Strategic roadmap in depth
Jersey’s strong international reputation in financial services is critically linked to the reputation of the JFSC. To preserve and grow that reputation in a fragmented and fast-changing international market place, we must be dynamic, robust and increasingly effective.
We start from a position of strength as we embark on our journey - having invested significantly in developing our talent and technology, while engendering trust with islanders and the wider international community.
However, our environment is increasingly uncertain. It is characterised by limited global growth, rising expectations of regulatory effectiveness and the growing potential for misconduct in the sale of complex financial products.
We operate within a relentless cycle of technical innovation and rising related risks, such as the financial sector being manipulated into facilitating financial crime. To mitigate, we have laid strong foundations, including investing in an excellent workforce, enhancing our I.T. infrastructure and implementing a well-structured, risk-focused supervisory engagement model.
Our strategic roadmap builds on these strong foundations and focuses on allowing us to differentiate our approach to how we engage and oversee the many well-managed firms and individuals we regulate (the vast majority of our Industry) and the smaller number who fail, or threaten to fail, to live up to Jersey’s high standards.
As an organisation, we know that we cannot stand still. As your business evolves, so does ours. As the risks facing your business change, so do ours. As you respond to new developments, so must we. Because your businesses are becoming increasingly complex and technology-driven, we need to develop new, dynamic, risk-focused supervisory approaches.
In order to robustly respond to the risks we face, we have identified three key strategic priorities for the next four years:
- Build even more effective supervision
- Embed risk-focused choices throughout our work
- Strengthen our organisational resilience
Achieving these strategic priorities will enable us to meet our number one priority - championing the need to remain ahead of the financial crime threat, while also delivering on our commitment to be increasingly effective in all of our activities.
Like other regulators across the globe, we need to build our capacity to allocate our finite resources increasingly to the greatest areas of risk— supported by enhancements to our data and risk systems.
We have firm relationships with trusted partners who share our ambition to protect and enhance Jersey’s strong international reputation in financial services and recognise that we will only achieve our strategic priorities by continuing to work together.
We will focus, in particular, on ensuring that criminals are denied access to Jersey’s financial system, despite the constantly changing, forceful threat of financial crime.
Strategic roadmap 2020-2023
Our strategic roadmap does not include everything we intend to do over the next four years. It is a broad overview of our key projects. In 2020, our focus is very much on building our capacity to counter financial crime and this will continue into 2021.
Our vision is that, by 2023, we will be an integrated, dynamic, risk-focused, data-driven regulator with a powerful capacity to isolate and tackle that small minority of regulated businesses that threaten either Jersey’s reputation or its financial services consumers.
Digitally adept businesses will find that we have the systems to match theirs. We will have taken strong steps forward in how we use technology and we will have developed new functionality, such as improved data analytics and registry supervision.
Our ambition will enable us to focus on the challenges faced by 21st century regulators: engaging effectively with rising operational risk (often closely linked to technology), evolving to address new challenges and the imperative to realise even greater value from the data we collect and the skilled staff we employ.
With this strategic roadmap, we will build towards implementing our new supervisory methodologies in 2023.