PwC Isle of Man is teaming up with a leading local industry body to launch in the autumn a ‘state of compliance’ survey for the Island.
The survey will be conducted in partnership with the Alliance of Isle of Man Compliance Professionals (AICP), which will be the first of its kind for many years.
There are many challenges and new regulations facing the financial services and egaming industries, including MONEYVAL, beneficial ownership disclosure, PSD2, and not least GDPR.
The survey and associated research will form the basis of a findings report, a summary of which will be presented at the Manx State of the Nation Conference on 2 February 2018, which PwC Isle of Man is once again sponsoring.
The findings will provide regulated Island businesses with useful information and data to act as an independent benchmark to measure comparative performance across industry sectors and in future over time.
With the profession being called on to become more strategic in its outlook, which includes increasing its response times to support business development and looking at disruptive 'RegTech', the idea of embedding the compliance culture throughout regulated businesses – and being supported by the right tone at the top – remains key.
As international regulation impacts the Island and businesses are ever more under the microscope, compliance functions are being acknowledged as adding value to businesses and enhancing the Island's and their own reputations.
The survey will also provide regulated businesses with an opportunity to ensure issues are raised with the Isle of Man Government and regulators, and that opinions and views on the activities of the regulators are considered.
Jon Whiting, Regulatory Advisory Senior Manager at PwC, commented: ‘Our partnership with the AICP continues and we are delighted to be working with its CPD committee to deliver this survey. The role of compliance has never been more critical to Isle of Man businesses dealing with the ever-increasing burden of regulation, and ensuring the Island remains well regarded internationally as a place for good business. We recognise in advance the time and effort of all participants to the survey and thank you for your input to this valuable research.’
Sinead O’Connor, Chair of the AICP’s CPD Committee said: ‘We are really pleased to be working with PwC on this exciting and meaningful survey and believe that the results will be an invaluable scene setter for next year’s Manx State of the Nation. We will certainly be encouraging all of our members to take part and we look forward to hearing the views of the Island’s risk, compliance and governance professionals.’
The survey will be launched in early September: further details will be given at a later date. In the meantime, to access the survey as soon as it is launched either email jonathan.whiting@pwc.com or call him on 689697.
