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business meetings in selected areas to better
our understanding of the activities of the
regulated entities so that we can focus on
key risk areas; and we will supplement this
with thematic reviews and industry surveys
to better our understanding.
We also continue to look at areas in the
Authority that are ripe for process
improvement, the first of which we will be
introducing later in 2017/18 in relation to our
fitness and propriety assessment (‘vetting’)
process. Over the past year we have focused
on better understanding our current state
activities so that we can draw out both the
commonalities and dissimilarity of approach.
Understanding our core work processes has
been critical as we start to articulate
requirements for our new IT data system.
Later this year we will start to liaise with
industry about what this will mean for them
in terms of the type and means of providing
information to the Authority.
“Looking inward has also
resulted in continued work on
defining our core values,
principles and strategic
objectives for the long-term. “
In undertaking this exercise, we have
considered our approach and have focused
on principles and actions that we believe are
critical to a well-functioning financial
services system. Enhancing our knowledge,
not making things overly complex and
making sure regulated entities are
responsible for their risk management
frameworks are many of the basic tenets
underpinning this work. We are in test-drive
mode at this point to make sure there is
alignment and understanding across the
Authority of what we are trying to achieve
with an introduction to industry planned for
later this year.
All of this would not have been possible
without the support, hard work and
commitment of both the staff and the Board
of the Authority and I wish to thank them for
their ongoing contribution. Looking ahead,
our continued success in meeting our
objectives can only be achieved if we
operate as one organisation with shared
goals and shared vision and I am confident
that we are well positioned to achieve this.
6 • Isle of Man Financial Services Authority Annual Report 2016/17