Message from Chairperson

The Risk Based Approach 

Compliance risk management has emerged as a distinct discipline and it must be an integral part of the way business is conducted.  Risk represents the actual or potential hazard to a client, service provider, staff member and or organization.  The key to avoiding unpleasant surprises is to embed sound operational risk management processes into every aspect of the business.

Risk management is the identification, assessment and treatment of risk or harm.  The purpose is to provide guidelines for problem solving and decision making to promote critical thinking to identify key issues contributing to risks; to facilitate the development of strategies to address identified issues.  A risk management plan will help service providers make informed choices.  It will improve business performance, promote less risk adverse culture and provide a sound basis for integrated risk and internal controls.

The BVI Association of Compliance Officers realizes the importance of assisting in the Risk Management Processes, which are required within the industry.  We introduce to our members, avenues of acquiring information on managing the risks within their organization.  We foster a culture, which provides for spreading best practice across our jurisdiction.  Our guiding philosophy is to avoid risks rather than deal with the consequences.

The BVI is ours to protect.  The risk-based approach to the way we do business is therefore crucial to the efficiency and effectiveness of our functions.

Mission Statement

Our mission is to promote the role and importance of compliance in the British Virgin Islands.  In demonstrating our commitment to good compliance, we are devoted to raise the level and thus the profile of the compliance function through the formation of this Association.

 Objective

This Association must focus on the importance of the compliance professional.  We intend to provide our membership with the privilege of regional and international networking opportunities.   

1. To promote a compliance culture in the BVI;
2. To contribute to the development of the British Virgin Islands as a reputable and well regulated international financial centre by promoting professional standards within the industry;
3. To foster communications between the financial sector and the British Virgin Islands Financial Services Commission and the British Virgin Islands Government and to provide input to legislators and regulators in the British Virgin Islands;
4. To provide a forum for the exchange of ideas between compliance practitioners in the British Virgin Islands;
5. To promote and encourage education, training and high standards of practice within the British Virgin Islands financial industry;
6. To provide a support network to all members; and,
7. To establish communication and relationships with other professional compliance associations.