NPO Registrar Promotes Risk Management
The Registrar of Non-Profit Organisations (NPOs) addressed dozens of representatives from local NPOs on how to manage their risks at the R3 Foundation’s Non-profit Corporate Governance Symposium.
Representing the Registrar, Head of Compliance Paul Inniss presented current NPO statistics and an overview of the legislative framework; the link between poor governance and abuse of non-profits; and considerations for developing strong internal controls to achieve good governance, and therefore prevent such abuse.
“The Registrar’s involvement in the symposium is part of our ongoing outreach strategy to build capacity in the NPO sector”, Mr Inniss said. “The Registrar is pleased to work with the R3 Foundation on this session, as this public-private partnership symbolises the healthy, positive relationship the Registrar has with NPOs”.
The symposium, held on Tuesday, 14 June at the Grand Cayman Marriott Beach Resort, featured an opening address from Francis Arana, Head of the Anti-Money Laundering Unit; a presentation on corporate governance from consultant Sabrina Foster; and remarks from Bryan Hunter, who serves as chairman of the R3 Foundation.
As of June 2022, there are 610 NPOs registered with the Registrar, the majority of which comply with their legal obligations under the Non-Profit Organisations Act (2020 Revision). Noncompliance is addressed through the NPO enforcement regime.
The Registrar is part of the General Registry, under the Ministry of Financial Services and Commerce.
Issued by: Ministry of Financial Services and Commerce (CIG)