“Compliance Teams Need to Prepare for Virtual JFSC Examinations” Says Walkers Senior Counsel
Compliance teams need to start preparing for virtual examinations by video after the Jersey Financial Services Commission revealed details of their plans for continuing examinations while the majority of financial services professionals are still working from home.
Rachel Amos, senior counsel in Walkers’ Jersey Regulatory and Risk Advisory Group, says that the JFSC’s plans show that financial services professionals – and compliance teams in particular – need to start preparing for examinations.
The regulatory is planning to undertake virtual examinations using Zoom, and that it will allow attendees from different locations to participate.
Rachel says that the news creates welcome clarity, but that there will still be some work for regulated businesses to do.
She said: “The JFSC’s statement during a webinar last week that virtual examinations would be carried out by Zoom, and that attendees from different locations can participate, is a helpful one.
“There may be compliance officers in corporates with strict information security policies about preferred and excluded video-conferencing platforms that will need a corporate policy exemption in order to participate.
“Also, on a practical level, some teams will need training with Zoom to make sure that they are able to use all necessary features.
“Finally, the point about allowing attendees from different jurisdictions to participate should not be overlooked – where senior people are specifically asked to attend by the regulator, they should be made available.”
Rachel is part of Walkers’ global Regulatory and Risk Advisory Group – Walkers is the only law firm with a regulatory practice group covering Bermuda, BVI, Cayman, Guernsey, Jersey and Irish law.
She added that the importance of proper technical presentation should not be downplayed.
Rachel said: “We have already seen with the online courts in other jurisdictions what can go wrong. Also, where one regulator gains more traction in examinations others are bound to follow, so watch this space – it is likely that other regulators will adopt a similar approach, and with so many structures covering more than one offshore jurisdiction, it will be necessary to properly prepare both technically and substantively.”