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Cook Islands Financial Supervisory Commission Unveils Strategic Roadmap for 2021-2025
The Cook Islands Financial Supervisory Commission has released its strategic roadmap for the next five years, outlining key priorities aimed at promoting public awareness and education on financial products and services, as well as strengthening its organizational resilience.
Promoting Public Awareness and Education
The commission’s fourth strategic priority focuses on improving access to information on everyday financial products and services for Cook Islanders. This includes enhancing the availability of information on financial institutions’ websites and exploring partnerships with industry players to promote public awareness of financial education and fraud prevention.
- To achieve this goal, the commission will:
- Improve collation of information on its website
- Form partnerships with financial institutions to promote access to information
- Increase public awareness of scams and fraud
- Provide simple avenues for the public to raise complaints against financial institutions
Strengthening Organizational Resilience
The commission’s fifth strategic priority is dedicated to strengthening its organizational resilience. This includes maintaining good working relationships with government agencies, enhancing digital interactions through modernized registry systems, improving accessibility and transparency, managing operational risk, ensuring stable finances, and developing staff skills.
- Some of the key initiatives under this priority include:
- Upgrading the registry platform
- Reviewing international requirements for access to information on the registry
- Improving customer experience
- Strengthening management of operational risk assessment and internal controls
- Promoting the use of local expertise when necessary
What Success Looks Like
Achieving these strategic priorities will enable the commission to promote and maintain the stability and integrity of the financial industry, ultimately contributing to economic prosperity for Cook Islanders and others who participate in it. The expected outcomes include:
- A modern framework for managing risks and facilitating innovation
- An evolving risk-focused approach to supervision
- Better use of data to inform risks and supervisory actions
- Improved interactions with financial institutions and the public
Looking Ahead
The commission will review its strategic roadmap at the halfway mark to ensure relevance and assess progress towards each goal. The roadmap will also guide the commission’s annual Statement of Corporate Intent for the coming years and direct organizational improvements.