Financial Supervisory Commission Sets Course for Financial Stability and Integrity
The Financial Supervisory Commission has released its Strategic Roadmap for 2021-2025, outlining priorities aimed at promoting public awareness and education on financial products and services, strengthening organizational resilience, and enhancing supervisory capabilities.
Promoting Public Awareness and Education
The Commission is committed to improving access to information on everyday financial products and services for Cook Islanders. This includes exploring partnerships with financial institutions to promote access to information and increasing public awareness of fraud and scams.
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 ongoing engagement and awareness around scams and fraud
- Seek cooperation with other stakeholders in government and industry
Strengthening Organizational Resilience
The Commission is committed to remaining a trusted advisor to the government, enhancing digital interactions, improving accessibility and transparency, managing operational risk, ensuring stable finances, and developing and supporting staff.
To achieve this goal, the Commission will:
- Continue promoting good working relationships with the Ministry of Finance and Economic Management
- Modernize its registry system and improve website usability
- Improve access to industry statistics and publications
- Strengthen management of operational risk assessment and internal controls
What Does Success Look Like?
Achieving these strategic priorities will ensure the Commission makes progress in promoting and maintaining the stability and integrity of the financial industry, ultimately contributing to the economic prosperity of Cook Islanders.
Success will be marked by:
- A modern framework for managing risks
- An evolving risk-focused approach
- Better use of data
- Improved enforcement and compliance
- Effective interactions with financial institutions and the public
Where to From Here?
The Commission will review its progress at the halfway mark to ensure its goals remain relevant and assess the progress made towards each goal. The Strategic Roadmap will guide the Commission’s annual Statement of Corporate Intent for the coming years and direct organizational improvements.
By achieving these strategic priorities, the Financial Supervisory Commission is committed to promoting a stable and secure financial industry that benefits all Cook Islanders.