Supervisory Practices

 

FISD uses a risk based supervisory framework, comprising of on-site examinations, off-site monitoring and ad hoc analyses to assess the continued safety and soundness of regulated entities. This framework places emphasis on the significant areas of risk at the institution and the governance, systems and controls instituted by the institution to mitigate the risks it faces.

In addition FISD conducts examinations and reviews reports to ensure that licensees comply with all regulatory laws, regulations and guidelines. The Regulator has the authority to impose sanctions where breaches occur and to issue compliance directions for breaches or where there are instances of unsound and unsafe practices or conditions among licensees.  

FISD also makes recommendations for the enactment of new regulations/enhanced legislation or issue guidelines where necessary to keep pace with local and international trends and the dynamic environment in which regulated entities operate.