Jersey Regulatory Risk Workshops Launched

by Phillip Morton, Investors Offshore.com

24 January 2012

A series of workshops have been established to help businesses and their employees to better understand and comply with new regulatory requirements and better meet stakeholder expectations when operating in Jersey.

BPP Professional Education has joined forces with Comsure Compliance Limited to launch the workshops, starting with ‘Regulatory Awareness’, the first course of its kind that deals with Jersey regulatory risk for all members of the finance industry.

“As has been seen in both local and international media the risk of not managing regulatory risk increases the costs of operating a business, reduces attractiveness of investment in Jersey and/or changes the competitive landscape,” the firms said announcing the project's launch.

“In the worst case it can lead to an individual losing their job and even going to prison. The workshops will deal with everything from ‘licensing a new financial services business’, to ‘anti money laundering and combating terrorist financing’ through to ‘what happens if it all goes wrong and the regulator starts using its enforcement powers’.”

“The course will be paramount to ensuring local companies have employees who understand the Jersey regulatory requirements at all levels of the business. It has been developed in response to an industry requirement for more courses that count towards the Regulators CPD requirements. By attending any of the eight individual sessions delegates can top up their CPD, or by attending all and completing an exam, delegates can gain the certification ‘BPP Jersey Certification in Regulatory Awareness’.

The workshops will begin on March 13, 2012, and sessions will run until January 2013. The lead presenter will be Mathew Beale, Managing Director and founder of Comsure Compliance Limited. Beale worked for the body that is now known as the Jersey Financial Services Commission for seven years, he is also an experienced regulatory consultant, past senior lecturer on the international compliance association and is a well-regarded compliance speaker.

Lincoln Miles, the Managing Director of BPP Professional Education, said: “The finance sector is always looking for new, good-value courses to keep [their] employees up to date with regulatory changes, so we are very pleased to be able to offer ‘Regulatory Awareness’. It covers the whole landscape of regulatory requirements that will be of use across the industry and we expect the places to fill up very quickly.”

Beale added: “We’re very excited to be launching this course and filling a gap in local training. It will be like taking a driving test - we want to ensure our delegates are walked through the 'highway code' of regulation and then sit a test to ensure they understand the risks and avoid breaking the law. Delegates who achieve the certificate will be able to demonstrate understanding of key elements and drivers behind the regulatory framework which will in turn be good for their employer, the industry and Jersey.”

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