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Prevention is better than cure: our regulatory vision

Prevention is better than cure: our regulatory vision

Wednesday 15 December 2021

Prevention is better than cure: our regulatory vision


MEDIA RELEASE: The views expressed in this article are those of the author and not Bailiwick Express, and the text is reproduced exactly as supplied to us

As many businesses are facing tougher expectations by regulators and stakeholders, expecting to see better risk discipline, control and responsibility, at KPMG in the Crown Dependencies we have reacted to these demands with the appointment of Emma Bailey as Advisory Director.

Emma’s arrival provides an opportunity for KPMG to assist local companies to reduce risk and stay ahead of any regulatory changes, and her appointment is set to significantly enhance our presence and credentials in Risk and Regulatory consulting services. In her new role, based in our Guernsey office and working across the Crown Dependencies, Emma will leverage her extensive regulatory knowledge to assist private sector clients with a range of services, including pre onsite-visit preparation, application reviews, change of control/acquisition reviews, post -acquisition integration plan reviews and governance reviews.

Having worked at the Guernsey Financial Supervision Commission (GFSC) for almost 20 years, Emma decided it was the right time to seek new challenges back in industry but still in a role where she could helpfully apply her accumulated knowledge and add value to Guernsey’s offering as a recognised International Finance Centre

The regulatory demands on industry continue to grow. All sectors of industry will have been impacted to some degree by the recent implementation of the new laws and rules made under the GFSC’s Revision of Law project. Navigating these changes, even where seemingly subtle, is another drain on the time of already busy compliance teams. Our advisory team, paired with Emma’s direction, can help here by providing practical interpretation of new terminology, for example, vetted vs supervised roles, primary vs secondary fiduciary licensees, and with the developments to the Enforcement Law.

The old adage of “prevention is better than cure” clearly rings true in the regulatory space. Emma’s appointment adds to the already extensive expertise in our advisory team to provide a safe space (subject to our own regulatory obligations) for clients to ask those difficult questions they are too afraid to ask before any interaction with the Regulator occurs.

Of course, interaction with the Regulator can often be positive, especially so during the application process, but some extra guidance can never go amiss. Emma can offer hands on experience in knowing what good looks like from assessing new promotors and governance structures, to assisting clients with pre-take on due diligence or NED appointments. A robust, balanced governance structure is fundamental to the success of any entity. Emma and our local advisory team are happy to help smooth the process of good quality new business into the jurisdiction.

Comments Emma, “Speed to market is key for clients and the GFSC sought to reduce unnecessary obstacles recognising that the maturity of the Industry had reached a point allowing for the introduction of the fast track application regime. Of course, as a former regulator and seeking to continue good relations with my ex-colleagues, I am obliged to emphasise that robust due diligence (at the outset and ongoing) is key when using the fast track application process.”

If you would like to find out more about how Emma and the team can help you and your business, please contact Emma on emmabailey1@kpmg.com or visit home.kpmg/cds.

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