1. Financial Crime Prevention Capability Programme
Our top strategic priority is to achieve sustainable, long-term excellence in regulatory effectiveness, by increasing our capability to prevent financial crime, and supporting the Government’s programme for Combatting Financial Crime Together. A key aim of this strategic priority is to position ourselves to perform effectively in international assessments and embed this within our continuous regulatory effectiveness review cycle.
An important test of our progress will be the Island’s forthcoming round 5 MONEYVAL assessment. However, the journey will not end there. Following the on-site assessment in Autumn 2023, we will progress to the receipt and review of the draft Mutual Evaluation Report (MER), prior to its approval at the plenary in 2024.
We will seek to protect and enhance the Island’s reputation and future market access, encouraging new business to move to Jersey, a well-regulated international finance jurisdiction.
2. Digital Transformation
We aspire to be a digitally enabled Regulator and Registry, harnessing technology, and capitalising on the full potential of our data to make both the JFSC and the wider finance industry more effective and efficient. In 2023, we will focus on:
Consolidation and Clarity
We will consolidate and simplify our technology and data landscape to create capacity, increase agility, increase security, and promote clearer user understanding.
User Experience
We will focus on how technology can enable greater efficiency and effectiveness for users and improve their experience of working with us. Leveraging tools such as enhanced automation and straight through processing.
Build Digital Capability
We will continue to build skills, capacity and understanding of technology and data inside and outside the JFSC to foster digital capability. This will enable greater collaboration between users, business owners and our technology teams and will help to uncover the best ways to capitalise on technology and data utilisation. Increased automation will improve efficiency and reduce risk and our aim is to have fully digital regulatory submissions by the end of 2024.
Innovation Hub
Our Innovation Hub provides a direct and dedicated point of contact for firms developing or implementing innovation in financial services. In 2023, our Technology and Policy teams will collaboratively focus on skills development, delivering practice guides, and progressing simplification of our codes as a foundational step for future machine readability.
3. People & Culture
Our people strategy is an essential component of how we continue to build a high-performing organisation. We are creating a leading employment experience where our people role model our values and enjoy professional and personal development. We are investing in a wide range of learning interventions to build leadership and professional confidence and competence, for now and the future.
This strategy has a range of initiatives and programmes of work that aim to ensure:
- Performance: Our people have clarity on role expectations, performance outcomes, and take responsibility for delivering our strategic aims
- Leadership and people management: Our managers and leaders are inspirational and foster a high-performing environment where people thrive
- Development: Our people are well trained and work consistently to enhance the JFSC brand as an employer and a regulator
- Values and behaviours: Our people’s actions and behaviours enhance our brand and reputation as an employer and regulator
- Employment practices: We have modern and progressive employment practices that enhance our people’s experience and enable a high-performing work environment
- Strategic workforce planning: Our organisational design is future-ready, optimised for efficiency and delivery, and enables capability development
- People Risk: People risks are identified with mitigating actions in place.