Affordable access to Best-in-class Assurance Services for Credit Unions, regardless of their size.

Affordable access to
Best-in-class Assurance Services for small to medium sized entities.

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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 to medium sized regional companies 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 an array of sectors across the region with specific and up-to-date knowledge on the statutory requirements across various industries including the banking, credit union, insurance and hotel sectors.

Through a shared services partnership with the Barbados Co-operative & Credit Union League it is our aim to provide our clients across the region with affordable access to best-in-class assurance services to enable them to take up the challenges of today and prepare for those tomorrow.

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

Assessments

We work with individual companies to evaluate and, if necessary, strengthen their corporate governance framework to meet legal requirements (Acts, Regulations, by-laws) and regulatory requirements. For credit unions this includes Board and other elected Committees self-assessments.

At Allied we know that many companies are facing numerous and varied AML challenges. The Allied team can help you meet heightened regulatory expectations and mitigate the risks associated with money laundering. We will work to assist you with compliance issues through audits, monitoring, training and ongoing advisory roles to ensure that your customer/client experience is supported by an updated and robust anti-money laundering program that:

Meets local, regional and international standards;
Minimizes the possibility of credit unions being used as conduits for money laundering or terrorist financing activity;
Ensures robust business practices

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 your regulator’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 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.

Successful organisations recognize that an effective internal audit team makes a very positive contribution to the management of risk and the smooth operation of a company.

The Allied team will carry out reviews to evaluate how effectively your company’s compliance policies are being implemented; consistent with the financial institutions size and risk profile.

Through our shared assurance services, your company has access to 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).
Advising your management team to develop workable internal controls that enhance the control environment.
Providing guidance on how to implement an effective and secure internal control environment.
Advising on how to manage core operational risks, especially those related to the reliability of business operations.
On-Demand services for specific engagements by request.

Millicent Maximilien

Internal Auditor

Damien Chase

Operations Manager

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.2

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 ni 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.

June 9, 2023

TO WHOM IT MAY CONCERN

Following an on-site compliance inspection from the Financial Services Commission, Reliance was non-compliant in most areas and deemed High Risk.

We sought the services of Allied Co-Operators Inc. to help us navigate our compliance challenges in the face of a stressful environment, pressing deadlines and threats of fines and penalties.

The Allied team used their expertise and in-depth understanding of compliance functions to improve our policy, established procedures and reduced our risk rating. They provided and continue to provide on-going monitoring and training to the Board and staff to ensure that Reliance remains compliant.

The Allied team readily accepted an invitation to our 2022 AGM to give details on the work done and the path forward.

Management and staff of Reliance, having worked with Damien, Kesi and Millicent for the past sixteen (16) months, found them to be diligent, helpful and dependable professionals and we strongly recommend them to any potential client.

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