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Over the last year the Board members and I
engaged in a series of luncheons with industry
leaders and we had some healthy exchanges
with industry asking them how we are doing
and discussing whether in their opinion we
could be doing more to further their
development or possibly do less for the same
reason. We continue to pursue many of these
action points and look to make these
gatherings more frequent.
We have also endeavoured to engage earlier
with industry as we roll out new initiatives.
As an example, considerable effort was spent
this year in discussing important changes
to the client money rules and the end result
greatly benefited from the frank discussions
we had with industry throughout the period of
development. We can all benefit if we seek to
understand the views of industry
before acting.
“As the world changes so must
we, so much of the work that
we have undertaken over
the past year has driven us
towards increased compliance
with international standards.”
The MONEYVAL findings, ongoing banking
reform, enhanced transparency and
compliance with international insurance
standards are significant drivers to these
changes. We are mindful of the need to ensure
that these changes are proportionate and
balanced and at the same time we must keep
in mind the need to ensure that our industry
remains well-regulated and that all markets
remain accessible to them.
We have also spent considerable time this year
looking inward to ensure that our own internal
governance and risk frameworks remain sound
and develop with changing expectations. Our
Risk and Control Committee of the Board,
working with the Senior Management team,
continues to advance our enterprise-wide
risk management frameworks, and we have
made considerable progress in advancing
our thinking on the key elements of a risk
tolerance framework for the Authority. Like
many across industry and government, cyber
risk is becoming a top 10 agenda item for both
the Board and management at the Authority
and we continue to enhance our cyber security
awareness and readiness.
I would like to take this opportunity to thank
my fellow Board members for their hard
work and support throughout the year and
thank and pay tribute to our Chief Executive
Officer, Karen Badgerow, and all the staff of
the Authority for their professionalism, their
dedication, and their immense contribution to
the smooth working of the Authority.
Despite change, choppy waters, the
uncertainty of Brexit and its implications for
the industry, all of which may be positive as
well as negative, I am confident in the ability
of the Isle of Man’s financial services industry,
working together with the Authority and other
stakeholders, to steer a steady course. The
Manx motto ‘Quocunque Jeceris Stabit’ applies
equally as much in 2017 as it did in its infancy.