Co-op Bank delegation attended 12th regional audit conference

by Linda Straker

  • 4-member delegation attended CAACM Conference
  • CAACM is a community of audit committee members in the Caribbean/Caricom region

A 4-member delegation from the Grenada Cooperative Bank was among participants in the recently concluded Caribbean Association of Audit Committee Members (CAACM) 12th Conference and Annual General Meeting held in Barbados from 28-29 June.

As a primary objective, the CAACM conference provides a forum that enables members to solve their common challenges through education, sharing and networking.

The conference held under the theme “Leading Today: Harnessing the Power of Disruption” brought together several audit committee professionals from various industries in the Caribbean.

Chairperson, Melissa Simon, in her welcome remarks, reminded participants that audit committees are widely regarded as trusted advisors to the boards they serve. Consequently, auditors must continue to demonstrate agile leadership, integrity and professionalism in the execution of their duties to make a difference in their organisation.

Keynote speaker, Hon. Marsha Caddle, Minister in the Ministry of Economic Affairs & Investment, speaking on the topic “Overseeing the development of the Corporate Strategy in an increasingly volatile world economy” identified several areas of focus for her government. These included de-risking, a simplified tax system, CSME, education and human development. According to the minister, “we need a system of education which will prepare people for the world of the future.” She emphasised the importance of good corporate governance and its resultant impact on a country as well as the organisation. The minister highlighted the importance of integrity, accountability and controls; not just in the corporate sector but all state businesses.

The second day comprised of workshops covering the topics, Minimising Disruptions from Fraud, Understanding the Fraudster and Cyber Resilience. The workshops provided participants with insights into Cyber Fraud and the number one cyber threat, Social Engineering. Participants were also provided with a framework to map, monitor and mitigate the risks.

Other key topics passionately discussed during the 2-day conference included: Business Disruptors; IFRS9 Readiness Gauge; Getting Board and Committee Composition Right – Keeping It Diverse; Hiring for Today’s Environment: Leadership for disruptive times; and Harnessing Potential Opportunities from Emerging Technologies (Blockchain/Bitcoin).

The conference ended with a motivational talk on harnessing the power of disruption.

CAACM is a community of audit committee members in the Caribbean/Caricom region. Its ultimate objective is to improve the investment environment in the Caribbean, by increasing the level of confidence of investors in the integrity of financial reporting and investor information. CAACM provides an invaluable platform for audit committee members to exchange ideas and expertise on matters of common interest including the resolution of policy issues related to the evolution of standards and practices.

The delegation comprised:

  • Darryl Brathwaite, Grenada Co-operative Bank Limited, Director
  • Julia G Lawrence, Grenada Co-operative Bank Limited, Chief Audit Executive
  • Lisa Maria Taylor, Grenada Co-operative Bank Limited, Director
  • Samantha Hossle, Grenada Co-operative Bank Limited, Director.

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