The Malta Stock Exchange (MSE) organised its first annual governance, risk and compliance (GRC) summit earlier in February.
The summit addressed significant developments within the financial and corporate regulatory space, as well as the challenges faced by practitioners in the financial services industry and beyond.
Held at the Westin Dragonara Resort in St Julian’s, the summit was attended by some 450 people.
It was aimed to be one of Europe’s premier summits in the GRC sector as well as the first to be held for years to come.
The summit featured a number of local speakers, including MSE executive chairman Joseph Portelli and Finance Minister Clyde Caruana.
International keynote speakers included representatives of institutions such as the European Securities and Markets Authority (ESMA), Deutsche Börse, the Bank of England, the German Institute for Governance and Psychology, L’Autorité des marchés financiers of France, the World Federation of Exchanges, the Italian CONSOB and others from around the world.
In between keynote speeches, a number of panel discussions were also held, with each panel discussion tackling topics such as the promotion of effective compliance and ethics frameworks, the detection of financial crime through an effective AML policy, the latest trends in financial regulation and supervision, the development of an effective internal audit program and the best practices in managing cyber security.
Portelli stated the need for a harmonious GRC corporate culture in today’s business environments.
“As the regulatory environment worldwide seems to be getting more onerous, regulatory scrutiny is on the rise. Good governance, risk management, and compliance is not only obligatory from a regulatory perspective but savvy executives appreciate that it is good business,” he said.
He added that the stakes in this regard have never been higher, and that the Malta Stock Exchange believes that it has a duty as a leader within the capital market of Malta to do all it can to foster an effective GRC culture, not just in Malta but also beyond its shores.
MSE chief officer Simon Zammit said the exchange has been an important contributor to the development of Malta’s economy for over 30 years by mobilising savings and channelling those savings into investments in companies and the state for productive growth-related projects and industries.
The MSE hopes the event will be held regularly and becomes a renowned and global event.