Strategic Priority 1: Build even more effective supervision
While focusing significant attention on the legal framework for regulation over recent years and the organisational structure to support this, we have also worked hard to develop an effective supervisory methodology that continues to instil trust around the world. This work has been hugely beneficial. We now have a much deeper understanding of the businesses we regulate and a much improved examination methodology. There is, however, more that we can and must do.
Over the next four years, we will focus our attention on becoming even more dynamic and responsive in the way we conduct our analysis, examinations, remediation oversight and enforcement. We will develop the capacity to look at key emerging culture and I.T. risk indicators and we will leverage our supervisory expertise to develop a registry supervision function.
We will focus on identifying poor conduct through our supervision.The better we are at supervising, the more time we expect to spend on businesses which are failing to meet compliance standards. Consequently we will spend less time engaging with compliant businesses.
Digitisation, cyber risk, outsourcing and artificial intelligence are evolving phenomena that require continual improvement of our supervisory capabilities. As developments continue rapidly so will our supervisory responses.
Our strategic roadmap clarifies our focus, particularly through our priority to embed risk-focused choices throughout our work. This clarity will highlight activities we have always done that need to be refreshed or possibly set aside. It will also support the evolution of our supervisory methodology.
To enable the evolution of our supervisory approach, we will make continual improvements to the Registry, computer systems that support our processes and our portals so that, by 2023, we will be better placed to test and demonstrate how well our supervision is working.
Focusing on fighting financial crime
We will strengthen our capabilities as financial crime supervisors with clear outcomes
We will identify and respond to breaches, as well as share lessons and analysis with our stakeholders
We will work with Government and Industry to prepare for the MONEYVAL assessment.
Developing our supervisory approach
We will conduct focused projects on how we engage on cyber risk and culture
We will carry out a structured review of our licensing process, looking at what is working best and what we can learn from practices elsewhere
We will develop internal resource management so that we increasingly allocate supervision resources in line with our risk model
We will develop our approach to how we use our enforcement powers so they have the most positive impact
We will develop a supervisory function to assess ongoing compliance with Registry legal obligations.