Financial Supervisory Commission Unveils Ambitious Plan to Strengthen Regulatory Framework and Support Financial Institutions
The Financial Supervisory Commission (FSC) has announced a comprehensive strategic roadmap for the next five years, aimed at promoting the stability and integrity of the financial industry in Cook Islands.
Focus on Strengthening Regulatory Framework
According to the plan, the FSC will focus on strengthening its regulatory framework to better manage risks and facilitate innovation in the sector. This includes:
- Developing a modern risk-focused approach for all supervisory activities
- Improving the use of data collected to inform risks and supervisory actions
Enhancing Enforcement and Compliance Model
The commission also plans to enhance its enforcement and compliance model, with a greater emphasis on:
- Prompt resolutions with financial institutions that acknowledge failings
- Challenging engagement on all aspects of financial misconduct compliance
Improving Interactions with Financial Institutions and the Public
In terms of interactions with financial institutions and the public, the FSC aims to:
- Improve customer service and efficiency through digital channels
- Make readily accessible information available on regulatory guidance, current and emerging issues for the industry, statistics, and educational material
Key to Success: Engaging Staff
The commission’s staff will also be key to its success, with a focus on:
- Engaging employees in their work
- Encouraging them in their professional development
- Improving internal performance review programs
- Providing structured training in areas such as cybersecurity risks and leadership
What Success Looks Like
The FSC’s success will be marked by several key improvements, including:
- A modern framework that provides the foundation and tools to manage risks and facilitate innovation
- An evolving risk-focused approach for all supervisory activities
- Better use of data collected to inform risks and supervisory actions
- Improved enforcement and compliance model with a focus on prompt resolutions
- Increased transparency and accessibility of regulatory guidance, statistics, and educational material
- Enhanced customer service and efficiency through digital channels
- Staff that are engaged in their work and encouraged in their professional development
Conclusion
The commission’s roadmap is set to guide its annual Statement of Corporate Intent for the coming years and will help direct organisational improvements. The ultimate goal is to create a modern framework that provides the foundation and tools to appropriately manage risks and facilitate innovation in the financial industry, promoting economic prosperity in Cook Islands.