top of page
Are Risk, Compliance, Internal Audit, and Business Functions Operating with Clearly Defined Responsibilities and Effective Escalation Procedures?
Most control failures are not caused by lack of policies. They are caused by confusion about who owns the risk, who oversees it, who assures it — and who speaks up when something goes wrong. When responsibilities blur, issues fall between the cracks. Business units assume Compliance approved it. Compliance assumes the business owns it. Risk reports it, but no one acts. Internal Audit finds it two years later. The governance test is simple: Could every employee answer — for my
11 minutes ago6 min read
Strengthening Enterprise Risk Management with Audit Assurance Consulting
Effective enterprise risk management is a cornerstone of sustainable organizational success. In today’s complex business environment, organizations face a multitude of risks ranging from financial uncertainties to regulatory compliance challenges. To navigate these risks confidently, many organizations turn to audit assurance consulting. This approach not only identifies potential vulnerabilities but also strengthens governance and accountability frameworks. Audit assurance c
5 days ago4 min read
Incident Response Management: How Financial Institutions can Identify and Respond Quickly to Interconnected Risks
A cyber security incident rarely stays confined to the technology department. A ransomware attack, data breach, or prolonged system outage can disrupt operations, undermine customer confidence, trigger regulatory scrutiny, and put pressure on cash and liquidity—all at the same time. The challenge for organizations is not only to manage each risk, but to recognize how quickly one can spread into others. Financial institution leaders must consider the question: Can we connect t
Oct 105 min read
Closing the Loop: Why Internal Audit Follow-up Matters
Background In the foreword to the revised Global Internal Audit Standards (GIAS), the Institute of Internal Auditors (IIA) describes internal auditing as playing a critical role in enhancing an organization’s ability to serve the public interest: “While the primary function of internal auditing is to strengthen governance, risk management, and control processes, its effects extend beyond the organization. Internal auditing contributes to an organization’s overall stability an
Oct 64 min read
The Caribbean AML/CFT Environment at a Crossroads: Why Independent Audit Reviews Matter
Understanding the Current Landscape The Caribbean Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing (AML/CFT/PF) environment is at a critical juncture. Three significant pressures shape the regional landscape: Grey-list Overhang – Haiti and Venezuela remain on the Financial Action Task Force (FATF) Increased Monitoring list as of June 2026. Upcoming Mutual Evaluations – These evaluations require a shift from merely establishing laws to
Sep 244 min read
Weak AML/CFT Controls, Serious Consequences: What Organizations Stand to Lose
A weak Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) framework is not just a compliance gap. For banks, money service businesses, fintechs, and other regulated firms, it is a direct business risk that can trigger enforcement action, erode trust, and cut off access to the local, regional and global financial system. This article explains the potential impacts of weak compliance controls, what regulators look for and potential actions regulated entit
Sep 174 min read
Defining Risk Appetite: Linking Strategy, Risk, and Performance
The annual strategic planning exercise is a key organizational activity used to establish a company's goals, objectives, and budgetary plans for the coming year. The strategic plan guides how resources are allocated across the organization and enables comparison of expected versus actual performance throughout the financial year. While strategic planning has become fundamental in most organizations, setting the organization's risk appetite — a closely linked and interrelated
Sep 104 min read
Overdue Risk Findings: Five Barriers to Sustainable Remediation
Financial institution audit and risk leaders, often struggle to resolve audit, regulatory, anti-money laundering (AML), compliance and risk findings. Management actions may remain overdue, issues may recur, or findings may be closed without evidence that remediation is effective and sustainable. This is more than an administrative concern. Persistent findings can increase regulatory exposure, contribute to customer or financial harm, weaken operational resilience and divert m
Sep 24 min read
Strengthening Your AML/CFT Framework: Ensuring Effectiveness in Practice
Last week in our newsletter, “Demonstrating the Effectiveness of an AML/CFT Framework,” we answered the question: How can we demonstrate that our AML/CFT framework is effective in practice, rather than merely documented in policies and procedures? Our evaluation of this key question can be seen here: Demonstrating the Effectiveness of an AML/CFT Framework. In this week’s article, we consider one of our more frequently asked questions: How do we know whether our customer due
Aug 275 min read
Demonstrating the Effectiveness of an AML/CFT Framework
Financial institutions across the region are frequently confronted with a fundamental compliance question: How can we demonstrate that our AML/CFT framework is effective in practice, rather than merely documented in policies and procedures? Answering this question requires institutions to look beyond the existence of written policies and consider whether their AML/CFT frameworks are appropriately designed, adequately resourced, consistently implemented and independently teste
Aug 177 min read
Navigating Risk in 2026: Monitoring Under the COSO Internal Control Framework
This article concludes our Navigating Risk in 2026 series with an examination of Monitoring Activities, the fifth component of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control—Integrated Framework. The series has explored the other four components: Control Environment establishes the foundation for effective internal control. It encompasses the role of the board and senior management, organizational strategy, policies, accountabilit
Jul 304 min read
Jul 290 min read
Navigating Risk in 2026: The Role of Information and Communication in Financial Institutions According to COSO
Today, we continue our Navigating Risk in 2026 series through the lens of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Enterprise Risk Management Framework. In earlier articles, we highlighted the COSO framework as an internationally recognized model built on five interrelated components of effective internal control. Each component is designed to help organizations manage risk more effectively. To date, we have explored three of these component
Jul 234 min read
Navigating Risk in 2026: COSO Control Activities
In this week’s Navigating Risk in 2026 series, we focus on Control Activities, a core component of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework. Control activities are the policies, procedures, and mechanisms an organization establishes to manage risk within acceptable limits. They translate risk decisions into action and help ensure that exposures identified during the risk assessment process are addressed in a manner consistent with
Jul 153 min read
Navigating Risk in 2026: The COSO Risk Assessment
In this installment of Navigating Risk in 2026, we examine the Risk Assessment component of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Enterprise Risk Management framework. Financial institutions worldwide rely on COSO to structure risk governance, align risk with strategy, and support sound decision-making across the three lines of defense. A risk assessment is a structured, proactive process to identify potential threats and opportunities,
Jul 93 min read
Boost Corporate Governance with a Compliance Audit
In today’s complex business environment, organizations must prioritize strong corporate governance to ensure sustainable success. One of the most effective ways to achieve this is by integrating robust risk management principles into daily operations. These principles provide a framework that enhances transparency, and accountability. As a professional deeply involved in governance and assurance, I have witnessed firsthand how compliance audits can transform organizational pr
Jul 74 min read
Guided AML Programme Remediation
We guided a Barbados-based organization through a focused AML risk remediation that delivered measurable outcomes. After identifying repeated control failures and the absence of a compliance breach reporting process, we designed a targeted remediation plan that included strengthening the firm's AML Framework. Our remediation included tailored training for frontline teams, and implementation of a streamlined compliance breach reporting process. Within six months the client rep
Jul 11 min read
Navigating Risk in 2026: The COSO Control Environment
Caribbean financial institutions operating in 2026, must place risk management at the center of their ongoing strategies and business activities. Failure to implement a risk management framework that scales with an organization's size and risk profile can severely impede strategic goals and objectives. It also increases vulnerability to internal and external shocks, invites regulatory action, and opens the door to fraud or errors by rogue actors. Ultimately, these deficiencie
Jun 292 min read
Risk is an unavoidable part of every business decision—from launching a new product to managing finances, protecting data, and navigating unexpected challenges. Effective risk management helps organizations identify potential threats, evaluate their impact, and take proactive steps to reduce uncertainty. This section gives us the opportunity to share our thoughts and gives you the chance to explore the fundamentals of risk management and compliance - why it matters, and how a structured approach can help your organizations protect resources, improve decision-making, and build long-term resilience.
bottom of page