The Bahamas Financial Services Board (BFSB) is collaborating with the [Bahamas Institute of Financial Services](http://www.bifs-edu.com/) (BIFS) and the [Central Bank of The Bahamas](http://www.centralbankbahamas.com) in hosting a 2-day seminar entitled “[The New Era In Financial Services: It’s All About Risk](http://media.wix.com/ugd/42b739_351e79651ce64ca48266628da4e802fb.pdf)”, June 14-15 in downtown Nassau.
BFSB CEO Tanya McCartney provided Opening Remarks for today’s sessions, speaking to the survival of the financial services sector, which she described as a critical pillar in the Bahamian economy. *”At the core of The Bahamas’ value proposition moving forward will be effectively managing regulatory and reputational risks,”* she said.
The CEO shared with Seminar participants BFSB’s views on the value proposition for The Bahamas as an international financial centre moving forward, including market opportunities that the organisation will be focusing on and the key drivers considered essential to achieve success and mitigate regulatory and reputational risk.
Presented were key conclusions from a BFSB Strategy Conclave held earlier this year, which had been structured to review “The Bahamas Advantages” that have driven BFSB’s strategic planning and jurisdictional marketing.
* The Unique and Strategic Geographic Location of The Bahamas;
* Wealth and Asset Management Options – Products;
* Physical Resources;
* Highly Skilled Labour Force
* Investment Policy and Incentives
* Political and Economic Stability
* Public-Private Sector Partnership
* Immigration (Living and Working)
Moving forward, she said, four vital features will be at the heart of what will distinguish and reposition The Bahamas as an international financial centre of significance in the years to come. These are: Regulation, Expertise, Innovation and Location. *”Everything that comprises The Bahamas value proposition and continued success as a leading international financial services centre must be guided by these distinguishing factors. They are essential factors as we strive to move away from the label of ‘tax or offshore haven’ to an ‘international financial centre’ seen as being on par with onshore financial centres.”*
Click [here](http://www.bfsb-bahamas.com/download.php?cmd=view&id=2870&pre=y) or see pdf below for a copy of the full presentation which outlines the elements and enablers and opportunities.
In closing, CEO McCartney emphasised the need to invest in the infrastructure that will improve the private sector’s ability to win financial services business and assist in the effective management of the regulatory and reputational risks that threaten The Bahamas as an international financial centre. *”We must ardently take the requisite steps to manage the risks that threaten the very survival of the financial services sector as the Bahamian economy and the lives of countless professionals depends on it. Ultimately, it is about reputation. Be assured that BFSB is committed to being an actively engaged partner with all key stakeholders in this effort.”*