledge gained would enable participants to adopt an effective AML / CFT risk management framework and compliance programme into their respective institutions thereby mitigating the risks associated with AML and CFT activities.

Risk Management Arthur Lok Jack Global School of Business

Building a Risk Resilient Organisation

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The importance of compliance and risk management has significantly increased over the past few years because of the numerous scandals and failures from local and foreign companies. There’s a persistent need to build an effective, risk-aware culture at all levels because the risk intelligence of workers is one of the factors that defines and separates success from failure.

Risk Management Arthur Lok Jack Global School of Business

Risk Management Capabilities Critical to Organizational Performance

According to a 2011 report conducted by the Harvard Business Review Analytic Services, entitled Risk Management in a Time of Global Uncertainty, the following risk management capabilities are critical to organizational performance:

  • Linking risk information to strategic decision making
  • Embedding risk management practices and responsibilities within strategy and operations
  • Ensuring that all decisions remain within the organization’s risk tolerance
  • Driving risk mitigation activities
  • Proactively identifying current and emerging risks

Risk Management Arthur Lok Jack Global School of Business

Establishing Effective Enterprise Risk Management Processes

The report conducted by the Harvard Business Review further went on to state that in order to establish effective enterprise risk management processes, the following five (5) lessons must be adhered to:

  • Risk management needs to have a clear “owner” to be effective
  • Corporate goals and risk management must be integrated
  • Manage risk proactively
  • Look deeper and wider to determine what their most serious risks will be in the long run
  • Break down silos and managerial bottlenecks

Risk Management Arthur Lok Jack Global School of Business

Key indicators of success for integrating an effective risk culture are board-level support and the incorporation of a Chief Risk Officer (CRO), charged with the responsibility of risk management. It’s imperative that the CRO works closely with the Chief Executive Officer and line managers for the smooth integration of the risk management processes.

Simply stated, risk management is imperative for success. Subsequent to determining the effectiveness of existing risk and compliance programs, organizations should seek to implement the aforementioned risk management capabilities and adhere to the five lessons mentioned above. Therefore, giving rise to a risk resilient organization capable of mitigating risks, increasing the probability of sustained business growth.

If you want to learn more about compliance, risk and responsibilities at the Arthur Lok Jack Global School of Business click HERE

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