UNDER STRICT EMBARGO UNTIL 0001 ON
TUESDAY 27 FEBRUARY 2007
THE JERSEY FINANCIAL SERVICES COMMISSION RECEIVES A
POSITIVE AUDIT COMMISSION REVIEW
The Jersey Financial Services Commission (JFSC) is “improving its own value for money” but needs to “revisit the operational risk model” to improve its central process of Risk Management, according to the Comptroller and Auditor General’s Audit Commission Review released today (Tuesday 27 February, 2007).
The Review, requested by the JFSC itself in 2006, was completed by Christopher Swinson’s office and the Audit Commission of England. The two-pronged approach allowed the Review to examine the Commission’s performance as if it were a UK organisation and how this might vary to reflect Jersey’s individual circumstances.
The Review complements the JFSC’s corporate arrangement and business planning framework but says that it needs to translate its objectives into practical steps for these and its performance management strategies. It also suggests that improving the JFSC’s Corporate Support Services, IT Capability and Divisional Capacity would improve its efficiency, and, ultimately, its value for money.
ENDS
The full report is attached in .pdf format with a Summary of Conclusions from Page 23. For further details and interview, please contact Christopher Swinson’s Secretary on T. 01442 864640.
Notes To Editors:
- “The Comptroller and Auditor General is tasked by the States of Jersey to audit the accounts of States aided independent bodies to ensure that the amount it received from the States by way of aid during the relevant financial year was used for the purpose intended by the States”.
- The Jersey Financial Services Commission requested The Comptroller and Auditor General to undertake this value for money review in early 2006.
- Jersey Financial Services Commission, set up under the Financial Services Commission (Jersey) Law 1998, is responsible for the regulation, supervision and development of the financial services industry in the Island
- The Commission is established as an independent body, fully responsible for its own regulatory decisions and accountable for its overall performance to the States of Jersey through the Economic Development Minister.
ENDS
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