Operational updates

Alongside strategic delivery, our divisions will continue our work to improve core functional operations. 

Policy

We will continue to monitor emerging industry trends, evolving and managing risks as they arise. This will include the continued simplification and, where relevant, rationalisation of published guidance notes to ensure they provide as much clarity as possible while remaining principles-based in nature. We continue to welcome the opportunity to meet with industry participants and the public to receive constructive feedback on this.

International engagement and relations remain a key foundation of what we do. In support of this, we will be undertaking a review of our current memoranda of understanding, enhancing and refreshing them where necessary.

Registry

Alongside delivering on our digital transformation workstream, another key focus for 2024 will be collaborating with Supervision to hold, where possible, joint examinations.

Supervision

We will continue to enhance our use of data to measure risk and direct mitigation actions. This will include enhancing the data we collect from firms for use in national risk assessments, sectoral risk analysis and our risk model, which informs our examination plans.

Our examination programme will continue to cover all regulated firms, and will include financial crime examinations, firm-based assessments, sector-based thematic exercises, the use of questionnaires and follow-up visits in response to identified risk events.

To enhance the quality of feedback from our examinations, we will review the way we communicate findings from our assessments so that firms receive timely feedback. We will also communicate the relative seriousness of findings so that firms can prioritise their remediation actions. We will make use of social media, visits and speeches to communicate on risks and developments in Jersey’s financial services sector.

Enforcement and Intelligence

Together with our ongoing work relating to the Moneyval assessment, in 2024 we will focus on continuing to strengthen the skillset of team members and increase industry outreach. In Intelligence we will focus on driving efficiencies in the way intelligence is shared and evaluate the effectiveness of its use. We will look to enhance relationships with key stakeholders internally, locally, and internationally.