THE 8 SHARED BUSINES RISK
The Jersey Financial Services Commission (JFSC) and Industry agree that the following pose the most severe of the different risks facing companies in Jersey with financial crime risks being the most severe risks.
- Terrorist funding and
- Secondarily financial crime more generally
Other risks cited included
- Financial failure,
- loss of confidential data,
- Reputationally damaging products,
- market abuse,
- Loss through malpractice or incompetence, and
- Business disruption.
JFSC SURVEY
The finding comes following the results of the published JFSC’s Risk Overview survey (5 September 2016) and will help determine the regulator’s enhanced approach to risk-based supervision.
In June, the JFSC asked approximately 300 compliance officers to complete the survey to establish the relative severity of impact risks to Jersey organisations. More than a third of recipients completed the questionnaire, the results compared with the responses from JFSC staff, who also completed the survey and the combined results show a clear alignment of opinion between Industry and the JFSC, with financial crime risks being the most severe risk.
Due to these shared views, the results from both Industry and JFSC have been combined and will now be used directly in the regulator’s risk assessments.
JFSC SAY
Head of Supervisory Risk, Andrew Garbutt commented:
“The survey generated a very positive response from Industry with over 100 respondents completing the survey.
A number of the respondents commented that completing the survey generated useful discussions around risk in their firms. Knowing that the JFSC and Industry have a shared view on
which risks are the most serious gives us a sound platform for our further development of our approach to risk“
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