- Ocean RE stars in a new Chapter of the World Compliance Association.
- The associated organizations are both public and private entities that wish to participate and promote best practices in compliance as an unavoidable ethical strategy.
- The First Congress of the Insurance and Reinsurance Committee will be held in October 2021.
Ocean RE
Due to their good practices and commitment to transparency, the World Compliance Association (WCA) has summoned the renowned reinsurance company Ocean RE to join them in an international non-profit formed by a variety of professionals and organizations interested in the world of compliance with the common objective of developing tools and processes to protect against possible violations in the sector.
Ocean RE meets with all the necessary requirements to be part of the association, among which are: having a local presence in Panama; being an obligated subject of any of the supervised sectors, in their case, Financial Subject of the Insurance and Reinsurance sector; having with a Regulatory Compliance Management; and being a corporation with interest and commitment to good practices.
Compliance, Ethics, and Corporate Governance
By having AML-CFT Legislation & Guidelines from its regulator in Barbados, to be members of the association provides an additional effort in the prevention from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities. We are in constant search of updating on the best practices of compliance, ethics, and corporate governance.
Affiliation with the Panama Chapter
The president of the association and prestigious lawyer Tabaré Albarracini, personally invited Ocean RE to be the protagonist of the Panama Chapter, joining the other ten existing chapters that have presence in some countries of America, Europe, and Africa.
Zuleymi Velasco, Head Compliance Officer of Ocean Re was granted the presidency of the Equality Committee as well as the organization and planification of the First Congress of the Insurance and Reinsurance Committee, providing the reinsurer participation in two important work commissions.
Although the affiliation is through the Panama Chapter, all Ocean RE offices at the regional level will benefit from this corporate connection. It is an advantage, since they are continuously reinforcing the knowledge of their employees to identify and evaluate the operational and legal risks faced by the organization and establishing internal and external mechanisms for prevention, management, control, and reaction to them.
Benefits Provided by the WCA
For the reinsurer, becoming a member of the association means giving continuity to the commitment and interest in the promotion of good practices to add prestige to the WCA brand and provide value to the other participating companies, thus guaranteeing the commitment to conduct transparent business.
The provided benefits by the World Compliance Association (WCA) are not only focused on the continuous improvement of the associated corporations; they are also focused on helping clients identify those organizations that seek to develop their activities in a scenario of compliance and good corporate governance, allowing them to work with suppliers without exposure to risks that may compromise their brand image, and of course, it provides great security by evidencing through external evaluations that the company fulfills the requirements established in the standards.
This alliance will contribute to the reinforcement of the reinsurer’s objectives and efforts towards prevention of money laundering, scams, and various crimes related to the management of the business line and personnel, as well as its corporate social responsibility plans.
As a result of joining the World Compliance Association (WCA), all team members from Ocean RE will also benefit from certification programs, participation as exhibitors in important events, and invitations to participate in different congresses, such as the First Congress of the Insurance and Reinsurance Committee to be held in October 2021.
Written in collaboration with Ocean Re.
BIO: Ocean Re is a reinsurance company with a clear orientation towards non-CAT P&C business segments, tending to clients throughout the Latin American region.
