This document provides an update for Industry regarding structural changes to Supervision, as outlined in the JFSC 2018 Business Plan, where they shared their revised Target Operating Model for the division.

They say:-

• These changes have now been implemented across Supervision to ensure ongoing effective risk based supervision in line with international standards, with resourcing matching the risk and complexity of entities and adopting a sustainable model for the future.

Structural changes

The structural changes have now been completed resulting in the following Supervision teams –

1. Centralised Authorisation & Cessation Team

i. to manage all authorisation and cessation activities across all sectors of the finance industry.

2. Regulatory Maintenance Team

i. to oversee regulatory maintenance activities for all sectors. This includes

1. processing and approving key tasks such as personal questionnaires, first level reviews of financial statements, etc.

3. Reactive Supervision Team

i. responsible for the supervision of all reactive entities i.e. those entities that pose the lowest level of impact risk to the JFSC’s Guiding Principles.

ii. engagement with these entities will primarily be outreach initiatives and thematic examinations.

iii. Such entities are now being managed on a pooled basis by a team of experienced and trainee supervisors.

4. Relationship Managed Supervision Teams –

i. to consolidate all enhanced and proactive entities

ii. Such teams are structured in a way that they remain sector led. Entities rated enhanced or proactive have an assigned supervisor.

1. enhanced entities are those entities that have the individual capacity to significantly impact our Guiding Principles and

2. proactive entities are those with the individual capacity to materially impact our Guiding Principles.

In addition to the four teams above, there will continue to be

5.  Supervision Examination Unit

i. to undertake all off-site examinations of entities, and a Supervisory Risk Unit responsible for internal risk, enterprise risk management and the collection of entity data.

They say they will seek to maintain a close awareness of the entities risk profile through a combination of regular update meetings, periodic reporting, engaging with key assurance providers and on-site examinations.

Read more – http://www.jerseyfsc.org/media/1993/2018-07-06-industry-update-supervision-restructure.pdf