The Challenge:
In order to stay ahead of international regulatory best practices, the Securities Commission of The Bahamas (“SCB”) sought to implement a highly automated risk-based supervision (“RBS”) platform that facilitates the efficient supervision of its regulated entities and enables operational agility to better respond to regulatory disruption.
The Approach:
KPMG in the Bahamas approach was to create a RBS platform with:
- A robust methodology and framework that allowed consistent quantitative and qualitative analyses.
- Dynamic benchmarking and the integration of external data sources to facilitate the comprehensive risk rating of regulated entities and sectors.
- A user-friendly reporting front-end to visualize actionable insights.
The Outcome:
KPMG in The Bahamas acted as advisor to SCB in the development of the RBS and provided the following services:
- Conducted a gap analysis to identify fundamental weaknesses and evaluate SCB's RBS-F readiness.
- Designed and developed a framework that suited SCB's mandate, existing operations, and workflows.
- Implemented an extract, transform and load solution using KPMG “Sofy” which integrates disparate data sources and provides a web- front end to manage data capture and warehousing.
- Developed and deployed the RBS and coordinated stakeholder workshops and market briefings.
With the RBS's automated workflows and streamlined operating procedures, SCB can use its supervisory resources more efficiently and better prioritize regulatory activities.
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