What are the key areas of the Jersey Financial Services Commission (JFSC)'s 21-24 Strategic Framework, and how does the roadmap look for the coming months? In this blog we'll examine:
1. JFSC’s 2021-2024 Strategic Framework
3. API-based filing software
4. Further support of digital adoption
5. What’s next?
The JFSC released its strategic regulatory framework for the period 2021–2024 just prior to Year-End as a continuation to a roadmap first published in February 2020.
Despite the pandemic and the operational challenges it brought to all organisations, the JFSC did not stand still and decided to undergo a planning process where they distilled their thinking and sense of purpose, agreeing a three-year vision, strategic priorities and strategic anchors.
As expected, the 2021–2024 plan is still in line with priorities the JFSC outlined in their 2020 roadmap. Top of the agenda is ”building even more effective supervision”, with JFSC-specific fintech and digitalisation featuring at the top of the list of tools how to achieve it.
One of the key areas which remains on the priority list is of course Anti Money Laundering (AML) and combatting the financing of terrorism, which continues to be a global focus area. It is also an important area of focus to achieve preparedness for the next Jersey MONEYVAL assessment.
An area of note is of course continued focus on digitalisation. During 2020 and 2021, the JFSC Registry embarked on, and successfully completed, their digitalisation of Registry submissions. The main objective was to enable entities to file annual confirmation statements, and keep entity data up to date through the online portal or through the use of API technology, where entities can submit their filings directly to the Registry using purpose-built JFSC filing software.
The JFSC indicates in their most recent strategic framework that they intend to maintain their position as a key enabler of digitalisation for Jersey businesses and help create an environment in which the option of digitalisation does not face unintended regulatory obstacles.
This clearly reflects their understanding that they must themselves lead the way in the adoption of technology and digitalisation of regulatory submissions, if the industry is to benefit from the operational efficiencies and data quality that advanced technology brings.
In this light, they have also put as a priority to provide support of digital adoption to the financial services industry and committed to harnessing technology to better focus the finite resources of regulators and entities on the areas of highest risks.
We are pleased to hear that the JFSC is committed to working with the industry – and technology partners – to digitalise regulatory filings. Technology implemented in the right way benefits all parties: it helps regulators collate the data required and enables them to employ data analytics to monitor high-risk areas. At the same time, it assists the companies in recording all necessary data, and enables digital submissions of regulatory reports in a more efficient, complete and accurate manner -- without the need to continuously increase the headcount and manual controls.
We are looking forward to continued collaboration with the Jersey Financial Services Commission on their digitalisation efforts, and continuing to bring benefits to our customers in the area of regulatory reporting.
Simon is Global Head of Product and Marketing at TrustQuay