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Business MattersQ4 | December 2016
kpmg.bm
Business Matters | 2
03 Is your business compliant?
05 Family Business Barometer 5th Edition
06 A new Brexit dawn for the UK economy
09 On the horizon: Revenue transition options
11 How smart critical thinking adds to the workplace success
13 KPMG in Bermuda support of TeamBDA
14 Felicia Govender promoted to Director
15 In the spotlight
In this issue
Business Matters | 3
Is your business compliant with the Anti-Money Laundering (“AML”) and Anti-Terrorist Financing (“ATF”) independent audit requirements of the Proceeds of Crime (Anti-Money Laundering (“AML”) and Anti-Terrorist Financing (“ATF”)) Regulations 2008 Act (“POCA 2008”)?
Testing of your AML and ATF compliance program is no longer a best practice, but a regulatory requirement of the POCA 2008.
From January 1, 2016, an independent audit is required under Section 17A of the POCA 2008 Act and is applicable to the following businesses:
AML and ATF regulated financial institutions:
• Banks and other deposit-taking businesses;
• Investment businesses;
• Long-term insurance businesses;
• Long-term insurance managers and brokers;
• Fund administrators;
• Money service businesses;
• Trusts;
• Operators of an investment fund within the meaning of section 2 of the Investment Funds Act 2006; and
• Corporate service providers.
Designated non-financial businesses and professionals, including:
• Real estate agents
• Professional legal advisers and accountants
• Dealers in high value goods
• Casino operators.
The AML and ATF audit must be conducted by a qualified independent third party or internally by independent persons.
The AML and ATF audit is required to provide and document an independent and objective evaluation of the robustness of the AML and ATF framework; the reliability, integrity and completeness of the design and effectiveness of the AML and ATF risk management function and AML and ATF
internal controls framework, and, the level of AML and ATF compliance.
The Bermuda Monetary Authority (“BMA”) Guidance Notes, released for consultation on February 1, 2016, outlines a minimum requirement for annual testing and for the AML and ATF audit to be carried out independently of any general audit. The AML and ATF audit results are required to documented, retained, and included in reports to senior management and the Board of Directors for timely action.
How can KPMG help?KPMG can assist you in meeting your independent audit requirements in a cost effective and efficient manner. We have a team experienced in performing AML and ATF audits using KPMG’s global AML and ATF methodology. This methodology focuses on the twelve key areas, outlined below, of an effective AML and ATF program, allowing us to gain an understanding of the elements of your AML and ATF compliance program and how these elements interface to
Is your business compliant?
By: Grant Robshaw, Manager, Advisory
02
03
10
11
07
4 | Business Matters
effectively meet your AML and ATF regulatory requirements.
Our assessment in the chart above will identify opportunities to enhance your AML and ATF program, in addition to testing compliance.
Why use KPMG?We offer an experienced Bermuda based AML and ATF team, who are Certified AML Specialists and with a deep understanding of the local requirements, including the expectations of the BMA.
Our structured approach has been developed based on our engagement
team’s experience within a number of leading financial institutions, as well as our knowledge of leading industry practices and unique insight into regulatory expectations with respect to AML and ATF and Sanctions.
Our approach is also based on our extensive experience assisting clients to enhance their AML and ATF programs, helping us to measure each client’s program against industry norms; and
We have extensive experience of successfully assisting clients with remediation projects, giving us a strong understanding of common findings identified by the BMA during inspections.
If you have any questions, or would like to discuss the AML and ATF independent audit requirements, please contact either:
Grant RobshawManager, Advisory+1 441 294 [email protected]
Stephanie RoosManager, Advisory+1 441 294 [email protected]
Know your customer (KYC)
Sanctions & Compliance
Customer and transaction monitoring
Regulatory reporting
Information sharing
Training & communication
Policies & procedures
Leadership & governance
Accountability
Business Risk Assessment
Compliance monitoring & independent training
Record keeping procedures
AML/ATF Compliance Programme
Controls
Training & communication
Record keepingMonitoring & testing
Governance & Strategy
Business Matters | 5
Family Business Barometer 5th edition
By: Steve Woodward, Managing Director, KPMG Enterprise
KPMG Enterprise have launched the fifth edition of the European Family Business Barometer, which seeks to measure the confidence levels of family-owned businesses across Europe.
Family businesses have proven once again to be successful and resilient. This important market (Europe has approximately 14 million family owned companies providing over 60 million jobs in the private sector) continues to demonstrate a high level of confidence and sustainable growth: 54% of surveyed family businesses report an increase in turnover in the previous year; 83% expect further growth in the coming year.
However, disparities between companies of different sizes are obvious: among large companies, 74% have increased sales against 57% among mid-sized companies, and 47% among small companies.
Although family businesses are optimistic, there are still major challenges inhibiting their growth. The biggest concerns this year related to attracting and retaining talent and political uncertainties, both cited by 37% of respondents.
The ‘war for talent’ has been steadily rising for the last 3 years (in 2013 it was not even among the top five), now reaching first place. A warning sign, as difficulty to compete for the best talent places pressure on family businesses and may impede their further growth.
Family businesses remain clear as to what drives their success: people and innovation. The rising importance of these two success factors is reflected in their high rankings in the list of priorities, as well as in sufficient investment allocations.
Among 73% of respondents including investments in their strategy, 52% plan
to invest in new technology and 47% on new hires and training, second and third investment priorities respectively. The biggest spending remains on core business.
Steve Woodward, Head of KPMG Enterprise in Bermuda, said, “The findings of the 5th edition European Family Business Barometer have many correlations to Bermuda based family businesses. Family businesses are planning for the future and place growth high on the agenda."
“Regardless of the chosen strategy – growing sales, tapping into new opportunities, or preparing to transfer the reins of the business – business owners are taking steps to further strengthen their companies.”
“Respondents to the barometer indicated that they are formalising governance structures (88% of respondents already have formal governance mechanisms in place), involving the next generation members in the company’s management (49%), and, when necessary, bringing in outside knowledge and expertise (79% of family businesses currently have non-family executives)."
“Overall, the Barometer indicates that despite the sluggish economic growth and recent nervousness within the European market, the family business community remains confident and optimistic about their outlook for the future.”
Jesus Casado, European Family Business Secretary General, said, “As we have become accustomed to, family businesses in times of political turmoil and uncertainty are the stabilising factor to our shared economies. Family businesses are doing their bit to create more growth and jobs.
“Our European leaders must do theirs by ensuring that family companies have the right framework conditions to prosper. Collectively, we must ensure that Europe remains competitive and the best place to invest and grow.”
Christophe Bernard, Global Head of KPMG’s Family Business Practice, said, “It is very encouraging to see that in spite of the recent upheavals in the European market, family businesses feel confident and optimistic about their future prospects and demonstrate positive performance."
“Family business owners seem to have found their keys to success; they actively rely on the traditional structures and cultural strengths and are taking steps to boost their companies’ professionalisation. Nevertheless, survey respondents expressed clear concerns about the intensifying ‘war for talent’, as their inability to compete for the best talent may hinder their further growth.”
Large companies are defined as those with turnover of over €50m, mid-sized companies –with turnover €10m-€50m, small companies – with turnover of less than €10m (EU definition).
For further information on this article, please do not hesitate to contact:
Steve WoodwardManaging Director, KPMG Enterprise+1 441 294 [email protected]
6 | Business Matters
A new Brexit dawn for the UK economyShort-tem scenarios to consider for planning ahead
By: Mark Allitt, Director, Advisory
Planning for a Brexit futureAs businesses and households recover from the initial shock of the UK’s vote to leave the European Union, their focus is turning to the implications it will have on the UK economy and on their future. It therefore seems like a good time for businesses to re-examine their strategies in light of the new realities.
We know little at present about the longer-term outlook. The extent to which the UK’s economy is impacted will depend on the extent to which the UK can negotiate favorable trade deals with EU and non-EU countries. That will remain unknown for some time. However, the short-term climate has also shifted dramatically so businesses should evaluate immediate plans across-the-board.
Our main scenarioWhile the UK economy performed well in the second and third quarters of 2016, and October retail sales were buoyant, these may not be a bellwether for future economic conditions. There are signs that businesses are treading water while they wait and see what deal is struck between the EU and the UK. The timing of when the UK government decides to trigger Article 50 will affect the uncertainty, with greater negative impacts the more messy and hostile the negotiations.
The new prime minister has already announced that, faced with the new challenges ahead, previous fiscal targets will be abandoned. This should see stronger government spending in coming years, though concrete plans may not materialise
until late in the year, with spending proposals beginning to take effect in 2017.
The uncertainty around the shape of Britain’s exit, and the prospects of a smaller internal market for those companies based in the UK are likely to hit investment hardest in our main scenario (see chart 1 below). Foreign direct investment that relies on Britain’s EU links will potentially be the most vulnerable, but other businesses are likely to adopt a wait-and-see attitude until things get clearer.
Consumer spending may also falter (see chart 1 below) as meagre pay rises and higher inflation erode households’ purchasing power, and a fragile housing market and vulnerable pension pots put pressure on their wealth.
Exports should benefit from the lower pound and add some momentum to growth, whereas imports should also moderate. Overall, this could see UK GDP growth easing to 1.5% in 2016 (from 2.2% last year), before a further decline to 0.5% in 2017.
The pound is expected to remain low and volatile in the short term, perhaps falling even further than the sharp decline we’ve already seen since the referendum results (see chart 2 on the following page) due to the twists and turns of trade negotiations and by the emergence of new economic and business data.
A low pound will cause a significant rise in inflation in coming months. How far inflation rises will depend in great part on the extent to which companies pass on the increased cost of imports to their customers.
We are likely to see a fine balance between a squeeze on profit margins – as companies look to absorb some of the costs – and higher prices of finished goods and services. The weaker the economy and the more flexible demand, the more companies will be cautious in passing on costs. Hence the picture will vary from industry to industry.
In response to expectations of a weaker economy, the Bank of England announced
Planning for a Brexit future
Our main scenario
Source: ONS, KPMG
Business Matters | 7
a package of measures on 4th August, including a cut to interest rates to 0.25% and further quantitative easing, designed to encourage lending by lowering borrowing costs. More measures could be announced later this year. However, the Bank has limited fire power to shelter the economy, with interest rates hovering just above the lower bound and low rates putting pressure on pensions, banks and insurers.
Stressing your plansThe uncertainties surrounding the current outlook are almost unprecedented. A lot will depend on the path the new government decides to take, as well as on the actions of businesses and households as more information emerges in regards to the exit arrangements.
The Brexit vote has put increasing pressure on the UK government to address net migration and meet its 100,000 target. A fall in net migration will have a larger proportional impact on the labour force than
on the overall population because migrants have higher labour market participation than the wider population. It is still unclear how far and how fast the government will move to address migration concerns expressed during the referendum. Our stress scenarios incorporate some of these possibilities, together with assumptions about further changes to the exchange rate and risk premium.
Our first stress scenario sees consumer spending fall and investment declining more sharply. Government spending picks up slightly and exports remain strong, but together they are not enough to offset the shortfall in demand, and the UK economy grows by 1.2% in 2016 before contracting by 0.7% in 2017. This stress scenario is somewhat akin to the performance of the UK economy in the early 1990s.
Our second stress scenario sees an even sharper contraction in investment and a more acute retrenchment by consumers. Export performance disappoints despite the weaker pound, although imports are
also curtailed thanks to softer domestic demand. A significantly weaker economy puts further pressure on government revenue, leaving it with little room for additional spending to boost the economy. The worsening environment sees the economy grow by only 0.8% in 2016, before contracting by 4.8% in 2017.
This stress scenario represents a much more significant setback to the economy, with overall economic performance broadly akin to that experienced in the Great Recession of 2008-9 (see chart 3).
Opportunities aheadIt would be wrong to plan for the short term challenges without considering the opportunities ahead. The weaker pound is already proving a boon to the UK tourism industry, benefiting a range of businesses from hotels and restaurants to retail. A weaker currency should help exporters expand and open new markets, and with imports more expensive, some UK companies will find it easier to compete in their home market.
Lower interest rates that will stay low for longer could prove a good opportunity to refinance and invest for the longer term, while higher inflation will see the real burden of debt reduced.
Beyond the new economic realities, the new government will have new priorities, which could offer opportunities across different industries. Some extra government spending could be forthcoming to support middle-sized cities as the government looks to narrow the income gap between UK regions – galvanising town centres, bolstering local trade, and boosting construction. Other opportunities are also bound to emerge, and it is important that companies are prepared to grab them, by putting their finances in order and re-evaluating their strategies.
For further information on this article, please do not hesitate to contact:
Mark AllittDirector, Advisory+1 441 294 [email protected]
Stressing your plans
Opportunities ahead
Source: ONS, KPMG scenarios
Source: Haver, KPMG
8 | Business Matters
Your Business MattersKPMG Enterprise is devoted to your business. We will even help you build it.
KPMG Enterprise believes that performance is not only measured by the service provided, but also by how well we understand our clients’ business and their needs. We go to great lengths to engage with your business in order to deliver clear customised solutions to our broad spectrum of Bermuda clients.
Key Contacts: Steve Woodward Head of KPMG Enterprise +1 441 294 2675 [email protected]
Felicia Govender Director, KPMG Enterprise +1 441 294 2649 [email protected]
kpmg.bm
KPMG in Bermuda are proud sponsors of Team
Bermuda in the Red Bull Youth America's Cup
© 2016 KPMG, a group of Bermuda limited liability companies which are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
Enterprise
Business Matters | 9
Identifying the optimal approach depends on a range of issues, so the answer may not be straightforward.
As companies prepare to adopt either the new IFRS or US GAAP standard on revenue recognition, one key decision needs to be made as soon as possible – how and when to transition to the new standard. And making that decision may not be straightforward.
The new standard offers a range of transition options. At one end of the spectrum, an entity can choose to apply the new standard to all its contracts – and retrospectively adjust each comparative period presented in its 2017-2018 financial statements if it waits until the mandatory effective date.
At the other end of the spectrum, an entity can recognise the cumulative effect of applying the new standard at the date of initial application – and make no adjustments to its comparative information. Optional practical expedients create additional alternatives which can simplify the restatement process or reduce the number of contracts that need to be restated. While these expedients may ease the transition burden for companies, they reduce comparability which can cause challenges for financial statement users.
The choice of transition option can have a significant effect on revenue trends and may also affect cost information. To identify the optimal approach, a company will need to consider a broad range of other business issues – from IT implementation plans to communications with
stakeholders. Companies may also need to consider the differences in the IFRS and US GAAP transition requirements which may result in significantly different outcomes.
There is no ’one size fits all’ approach to this complex decision. To help you choose the best transition option for your business, we have identified a set of core issues that will be relevant to many businesses – and some simple steps you can take now to inform your decision.
On the horizon: Revenue transition options By: Felicia Govender, Director, KPMG Enterprise
Transition at a glance1.1 What are the options?
Which option is best?
Retrospective method
(with optional practical expedients)
Entities recognise the cumulative effect of applying the new standard at the start of the earliest period presented.
They can also elect to use one or more of the practical expedients available. The practical expedients help to simplify how contracts are restated or reduce the number of contracts to be restated.
For entities applying IFRS, the expedients include an option to apply the new standard to only those contracts that are not considered completed contracts under current GAAP at the start of the earliest period presented.
Cumulative effect method (with optional practical expedients)
Entities recognise the cumulative effect of applying the new standard at the date of initial application, with no restatement of the comparative periods presented – i.e. the comparative periods are presented in accordance with current GAAP.
An entity may choose to apply the new standard to all of its contracts or only those contracts that are not considered completed contracts at the date of initial application.
Entities may also elect to use the practical expedient available with respect to contract modifications to simplify their restatement of contracts.
Entities who elect this method are also required to disclose the quantitative effect and an explanation of the significant changes between the reported results under the new standard and those that would have been reported under current GAAP in the period of adoption.
10 | Business MattersBusiness Matters | 4
1.2 How will the options affect your top line?
The different transition options allow an entity to apply the new standard from different dates and also to different populations of contracts. This means that the different transition options can significantly change the revenue numbers and certain costs presented.
Consider the following scenario. Under current GAAP, an entity recognised revenue of 100 for years 2015, 2016 and 2017 and would have recognised revenue of 100 for 2018. Under the new standard, the entity determines that its revenue would be 325, 25, 25 and 25 for the same periods. The following table illustrates the revenue numbers presented under each option.
1.3 What do you need to consider?
Entities need to consider the potential effects of each transition option on the trends in revenue and certain costs – e.g. contract acquisition costs – in the financial statements. To do this, they will need to understand how to apply each transition
option, and be able to answer the following questions:
• What is the effect of each transition option – e.g. will it mean that revenue from a contract is presented more than once, or will revenue deferred under current GAAP never be recognized in profit or loss?
• What is the effect of applying the practical expedients?
• What is the effect if costs that were expensed as incurred under current GAAP are now required to be capitalised and amourtised under the new standard?
There are also many qualitative factors, both internal and external, that will need to be weighed in considering the relative benefits, costs and complexities
of each transition option. For example, many entities rely heavily on IT systems for revenue reporting so they will need to consider the feasibility and costs of making required changes to their IT systems to comply with the selected transition option. Entities will also need to consider their internal controls and what additional controls and historical data may
be required under each adoption method. There is no ‘one size fits all’ solution – it will depend on each entity’s specific facts and circumstances, and which factors are most relevant. Some entities may consider comparability to peers or comparability between reporting periods to be most relevant, while others may prioritise the cost of implementation. In other cases, an entity may consider comparability as most important but determine that the retrospective method is not feasible because it cannot make the necessary system changes in the required timeframe at a reasonable cost.
What should you do now? The choice of transition option will have a significant effect on an entity’s overall implementation plan so it is important that entities start taking the following actions immediately.
• Perform a high-level gap analysis to identify potential drivers of changes in accounting for revenue and certain costs.
• Determine the contracts that may need to be restated and the information needed to restate them.
• Identify the qualitative factors that may influence the choice of transition option.
• Consider implementing a subgroup within the overall project team responsible for implementation to focus on transition option considerations.
• Develop an implementation plan.
If you are facing implementation challenges or would like to discuss any other accounting issues further, please contact Felicia Govender. You can also find more detailed information about the new revenue standard in our publication Revenue – Issues In-Depth.
For further information on this article, please do not hesitate to contact:
Felicia GovenderDirector, KPMG Enterprise+1 441 294 2649 [email protected]
Comparatives Current yearTotal
2016 2017 2018
Current GAAP
Revenue 100 100 100 300
Retrospective method
(no practical expedients)
Revenue 25 25 25 75
Adjustment to opening equity
2251 - - 225
Cumulative effect method
Revenue 100 100 25 225
Adjustment to equity - - 752 75
Notes:
1. Calculated as 325 - 100, being the amount of revenue that would have been recognised under the new standard in 2015 less the actual amount of revenue recognised in 2015 under the current GAAP.
2. Calculated as 375 - 300, being the amount of revenue that would have been recognised under the new standard in 2015, 2016 and 2017 less the amount of revenue recognised in 2015, 2016 and under 2017 under the current GAAP.
Business Matters | 11
What we call the ‘soft skills’ of workplace success are sometimes hard to define. While we can usually tell on the surface when employees lack certain soft skills, we can only help them improve if we provide personal development in specific abilities. Critical thinking is one of those soft skills that many organisations say they need in employees, and note people’s aptitude to think critically is not as prevalent as it once was.
A Society for Human Resource Management study reports that 70% of employees could benefit in their jobs by improving their critical thinking skills. According to a survey conducted by PayScale, a benefits and compensation information company, 60% of managers claim new graduates in their first jobs do not have the critical thinking and problem solving skills they need to do their work. (This number is followed by 46% who say young workers need to invest more time improving their communication skills). According to Pearson research, people who have scored well on critical thinking assessments are rated by their managers
as having the best potential to move up the organisation.
Smart organisations are starting to put a premium on smart critical thinking, treating it as an essential employee competency.
Defining critical thinkingThe first step in making critical thinking a higher priority is to get a clear understanding of what it means. Catherine Rezak, author of Developing Critical Thinking Skills in Today’s Leaders, sets the definition as “the ability to deal with contradictions and problems in a reasoned, productive way . . . It is thinking with a purpose.” Her definition is echoed by The American Psychological Association that defines it as “the objective analysis and evaluation of an issue in order to form a judgment.”
In many ways, critical thinking is the foundation we must all have to present information persuasively, debate ideas productively, facilitate the thinking of others and make decisions. Executive recruiters often note that the competency that
leaders need the most is strategic thinking, which hinges on critical thinking skills.
What do smart critical thinkers do well?
Journalist Christopher Hitchens once wrote, “The essence of the independent mind lies not in what it thinks, but how it thinks.’ So what are the ‘how’s’ of critical thinking? In other words, what can people learn how to do better to deal with contradictions and problems in a reasoned way?
1. Identify the assumptions you are making when you’re solving problems. We all make assumptions about facts, intentions and the needs of others. You should challenge yourself as to whether the assumptions you’re making are in fact really only guesses or biases that risk leading to you the wrong conclusion.
2. Challenge the assumptions of others. There is a saying among good critical thinkers that reads, “Jumping to conclusions is not actually exercise.” You’ll help others make better decisions if you help them look before they leap.
How smart critical thinking adds to workplace success By: Curt Peoples, Director, Learning & Development
12 | Business Matters
3. Be nimble at applying different organising schemes when analyzing information. Persuading others often starts with the systematic classification of ideas and experience. A good critical thinker can see the benefits of organising information in different ways in order to gain insights from different angles. Good critical thinking can easily break information into component parts, solve problems by moving from the simplest to the most complex, or look at the same situation from the viewpoints of different interest groups. The smartest person in the room is often the person who can dissect information in ways others don’t see.
4. Rely on structured decision-making tools to help others think through problems. Many of these start with stimulating individuals to consider the opposing sides of their current thinking. Familiar ones include the SWOT analysis, Divergent/Convergent brainstorming, and Force Field
analysis that ranks influences for or against change.
5. Be able to identify and label the faulty thinking of others. In college courses, these are called logical fallacies, e.g., the slippery slope, bandwagon effect and over generalisation. If you can gain the ability identify them as a business skill, can spot bad reasoning that overlooks the facts, steer others to better conclusions and win arguments.
Here’s a problem to solveThe five skills listed above will give you a full start at becoming a better critical thinker. They are abilities that companies should add to the resumes of their employees.
But, there is another dimension for those who want to work at it – brain game puzzles that demand analysis and acuity. So try this one:
‘You have nine marbles, all identical except that one weighs very slightly more than
the other eight. Using a set of balance scales only twice, how would you identify the heavier marble?’
Let us know if you get the answer. NO GOOGLING.
KPMG Bermuda offers a half-day open-enrollment course titled, Critical Thinking for Problem Solving and Decision Making. For information and a complete catalogue of our professional development programs contact:
Jennifer Outerbridge, Programme Administrator+1 441 295 5063 ext [email protected]
For further information on this article, please do not hesitate to contact:
Curt PeoplesDirector, Learning & [email protected]
Business Matters | 13
and the KPMG Round the Grounds junior running races.
Our firm believes in offering first rate training to young talented Bermudians, helping guide their hard work and dedication with providing them the opportunities of an international experience and training, enabling them to reach the peak of their careers. We are proud to do this every day - whether it’s with a young graduate accountant taking their first steps into business, or a young sailor pushing themselves on the water.
As proud sponsors of Team BDA, we congratulate the 11 exceptional athletes who have been selected to represent Bermuda in the Red Bull Youth America's Cup, being held on June 12-21, 2017 right here in Bermuda's waters.
Mark LaverySenior Manager Communications & Knowledge+1 441 294 [email protected]
KPMG in Bermuda’s Support of Team BDA KPMG in Bermuda has been a proud sponsor of Team BDA, Bermuda’s entry into the 2017 Red Bull Youth America’s Cup, since the Team’s inception in early 2015. Since that time, the firm has provided financial support, as well as taken an active role in partnering with the team to offer creative design, marketing support, and networking opportunities for members of the team.
KPMG’s approach to corporate citizenship is founded on the belief that business has a vital role to play in shaping stronger communities. To that end, KPMG was the team’s first local corporate sponsor, with our support of the team being based in the belief that the RBYAC sailing program is about far more than sports - but is also about providing a pathway to exciting new career opportunities for Bermuda’s young people.
In making our commitment to Team BDA, it was important to see that our contribution would benefit a broad spectrum of young athletes. KPMG representatives
have visited the Team's training camps throughout the course of sponsorship, and we can see that objective is being met.
The all-volunteer committee responsible for creating and managing Team BDA started out with over 100 applicants from a wide range of athletic backgrounds and experiences. After a grueling selection process, with months of hard work and training, the final 11 young Bermudians aged between 19 and 25 were selected to form the team, including; Conner Astwood, Mackenzie Cooper, Peter Dill, Philip Hagen, Mustafa Ingham, Emily Nagel, Owen Siese, Dimitri Stevens, Shomari Warner, Ceci Wollman and Danny Pell.
KPMG has a long history of corporate citizenship and social responsibility, with member firms across the globe giving to youth, education, health and athletic causes. Locally, KPMG in Bermuda is heavily involved in community sporting initiatives including football, cricket, rugby and tennis. KPMG is also lead sponsor of the KPMG Bermuda Front Street Mile
KPMG in Bermuda support of TeamBDABy: Mark Lavery, Senior Manager, Communications & Knowledge
14 | Business Matters
leadership team. She has built trusted relationships with her clients, something that is at the core of our business and reputation as trusted advisors to local businesses. It’s great to have her onboard as a Director and we are looking forward to expanding the range of services we offer to local and family-owned businesses outside of our core audit offering.”
Felicia joined the South African firm of KPMG directly after completing her articles in 2004, and moved to KPMG in Bermuda after spending three months on a short term secondment to the Dublin office. Felicia specialises in providing audit services to local clients and her experience covers International Financial Reporting Standards, Canadian Accounting Standards for Private Enterprises and Not-For-Profit Organisations and Public Sector Accounting Standards. She manages a diverse portfolio of local
KPMG in Bermuda is delighted to announce the promotion of Felicia Govender to Director in the Bermuda Enterprise team.
Steve Woodward, Head of Enterprise for KPMG in Bermuda, commented on this latest promotion saying, “We are very fortunate to welcome Felicia into the senior leadership team for Bermuda’s Enterprise practice. Felicia joined KPMG’s Investments & Banking practice in 2007, but had a real desire to work with our Bermuda-based businesses, and she transferred to KPMG Enterprise as a Manager in 2009. She was promoted to Senior Manager in 2012. Felicia has done an excellent job in providing a high level of service to our Enterprise clients over the past seven years and she fully deserves this promotion to Director”.
“Felicia brings a wealth of experience, industry knowledge and expertise to our
clients across industries including retail, wholesale and distribution, real estate, charities, public sector, legal services, tourism, shipping and transportation and telecommunications. Felicia is currently the Treasurer of the Bermuda International Shipping Association.
Ms. Govender commented “It’s an honour to join the Senior Leadership group of Bermuda’s Enterprise team. I look forward to working with the Managing Directors, our Head of Enterprise, Steve Woodward, and our Audit, Tax and Advisory teams in maintaining our market leading position in Bermuda.”
Felicia GovenderDirector, KPMG Enterprise+1 441 294 2649 [email protected]
Felicia Govender promoted to Director
Business Matters | 15
Pharmaceutical industries when she was in South Africa. Jane’s portfolio in Guernsey focused on private equity clients. Jane joined KPMG's Enterprise practice in Bermuda in August 2016, has been enjoying Bermuda both professionally and personally. In her spare time, Jane enjoys snorkeling, going to the driving range and exploring the island with friends she met in Bermuda, playing softball, volleyball, socialising with friends, relaxing with a glass of wine and a great book.
Chelsy FurtadoStaff Accountant, KPMG Enterprise
Chelsy was born and raised in Bermuda but has a heart filled with wanderlust. She
is a recent graduate holding an Accounting Degree from Acadia University in Canada and a Bachelor of Business Administration degree from the ICN Business School in
Jane LiangSenior Auditor, KPMG Enterprise
Jane was born and raised in China until the age of 14. Subsequently, she moved to
Botswana together with her family in 2012. After completing her GCSE’s and AS Level, she went to South Africa to pursue her tertiary education in 2008. Jane graduated from University of Cape Town with an undergraduate degree in Commerce, majoring in Chartered Accounting in 2011 as well as the Postgraduate Diploma in Accounting in 2012. From here she went on to join KPMG's Johannesburg office where she completed her training contract and became a full member of the SAICA (South Africa Institute of Chartered Accountants) in 2015. Subsequent to completion of her training contract, she transferred to KPMG's Guernsey office in the Channel Islands in 2015. Jane had three (3) years of external audit experiences in the Manufacturing and
France. She has previous work experience with Bacardi International Limited and KPMG in Bermuda as a summer intern.
Chelsy’s desire to learn and develop essential attributes needed to excel as an accountant and business professional has prompted her enrollment to study for the Canadian Chartered Professional Accountant designation with KPMG’s graduate training program. Outside of work, Chelsea seeks out every opportunity to travel and considers challenges as opportunities.
Chelsy Furtado joined KPMG Enterprise as a full-time staff accountant in October 2016.
In the spotlight
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