Business in brief: Mourant Ozannes hosts trust and private client forum

Global Head of Mourant Ozannes' International Private Client and Trust practice Jim Edmondson
Global Head of Mourant Ozannes’ International Private Client and Trust practice Jim Edmondson

Law firm Mourant Ozannes expects 150 trust and private wealth specialists from Cayman, the U.K. and the U.S. at its annual trust and private client event at The Ritz-Carlton, Grand Cayman on Oct. 7.

The lineup of speakers is chaired by Shan Warnock-Smith QC ICT Chambers (Cayman Islands) and 5 Stone Buildings (London) and Mourant Ozannes Global Head of International Private Client and Trust Jim Edmondson.

This year’s theme is “Shifting Sands – the shocks and aftershocks affecting the trust and wealth management business in 2016 and beyond.” Mourant Ozannes lawyers and speakers will discuss key issues for trusts and trustees in relation to transparency, information exchange and registers of ownership, insolvent trusts, resolution of trust disputes and disclosure of trust information.

Jim Edmondson, Global Head of Mourant Ozannes’ International Private Client and Trust practice, said the conference “has become a key event in the private client and trust world as it brings together leading specialists to debate key issues affecting the industry …. This year’s conference will be covering some key issues for trustees and their advisers. It promises to give attendees some real food for thought as well as practical direction to take back to their own organizations.”

The event is sponsored by Northern Trust and Smith & Williamson.

Jeff Millington, tax investigations partner at Smith & Williamson, said: “We look forward to speaking to delegates about important proposed changes to U.K. tax legislation, some of which are the subject of a very recent U.K. government consultation document.”

Ministry, Chamber continue series of small business workshops

The Ministry of Commerce has renewed its contract for hosting small business workshops with the Cayman Islands Chamber of Commerce.

The contract took effect on Aug. 18 and runs until the end of government’s current fiscal year on Dec. 31, 2017. Under the agreement, the Chamber will host 18 workshops in areas such as accounting, human resources and marketing, which are deemed relevant business topics for small and micro businesses.

The contract includes funding for workshop management services including venue booking and audio-visual equipment; advertising; workshop materials and personnel costs.

The Ministry said it chose to renew the contract after receiving positive feedback from attendees.

“Small businesses play an important role in our economy and Government is committed to supporting the efforts of local entrepreneurs,” Commerce Minister Wayne Panton said. “With the Chamber continuing these workshops, we’re confident that small business owners will be empowered by the amount of knowledge and expertise on offer.”

Chamber CEO Wil Pineau said the 90-minute, free workshops will take place monthly. The first session under the new contract is scheduled for Oct. 26.

“The Chamber is delighted that the Ministry has agreed to continue this working partnership,” Mr. Pineau said. “Numerous local entrepreneurs and small business owners have benefited from these workshops and seminars, which have been conducted by local and regional experts, addressing many essential topics.”

Health IT firm expands to Dubai

Ronco, a Cayman Islands based IT company, has won a consulting contract to assist GCI Group with the delivery of a project to the Dubai Health Authority.

The DHA launched its mandatory National Health Insurance program on July 1, moving from a state-funded system to a reimbursement model, similar to that of the Cayman Islands. The four-year, multi-facility, eight-figure dollar contract aims to allow the DHA to automate the revenue management and replace the traditional method of manually processing claims and scrubbing data.

Ronco Global Healthcare Solutions is the authorized representative for the GCI Group, a global software firm that has written and developed a health information system catering to hospitals, healthcare facilities, pharmacies and insurance providers.

“We have a unique, rules engine based software that allows us to apply any logic the client requires to automate what is currently a lengthy and high cost process,” said GCI Chief Executive Kana Thamby. “The software, which fully integrates with other clinical, financial and administrative systems, will allow for real-time claims resolution, eliminating manual errors, reducing claim times, accounts receivable, potential insurance abuse and dramatically reducing the time it takes for providers to get paid.”

“We are pleased to have been appointed by GCI to assist them with the DHA and other projects globally,” said Darrell Hines, managing director of Ronco Global Healthcare Solutions.

“The software is innovative, cloud and e-portal enabled and current. A provider, a pharmacy and a patient can have their claims processed in less than a fifth of the time it normally takes. The insurance company becomes more efficient and the end result is a better managed, patient-care system.”

CIMA welcomed 11 interns this summer.
CIMA welcomed 11 interns this summer.

Young Caymanians intern at CIMA

Kessean Mitto, CIMA scholarship winner
Kessean Mitto, CIMA scholarship winner

This summer, the Cayman Islands Monetary Authority welcomed 11 student interns – Janielle Scarlett, Dushun Wilson, Tamiyah Ebanks, Adrian Mackey, Andrew Thomas, Janelle Woods, Elythia Ebanks, Cline Glidden III, Keziah Ebanks, Mickeal Thomas and Candace Charles – who were placed in various divisions within CIMA.

Each year the authority provides career-development and work experience opportunities to young Caymanians and awards scholarships to students who are seeking to further their education in finance and business.

Ashleigh Powell, CIMA scholarship winner
Ashleigh Powell, CIMA scholarship winner

As part of its Thomas Jefferson Memorial Scholarship program for 2016, CIMA awarded scholarships this summer to Ashleigh Powell and Kessean Mitto. The scholarship is awarded to students pursuing higher levels of education such as a bachelor’s or master’s degree in a broad range of subjects in the business field.

Ms. Powell is pursuing a bachelor of business administration degree in cybersecurity at the University of Texas at San Antonio.

Mr. Mitto is pursuing his bachelor’s degree in economics and actuarial science at Illinois State University.

Acting Managing Director Patrick Bodden said, “At CIMA, we are firm believers in providing positive and real work experiences for our young people through our career-development and scholarship programs. We aim to make these opportunities stepping stones to a future career with the Cayman Islands Monetary Authority.”

During the past three years, CIMA hired five students after they completed their studies.