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MiMAP conducts Governance and Anti-Money Laundering Workshop and releases Good Governance Handbook for Mi-MBAs

Posted at July 18, 2019 | By : | Categories : Newsletter | 0 Comment

Manila—From October 24-26, MiMAP (RIMANSI) conducted the Governance and Anti-Money Laundering (AMLA) Workshop for Mi-MBAs at the City Garden Suites, in Ermita, Manila for the purpose of imparting concepts—principles and practices—in corporate governance including  matters on compliance, performance standards, governance scorecard and role of the board of trustees in a mutual microinsurance context.

9cFor the first day of the workshop, focus was placed on money laundering and AMLA regulations, particularly Joint Memorandum Circulars (JMCs) and IC circulars related to AMLA and other regulatory requirements for Mi-MBAs. To start off, MiMAP Program Officer Ms. Hannah T. Mejia, provided a brief background on microinsurance which was followed by MiMAP Executive Director Mr. Jun Jay E. Perez who provided a brief discussion on Mutual Benefit Associations (MBA). Financial Crimes Investigation Group Bank Officer Atty. Adrian A. Arpon of the Anti-Money Laundering Council then provided an overview on Anti-Money Laundering Law—explaining what it is and the principles behind it.

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Then, from the Life /MBA/Trusts Division of the Insurance Commission, Senior Insurance Specialists Ms. Lorena C. Barrera, and Mr. Allan M. Abella provided the sessions on Governance in SEGURO Indicators (Enhanced Performance Standards) and the IC Regulatory Compliance Requirements, respectively. The last resource person to speak for the first day was the Director Mr. Roberto T. Bascon, Jr. from the Institute of Corporate Directors. He primarily spoke of the ACGS under the context of the 2017 ACGS results.  He discussed the ACGS and the rationale behind it, as well as related IC circulars and advisories, the ACGS performance scorecard, the sections and the scoring, and the 2017 results.

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On day two of the GAW, the focus was on corporate governance principles and practices with particular focus on the trustees of Mi-MBAs. Ms. Eulalia A. Villanueva provided her experience as the former BOT president of CARD MBA as a testimonial to the corporate governance practices of CARD MBA. She introduced her personal background and involvement with CARD MRI followed by the significant experiences she encountered regarding the election and obligations of the CARD MBA Board of Trustees. Included in her testimony are the good governance practices that she identified as being practiced by CARD MBA. She also shared the challenges experiences and lessons learned as a member of the board. To conclude, she shared some parting words and advice to the new board members.

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Society of Risk Management Professionals, Inc. Chairman and Founder Dr. Pedro P. Benedicto, Jr., FICD then provided the introduction to corporate governance, and the roles and strategies that the board can take in fostering these principles. He provided advice on how to structure the board in respect to good governance⁠—detailing the formation, operation, guidance and tools that the board can consider and utilize. He further expounded on the role of the board in bringing in corporate governance to Mi-MBAs. Matters included the agenda the board can adopt (i.e. protocol, board meetings, board committees) and other tools for board assessment and strengthening.

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Next, Ms. Elma V. Galamay the former BOT president of ASKI MBA, gave her own testimony similar to Ms. Villanueva. Likewise, she shared her personal background and involvement with ASKI MBA, the good governance practices of ASKI MBA, and the challenges, experiences and lessons learned as a member of the board.

The last speaker for day two was SEDP President-CEO Rev. Fr. Jose Victor E. Lobrigo, FICD who focused on the policy and strategy role of the board. For the most part, he detailed the board processes with emphasis on board issues and performance, the issue of conflict of interest related to party transactions and the optimization of board involvement and development program.

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For the third and last day, RIMANSI and RMSI conducted the majority of the sessions with emphasis on the Mi-MBA and mutuality model and concept. Mr. Perez began the first day by starting with performance management of Mi-MBAs. He presented monitoring and accountability measures for the conduct of Mi-MBA board members. Following this, MiMAP Independent Trustee Mr. Camilo G. Casals conducted the segment “Making Mutuality Work: A Draft Framework.” In this section, he introduced the concept and principles behind mutuality; he details how this is contextualized as a business principle and in the management of Mi-MBAs. He also discussed how mutuality can be practiced by the board of directors towards good governance.

To cap off the GAW, Business Development & Operations Manager Ms. Melanie Claire G. Ticzon presented microinsurance products and services developed by RMSI for Mi-MBAs. Lastly, CARD MBA President Ms. Violeta G. Aquino then provided the closing remarks summarizing the key points of the discussions for a short recap to end the workshop.

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Concurrently, the Good Governance Handbook was distributed during the workshop. As the name suggests, the book primarily hopes to aid Mi-MBA practitioners in maintaining good governance practices, especially in the context of the anti-money laundering act. The handbook identifies that it seeks to provide practical reference and modules on the following:

  1. Governance work in relation to Anti-Money Laundering Act (AMLA), SEGURO/SEGURADO Indicators (Enhanced Performance Standard), Insurance COmmission/Other Regulatory Bodies’ compliance requirements, ASEAN Corporate Governance Scorecard;
  2. Understanding Corporate Governance concepts and principles;
  3. Roles and responsibilities of the Board of Trustees;
  4. Organizing the Board;
  5. Effective management of Board Meetings; and
  6. Board performance evaluation