It’s been an interesting couple of weeks. The JFSC and the Government of the States of Jersey are holding meetings with the industry to discuss their latest consultation papers on revisions to the Outsourcing Policy and facilitating the Adoption of Digital ID Systems. Comments on both consultations are due by 31st August 2022, so there is still time to comment.
In their recent consultation meetings, the Government and the regulator have been clear that they encourage regulated firms to use technology to improve their overall regulatory compliance. They also pointed out that FAFT and Moneval also support and promote adopting technology to support a firm’s comprehensive regulatory framework.
In a recent article in the Bailiwick Express, the JFSC said that it intends to accelerate its internal capabilities and external support of RegTech adoption... A link to the article is here, in case you missed it.: JFSC wants to accelerate RegTech adoption
In the interim, RegTech Associates assessed the use of RegTech in Jersey for the JFSC and recently released their report ‘RegTech - A Missed Opportunity”. They conducted in-depth research across the industry to evaluate the current state of play amongst the regulator and the industry. The report highlights the importance of implementing technological innovation to improve efficiency and transparency. RegTech Associates presented the findings on 21st July. The results of the report make for interesting reading.
For the full RegTech paper “Reg Tech in Jersey: closing the gap between ambition and reality”, see the link to the Reg Tech website here: Reg Tech in Jersey
Unsurprisingly, the two top prioritisation categories were Financial Crime and Cyber Risk. Despite the seeming focus on ESG, prioritisation for this area was relatively low, with a concern that the lack of specified and well-defined ESG reporting obligations and global standards make it difficult to assess how best to comply. Firms felt that with tight resources, it is better to focus on higher-level priorities and leave things like ESG until they become more pressing.
One thing clear from the report was that leveraging technology can improve efficiency, increase productivity, and add client value as the client user experience improves. Managing processes and transactions in a standardised, streamlined fashion will help you get to market faster, reduce operational risk and increase colleague and client experiences.
Wouldn’t it be great to have a simple tool to do all the above and integrates easily into your organisation? Phundex does just that. Ask us for a demonstration to see how simple it is.