Financial Supervisory Commission Unveils Strategic Roadmap for 2021-2025
The Financial Supervisory Commission (FSC) has announced its strategic priorities for the next five years, aimed at promoting and maintaining the stability and integrity of the financial industry in Cook Islands.
Strategic Priorities
The FSC’s Strategic Roadmap 2021-2025 focuses on four key areas:
- Regulatory Framework: Modernizing the regulatory framework to provide a solid foundation for managing risks and facilitating innovation in the financial industry.
- Risk-Focused Supervision: Applying a risk-focused approach to all supervisory activities, with better use of data collected to inform risks and supervisory actions.
- Compliance and Enforcement: Implementing an enforcement and compliance model that accommodates prompt resolutions with financial institutions that acknowledge their failings. Challenging engagement on all aspects of financial misconduct compliance is also expected.
- Organizational Development: Improving interactions with financial institutions and the public, particularly through digital channels, and prioritizing improved customer service, efficient Registry systems, staff engagement, and professional development.
What Success Looks Like
Achieving these strategic priorities may look like:
- A modern framework that provides the foundation and tools to manage risks and facilitate innovation in the financial industry
- An evolving risk-focused approach for all supervisory activities
- Better use of data collected
- Improved interactions with financial institutions and the public
- Challenging engagement on all aspects of financial misconduct compliance
- Improved customer service
- An efficient Registry system
- Staff that are engaged with their work and encouraged and supported in their professional development
Where To From Here?
The strategic roadmap will guide the commission’s annual Statement of Corporate Intent for the coming years, as well as direct organizational improvements. A review of this Roadmap is planned at the halfway mark to ensure its relevance to the commission and assess progress made on each goal.
“We are committed to delivering on these promises and making a positive impact on the financial industry in Cook Islands,” said [Name], CEO of FSC.
This strategic roadmap is an important step towards promoting and maintaining the stability and integrity of the financial industry, and the FSC is committed to achieving its goals.