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Allied
Assurance Services
The regulatory landscape for financial services in the Caribbean is becoming increasingly complex and more and more pressure in the form of increased regulatory requirements from external authorities is being placed on our regional institutions.
At Allied, the goal of our Assurance team is to help small regional institutions to meet and manage their regulatory obligations so that they imbue trust, maintain integrity and ultimately, promote financial stability and sustainability.
Our Assurance team possesses deep working knowledge and experience within the financial services sector across the region with specific and up-to-date knowledge on the legal and statutory requirements of institutions in Banking, Credit Unions and Insurance.
Through a shared services partnership with the Barbados Co-operative & Credit Union League it is our aim to provide every League Affiliated Credit Union with affordable access to best-in-class assurance services, regardless of their size.
Allied’s Assurance services include corporate governance, operational risk management, compliance and internal audit.
Allied’s Assurance services include:
- Corporate Governance
- Operational Risk Management
- Compliance & Internal Audit
Corporate Governance
Assessments
We work with individual Credit Unions to evaluate and, if necessary, strengthen their corporate governance framework to meet legal requirements (Acts, Regulations, by-laws) and regulatory requirements. This includes Board and other elected Committees self-assessments.
AML Compliance
At Allied we know each Credit Union is unique, and we will work to ensure that your unique member experience is supported by an updated and robust anti-money laundering program that:
- Meets local and international standards;
- Minimizes the possibility of credit unions being used as conduits for money laundering or terrorist financing activity;
- Ensures robust business practices
General Compliance
With the implementation and maintenance of a general compliance program you can build an operation that stands up to local, regional and international regulatory standards. Our general compliance program covers:
- Regulatory inspections and assessments of action plans
- Guidance on the implementation of FSC’s Guidelines
- Reviews of internal policies
- Lending compliance
- Deposit compliance
- Examination of account opening policies and procedures
- Review and facilitation of employee training
- Risk rating of membership
- Developing and implementing a member monitoring program
- Conducting a retrospective due diligence program
- Evaluation of suspicious activity detection and reporting methodology
- Review of previous AML/CFT audits and test results
- Assistance with implementation of recommendations from mutual evaluation.
Internal Audit
Internal auditing is an independent, objective assurance and consulting activity, designed to add value and improve an organization’s operations, whilst helping it achieve its objectives.
Under the Financial Services Commission (FSC) of Barbados’ Guideline No. 7, Operational Risk Management, the establishment of an independent internal control audit function for all Credit Unions is required.
Additionally the FSC’s AML/CFT Guideline for Financial Institutions requires the Internal Audit Department to carry out reviews to evaluate how effectively compliance policies are being implemented; consistent with the financial institutions size and risk profile.
Through Allied’s shared assurance services all Credit Unions can now access these services, without the heavy cost of having to hire a full-time Internal Auditor.
Internal Audit Services
Allied’s Internal Audit Services include:
- Independent AML Review by Internal Audit as required
- Full scope Internal Audit Reviews (includes entity-level risk assessment, identification of the IA Universe, development of a risk- based IA plan, performance of individual audits based on risk assessment).
- On-Demand services for specific engagements by request
Testimonials
September 23, 2022
TO WHOM IT MAY CONCERN
During the Financial Services Commission’s compliance audit of BPCCUL and after the delivery of their audit results, BPCCUL partnered with ALLIED Co-operators Inc., to help us navigate the compliance process. Their experienced and qualified staff provided extremely valuable and timely services when risk reduction mattered as well as the establishing and improving our policies and procedures.
The Credit Union has found ACI to be very responsive and provided the independent assessment of our compliance program aided by necessary training of staff to build that much needed awareness.
In a world of regulatory changes, the Credit Union has found a trusted and independent partner whose clinical efforts ensured that their clients continue to improve their compliance programs.
September 22, 2022
TO WHOM IT MAY CONCERN
Allied Co-operators Incorporated was introduced to our Society in May 2021 as we sought after assiduously to obtain quality Compliance Services. It was therefore my pleasure to recommend
the company to my Board of Directors as the initial discussions and presentations convinced me of the skilled services we would receive.
The Company with their more than capable, well rounded, and qualified team commenced their services in November of 2021. Thus far, Allied Co-operators Inc accomplished the level of service and exceptional professionalism as we required and has allowed our society to be compliant with our Regulators in a competent and effective approach. Hence, we do commend them for the excellent work completed thus far.
I am confident that with the commitment and diligence displayed in their work Allied Co- operators' will continue to succeed and I would highly recommend the company to perform such functions.
Please feel free to contact me with any further questions
2022
TO WHOM IT MAY CONCERN
Allied Co-operators Inc. is the partner you need in your corner if you want your compliance needs to be taken care of promptly and professionally. At St. Mark's Co-operative Credit Union Limited, we don't know what we would have done without them in the face of increasing, sometimes overwhelming, compliance requirements. As a small credit union, we had no idea where to start when it came to getting the necessary policies and procedures in place. The Allied team came to our rescue, ensuring we fully understand the current AML/CFT landscape and the Board's responsibilities. They helped us create an action plan and training schedule and they consistently walk us through everything step by step. More importantly, they keep us on track, never missing a beat so we always have up-to-date compliance information and stay on top of crucial deadlines. They are accommodating and always ready and able to come up with creative solutions that are easy for us to implement. Choosing Allied Co-operators Inc. to function as our Compliance Officer was the best decision we ever made.
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