In a recent conversation with Tomell deSilva Ceasar, Co-founder of the Middle East and Africa Compliance Association (MEACA), we delved into the motivations, challenges, and future of compliance in these regions. Here are the key insights from our discussion.
Founding MEACA: Vision and Mission
Tomell, along with Elvis Angyiembe, co-founded MEACA in 2022 with a clear mission: to unite and support the compliance community in the Middle East and Africa. Recognizing the immense economic potential of these regions, MEACA aims to address the compliance risks that often deter foreign investment. The association has grown into a movement of thousands of compliance professionals, driven by a passionate board of directors. Their goal is to promote international best practices and empower compliance professionals to enhance transparency, governance, and the rule of law.
Challenges in Compliance: A Comparative Perspective
Tomell highlighted the significant differences in compliance challenges between the Middle East, Africa, and more regulated markets like the US and Europe. Using Transparency International’s Corruption Perception Index as a reference, he noted that many African nations score below average, indicating higher perceived corruption. This reality makes doing business more difficult and necessitates robust compliance structures to combat unethical practices. However, he emphasized that corruption is a global issue, affecting even countries with strong regulatory frameworks. Compliance professionals worldwide face the daunting task of rooting out corruption to improve societal and commercial environments.
Strategic Partnerships and Programming
MEACA’s success is heavily reliant on strategic partnerships with global institutions, including regulators, law firms, consulting firms, and private enterprises. These partnerships enable MEACA to deliver cutting-edge programming to its members, enhancing their skills and knowledge. The focus is on empowering each corporate compliance professional. By improving the capabilities of compliance professionals, MEACA aims to foster a more ethical and transparent business environment.
Future of Compliance and Technology
Tomell discussed the ethical challenges posed by advanced technologies like AI, machine learning, and robotics. He stressed that while these technologies offer significant benefits, they also present unprecedented ethical and moral issues. Compliance professionals will play a crucial role in addressing these challenges, ensuring that technological advancements do not lead to harmful consequences for society. He urged the compliance community to expand its remit beyond regulatory compliance to address broader ethical issues, positioning compliance as a strategic function within organizations.
Advice for the Croatian Compliance Association
When asked for advice for the Croatian Compliance Association, Tomell recommended focusing on empowering individuals through education and networking. He emphasized the importance of informal networking sessions, webinars, in-person events, and roundtables to share best practices and enhance the capabilities of compliance professionals. By fostering a strong community and providing diverse programming, compliance associations can significantly impact their regions.
Tomell deSilva Ceasar’s insights underscore the critical role of compliance in unlocking the economic potential of the Middle East and Africa. Through strategic partnerships, robust programming, and a focus on ethical challenges, MEACA is paving the way for a more transparent and just business environment. He encourages compliance professionals to continue to evolve and address the complex issues posed by technological advancements, ensuring a better future for all.
For more information on MEACA and its initiatives, visit their website (www.me-aca.com/) or contact their team directly.
Interview is made by Vinko Berković