Strengthen our organisational resilience

Our operational resilience has never been tested more than in 2020, as we responded to a pandemic and managed to maintain both our regulatory and registry operations while working remotely. At the same time, we delivered a number of large transformational projects that will benefit the regulated community and our registry customers.

The pandemic is a single event that alone proves that focusing on strengthening our resilience is essential. We will continue to prioritise this in future years so that we can respond and adapt to the changing environments and challenges that we will inevitably face.

Last year, we undertook a full review of our cost controls and our approach to financial management, to ensure that our finances are stable and sustainable. We also began to engage with stakeholders on our fee structures, which is an ongoing process.

This year we will seek to implement the findings of that financial review so that we can be a resilient regulator and Registry. That means making sure we have the balance sheet reserves and cash assets to ensure we can continue to operate without loss of quality through an adverse event. It also means we can continue to provide regulatory and registry functions that make Jersey globally competitive and give a good level of protection for Islanders.

To make sure we are operationally resilient, in 2021 we will focus on the following areas:

Enhancing our digital interactions to become more accessible by:

• Launching fee and data collections on the new online regulatory platform
• Working to build all of the existing myJFSC services on the new platform
• Migrating fund statistics to the new portal and replacing all three portals (PQ, myJFSC, and Fund Stats) with one platform
• Expanding online services so that there are more user types, enabling activities to be assigned to appropriate business representatives
• Increasing online capabilities, particularly for notifications and data management, so that Industry can make submissions more easily, for example advising about breaches and ceasing to act as a principal or key person
• Delivering enhanced stakeholder engagement through an annual programme of outreach, webinars and digital content to provide training, updates and insights on regulatory and registry matters, financial education and consumer awareness.

Ensuring our finances are stable and sustainable by:

• Continuing our work to implement more resilient fee structures for both our regulatory and registry services, to support our operational costs and build sufficient capital reserves
• Consulting with Industry on our fee structures.

Developing and supporting our staff by:

• Executing a people strategy that supports a strong team of skilled and expert staff. Our people strategy will set out our ambition and aspirations for our people and will focus on key priorities including culture and talent
• Continuing to adapt our approach to flexible and office working arrangements, in light of the changes in staff’s work patterns brought about by Covid-19
• Developing further the Graduate Programme launched in 2020, to support our people strategy and succession planning.

Focusing even more on environment, social and governance by:

• Examining our own environmental impact
• Develop an approach to considering our impact when deciding on business travel
• Taking our energy consumption into account in redesigning our work environment
• Looking for additional opportunities to support local charities