Bermuda Monetary Authority [BMA] has released its 2024 business plan, stating: “The forward-looking blueprint details initiatives and projects to achieve positive outcomes and strengthen Bermuda's regulatory framework over the next year.” It has said.
“Furthermore, the plan emphasizes a continued focus on holistically addressing operational resiliency requirements across the financial services sector,” the spokesperson said.
“Notable highlights of the BMA roadmap for 2024 include:
- Strengthening the BMA's regulatory and supervisory regime to meet the evolving needs of today's financial services firms
- Employee engagement and respect for diversity, equity and inclusion [DEI] Strategy is the foundation of operational success
- Building an insurance code of conduct to maintain the importance of financial transparency, consumer protection, and education initiatives
- Continuously incorporate environmental, social and governance [ESG] Models and sustainability strategies to promote environmental stewardship, social responsibility and economic resilience
“These efforts will help authorities streamline workflows with digital tools and innovation, strengthen regulatory and supervisory regimes to remain agile and fit for purpose, and help companies strengthen their network security protocols in response. “Cybersecurity risks and events” is in line with ongoing goals to be implemented through 2024. ”
BMA chief executive Craig Swann said in a foreword to the document: The plan's many thoughtfully curated goals will optimize excellence while preparing your organization to meet new challenges impacting the regulatory environment. In an ever-changing business environment, this approach opens new avenues for BMA to strengthen its capabilities and innovative practices now and for many years to come. ”
A spokesperson said: “Stakeholders can find this document on the BMA website https://www.bma.bm/publications/business-plan.”
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