The Registrar of NPOs Promotes Risk Management – Corporate Governance

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Grand Cayman, June 24, 2022 – The Registrar of Nonprofits (NPOs) spoke to dozens of local NPO representatives on how to manage their risks at the R3 Foundation’s Nonprofit Corporate Governance Symposium.

Representing the Registrar, Chief Compliance Officer Paul Inniss presented current NPO statistics and an overview of the legislative framework; the link between poor governance and the abuse of nonprofit organizations; and considerations for developing strong internal controls to achieve good governance, and therefore prevent such abuses.

“The Registrar’s participation 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 symbolizes the healthy and positive relationship the Registrar has with NPOs.”

The symposium, held Tuesday, June 14 at the Grand Cayman Marriott Beach Resort, featured keynote addresses by Francis Arana, Head of the Anti-Money Laundering Unit; a presentation on corporate governance by consultant Sabrina Foster; and remarks from Bryan Hunter, who is president of the R3 Foundation.

As of June 2022, 610 NPOs were registered with the Registrar, the majority of which comply with their legal obligations under the Not-for-Profit Organizations Act (2020 Revision). Non-compliance is dealt with by the NPO enforcement regime.

The Registrar is part of the General Registry, under the Ministry of Financial Services and Commerce.

Photo 1 – Paul Inniss, Chief Compliance Officer for the Registrar of Nonprofits, addresses the audience at the R3 Foundation’s Nonprofit Corporate Governance Symposium on Tuesday, June 14, 2022, at the Grand Cayman Marriott Beach Resort.

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Photo 2 – Representatives of local nonprofit organizations attend the R3 Foundation Nonprofit Corporate Governance Symposium on Tuesday, June 14, 2022 at the Grand Cayman Marriott Beach Resort.

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