Updated version of Supervisory Methodology Framework published

The Isle of Man Financial Services Authority has published an updated version of the Supervisory Methodology Framework.

The only amendment to the document relates to the definitions of risk, with the previous category of ‘Medium Low’ being renamed as ‘Medium’.

The section on ‘How we assess risk’ now refers to the scale of Low, Medium, Medium High, and High.

The descriptions of inherent risk and residual risk remain unchanged, as does the Authority’s treatment of risk.

The change has been implemented to better align the Authority with the terminology used by other international financial regulators.