New Compliance Association Launches in Cyprus with the Support of the International Compliance Association
The Cyprus Compliance Association (CCA), a new body dedicated to promote the professional growth of governance, risk and compliance professionals, has recently been formed, with the support of the International Compliance Association (ICA), the leading professional body for the global regulatory and financial crime compliance community.
The CCA will be formally launched at an event at the University of Cyprus on 18 April 2024. The event will be introduced by ICA President Pekka Dare, Marios Skandalis, Honorary President and Founding Member of the Cyprus Compliance Association and Chief Compliance Officer at the Bank of Cyprus, and Andrea Moundi Savvides, Chair and Founding Member of the CCA and Global Director of Risk and Compliance at Harneys.
The formation of a compliance association in Cyprus follows the development of the compliance profession in the country, which has advanced considerably in the last decade both in numbers and status. From a simple control function, it has evolved into a strategic driver for all regulated and unregulated entities. Professionals are now seeking to adhere and comply with international best standards and practices. To facilitate this, businesses are allocating additional funding to compliance functions in recognition of the importance of compliance and the negative consequences of non-compliance.
ICA President Pekka Dare commented: “Although ICA has been working in the region for many years, the launch of a body dedicated to compliance professionals in Cyprus now means that ICA will be able to work closely with the CCA, in recognition of the profession, and extend its reach in the country. We welcome the establishment of CCA and support the achievement of their exciting mission in Cyprus.”
The CCA’s mission is to be a catalyst for integrity and excellence in governance, risk and compliance, through advocacy, training, and a community-focused forum. The CCA will work closely with ICA to provide support for their members’ development in their roles. Forming strong relationships in the public and private sectors, with regulators and governmental authorities, and providing learning opportunities within the community, will be key in the achievement of the goals of the CCA.
Marios Skandalis, Honorary President and Founding Member of the Cyprus Compliance Association and Chief Compliance Officer at the Bank of Cyprus, added: “the Cyprus Compliance Association (CCA) aspires to be the prime means of coaching and supporting all governance, risk and compliance professionals in Cyprus, not to merely adhere to the strict laws and regulations, but rather to successfully lead them in establishing an ethical culture and an uncompromised ongoing assurance that this is sustainably embedded in their daily work routine. This will set the CCA as the cornerstone and true reflection of our island’s reputation!”
The official launch event of the Cyprus Compliance Association will include a panel of regulators, moderated by ICA President Pekka Dare, discussing: “Financial Crime and Sanctions Circumvention Risks: The Regulators’ View.” It will be held at the University of Cyprus, University House Amphitheatre “Νicos K. Shacolas” Shacolas Educational Centre for Clinical Medicine Limassol Road No. 215/6, 2029 Aglantzia, Nicosia, on Thursday 18 April 2024 from 17:00 – 19:00 local time. A networking cocktail will follow.
About the Cyprus Compliance Association
The Cyprus Compliance Association is the newly formed, non-profit association dedicated to supporting compliance and wider GRC professionals in Cyprus. The formation of a community for all compliance professionals in Cyprus, marks an important milestone which recognises the importance of the profession and will provide an important source of networking, information sharing, development and internationally accredited certification opportunities. As the CCA develops, the organisation will execute its mission to become a benchmark of excellence in governance, risk, and compliance, redefining the landscape in Cyprus by fostering collaboration across all sectors whilst supporting the needs of all compliance professionals in Cyprus.
