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FINANCIAL SUPERVISORY COMMISSION UNVEILS STRATEGIC ROADMAP FOR 2021-2025

The Financial Supervisory Commission (FSC) has released its strategic roadmap for the next five years, outlining its priorities to promote financial stability and integrity in the Cook Islands.

Priorities

According to the commission’s report, the strategic priorities will focus on:

  • Promoting public awareness and education of financial products and services
  • Strengthening organizational resilience
  • Enhancing digital interactions

PROMOTING PUBLIC AWARENESS AND EDUCATION

The FSC aims to improve access to information on everyday financial products and services for Cook Islanders. This includes:

  • Improving collation of information on its website
  • Exploring avenues to work with financial institutions to promote access to information
  • Increasing public awareness of fraud and scams, providing mechanisms for the public to raise complaints against financial institutions
  • Establishing an anonymous whistleblowing channel to address regulatory misconduct

STRENGTHENING ORGANIZATIONAL RESILIENCE

The FSC will focus on:

  • Remaining a trusted advisor to Government
  • Enhancing digital interactions, including modernizing its registry and improving accessibility and transparency
  • Managing operational risk
  • Ensuring stable and sustainable finances
  • Developing and supporting staff

WHAT SUCCESS LOOKS LIKE

Achieving these strategic priorities is expected to ensure the stability and integrity of the financial industry, promoting economic prosperity for Cook Islanders and others who participate in it. The improvements expected include:

  • A modern framework for managing risks
  • An evolving risk-focused approach
  • Better use of data
  • Improved interactions with financial institutions and the public
  • Readily accessible information
  • Engaged staff

WHERE TO FROM HERE?

The FSC will review its strategic roadmap at the halfway mark to ensure that it remains relevant and assess progress made towards each goal. The commission’s annual Statement of Corporate Intent for the coming years will also be guided by these strategic goals.

Conclusion

The Financial Supervisory Commission’s strategic roadmap for 2021-2025 aims to promote financial stability, integrity, and resilience in the Cook Islands, ultimately benefiting the country’s economic prosperity.