Implementation of Risk-Based Supervision Progress Report
This progress report outlines the successful implementation of Risk-Based Supervision (RBS) in a regulatory agency, focusing on the approval of the RBS framework, staff movement for efficiency, capacity development, sensitization efforts, presentations by trade groups, and the commencement of work on RBS. The report highlights key activities undertaken to enhance regulatory oversight in the dynamic capital market environment.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
Progress Report on Implementation of Risk Based Supervision Presented at CMC by Mr. I. B. Tilde Director, Monitoring Department May 2017
Approval of framework The RBS Framework was approved in October 2016 by Executive Management of SEC Implementation of RBS is based on this framework The framework will be reviewed as needed to enable it remain evergreen and relevant in the dynamic capital market.
Staff movement To begin RBS, staff of the Inspectorate Division were, in January, moved to the Lagos Zonal Office This was to bring them closer to most capital market operators This will help ensure that RBS is done efficiently and effectively
Staff capacity development Staff of Inspectorate Division have been trained on RBS This training was aimed at equipping them with the necessary skills to effectively carry out RBS The training involved both lectures and case study/role play, touching all aspects of RBS Note that some of the staff were already knowledgeable about RBS, having previously participated in joint RBS under FSRCC.
Sensitization Town hall meetings on RBS were held with CMOs to sensitize them These meetings involved CEOs and Compliance Officers of all CMOs, on a function by function basis This sensitization also involved officials of the various trade groups in the capital market At the sensitization programme, CMOs were told what RBS was about, how the SEC intended to implement it, and what was expected of them.
Presentations by Trade Groups Capital Market Trade Groups - ASHON, FMAN, ICMR, AIHN, CRAN, etc. made presentations to staff of the Inspectorate and Registration Divisions, and other staff of SEC This was to better acquaint staff with the activities and practices of capital represented by these trade groups This engagement will help the RBS regime run smoothly. market operators
Knowledge of Business (KOB) Staff commenced preliminary work on RBS by beginning to develop extensive KOB of CMOs This first step in the RBS activity is done, and enabled the division decide which CMOs to visit first on RBS The KOB was done off-site, with requests sent to CMOs for information on their activities KOB will continue indefinitely, as the market is dynamic and businesses change constantly. of Inspectorate Division have since
On-site RBS On-site RBS commenced on Monday, April 24, 2017 An update on the progress will be presented to the Committee at the next CMC meeting.
