Businesses know how the corporate world is increasingly shaped by complex regulation on the one hand and heightened stakeholder expectations on the other. That’s why, more than ever, boards and their respective C-suites are under considerable pressure to ensure that their organisations are well governed, resilient, and future-ready.

Colin Calleja, Founder of Risk Consulting, sees opportunity beyond the compliance exercise, as it enables businesses to thrive through clarity, foresight, and accountability.

“Too often, governance and risk frameworks are seen as cost centres or simply a regulatory obligation required by a tick box. But it shouldn’t be that way,” Mr Calleja challenges. “I prefer to view it differently. Good governance, when done properly, builds stakeholder confidence, protects reputation, and sets the foundation for sustainable growth. Especially in regulated markets, it can even be a competitive advantage as investors and regulators alike respond positively when they see clear accountability and mature risk management.”

Having launched his own independent advisory practice earlier this year, Mr Calleja brings with him more than two decades of expertise in risk management, internal audit, business continuity, and senior leadership experience in the financial services industry. In fact, he has worked across the entire industry, holding internationally accredited certifications.

For boards and senior executives navigating Malta’s evolving regulatory climate, this combination of technical expertise and board-level insight is invaluable.

“What you see is what you get,” Mr Calleja says, describing his personal, hands-on commitment to every engagement. “Running a boutique firm, we have the luxury of giving 100 per cent attention to each client, partnering with boards and leadership teams to help them move beyond box-ticking and turning governance into a genuine competitive advantage.”

Mr Calleja describes governance maturity as a journey. “Younger or smaller organisations may begin with basic compliance, but over time they are assisted in developing assurance maps, well-defined risk appetites tied to measurable indicators, and robust second and third lines of defence. It is not enough to have documents gathering dust on shelves. They must be living, measurable, and actively monitored.”

One of Mr Calleja’s strongest messages revolves around the impact and importance of having an independent external advisor or non-executive director who can provide unfiltered and truly objective perspectives along the way.

“Unlike insiders, an independent expert can go as far as challenging decisions and providing a fresh perspective to certain challenges, without the conflicts of shareholding or internal politics. Boards benefit from someone who can ask the difficult questions. It’s about strengthening decision-making and ensuring that strategies stand up to scrutiny,” Mr Calleja explains.

For many mid-sized companies, fully resourcing governance, risk, and internal audit functions internally can be difficult. Outsourcing or co-sourcing specific elements, such as internal audit or risk advisory, can bridge this gap while still providing boards with confidence that controls are robust and future-proof.

A major shift Mr Calleja advocates is moving risk management away from hindsight to insight.

“Instead of waiting for periodic internal audit reviews, it is crucial for companies to embrace a more contemporary approach to reporting, with modernised internal audit models that harness the power of in-depth analytics, KPIs, and maintaining dashboards for real-time monitoring protocols,” Mr Calleja argues.

“The most mature organisations don’t simply react to issues, they anticipate them,” he explains. “That is what builds resilience and positions a company for sustainable growth and long-term success.”

Malta’s regulatory environment is tightening, particularly for financial services and other heavily supervised sectors. Boards must also prepare for emerging digital risks, from cybersecurity and data privacy to AI governance, as well as evolving expectations around ESG (Environmental, Social and Governance).

“Regulation should set the floor, not the ceiling,” Mr Calleja notes. “Companies shouldn’t just aim to comply, but lead, building trust with regulators, investors, and clients,” he continues.

By proactively investing in governance and risk, organisations create the operational resilience to navigate uncertainty, whether it comes from regulatory shifts, market pressures, or technology disruption.

Ultimately, Mr Calleja leads Risk Consulting as a strategic partner to clients. His approach is deliberately personal, working closely with boards to translate regulatory codes into practical action that aligns with each organisation’s goals and ambitions.

“My role is to help organisations design frameworks that are fit for purpose, efficient, and credible. Frameworks don’t hinder growth, they enable it,” Mr Calleja concludes.