Risk Assessment and Regulatory Compliance in the British Virgin Islands

This document provides an overview of the risk assessment and regulatory compliance framework in the British Virgin Islands, focusing on sectors such as financial institutions, insurance, investment, and competent authorities. It includes assessments of overall risks and subsectors within the financial services industry, highlighting areas of high, medium, and low risk.

• Risk assessment
• Regulatory compliance
• Financial services
• British Virgin Islands
• Financial institutions

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Uploaded on Jul 29, 2024 | 0 Views

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1. BVI Association of BVI Association of Compliance Officers Compliance Officers Virgin Islands National Risk Assessment Kenneth Baker Deputy Managing Director - Regulation June 20, 2019 Maria s by the Sea

2. Competent Authorities Sector

3. Overall Risk for the Competent Authorities Sector 7 6 Final Average RIsk Score 5 4 3 2 1 0 High Risk Low Risk Medium Risk

4. Overall Risk for the Financial Services Commission 7 6 Final Average Risk Score 5 4 3 2 1 0 Low Risk Medium Risk High Risk

5. Financial Institutions Sector

6. Financial Institutions (FIs) Money Services Business, 2, 2% Insurance Business, 15, 14% Investment Business, 8, 7% Insolvency Business, 5, 4% Fiduciary Services, 75, 68% Banking Services, 6, 5%

7. Overall Risk for the Financial Institutions Sector 7 Final Average Risk Score 6 5 4 3 2 1 0 Low Risk Medium Risk

8. Overall Risk for the TCSP Subsector 7 Final Average Risk Score 6 5 4 3 2 1 0 Low Risk Medium Risk High Risk

9. Overall Risk for the Insurance Business Subsector 7 6 FInal Average Risk Score 5 4 3 2 1 0 Low Risk Medium Risk

10. Overall Risk for the Insolvency Business Subsector Final Average Risk Score 7 6 5 4 3 2 1 0 Low Risk Medium Risk

11. Overall Risk for the Investment Business Subsector 7 Final Average Risk Score 6 5 4 3 2 1 0 High Risk Low Risk Medium Risk

12. Overall Risk for the Banking Services Subsector 7 6 Final Average Risk Score 5 4 3 2 1 0 Low Risk Medium Risk

13. Overall Risk for the Money Services Subsector 7 Final Average Risk score 6 5 4 3 2 1 0 High Risk Low Risk Medium Risk