En Voyage_Issue#11_Flickbook

More documents

Recommendations

Info

Guernsey: a gateway to global expertise At ABN AMRO our investment managers pride themselves on being able to build long term relationships with their clients, based on a foundation of trust and a full understanding of the individual needs and objectives that each new relationship brings. If you would like to learn more about how ABN AMRO in the Channel Islands can help you, please do not hesitate to contact us. Our clients also benefit from the global resources made available to them by one of Europe’s largest private banks with assets under management of over €200bn*. Tel: 01481 751000 www.abnamroprivatebanking.gg ABN AMRO (Channel Islands) Limited PO Box 253, Martello Court, Admiral Park St Peter Port, Guernsey, GY1 3QJ *as at Q1 2018 Investment Manager Tony.Abreu@gg.abnamro.com Investment Manager Adrian.Lihou@gg.abnamro.com ABN AMRO (ChanneI Islands) Limited (Registration No. 13263) is licensed in Guernsey under the Banking Supervision (Bailiwick of Guernsey) Law, 1994 and The Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended. 100 <strong>En</strong> <strong>Voyage</strong> | Aurigny’s Magazine
UP TO YOUR NECK IN RISK MITIGATION? LEARN FROM SOMEONE SUBMERGED IN IT Business BY WAYNE ATKINSON, GROUP PARTNER, COLLAS CRILL. I’m conscious you’re probably reading this on a plane to pass the time and don’t really want to hear about compliance. With that in mind I want to tell you about the most impressive speech I ever saw. It was given by a man called Jarrod Jablonksi who Wikipedia describes as a “record-setting cave diver” and who once undertook a dive traversing 11km of continuous cave which required his team to spend 21 hours underwater. Unsurprisingly, cave diving is, by its nature, very dangerous. If something goes wrong in a submerged cave, a diver can’t surface without making their way out of the cave. Normal diving issues become more complicated with the added risk of getting lost or stuck and drowning. Lots of cave divers drown and amongst their community there are, as a result, strong opinions about the best (ie safest) way to cave dive. Jablonksi had some strong opinions and in his THE KEY TO SUCCESS IS TRULY UNDERSTANDING THE RISKS IN YOUR BUSINESS ENVIRONMENT AND, LIKE JABLONKSI, WORKING OUT HOW TO REDUCE UNNECESSARY RISK AS FAR AS POSSIBLE speech he answered the questions of what might be called a sceptical crowd explaining how he had formed those opinions and why. The answer to each question followed a pattern. When asked why he did something a certain way, Jablonski responded by pointing to the risks in the environment and the activity and explained how his team had approached comparing and mitigating the specific risks involved. What was impressive about the talk wasn’t that Jablonksi’s approach was risk-free; it could never be risk-free – he was spending hours at a time kilometres inside underwater caves. What was impressive was Jablonksi’s depth of understanding of the risks and how best to mitigate them. Everything he did or didn’t do, wear or take with him had a rationale attached and had been considered. He added that he wouldn’t work with anyone who didn’t operate to the same standards as him. It was the ultimate in taking a risk-based approach. I often reflect on that talk when I talk to financial services businesses about their approach to compliance. No-one is going to drown in our industry but CI businesses still deal with risk every day and manage that risk. We embrace innovative technologies such as blockchain or crypto-currencies, we share our expertise with emerging economies and markets and work with new clients every day. Meanwhile even the most vanilla of structures is open to abuse. The key to success is not having compliance policies which cut your risk to zero; that is impossible, not to mention uncommercial. Rather the key to success is truly understanding the risks in your business environment and, like Jablonksi, working out how to reduce unnecessary risk as far as possible. Mitigating risk in business requires directors to understand that risk and requires compliance teams to engage with the business environment a company is operating in. Some local businesses rely on outsourced compliance providers, others enact policies sent forth from head office whilst many more have in-house compliance teams. All these approaches can work but boards should consider their own (and their compliance team’s) understanding of the business’s risk structure and adapt their documentation and activity to it. Conducting a fulsome business risk assessment is the best way to do this (which is why regulators require and often focus on them). An accurate assessment allows a business to tailor their processes and policies to address specific concerns whereas a generic off-the-shelf precedent document may not even identify the concerns in question. Detailed consideration of the issues in question can often allow more streamlined, appropriate and successful approaches to managing risk to be taken. Having done so, one is in a position to obtain team buy-in ensuring everyone works to the same safe standard. At Collas Crill we frequently work with teams from businesses who rely on us to help them control their risk. Our first step is always the same; trying to understand their business. Off-the-shelf solutions don’t work for innovative, fast moving businesses and when they don’t work, people get frustrated and ignore them, compounding the problems, reducing cohesion in the business and increasing the risk exposure. Beautifully crafted documents prepared by lawyers with no understanding of a business’s day-to-day activity are unlikely to be a perfect fit; as with a diver in a cave, practicality and functionality in a specific situation are what really matter and to achieve that we work with clients to understand their operations. The world of cave diving is pretty far from the world of business compliance but maybe, just maybe we can take some lessons from it. 101
Page 1 and 2:
FREE TO TAKE AWAY Aurigny’s leisu
Page 3 and 4:
TO TRAVEL IS TO LIVE Hans Christian
Page 5 and 6:
Jewellers of Distinction Let your L
Page 7 and 8:
CONTENTS 7 WELCOME ABOARD! Message
Page 9 and 10:
WELCOME ABOARD! MARK DARBY CHIEF EX
Page 11 and 12:
HUNT FOR THE GOLDEN TICKETS We’ve
Page 13 and 14:
11
Page 15 and 16:
SAFETY FIRST HAND BAGGAGE Once you
Page 17 and 18:
15
Page 19 and 20:
DANCING IN CANDIE GARDENS IMAGE COU
Page 21 and 22:
Small Island, Big Events Alderney
Page 23 and 24:
THE RECIPE FOR THE PERFECT GUERNSEY
Page 25 and 26:
FOR A SMALL ISLAND GUERNSEY PACKS A
Page 27 and 28:
A GOURMET PARADISE AN INSTITUTION I
Page 29 and 30:
27
Page 31 and 32:
22 July MOTORSPORT SEAFRONT SUNDAY
Page 33 and 34:
So, of course this test (OK, quiz,
Page 35 and 36:
Arts for Impact is a registered cha
Page 37 and 38:
ST PIERRE PARK HOTEL, SPA & GOLF RE
Page 39 and 40:
LONDON> CONNECTING SPONSORED BY GER
Page 41 and 42:
EATING & DRINKING German food is so
Page 43 and 44:
DIP INTO A BIT OF CULTURE FLY DIREC
Page 45 and 46:
WE UNDERSTAND GUERNSEY Livingroom
Page 47 and 48:
DAY 1 10AM - A MAGICAL BEGINNING St
Page 49 and 50:
Why settle for second best? We’ve
Page 51 and 52: Sixty years ago, the simple idea of
Page 53 and 54: GUERNSEY’S ONLY FIVE STAR HOTEL S
Page 55 and 56: Victoria is now the place to stop,
Page 57 and 58: LEEDS HOTEL PICKS MANCHESTER IBIS M
Page 59 and 60: BLUEBELLS CANVAS COTTAGE WITH HOT T
Page 61 and 62: GUERNSEY’S FAVOURITE SUPERSTORE F
Page 63 and 64: 61
Page 65 and 66: IMAGES COURTESY OF LA REUNION Revie
Page 67 and 68: BRISTOL RESTAURANT PICKS GUERNSEY C
Page 69 and 70: This British pasttime has made a fa
Page 71 and 72: On the edge of the harbour, The Sla
Page 73 and 74: FOR LUNCH… RAGGAS This family-run
Page 75 and 76: BUSINESS NEWS 74 NEWS BULLETIN The
Page 77 and 78: RESOLUTION IT EXPANDS DIGITAL TRANS
Page 79 and 80: COMMUNICATIONS APP A HUGE SUCCESS A
Page 81 and 82: Dame Helena Morrissey, one of Brita
Page 83 and 84: Business WHO GETS THE DOG? ADVOCATE
Page 85 and 86: Business OLIVER GOATER, MANAGING DI
Page 87 and 88: Business UK RING FENCING - HOW SAFE
Page 89 and 90: DELPHINE PUTS THE SUCCESS OF THEIR
Page 91 and 92: Business THE ROAD TO INFRASTRUCTURE
Page 93 and 94: Business CLAMOUR AND CUSTOM: GUERNS
Page 95 and 96: Business HEART OF GUERNSEY MILLIE W
Page 97 and 98: JT ANNOUNCES NEW CHAIRMAN JT Group
Page 99 and 100: DLM ARCHITECTS www.dlm.gg RIBA Char
Page 101: Guernsey’s leading independent pr
Page 105 and 106: Business ALL THAT GLISTERS IS NOT
Page 107 and 108: Down to Earth yet above the crowds
Page 109 and 110: Business A ‘CONNECTED GUERNSEY’
Page 111 and 112: Business ABOVE: DIANA COLLAS FROM O
Page 113 and 114: For quick decisions on business loa
Page 115 and 116: Business HOW HR CAN SUPPORT BETTER
Page 117 and 118: STEP 3 HOW WE EVALUATED AND EVOLVED
Page 119 and 120: Sport FIGHTING SPIRIT En Voyage cat
Page 121 and 122: I would have jacked it all in, to b
Page 123 and 124: GUERNSEY RAIDERS CELEBRATE SUCCESS
Page 125 and 126: ATHLETICS Tuesday 17 July 18:30 CAN
Page 127 and 128: TRUST CORPORATION INTERNATIONAL SPO
Page 129 and 130: GUERNSEY SPORTS COMMISSION BENEFITS
Page 131 and 132: PUZZLES SUDOKU MEDIUM Each of the n
Page 133 and 134: In-Flight GENUINE GUERNSEY IN-FLIGH
Page 135 and 136: Duty-Free BAR DRINKS Echo Falls £4
show all

En Voyage_Issue#11_Flickbook

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?