D e f i n i n g r i s k s f o r b e t t e r d e c i s i o n s
ALL ABOUT IAA
IAA is an aquaculture risk assessment and analysis business with extensive experience in both marine and freshwater aquaculture on the Canadian and U.S. Atlantic coast. The IAA Management Team is well established in the aquaculture industry with considerable expertise in such areas as: site selection and operations; the design, construction and operation of seacage systems; the design and operation of fish hatcheries and land based closed water systems using both flow-through and recirculation technology; the installation and maintenance of marine anchor and mooring systems; the cultivation of various species including Atlantic salmon, Rainbow trout and Arctic charr; aquaculture risk assessment, analysis and management; and, public administration.BACKGROUND
IAA’s core business is to conduct aquaculture risk assessments for the purpose of defining risks for better decisions. The IAA risk assessments will assist potential developers, government institutions, investors, lending institutions and insurance providers by supplying them with better information to make sound business decisions related to both marine and freshwater aquaculture operations. IAA’s expertise and service is a valuable tool in the evaluation of all types of aquaculture activities including finfish and shellfish production.
The range of services provided by IAA is also taken to include Interim Management Services where creditors must foreclose on operations and a need for either short or long-term interim professional management is required. In addition, IAA can be a valuable service provider to purchasers of aquaculture sites as an independent auditing function as part of the “due diligence” process.
While there is an established marine and freshwater aquaculture industry in the Atlantic Region in both Canada and the United States, sites are seldom if ever inspected or audited by a competent authority to evaluate site suitability and quality of operations. In all other business sectors where significant dollars in investment capital is required, a risk assessment of the site and structures is necessary; however, such assessments are seldom required in the aquaculture industry. “International Aquaculture Assessments Inc.” (IAA) is capable of and is prepared to provide such a service to the North American aquaculture industry.IAA INC.
IAA’s Mission Statement is to: “Define risks to make better decisions”. IAA’s role is to assess the capacity of an area to support an aquaculture operation, to identify both the strengths and the weaknesses of any given development proposal and where sites are now in operation to assess or audit them on an on-going basis to ensure that the owner’s and the lender’s investment dollars are secure. IAA is also in a position to conduct audits to ensure compliance with industry led Codes of Practice, Codes of Containment and Bay Management Agreements, all of which are self-imposed operating standards, and to issue statements of compliance recognizing the high standards set by industry. IAA can provide a contract service to the government agencies that often lack the internal resources to conduct timely evaluations of aquaculture site applications and subsequent to approvals are seldom able to do follow-up audits to ensure compliance with the operating conditions.
Given that the governments of the Atlantic Provinces and the State of Maine feel that there is growth potential for finfish aquaculture in their particular regions, the need for risk assessments should increase as it will provide data critical to the decision-making process particularly with the Government of Canada’s requirements under the Navigable Waters Protection Act (NWPA) and the Canadian Environmental Assessment Act (CEAA) requirements.
IAA is further able to provide administrative services to the existing aquaculture industry in such areas as handling matters related to aquaculture leases and licences. It would not be unreasonable to expect that many of the salmon growers in the Atlantic Region are often in need of professional assistance to handle the administrative functions to assist with applications for new sites, occupancy authorizations, environmental approvals and to assist with policy matters.
Other potential client groups include banking or financing institutions who may have a need for risk assessments to be conducted not only to assess the capacity of an area to produce positive results but also to assess the operations on an on-going basis to ensure that the lenders investment dollars are secure. It is anticipated that given the current economic conditions and the need to minimize operational costs, many growers will attempt to reduce costs by taking higher levels of risk on site maintenance and repairs. Consequently, the need to conduct audits on a regular basis will be critical to protecting the creditor’s and the insurers dollars in the aquaculture industry. Similar to other industry sectors, the risk of financial failure and receiverships is much higher in times such as those being experienced by today’s global industry. IAA is also strategically positioned to provide Interim Management Services to secured creditors and receivership firms who find themselves in unfortunate situations where they must foreclose on operations to protect their investment. IAA can supply short or long-term interim management when creditors or receivers have a need to restructure an aquaculture business either for eventual disposal of the assets or installation of a new and permanent management group.
IAA can also play an integral role in the acquisition of aquaculture operations. Generally there is a “due diligence” period from the time of signing an agreement of purchase and sale to the actual closing when the purchaser is provided with the right to inspect the equipment to confirm the quantity and quality of assets to be acquired. IAA can provide that independent audit for the purchaser and the audit may not necessarily be limited to the physical assets such as site equipment. The audit can also include a physical count on the numbers of fish to be acquired.
The aquaculture industry in North America is now faced with the challenge of rising development costs combined with lower profit margins now making it more critical than ever for owners and operators to provide the public, government agencies, lenders and insurance providers with a greater degree of confidence in the industry. IAA could play a significant role in helping to increase investor confidence by way of conducting risk assessments on marine and freshwater aquaculture sites. These assessments constitute an independent validation of the information provided when an application is filed with a government agency, lending institution or insurance provider, it will identify both the strengths and weaknesses of any given site or operation plus through the implementation of an annual auditing process it will identify areas where site operations may have to be adjusted based on a matrix analysis. IAA is strategically located on the Canadian / US border in St. Stephen, New Brunswick where it can provide a service on both sides of the international boundary as well as catering to global needs. The IAA principles collectively have well in excess of fifty (50) years of experience in all phases of the aquaculture industry including site evaluations and allocations, site operations in the marine and freshwater environments, environmental monitoring and public administration. IAA will provide a high level of sophistication in the site evaluations, it can evaluate risk factors affecting the integrity of the equipment and stock on site. IAA will further assure both timeliness and quality in the deliverables provided through its’ aquaculture risk assessments.
International Aquaculture Assessments Inc.
22 Rushton Street
New Brunswick, Canada
Tel: (506) 466-2624 * Fax: (506) 465-8690
BOOKMARK our Web Address: turn.to/IAA