Three Bermudian women have launched a new consultancy firm that will help companies on the island with their compliance, operational risk management and money laundering reporting.Compliance Matters Bermuda Ltd (CMB) officially opened for business yesterday and offers a wide range of services to financial and professional services clients.Led by director and founding partner, Tina Jamée Laws, CMB claims to be one of the first professional compliance advisory firms to be established in Bermuda. Comprising CMB’s advisory team are L Lanan Banscome, senior adviser, anti-money laundering solutions and Claire Fox, senior adviser, operational risk solutions. Together, the three have more than 40 years experience in compliance and risk management — areas that are growing in demand right now.“This regulatory environment is a dynamic one and every year more regulatory controls are introduced,” Ms Laws said. “In fact, there were more than 14,000 changes to regulations governing organisations — both new regulations and revised rules — implemented around the world last year.”In addition to compliance with Bermuda’s own stringent and ever-evolving regulations, because so many businesses here have ties to the UK, US, Asia and other regions, many Bermuda-based companies must also keep up and comply with international regulations.CMB says it can help clients meet those local and international regulatory requirements through a range of services including compliance advice, support and training, anti-money laundering and antiterrorism legislation advisory, Bermuda Monetary Authority licence applications, establishing and reviewing policies and procedures, assistance in setting up an internal compliance department, operational risk management services pertaining to Pillar I and Pillar II Basel II framework requirements.“At the rate of 60-plus regulatory updates being introduced daily, it is increasingly challenging for companies — even those with their own, dedicated compliance and risk management departments — to keep on top of all the changes,” Ms Laws said.“But with substantial penalties and business restrictions being levied on non-compliant companies, it is more important than ever for them to keep abreast of the regulations and ensure their controls and procedures remain relevant and appropriate. That’s where CMB comes in. The company can provide complete turnkey compliance services or tailored advisory services as needed.”