The GFSC s Regulatory Approach (PRISM) and Risk Trends
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1 The GFSC s Regulatory Approach (PRISM) and Risk Trends Presentation to STEP 12 September 2016 Neil Pailing & Eamonn Finnerty Copyright of Guernsey Financial Services Commission
2 Presentation Overview GFSC Regulatory Approach Risk Trends Insight into Enforcement Cases Copyright of Guernsey Financial Services Commission
3 Why do we need Risk Based Supervision? Optimised allocation of resources based on a combination of the impact of a firm on the Bailiwick and its risk probability. Ensure that we have the right engagement levels with supervised entities. Increased structure, consistency and transparency for supervisory activities. Alerts to help supervisors detect any deviation from normal activity. Help supervisors make structured judgements about the risks a firm poses. Ensure risks are mitigated, with progress tracked. Copyright of Guernsey Financial Services Commission
4 PRISM Operating Platform PRISM Risk Based Supervision Online Services Data Management 2 nd September, 2016 Copyright of Guernsey Financial Services Commission
5 Online Submissions Copyright of Guernsey Financial Services Commission 5
6 Definitions Impact The degree of damage that a licensee, fund, registered entity or group, could cause to its consumers, the financial system in the Bailiwick and elsewhere, the Bailiwick economy and the public were it to (a) fail; or (b) fail to observe proper standards of conduct. Probability risk - Is the likelihood of a problem occurring. Copyright of Guernsey Financial Services Commission
7 Trigger Supervision under PRISM Check outcomes Re-assess firm Impact category Engagement level Assess risk probability Internal challenge- RGP Risk mitigation Programme Thematics Copyright of Guernsey Financial Services Commission
8 Impact and Engagement Levels Firm Impact High Medium High Medium Low Engagement Level Continuous Assessment Full Risk Assessment Risk Assessment Low Thematic & Trigger based supervision Copyright of Guernsey Financial Services Commission
9 Probability Risk Strategy / Business Model Risk Governance Risk Credit Risk Conduct Risk Operational Risk Financial Crime Risk Environmental Risk Market Risk Capital Risk Liquidity Risk Insurance Risk Copyright of Guernsey Financial Services Commission
10 Risk Mitigation Actions Top 5
11 Risk Mitigation Actions: Financial Crime
12 Risk Mitigation Actions: Operational
13 Risk Mitigation Actions: Governance
14 Reactive Supervision Applies to all firms, particularly pertinent to the supervision of low impact firms Some examples of triggers: From the firm regulatory return From a customer complaint From other external sources From Financial Crime Supervision & Policy Division e.g. following an AML/CFT visit
15 Reactive Supervision Top 5 Types
16 Potential Thematic Reviews Fiduciary Duty in respect of Tax advice Client Money/Assets Data Security RATS/ Pensions Outsourcing Trustee Investment Duty Financial Resources Requirement Client Take On Copyright of Guernsey Financial Services Commission
17 Enforcement Case Outcomes 15% 15% Licensee Fine 8% Individual Fine & Prohibition 8% 23% Licensee Fine & Conditions Licensee Fine & Conditions & Individual Fine and Prohibition Licensee Fine &Individual Fine and Prohibition 31% No Sanctions Imposed 17
18 Completed Enforcement Cases Per Sector 38% 39% Insurance Investment Banking Fiduciary 8% 15% 18
19 Types of Enforcement Cases 8% 38% 23% AML/CFT Conduct Corporate Governance & AML/CFT 31% Corporate Governance & Conduct 19
20 Observations Really know your client CDD at the heart of the business Embedded compliance culture Risks understood, measured, managed and mitigated Collective understanding and knowledge in business Good governance is key
21 Any questions? 21
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