GFSC

Question 1

What is PRISM?

Answer 1

Probability Risks & Impact SysteM

Question 2

What is PRISM for?

Answer 2

Allows focus of resources on high value, forward-looking, supervisory activity with a strong emphasis on business models & governance.

Question 3

What standards is GFSC guided by?

Answer 3

• Basel Committee for Banking Supervision (BIS)
• International Association of Insurance Supervisors (IAIS)
• International Organization of Securities Commissions (IOSCO)
• Financial Action Task Force on Money Laundering (FATF)

Question 4

What is the Commission’s mandate?

Answer 4

To reduce, and support the reduction of, prudential risk in the financial services sector and the maintenance of financial stability in the Bailiwick and take such steps as the Commission considers appropriate to support this elsewhere.

Question 5

What FOUR items is the Director of Risk and Operations tasked with:

Answer 5

• Provide oversight and assessment of risks to Guernsey’s financial stability
• Further the development of Commission policy and strategy to maintain financial stability in the Bailiwick
• Provide oversight of macro prudential analysis and risk, staff analysis of stress testing
• Further development of the Commission’s macro prudential framework.

Question 6

What THREE measures is the Commission taking, post-COP26?

Answer 6

-Engage with life insurers interested in accessing the Commissions’ green life regulatory regime;
- To plant 50,000 trees at the Angus site in Scotland as a carbon offset
- To extend the Commission’s regulatory regime to include sustainable funds in addition to the current coverage of green funds.