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.
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Presentation Transcript
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
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
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
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%
Overall Risk for the Financial Institutions Sector 7 Final Average Risk Score 6 5 4 3 2 1 0 Low Risk Medium Risk
Overall Risk for the TCSP Subsector 7 Final Average Risk Score 6 5 4 3 2 1 0 Low Risk Medium Risk High Risk
Overall Risk for the Insurance Business Subsector 7 6 FInal Average Risk Score 5 4 3 2 1 0 Low Risk Medium Risk
Overall Risk for the Insolvency Business Subsector Final Average Risk Score 7 6 5 4 3 2 1 0 Low Risk Medium Risk
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
Overall Risk for the Banking Services Subsector 7 6 Final Average Risk Score 5 4 3 2 1 0 Low Risk Medium Risk
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
