7 minute read
LESSONS IN RESILIENCE: OVERCOMING ADVERSITY AND THRIVING IN THE BVI
Business Insight sits down with Riina Amalie Aab, Managing Director, SZC Management (BVI) Ltd
Riina Amalie Aab is currently Managing Director at SZC Management (BVI) Ltd, an office that she built from the ground up after arriving in the BVI in 2015. But it wasn’t always plain sailing for her as she worked to achieve her goal of creating a truly client-centric business, experiencing her fair share of challenges throughout. She talks to Business Insight about her BVI journey to date and shares her insights on how she managed to thrive in the face of adversity.
Born in Estonia, Riina held a number of international roles before first arriving in the BVI back in 2015.
“I first started my expansion manager career in 2001 when I visited my business’ daughter company in Latvia to provide support for an issue they were facing. From there, I took on several roles across the Baltic region before returning to Estonia to join an investment company as a compliance officer and internal auditor.
“Over this time, I discovered my passion for reporting and regulation so I decided to return to university to study part time for a BA in Economics.
“Then, in 2012 I was offered a position by my company at the time to become head of a new office based in Cyprus and obtain a license there. While there I also achieved a master’s degree in finance and banking.
“Though I have always been passionate about regulation, banking and finance, I was over 40 by the time I decided to learn more and take on my master’s degree so I always say that it is never too late to go back to university and study.”
THE NEXT INTERNATIONAL CHAPTER
In November 2015, Riina first visited the BVI to start the next chapter of her international career.
“Having been introduced to a business opportunity in the BVI by a colleague on my master’s course, I decided to find out more about the company and learn all I could about the country. I accepted a job in June 2015 and by November I’d made my first trip to begin the process of opening a new office here.
“When I first arrived, to be honest I was a bit confused – it’s not easy to set up completely afresh in a new country. I knew that before I could start a business here, I needed to understand the culture and background to know how to work with people successfully. “Thankfully, on my first trip I met many friends who have helped me over the years, including my future husband.”
OVERCOMING ADVERSITY
Just two years later, devastating Category 5 Hurricanes Irma and Maria had a life changing impact on Riina and her business.
“I took all of the safety recommendations very seriously and did everything I could to prepare my office and house for the disruption from the hurricanes. Even when my colleagues laughed at my preparations, I did my own research and took all of the recommended precautions which in the end saved my life.
“However, despite all my provisions, when the first hurricane hit I panicked and became a completely different person. When faced with something like that, you don’t always behave like you expect and I felt completely helpless.
“Being in a situation like that shows how resilient we can all be. As soon as the hurricane moved on, my boyfriend and I went out into the streets to help those that had been cut off. Before we were evacuated from the islands, a group of us also organised a community where we lived together for three weeks. We shared our food and worked together to repair the roofs to ensure our survival until we could be taken to safety.
Despite the challenges of the hurricane, Riina’s office was never far from her mind.
“When I was preparing for the hurricane, my first priority was how to save my business. I feel a very strong sense of responsibility for the people that trusted me here to represent them and the company is my baby.
“After the hurricane, I was heartbroken when I saw that my office building had lost its third floor. That said, if it had been the second floor we would have lost our whole office and, despite our preparations, who knows what would have happened to our clients’ records and documents.”
After being evacuated, Riina returned to Cyprus where she set up another new office to do BVI work while the country was in recovery. However, shortly before returning to the BVI she attended a routine medical check-up where she was diagnosed with breast cancer.
“Within the space of two months this was the second point in my life where I was not myself. I had never believed that anything like this could happen to me, and just like the hurricane, I had 24 hours of extreme panic.
“I had to change all of my plans and within two weeks I had surgery to remove the cancer. I am so grateful to the doctors and surgeons who helped me, not only physically but emotionally to give me peace of mind. Thankfully, I am now on course to make a full recovery.
“I feel very lucky with how things have turned out. It was only because of the hurricane that I returned to Cyprus, and only because of a change in my schedule that I had my check-up and received my diagnosis. For me, the hurricane was the last magic kick to get me to the doctor and save my life.”
PUTTING THE CLIENT FIRST
Despite her diagnosis, Riina’s chief concern was still for the business that she had left behind in the BVI.
“I went to our head office and spoke to my shareholders and management board. I explained the situation and that I would need to stay in Cyprus for my treatment, but my boyfriend would return to the BVI in my place to rebuild the office and get things back on track. Of course, he wanted to be with me, but I would prefer to feel the pain by myself as long as I knew that the office was in safe hands.
Looking back, the hurricanes and cancer have not changed Riina’s priorities in life. She remains dedicated to her career and it is clear that her clients will always come first.
“I think it’s inside me. I cannot change. It is not about money or power, but something drives me.
“For everyone who is working in this industry, your client should be your first priority. If you don’t have a client, then tomorrow you don’t have a business and the day after that you don’t have a job. This is important not only for all businesses, but the wider industry that we work in and for trust in the BVI.
THE FUTURE REMAINS BRIGHT
For Riina, who got married last September, the BVI has been good to her.
After reflecting on the last few years, Riina shares her outlook for the future of the BVI and some of the challenges the industry is facing. “The first thing I tell my clients is that if they were ever to see the BVI, they would never leave. People are fascinated by the islands and are always asking me about my life here.
“But it’s really important that along with the place and the lifestyle, our clients are aware of the BVI’s business priorities to protect its future. We need to assure our clients that confidentiality is one of the top priorities for the BVI, explain what that means for them and how it can help protect their business. Of course, things are changing on an international stage at the moment but the BVI will always remain consistent in its fight for people’s right to privacy.
“Another key development at present is economic substance which was recently introduced by the European Union. A lot of clients come to me with incorrect information about economic substance and there is a lot of false information out there. My advice to everyone is for them to speak to me or others in the industry in order to understand the facts about the legislation before looking into next steps if required.
“In my view, as long as we continue to share accurate information about the industry we work in and its latest developments, as well as working closely with our clients to solve any challenges as they arise, the financial services industry in the BVI will continue to prosper.”
