The Cayman Islands Financial Services Association (CIFSA) is throwing its support behind the International Financial Crime Prevention and Compliance Training’s (IFCCT) Advanced Financial Training Week scheduled for The Ritz-Carlton Grand Cayman from 8 to 12 December.
“CIFSA is delighted to give its support to the 2008 IFCCT Advanced Financial Training Week. Last year’s IFCCT event showcased the impressive line up of international and local experts and it was an easy decision to become involved in this year’s course which promises the same level of expertise and practical training,” said Eduardo Silva, CIFSA Chairman.
“We were particularly impressed with the agenda that focuses on three of Cayman’s principle industry sectors.”
“IFCCT’s last training course in the Cayman Islands took place in June 2007 and was a huge success. Since then, as everyone is aware, the global financial system has been shaken by a series of high profile incidents, many of them closely related to the unprecedented market turbulence currently being experienced,” said Peter Antell, Managing Director of IFCCT.
“As unfortunate as this is, it only serves to confirm the importance the financial services industry must attach to ensuring there is no recurrence. This can only be achieved by the coordination and communication facilitated through the kind of methodical training we provide.”
The meeting has been organised to help the Cayman Islands’ financial services industry enhance competitiveness, prepare for imminent legislative changes and develop practical strategies.
The sessions will also examine plans to mitigate against a broad spectrum of risks from “operational to reputational”, and is the result of overwhelming demand from Cayman-based financial services organisations.
“In light of the recent market turbulence, a range of far reaching supervisory and legislative changes, many of which were already on the horizon, are being expedited, and others are being planned -- all will have a significant bearing for organisations within or linked to the Cayman Islands financial services industry,” CIFSA said in a press release.
“There has arguably never been a more crucial time for a meeting of this kind. Advanced Financial Training Week will therefore afford Cayman-based private and public sector professionals an essential opportunity to receive timely, expert guidance from a world renowned faculty of experts, regulators and peers.”
Utilising a risk based approach, the course will address, in a day-by-day drill down format, issues specific to three of the Caymans’ principal industry sectors: hedge funds, trusts and banking. In addition, subjects with a common bearing will fall under the spotlight.
The meeting, the first day of which will take the form of a high level symposium, will be followed by four days of intensive training delivered by world renowned experts.