The electronic submission and collection of information between the finance sector and the Guernsey Financial Services Commission has moved one step closer with the formation of a joint industry working party.
The Commission is to work closely with representatives of financial services businesses to arrive at a system that is intended to result in accurate, consistent and timely responses for industry, which in turn will provide better business intelligence and operational efficiencies for the regulator.
Representatives of the Association of Guernsey Banks, the Guernsey Investment Managers and Stockbrokers Association, the Guernsey Investment Fund Association, the Guernsey Association of Trustees and the Guernsey International Insurance Association will be included on the working party which will combine technical and business expertise.
The project, now named Sentinel, had been under consideration for some while. It has received fresh endorsement following the independent evaluation review of the Commission, which highlighted the need for a more efficient operational platform.
Tim Loveridge, Chief Transformation Officer at the Commission, said: “Since the Commission began considering the detail of the project, it has become clear that we need more than an online submission facility - rather a comprehensive and integrated operating platform.”
Mr Loveridge said that Sentinel would be compatible with industry standards and would allow for the electronic submission, collection and automated validation of information and centralised electronic data management.
“The benefits to industry will be improved responsiveness and accuracy of information, the introduction of performance metrics and more consistency. The Commission will benefit from a more integrated approach, effective, risk-based regulation methodologies, better business intelligence and improved workflows, operational efficiencies, management information and metrics,” he said.
“Sentinel’s new working party and our engagement with industry are absolutely key to the success of this project. It comprises both technical and business representatives, which is necessary in order to get this right. The systems we put in place must be mutually beneficial,” Mr Loveridge said.