Jersey Regulator Surveys Financial Firms On Risk
by Jason Gorringe, Lowtax.net, London
07 September, 2016
Terrorist financing and financial crime currently pose the most severe risks facing financial services firms in Jersey, according to a recent survey from the Jersey Financial Services Commission.
The finding is a result of the Commission's Risk Overview survey of approximately 300 compliance officers conducted in June this year. More than a third of recipients completed the survey and the results were compared with responses from Commission staff who also completed the survey.
The Commission says the combined results show a "clear alignment of opinion between the financial services industry and the Commission, with financial crime risks being seen as the most severe risk. Other risks cited included financial failure, loss of confidential data, reputationally damaging products, market abuse, loss through malpractice or incompetence, and business disruption."
The Commission said the results will feed into its risk assessments.
Head of Supervisory Risk at the Commission, 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 Jersey Financial Services Commission 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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