Delivering against our strategic roadmap

At the start of 2020, we set out of strategic priorities for the subsequent four years, focusing on three core areas to:

• Build even more effective supervision
• Embed risk-focused choices in our work
• Strengthen our organisational resilience

While the year was dominated by the Covid-19 pandemic and our ongoing response to it, we still managed to progress our work in these areas, successfully delivering against most of the projects we set ourselves in our business plan for 2020.

Key projects for 2020	Goal	Build even more effective supervision	Embed risk-focused choices throughout our work	Strengthen our organisational resilience	Progress in 2020
Strengthening our effectiveness at fighting the financial crime threat.	Implement FATF Recommendations and deliver effective AML/CFT supervision.				Collated statistical evidence to show our effectiveness in fighting financial crime ahead of MONEYVAL assessment. Carried out an ambitious programme of financial crime compliance-focused examinations on 98 businesses. Finalised our contribution to Jersey’s first National Risk Assessment for money laundering and delivered subsequent sector-specific webinar series. Conducted independent review of our authorisations framework and made initial improvements to the way we grant and revoke licences.
Ensuring the continuous improvement of our workflow management system and digital platforms.	Enhance the core platform used by our Supervision team to secure more efficient and effective operations.				Started work to upgrade platform used by our Supervision team to prepare for recalibration of our supervisory workflows in 2021.
Implementing and refining our risk model.	Enable our Supervision team to focus on the top priorities.				Rolled out the next phase of our risk model so all our supervisors can now capture and monitor risk more effectively.
Updating our Registry.	Establish fully digital registry systems to simplify interactions for all customers while delivering enhanced intelligence, vetting and compliance.				Implemented new Registry Law and completed work to deliver first phase of fully digital Registry and new customer account platform – myRegistry.
Implementing a new digital experience platform/online account for regulated persons.	Deploy a refreshed single regulatory engagement platform/portal for interactions and submissions between individuals, Industry and the JFSC.				Delivered myProfile – the first phase of upgrading myJFSC. This allows key and principal persons to apply for a no objection online and replaces the PQ portal.