Compliance and Policy staff of MFMR conclude workshop on SOP

Honiara, October 20, 2023 — A highly productive weeklong workshop focused on Standard Operating Procedures (SOPs), successfully concluded at the Pacific Crown Hotel on Friday.

This workshop brought together compliance officers from both Noro and Honiara who engaged in discussions and also looked at recommendations or changes to be made on the SOP.

During the week, the officers looked at a range of issues including Regulatory Compliance in Dynamic Environments, Best Practices for Documentation, Risk Mitigation Strategies, Communication and Training, and Technological Integration.

The participants collectively discussed important details of the SOP and also made recommendations on the areas that need changes.

A central focus of the workshop was the importance of adapting SOPs to the ever-evolving regulatory landscape.

This adaptability is paramount for businesses aiming to stay in line with shifting industry standards.

The workshop also emphasized the importance of detailed documentation and accurate record-keeping, with compliance officers offering valuable insights. It also addressed sector-specific risks and developed strategies to enhance operational stability.

Speaking at the end of the workshop, supervising Deputy Director Offshore Division Samson Maeniuta thanked all the participants for their valuable contribution to the workshop saying he hoped this process will continue next year.

 “I hope next year we will continue to finalise and put it into a document paper to work on to make life easier for those using it,” he said.

Maeniuta said the next step is to give the recommendations to the policy unit for vetting before adopting it into MFMR’s Annual Operations Plan and continue to work on.

“At least it’s under our Monitoring Control Surveillance (MCS) strategy so yeah with one down its good,” he adds.

 

 

 

Francis Pituvaka

Communications Officer