Kyria Ali: Baker Tilley [BVI] Limited, BVI Compliance Association
Ms. Ali, the head of business advisory for the accounting and consulting firm, was recently elected president of the BVI Association of Compliance Officers. The Financial Service Commission requires some types of financial services firms — banks, insurers and trust companies, among others — to employ compliance officers. A trained accountant and eight-year veteran of Baker Tilley, Ms. Ali is not the compliance officer at the accounting firm, but she routinely advises other companies on proper compliance procedures.
What does your work in business advisory entail?
I’ve been referred to as a doctor for businesses to be honest, because right now a big chunk of our work is assisting companies with their compliance: ensuring they understand what they have to do, their obligations; helping them set the procedures; implementing them. So when the [Financial Services] Commission reviews, they’re ready.
What does a compliance officer do?
A compliance officer’s role is literally to be a defence mechanism for the organisation. Think of the organisation like a human being: Compliance is like an immune system; it protects you from disease. You’re going to have systems in place, controls. Compliance officers ensure that those procedures and controls are being followed. They also have to ensure that they know what the risks are to the organisation. What is legislation saying we have to do? Make sure that management understands those risks and obligations and that we have the right systems in place to take it forward.
What else do compliance officers do besides making sure companies follow the law?
We can have policies on training, on complaints handling. We have to make sure that we are complying with legislation, but we also foster a culture of compliance within the organisation so everyone understands why and what we’re doing. We’re not doing it just to dot the I’s and cross the T’s, but actually because it promotes better business. It affects our reputation internationally. By having that proper compliance function it creates that layer of transparency. It says we are doing what we need to do in the right way.
What is your background?
I’m a qualified accountant. I’m also a certified internal auditor and a certified fraud examiner, so I spend a lot of time reviewing, investigating what should you be doing as opposed to not doing.
How has compliance work changed in recent years?
In 2008 our legislation changed drastically. From an AML [anti-money laundering] perspective, it changed significantly. Our AML legislation was basic till that point, and we stepped up our game and revised it. The BVI came up with three pieces of legislation over 200 pages long, and every organisation struggled at that point to read, digest and understand what they had to do. You went from having longtime relationships with clients, 10 to 15 years in some cases, and had to explain to them: “I know who you are but I need to have a copy of your ID on file, and it must be certified.”
Compliance officers have to have a level of independence from their firms, correct?
It’s a tricky position. They are meant to be independent. As an employee of a firm, of course, it’s hard to be independent because that’s where you’re getting your salary from, but they are meant to have direct access to the board as opposed to just a manager, and they are also obligated to report directly to the Commission.
Why do you like what you do?
I like helping people, helping organisations and seeing the results or the fruits of what we’ve done. They might be in a difficult position, but by the time we’ve finished I can see an improvement in the way in which they conduct business.
This interview was conducted, condensed and edited by Jason Smith. Do you know of a businessperson who might make for an interesting profile? Please e-mail jsmith@bvibeacon.com